0001213900-19-005185.txt : 20190329 0001213900-19-005185.hdr.sgml : 20190329 20190329111941 ACCESSION NUMBER: 0001213900-19-005185 CONFORMED SUBMISSION TYPE: 1-SA PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20181231 FILED AS OF DATE: 20190329 DATE AS OF CHANGE: 20190329 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TechSoup Global CENTRAL INDEX KEY: 0001714680 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 943070617 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 1-SA SEC ACT: 1933 Act SEC FILE NUMBER: 24R-00182 FILM NUMBER: 19714808 BUSINESS ADDRESS: STREET 1: 435 BRANNAN STREET STREET 2: SUITE 100 CITY: SAN FRANCISCO STATE: CA ZIP: 94107 BUSINESS PHONE: 415-633-9300 MAIL ADDRESS: STREET 1: 435 BRANNAN STREET STREET 2: SUITE 100 CITY: SAN FRANCISCO STATE: CA ZIP: 94107 1-SA 1 f1sa1218_techsoupglobal.htm SEMI-ANNUAL REPORT PURSUANT TO REGULATION A

 

FORM 1-SA

SEMIANNUAL REPORT PURSUANT TO REGULATION A

 

OFFERING CIRCULAR FILED ON SEPTEMBER 26, 2018

QUALIFIED BY THE SECURITIES EXCHANGE COMMISSION ON SEPTEMBER 28, 2018.

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

This Form 1-SA is provided as: A Semi-Annual Report Pursuant to Regulation A

 

For the fiscal semiannual period ended   December 31, 2018
     

Exact name of issuer as specified in the issuer’s charter:

   TechSoup Global, A California 501(c)(3) Nonprofit Public Benefit Corporation
     
Jurisdiction of incorporation/organization:   California
     
Address of Principal Executive Offices:   435 Brannan Street, Suite 100, San Francisco, CA 94107
     
Telephone:   415-633-9300

 

Item 1. Management’s Discussion and Analysis of Financial Condition and Results of Operations for Interim Financials

 

The following discussion and analysis of TechSoup’s interim financials should be read in conjunction with TechSoup’s interim financial statements for quarters one and two of fiscal year 2019 (FY19),1 provided in the third section of this report. All other discussions of TechSoup’s business and historical financials can be reviewed in TechSoup’s SEC qualified Form 1-A Offering Statement on EDGAR, filed on September 26, 2018 and qualified on September 28, 2018. To review all of TechSoup’s filings, search with CIK number 0001714680 on the EDGAR system at https://www.sec.gov/edgar/searchedgar/companysearch.html.

 

The results of operations for the six months ending December 31, 2018 are not necessarily indicative of the results expected for the full fiscal year, or for any other fiscal period. The discussion also contains some forward-looking statements that involve risks, uncertainties, and assumptions. TechSoup’s actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including, but not limited to, those set forth under “Risk Factors” and elsewhere in the Offering Circular previously filed on the EDGAR system.

 

 

 

1 TechSoup’s Fiscal Year 2019 is from July 1, 2018 through June 30, 2019. Quarters one and two (Q1-Q2) refer to the period July 1, 2018 - December 31, 2018. 

 

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Financial Performance

 

TechSoup’s FY19 Q1-Q2 interim report for Consolidated Statements of Financial Position on page 7 provides a continuation analysis of TechSoup’s financial position at June 30, 2018 compared with December 31, 2019. The interim financials show that TechSoup’s total liabilities and net assets at the end of FY19 Q2 was $10,797,357 when compared with $11,554,159 in FY18 Q4, a small variance of ($756,802).

 

The small change in total liabilities and net assets is due to a few different factors. TechSoup’s current liabilities and account payables have decreased in FY19 Q1-Q2 while its long-term liabilities have increased by more than $1 million as a result of TechSoup introducing its Regulation A direct public offering in that same period.

 

TechSoup’s total current assets also decreased slightly for the period. The decrease in assets is consistent with historic trends in TechSoup’s business operations. Based on the seasonal nature of TechSoup’s earned income for its largest source of unrestricted revenue, product donation program fees, TechSoup’s unrestricted revenue is generally at its highest point during the last quarter of the fiscal year and then drops slightly in Q1 and Q2 of the next fiscal year. Due to its structure, this seasonality in earned revenue at TechSoup is not correlated with a seasonality in expenses. It is very typical for the organization to have negative cash flow in the first six months of a fiscal year, followed by positive cash flow in the following six months.

 

As noted in TechSoup’s Offering Circular, these historic trends are expected to evolve over time with anticipated changes in TechSoup’s donations program and the continued growth of newer program services. Changes in TechSoup’s donations program will place downward pressure on revenue for that specific line-item within the NGO Technology Marketplace suite of programs. In the short-term, that decline in revenue will be countered by cost reductions, increased grant dollars and growth in other programs. Over the longer-term, revenue from new business lines is forecasted to continue to expand and counter the changes in earned revenue from the donation program. For a more detailed description of TechSoup’s different program services, growth plans and financial model, please refer to TechSoup’s Regulation A Offering Circular on EDGAR.

 

The year-over-year comparison of the Consolidated Statement of Activities and Changes in Net Assets on page 8, shows that the overall change in net assets was minimal. As noted in Item 3 below, the first half of FY18 had ending assets of $6,478,682 while the first half of FY19 had ending net assets of $6,186,344, with a total variance of ($292,338).

 

This is consistent with TechSoup’s expectations that while some historic program service fees are decreasing in the first half of the fiscal year, the decrease is mostly mitigated by an increase in contributed revenue, including several grants that are in direct support of newer business lines, such as NGOsource. Total revenue for the previous period was $15,882,832 while the current period is $14,786,858, a variance of ($1,095,974) in revenue.

 

TechSoup continues to follow the cost management protocols described in the Offering Circular Form 1-A on EDGAR. In reviewing the Statement of Functional Expenses on page 9 and page 10 for the periods in FY19 and FY18 respectively, one can see that TechSoup’s program service-related expenses are generally lower in the FY18 period with the exception of NGO Technology Marketplace. TechSoup has increased investment in the Technology Marketplace program with a focus on investment in new earned revenue programs that will offset the anticipated reduction in donation program fees. As part of TechSoup’s five-year strategic plan, it also anticipates making further investments in other program areas, which will be financed by TechSoup’s DPO.

 

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While General and Administrative overhead costs have gone down, Fundraising and Development costs have increased incrementally. This increase in fundraising costs year-over-year is $402,593 and is a reflection of fundraising expenses related to the Direct Public Offering as well as an increased focus on maximizing contributed revenue.

 

The Consolidated Statement of Cash Flows on page 11, shows that cash and cash equivalents have increased by $1,544,448 million, from $5,735,117 million in the FY18 period to $7,279,565 million in the FY19 period. This increase is attributable to a larger starting balance at the beginning of the FY19 period as well as an increase in long-term liabilities related to the DPO, both of which are offsetting the decrease in net cash caused by operating activities. TechSoup’s overall cash position remains stable and is, in fact, improved in the FY19 period.

 

The cause of the significant variance in net cash used in operating activities in the year-over-year period is primarily attributable to an unusual decrease in accounts receivables during the first half of FY18. This was the result of a series of large grants which were booked towards the end of FY17 and paid in first half of FY18. These types of dramatic shifts in accounts receivables are not unusual for organizations that receive large grants.

 

Liquidity and Capital Resources

 

Sources of unrestricted liquidity for TechSoup are traditionally from earned income which typically represents approximately 85%-90% of total revenue. More recently, additional liquidity is also being derived from TechSoup’s financing event via the Regulation A, direct public offering. A significant source of restricted liquidity is from contributed income allocated for specific projects and programs, in agreement with TechSoup’s funders.

 

As mentioned previously, unrestricted revenue is typically at its highest in Q3 and Q4 of the fiscal year while restricted revenue makes up a greater percentage of total revenue in Q1 and Q2. This trend continues for the interim financials in this report.

 

Overall cash and cash equivalents (which includes both restricted and unrestricted cash) for the FY19 period is $1,544,448 higher than that same period in the year prior.

 

As of the end of the previous fiscal year through this period, there are no additional and material commitments for capital expenditures.

 

Trend Information

 

As noted elsewhere, program revenue and net changes in assets for the first half of the current fiscal year are consistent with historic trends. Assets are traditionally lower in the first half of a new fiscal year with an increase typically occurring in the second half. It is also typical to have the largest amount of unrestricted cash in the second half of the fiscal year based on seasonality in the programs TechSoup offers to nonprofits and the related unrestricted revenue TechSoup receives.

 

In general, TechSoup’s overall financial picture is stable, with an improved year over year cash position and deficits in the first half of the most recent period that were well within TechSoup’s projections. TechSoup anticipates that trends in its earned revenue will evolve over time based on the programmatic development that is outlined extensively in the Regulation A Offering Circular filed on EDGAR.

 

Item 2. Other Information

 

There are no additional disclosures for the semiannual period pursuant to Form 1-U requirements.

 

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Item 3. Financial Statements

 

Prepared by TechSoup

 

 

 

 

 

 

 

TechSoup Global and Subsidiaries

 

Unaudited Consolidated Financial Statements

July 1, 2018 to December 31, 2018

 

 

 

 

 

 

 

  

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CONTENTS

 

  Page
   
CONSOLIDATED FINANCIAL STATEMENTS  
   
Statements of financial position 7
   
Statements of activities and changes in net assets 8
   
Statements of functional expenses 9
   
Statements of cash flows 11
   
Notes to financial statements 12

 

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Consolidated Financial Statements

 

 

 

 

 

Page | 6

 

 

TechSoup Global and Subsidiaries

Consolidated Statements of Financial Position

 

ASSETS 
   Unaudited   Audited 
   December 31, 2018   June 30,
2018		 
Current assets        
Cash and cash equivalents  $7,279,565   $8,189,745 
Accounts receivable, net   1,956,219    1,426,128 
Grants receivable   533,218    704,993 
Prepaid and other current assets   662,513    781,515 
Total current assets   10,431,515    11,102,381 
           
Long-term assets          
Property and equipment, net of accumulated depreciation   245,754    334,103 
Deposits   120,088    117,675 
Total long-term assets   365,842    451,778 
Total assets  $10,797,357   $11,554,159 
           
LIABILITIES AND NET ASSETS
Current liabilities          
Accounts payable  $1,690,182   $1,821,700 
Accrued vacation   1,320,985    1,320,030 
Accrued liabilities   168,537    153,978 
Deferred revenue   192,907    220,035 
Deferred rent   165,152    165,152 
Total current liabilities   3,537,763    3,680,895 
           

Long term liabilities

          
Community Capital Notes (2%)  $3,250   $- 
Patient Capital Notes (3.5%)   20,000    - 
Risk Capital Notes (5%)   1,050,000    - 
Total current liabilities   1,073,250    - 
           
Net assets          
Unrestricted net assets          
Unrestricted   3,858,943    5,601,463 
Accumulated foreign translation adjustment   (176,258)   (148,637)
Total unrestricted net assets   3,682,685    5,452,826 
Temporarily restricted net assets   2,503,659    2,420,438 
Total net assets   6,186,344    7,873,264 
Total liabilities and net assets  $10,797,357   $11,554,159 

 

See accompanying notes.

 

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TechSoup Global and Subsidiaries

Consolidated Statements of Activities and Changes in Net Assets

For 6 Months Periods Ended December 31, 2018 and 2017

 

   Fiscal Year 2019 Q1 - Q2   Fiscal Year 2018 Q1 - Q2 
   Unrestricted   Temporarily Restricted   Total   Unrestricted   Temporarily Restricted   Total 
Revenue and support                        
Program service fees  $12,500,663   $-   $12,500,663   $14,921,242   $-   $14,921,242 
Grants and contributions   11,139    2,097,138    2,108,277    37,266    825,313    862,579 
Membership revenues   169,035    -    169,035    93,190    -    93,190 
Other income   8,883    -    8,883    5,821    -    5,821 
Net assets released from restrictions   2,013,917    (2,013,917)   -    1,247,522    (1,247,522)   - 
Total revenue and support   14,703,637    83,221    14,786,858    16,305,041    (422,209)   15,882,832 
                               
Expenses                              
Program services                              
Global Validation and Data Services   4,513,837    -    4,513,837    5,360,649    -    5,360,649 
Apps 4Good   2,965,249    -    2,965,249    3,555,688    -    3,555,688 
NGO Technology Marketplace   5,881,722    -    5,881,722    5,449,487    -    5,449,487 
Total program services   13,360,808    -    13,360,808    14,365,824    -    14,365,824 
Supporting services                              
General and administrative   2,036,133    -    2,036,133    2,153,554    -    2,153,554 
Fundraising and development   1,049,216    -    1,049,216    646,623    -    646,623 
Total supporting services   3,085,349    -    3,085,349    2,800,177    -    2,800,177 
Total expenses   16,446,157    -    16,446,157    17,166,001    -    17,166,001 
Changes in net assets from operations   (1,742,520)   83,221    (1,659,299)   (860,960)   (422,209)   (1,283,169)
Foreign currency translation adjustment   (27,621)   -    (27,621)   42,954    -    42,954 
Total changes in net assets   (1,770,141)   83,221    (1,686,920)   (818,006)   (422,209)   (1,240,215)
Net assets                              
Beginning of period   5,452,826    2,420,438    7,873,264    4,801,629    2,917,268    7,718,897 
End of period  $3,682,685   $2,503,659   $6,186,344   $3,983,623   $2,495,059   $6,478,682 

  

See accompanying notes.

 

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TechSoup Global and Subsidiaries

Consolidated Statement of Functional Expense

For 6 Months Period Ended December 31, 2018

 

   Program Services       Supporting Services         
  

Global Validation

and Data Services

   Apps4Good  

NGO

Technology

Marketplace

   Total Program   General and
Administrative		  

Fundraising and

Development

   Total Support   Total Expense 
Expenses:                                
Personnel costs  $2,779,451   $1,472,805   $3,815,696   $8,067,952   $1,196,926   $725,988   $1,922,914   $9,990,866 
Accounting   -    -    -    -    145,722    -    145,722    145,722 
Advertising and public relations   68,251    43,706    91,776    203,733    28,255    17,841    46,096    249,829 
Bank fees   1,018    2,590    336,412    340,020    6,464    26    6,490    346,510 
Depreciation and amortization   26,736    14,601    36,138    77,475    11,125    7,025    18,150    95,625 
Dues, fees, and subscriptions   41,134    45,602    53,264    140,000    38,017    13,750    51,767    191,767 
Equipment leasing and rental   922    1,370    1,246    3,538    381    240    621    4,159 
Expendable equipment   21,841    10,597    25,283    57,721    7,104    4,486    11,590    69,311 
Loss on currency exchange   -    -    -    -    -    -    -    - 
Grants paid to others   5,465    294,358    7,386    307,209    -    -    -    307,209 
Insurance   747    408    1,009    2,164    49,594    196    49,790    51,954 
Interest Expense   -    -    -    -    472    -    472    472 
IT maintenance and licenses   94,094    51,914    140,617    286,625    39,028    24,644    63,672    350,297 
Postage   624    2,139    5,030    7,793    842    203    1,045    8,838 
Printing   907    4,171    1,227    6,305    354    991    1,345    7,650 
Professional services   1,084,098    613,965    856,746    2,554,809    259,769    154,948    414,717    2,969,526 
Rent   156,230    140,991    211,552    508,773    64,493    40,724    105,217    613,990 
Repairs and maintenance   1,313    759    1,774    3,846    643    344    987    4,833 
Supplies   4,061    6,405    3,945    14,411    2,084    788    2,872    17,283 
Telecommunications   146,668    87,303    198,094    432,065    62,386    38,514    100,900    532,965 
Training and recruitment   6,044    22,294    8,520    36,858    56,509    1,323    57,832    94,690 
Travel and conferences   63,407    123,820    72,327    259,554    59,514    14,580    74,094    333,648 
Utilities   10,826    25,451    13,680    49,957    6,451    2,605    9,056    59,013 
Total  $4,513,837   $2,965,249   $5,881,722   $13,360,808   $2,036,133   $1,049,216   $3,085,349   $16,446,157 

 

See accompanying notes.

 

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TechSoup Global and Subsidiaries

Consolidated Statement of Functional Expense

For 6 Months Period Ended December 31, 2017

 

   Program Services       Supporting Services         
   Global Validation
and Data Services		   Apps4Good   NGO  
Technology
Marketplace		   Total Program   General and
Administrative		   Fundraising and
Development		   Total Support   Total Expense 
Expenses:                                
Personnel costs  $3,593,255   $1,930,937   $3,731,644   $9,255,836   $1,341,431   $396,367   $1,737,798   $10,993,634 
Accounting   -    -    -    -    72,869    -    72,869    72,869 
Advertising and public relations   49,312    31,742    50,771    131,825    19,345    5,435    24,780    156,605 
Bank fees   1,547    2,496    290,367    294,410    7,375    26    7,401    301,811 
Depreciation and amortization   62,859    48,260    64,718    175,837    23,257    6,928    30,185    206,022 
Dues, fees, and subscriptions   41,114    34,897    40,410    116,421    26,879    4,923    31,802    148,223 
Equipment leasing and rental   1,126    668    1,159    2,953    417    124    541    3,494 
Expendable equipment   38,431    19,428    39,064    96,923    15,085    4,172    19,257    116,180 
Loss on currency exchange   -    -    -    -    -    -    -    - 
Grants paid to others   28,028    199,186    28,857    256,071    1,812    517    2,329    258,400 
Insurance   -    -    -    -    47,992    -    47,992    47,992 
IT maintenance and licenses   118,159    71,430    122,652    312,241    43,620    13,144    56,764    369,005 
Postage   1,588    3,001    5,780    10,369    800    172    972    11,341 
Printing   3,170    5,410    2,282    10,862    2,064    244    2,308    13,170 
Professional services   996,972    707,704    656,652    2,361,328    316,843    162008    478,851    2,840,179 
Rent   178,412    157,208    183,455    519,075    64,714    19,640    84,354    603,429 
Repairs and maintenance   2,279    1,221    2,316    5,816    832    248    1,080    6,896 
Supplies   6,595    6,984    4,281    17,860    2,898    391    3,289    21,149 
Telecommunications   161,880    103,906    169,256    435,042    59,924    17,632    77,556    512,598 
Training and recruitment   688    21,150    666    22,504    62,545    64    62,609    85,113 
Travel and conferences   71,630    207,658    51,494    330,782    38,579    13,315    51,894    382,676 
Utilities   3,604    2,402    3,663    9,669    4,273    1,273    5,546    15,215 
Total  $5,360,649   $3,555,688   $5,449,487   $14,365,824   $2,153,554   $646,623   $2,800,177   $17,166,001 

 

See accompanying notes.

 

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TechSoup Global and Subsidiaries

Consolidated Statements of Cash Flows

For 6 Months Periods Ended December 31, 2018 and 2017

 

   Fiscal Year   Fiscal Year 
   2019
Q1 - Q2		   2018
Q1 - Q2		 
Cash flows from operating activities        
Changes in net assets        
Adjustments to reconcile results in operations to net cash used in operating activities  $(1,686,920)  $(1,240,215)
Allowance for doubtful accounts   25,000    - 
Depreciation and amortization   95,625    206,022 
Changes in operating assets          
Accounts receivable   (555,091)   928,366 
Grants receivable   171,775    221,526 
Prepaid expenses and other current assets   119,002    37,015 
Deposits   (2,413)   (2,596)
Changes in operating liabilities          
Accounts payable   (131,518)   71,885 
Accrued vacation   955    (60,227)
Accrued liabilities   14,559    (82,735)
Deferred revenue   (27,128)   (29,798)
Deferred rent   -    - 
Net cash provided by (used in) operating activities   (1,976,154)   49,243 
Cash flows from investing activities          
Purchases of property and equipment   (7,276)   (175,271)
Net cash used by investing activities   (7,276)   (175,271)
Cash flows from financing activities          
Process from notes payable   1,073,250    - 
Net cash provided by financing activities   1,073,250    - 
Net change in cash and cash equivalents   (910,180)   (126,028)
Cash and cash equivalents          
Beginning of period  $8,189,745   $5,861,145 
End of period  $7,279,565   $5,735,117 
Supplementary information          
Donated software  $-   $- 

 

See accompanying notes. 

 

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The accompanying unaudited consolidated condensed financial statements have been prepared by TechSoup Global (“the Organization”, “us,” “we,” or “our”) in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of our management, all adjustments, consisting of only normal recurring accruals, necessary for a fair presentation of the financial position, results of operations, and cash flows for the fiscal periods presented have been included.

 

These financial statements should be read in conjunction with the audited financial statements and related notes included in the filing document on EDGAR. The results of operations for the six months ended December 31, 2018 are not necessarily indicative of the results expected for the full fiscal year, or for any other fiscal period.

 

NOTE 1 – ORGANIZATION AND PROGRAMS

 

Mission Statement

 

To build a dynamic bridge that enables civil society organizations and changemakers around the world to gain effective access to the resources they need to design and implement technology solutions for a more equitable planet.

 

TechSoup Global (DBA TechSoup), a California nonprofit public benefit corporation established in 1987, embraces technology and innovation to accelerate social good. From the capabilities developed to support TechSoup’s award-winning technology donation program, has emerged a next-generation giving platform that has facilitated over $10 billion of in-kind product philanthropy and an increasingly diverse set of philanthropic services and giving programs that have benefitted over 1.04 million non-governmental organizations (NGOs), nonprofits, charities, public benefit organizations, and libraries in 236 countries and territories since 2002.

 

TechSoup is pioneering new ways to connect sector needs with a more comprehensive set of resources, by engaging and broadening the vast ecosystem of social good. In this way, TechSoup supports its diverse social sector community in identifying the areas of greatest need, matching those needs with appropriate technological solutions and skills, and helping remove barriers to adoption of technology.

 

TechSoup has three operating subsidiaries: Fundacja TechSoup, a Polish Public Benefit Foundation, GuideStar International, a United Kingdom based registered Charity and Company Limited by Guarantee, and TSE Enterprises SP Z.o.o, a trading company based in Poland.

 

Fundacja TechSoup was incorporated in Poland on April 3, 2009, and began its operations in July 2009. TechSoup combined operations with GuideStar International on March 26, 2010, after the Board of Directors of both organizations passed confirming resolutions. GuideStar International, and Fundacja TechSoup are charitable nonprofit organizations focusing on technology capacity building for not-for-profit entities, civil society organizations, and social change agents around the world. TSE Enterprises SP. Z.o.o, was established on March 30, 2018 as a for profit wholly owned subsidiary of TechSoup Global and its subsidiaries. TSE Enterprises focuses on providing cloud based product subscriptions for charitable organizations in the European region.

 

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The consolidated financial statements include the accounts of TechSoup, Fundacja TechSoup, GuideStar International, and TSE Enterprises SP Z.o.o, collectively known as TechSoup Global. All three subsidiaries are under common control.

 

TechSoup introduced a Direct Public Offering (DPO) to offer impact investment opportunities to people of all economic backgrounds with investment minimums as low as $50. TechSoup filed Regulation A filing to the SEC on September 26, 2018 and was qualified on September 28, 2018. There are three tiers of investment levels:

 

  ● Community capital note – 2% and $50 minimum
  ● Patient capital note – 3.5% and $2,500 minimum
  ● Risk capital note – 5% and $50,000 minimum

 

TechSoup’s programs include the following:

 

NGO Technology Marketplace

 

TechSoup is a global marketplace of technology products, services, training, education, and content for nonprofits around the world. TechSoup’s product donation program helps more than 100 corporate donors distribute a retail volume of more than $1 billion annually in donated or specially-discounted technology and other critical resources. TechSoup Global Network served over 159,000 organizations with product and service donations in fiscal year 2018 and 149,000 in fiscal year 2017. As technology and technology delivery continues to change, TechSoup continues to evolve its traditional product donation program to increase the breadth of its offers to include more hardware, mobile, and cloud-based subscription offers. Additionally, through this next-generation technology marketplace, TechSoup also offers a variety of nonprofit specific programs and services such as online learning through TechSoup Courses, technology implementation and management services, and cloud migration consultation and services. Through its NGO technology marketplace, TechSoup has now facilitated over $10 billion of in-kind product philanthropy and an increasingly diverse set of philanthropic services and giving programs.

 

Global Validation and Data Services

 

As a result of decades of outreach and programmatic activity through the TechSoup Global Network, TechSoup has a rich repository of data records on approximately 1.04 million NGOs around the globe. This data allows TechSoup to efficiently and inexpensively validate the charitable status of organizations in 236 countries and territories, thereby enabling a wider range of stakeholders to give, receive, and share an even more diverse set of resources. Increasingly, donors and suppliers of various charity offers are using TechSoup’s global validation and data solutions, matching algorithms, and APIs to create their own direct offers for cloud technology, product donations, volunteer programs, employee giving, and philanthropic programs and services. Additionally, TechSoup utilizes its validation and legal expertise to power NGOsource, a program that streamlines the equivalency determination (ED) process for U.S. foundations, enabling them to efficiently provide cash grants to NGOs outside the United States. To date, grantmakers have requested more than 4,700 EDs for NGOs in 134 countries, and an estimated total of over $1 billion in international grant funding was facilitated by EDs completed by NGOsource.

 

Our growing circle of validation and data services clients is comprised of the largest publicly traded firms, socially minded early-stage firms, individual giving and employee giving and volunteering platforms, foundations and donor advised funds, intergovernmental organizations, and nonprofits that provide platforms for corporate philanthropy.

 

Apps4Good

 

Around the world, TechSoup supports a variety of issue-facing web and mobile application technology products that help communities achieve their objectives. TechSoup is often sought out to close the gap between big-picture vision and the ability to execute by facilitating design sessions, developing new technology interventions, and further developing and scaling existing tools. TechSoup helps to ensure that the best Apps4Good tools and educational resources are accessible around the globe.

 

Caravan Studios, an award-winning division of TechSoup, uses a community-centered design methodology to build and launch mobile apps that have been designed for, by, and with civil society groups for social good. Caravan has built a strong user base for its existing mobile apps, including Safe Shelter, Range, Worker Connect, and 4Bells. Caravan Studios also works with developers to build out their existing Apps4Good and connect their tools to a community of users, as was seen in the ByBus project in Brazil.

 

Fundacja TechSoup engages regional and local communities in open data, transparency and accountability, app development, educational programs, digital security, storytelling, and coding. Over the past three years, TechSoup has built upon its regional open data experience to build and strengthen bridges between civil society, governments, IT specialists, and tech activists through projects such as Tech4Stories, Apps4Citites, Megaphone, Meet&Code, and ICT4NGO.

  

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Consolidated financial statement presentation – The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

 

Net assets, revenues, expenses, gains and losses are classified based on the existence or absence of donor-imposed restrictions. Accordingly, the net assets of TechSoup Global and changes therein are classified and reported as follows:

 

Unrestricted net assets – Net assets that are not subject to donor-imposed restrictions.

 

Temporarily restricted net assets – Net assets that are subject to donor-imposed restrictions that can be fulfilled either by actions of TechSoup Global pursuant to those stipulations and/or expire with the passage of time.

 

Permanently restricted net assets – Net assets that are subject to donor-imposed restrictions that TechSoup Global maintains in perpetuity. Generally, the donors of these assets permit TechSoup Global to use all or part of the income earned on related investments for general or specific purposes. At December 31, 2018 and 2017, TechSoup Global had no permanently restricted net assets.

 

Revenues are reported as increases in unrestricted net assets unless the use of the related assets is limited by donor-imposed restrictions. Expenses are reported as decreases in unrestricted net assets. Expirations of temporary restrictions on net assets (i.e., the donor-stipulated purpose has been fulfilled and/or the stipulated time period has elapsed) are reported as reclassifications between the applicable classes of net assets.

 

Principles of consolidation – The consolidated financial statements include the accounts of Fundacja TechSoup and GuideStar International in December 31, 2018 and 2017 and TSE Enterprises in December 31, 2018, all of which are operating subsidiaries of TechSoup Global. All intercompany accounts and transactions have been eliminated.

 

Cash and cash equivalents – For purposes of the consolidated statements of cash flows, cash and cash equivalents are defined as demand deposits at banks and certificates of deposit with initial purchased maturities of less than ninety days.

 

Accounts receivable – Accounts receivable represents trade receivables. TechSoup Global provides an allowance for doubtful accounts, which is based upon a review of outstanding receivables, historical collection information, and existing economic conditions. As of December 31, 2018 and 2017, TechSoup Global determined an allowance of $25,000 and $0, respectively, was necessary for accounts receivable.

 

Grants receivable – Receivables represent contributions unconditionally promised and grants for which constructive delivery of service has been made, but which have not been received prior to year end. TechSoup Global provides an allowance for doubtful accounts, which is based upon a review of outstanding receivables, historical collection information, and existing economic conditions. As of December 31, 2018 and 2017, management has deemed all grants receivable collectible and has not provided a valuation allowance.

 

Property and equipment – Property and equipment purchased is recorded at cost. Assets acquired by contribution or bequest are stated at fair value at the date of donation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Maintenance and repairs are charged to expense as incurred. Expenditures that increase the value or productive capacity of assets are capitalized. When property and equipment are retired, sold, or otherwise disposed of, the asset’s carrying amount and related depreciation are removed from the accounts and any gain or loss is included in operations. TechSoup Global capitalizes all individual property and equipment acquisitions in excess of $2,500.

 

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The estimated useful lives of computer software, office equipment and furniture and fixtures are principally as follows:

 

Computer software 3 years
Office equipment 3-5 years
Furniture and fixtures 3-7 years

 

Impairment of long-lived assets: TechSoup Global evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the estimated future cash flows (undiscounted and without interest charges) from the use of an asset are less than the carrying value, a write-down will be recorded to reduce the related asset to its estimated fair value. As of years ended December 31, 2018 and 2017, no such write-downs have occurred.

 

Accrued vacation – TechSoup Global accrues a liability for vested vacations to which employees are entitled depending on the length of service and other factors. The accompanying consolidated financial statements include accrued vacation benefits of $1,320,985 and $1,320,030 for periods ended December 31, 2018 and June 30, 2018, respectively.

 

Revenue recognition – Contributions are recognized when the donor makes a promise to give that is, in substance, unconditional. All donor-restricted contributions are reported as increases in temporarily or permanently restricted net assets, depending on the nature of the restriction. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets.

 

Contract and government grant revenues are recognized as unrestricted revenue as services are performed and/or expenses are incurred.

 

Program Service fees in the accompanying consolidated financial statements incorporates three forms of revenues: Client Supported Services, Validation Service Fees, and Equivalency Determination Services. Client Supported Services are contracted services that are recognized as the related services are provided. Validation Service Fees are recognized as revenues once the customer has been qualified as an eligible organization and the donated or discounted product is delivered to the customer. Equivalency Determination (“ED”) Service Fees are performed on an as-requested basis, and are recognized as ED services when completed and determination results are reported to the clients.

 

Membership dues are recognized in the year to which they relate.

 

Deferred revenue represents application deposits received from customers for qualification, verification, and back orders.

 

Donated goods and services – Contributions of donated non-cash assets are recorded at their fair values in the period received. Donated services are recognized as contributions if the services (a) create or enhance non-financial assets or (b) require specialized skills, are performed by people with those skills, and would otherwise be purchased by TechSoup Global.

 

Advertising – Advertising costs are expensed as incurred. Advertising expense amounted to $249,829 and $156,605 for the years ended December 31, 2018 and 2017, respectively.

 

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Functional allocation of expenses – The costs of providing the various programs and other activities have been summarized on a functional basis in the consolidated statements of functional expenses. Costs are allocated between fundraising and development, general and administrative or the appropriate program based on evaluations of the related benefits and actual hours. Management and general administrative expenses include those expenses that are not directly identifiable with any other specific function but provide for the overall support and direction of TechSoup Global.

 

Estimates – The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

 

Foreign currency translation – All assets and liabilities were translated at the exchange rate on the statement of financial position date, net assets are translated at the historical rates, and consolidated statements of activities and changes in net assets items are translated at the weighted average exchange rate for the period being reported. The currency translation for assets and liabilities at the statement of financial position date is shown after the change in net assets from operation on the consolidated statements of activities and changes in net assets, whereas gains and losses on currency transactions during the year are reported as a component of program expenses in the consolidated statements of activities and changes in net assets.

 

Recent accounting pronouncements – In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which is a new standard on revenue recognition. The new standard contains principles that an entity will need to apply to determine the measurement of revenue and timing of when revenue is recognized. The underlying principle is to recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The standard has a five-step approach which includes identifying the contract or contracts, identifying the performance obligations, determining the transaction price, allocating the transaction price, and recognizing revenue. The standard also significantly expands the quantitative and qualitative disclosure requirements for revenue, which are intended to help users of financial statements understand the nature, amount, timing, and uncertainty of revenue and the related cash flows. In July 2015, the FASB voted to amend ASU 2014-09 by approving a one-year deferral of the effective date as well as allowing early adoption as of the original effective date, but not before the annual periods beginning after December 15, 2016. The standard is effective for annual reporting periods beginning after December 15, 2017. TechSoup Global is currently evaluating this new standard and the impact it will have on its consolidated financial statements, information technology systems, processes, and internal controls.

 

In August 2016, the FASB issued ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities ASU 2016-14, which improves the current net asset classification requirements and the information presented in financial statements and notes about an entity’s liquidity, financial performance, and cash flows. The update replaces the requirement to present three classes of net assets with two classes, net assets with donor restrictions and net assets without donor restrictions. The update also removes the requirement to present or disclose the indirect method (reconciliation) if using the direct method for the statement of cash flows as well as adds several additional enhanced disclosures to the notes.

 

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The amendments in this update are effective for fiscal years beginning after December 15, 2017, and interim periods beginning after December 15, 2018, with application to interim financial statements permitted but not required in the initial year of application. The adoption is effective for TechSoup Global for the fiscal year beginning July 1, 2018. Management is currently evaluating the impact of the provisions of ASU 2016-14 on the consolidated financial statements.

 

NOTE 3 – PROPERTY AND EQUIPMENT

 

The following is a summary of property and equipment at cost less accumulated depreciation and amortization, at June 30:

 

   Unaudited December 31, 2018   June 30,
2018		 
Computer software   $951,271   $951,271 
Equipment and furniture   1,672,237    1,664,961 
Total   2,623,508    2,616,232 
Less: accumulated depreciation and amortization   (2,377,754)   (2,282,129)
   $245,754   $334,103 

 

Depreciation and amortization of property and equipment and software amounted to $95,625 and $206,022 for the period ended December 31, 2018 and June 30, 2018, respectively.

 

NOTE 4 – TEMPORARILY RESTRICTED NET ASSETS

 

Temporarily restricted net assets were available as follows on June 30:

 

  

Unaudited

December 31, 2018

   June 30,
2018		 
NGO Technology Marketplace  $159,890   $152,416 
Global Validation and Data Services   334,822    954,464 
Apps4Good   2,008,947    1,313,558 
   $2,503,659   $2,420,438 

 

Temporarily restricted net assets that were released from donor restriction by incurring expenses satisfying the purposes specified by donors are noted as follows for the years ended June 30:

 

  

Unaudited

December 31,
2018

   June 30,
2018		 
NGO Technology Marketplace   $35,577   $396,581 
Global Validation and Data Services   1,034,140    293,454 
Apps4Good   944,200    1,920,820 
   $2,013,917   $2,610,855 

 

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NOTE 5 – LINE OF CREDIT

 

TechSoup Global has an unsecured line of credit agreement with Wells Fargo Bank which was last renewed for a one year term on November 10, 2018. The line allows for total borrowings of up to $1,500,000 at the bank prime interest rate plus one and three quarter percentage points (6.0%). Based on the Direct Public Offering financing event, TechSoup terminated the line of credit agreement as of December 15, 2018 and there was no balance outstanding at termination.

 

NOTE 6 – CONCENTRATION OF CREDIT RISK

 

Cash – TechSoup Global maintains its cash balances at various banks in the United States and at various foreign banks in Poland and England. The Federal Deposit Insurance Corporation (FDIC) insures account balances at the U.S. Banks up to $250,000 per institution. Cash held by banks in England and Poland are fully secured by Financial Services Compensation Scheme (FSCS) which protects up to GBP 85,000 (Pounds Sterling) and by the Bank Guaranty Fund (BGF) which protects PLN (Polish Zloty) up to the equivalent of 100,000 Euros, respectively.

 

Revenue and receivables – TechSoup Global receives more than half of its revenue from administrative fees related to the distribution of donated software. A significant reduction in the level of software donations, if this were to occur, could have an effect on TechSoup Global’s programs and activities.

 

Restricted grants and contributions – Certain grant awards require the fulfillment of certain terms as set forth in the grant instrument. Failure to fulfill the conditions could result in the return of the funds to the grantors. TechSoup Global deems this contingency remote since by accepting the grants and their terms, it has accommodated the objectives of TechSoup Global to the provisions of the grants. TechSoup Global’s management is of the opinion that TechSoup Global has complied with the terms and conditions of all the grants.

 

NOTE 7 – LEASE COMMITMENTS

 

As of December 31, 2018, TechSoup Global is obligated under several operating leases for office space located in San Francisco, California; Corinth, Mississippi, London, England; and Warsaw, Poland. The leases expire on varying dates through September 30, 2020.

 

Future minimum lease payments under all these lease agreements as of December 31, 2018, are as follows:

 

Year  Amount 
2019  $593,226 
2020   1,147,407 
2021   263,032 
   $2,003,665 

 

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GuideStar International’s office in the United Kingdom is under a lease agreement that may be terminated by either party with three months’ advance notice. This lease began on August 2018 and the rent expense is GBP 1,100 per month (approximately USD $1,456) as of December 31, 2018.

 

Fundacja TechSoup’s office lease in Poland is under an operating lease agreement through September, 2020. The total rent expense is PLN 23,673 per month (approximately USD $9,617) as of December 31, 2018.

 

TechSoup’s office lease in Corinth, MS is under an operating lease agreement through April, 2020. The total rent expense is $2,214.50 per month as of December 31, 2018. TechSoup’s office lease in San Francisco, CA is under an operating lease agreement through September, 2020. The total rent expense is $84,666.78 per month as of December 31, 2018.

 

Rent expense under operating lease agreements for the period ended December 31, 2018 and 2017, amounted to approximately $613,990 and $603,429, respectively.

 

NOTE 8 – RETIREMENT PLAN

 

TechSoup Global has a defined contribution retirement plan (“the Plan”) as established under Internal Revenue Code Section 403(b). Anyone employed by TechSoup Global in the U.S., working a minimum of 24 hours a week as of June 30th, is eligible for participation in the Plan. For each Plan year, the Board of Directors of TechSoup Global determines the amount (if any) to be contributed to the Plan. No contribution has been made by the Organization to the plan in this period.

 

NOTE 9 – DONATED GOODS AND SERVICES

 

No donated goods and services were received for the period ended December 31, 2018 and 2017.

 

NOTE 10 – INCOME TAXES

 

TechSoup Global is a not-for-profit organization, exempt from federal income tax under Section 501(c)(3) of the U.S. Internal Revenue Code, and contributions to it are tax deductible as prescribed by the Code. TechSoup Global is also exempt from California franchise tax under Section 23701d of the California Revenue and Taxation Code.

 

TechSoup Global assesses its accounting for uncertainties in income taxes recognized in its consolidated financial statements and prescribes a threshold of “more likely than not” for recognition and derecognition of tax positions taken or expected to be taken in the tax returns. There was no material impact on TechSoup Global’s consolidated financial statements as a result of the adoption of this policy.

 

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GuideStar International, a UK charity and company limited by guarantee, and Fundacja TechSoup, a Polish public benefit foundation, are both tax exempt organizations under their respective country’s income tax codes.

 

Management evaluated TSE Enterprises tax position and determined no uncertain tax position that require adjustment to the consolidated financial statements. Therefore no provision or liability for income taxes has been included in the consolidated financial statements.

 

NOTE 11 – CONTINGENCIES

 

In the ordinary course of conducting its business, TechSoup Global may be subjected from time to time to loss contingencies arising from general business matters or lawsuits. Management believes that the outcome of such matters, if any, will not have a material impact on TechSoup Global’s consolidated financial position or results of future operations.

 

NOTE 12 – SUBSEQUENT EVENTS

 

Subsequent events are events or transactions that occur after the consolidated statement of financial position date, but before the consolidated financial statements are available to be issued. TechSoup Global recognizes in the consolidated financial statements the effects of all significant subsequent events that provide additional evidence about conditions that existed at the date of the consolidated statement of financial position, including the estimates inherent in the process of preparing the consolidated financial statements.

 

TechSoup Global filed Regulation A filing to the SEC on September 26, 2018, and was qualified on September 28, 2018. Please refer to Note 1.

 

TechSoup Global has an unsecured line of credit agreement with Wells Fargo Bank which was last renewed for a one year term on November 10, 2018 and was terminated on December 15, 2018, refer to Note 5.

 

TechSoup Global has evaluated subsequent events through March 20, 2019, the date the consolidated financial statements are available to be issued, and have determined that there are no other subsequent events that require additional recognition or disclosure.

 

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Item 4. Exhibits

 

INDEX TO EXHIBITS

 

Description of Exhibits 

 

EX1A – 2A(i). Articles of Incorporation*
EX1A – 2A(ii). Amended Articles of Incorporation (changed name to TechSoup)*
EX1A – 2B. Bylaws*
EX1A – 3A. Community Investment Note*
EX1A – 3B. Patient Capital Note*
EX1A – 3C. Risk Capital Note*
EX1A – 4A. Community Investment Agreement*
EX1A – 4B. Patient Capital Agreement*
EX1A – 4C. Risk Capital Agreement*
EX1A – 6A. Microsoft Nonprofit Fulfillment Agreement*
EX1A – 6B. Microsoft MOU Agreement*
EX1A – 6C. TechSoup Global Network Master Partner Agreement*
EX1A – 11.1 Auditor Letter of Consent FY2017*
EX1A – 11.2 Auditor Letter of Consent FY2016*
EX1A – 12 Opinion of Counsel re: legality of securities offered*
EX1A – 15 TechSoup Global Network Partners List*

 

* Previously filed

 

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Signatures

 

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

TechSoup Global, a California 501(c)(3) Nonprofit Public Benefit Corporation

 

By

Signature  /s/ Rebecca Masisak    
Name Rebecca Masisak    
Title Chief Executive Officer & Board Member    
Date March 27, 2019    

 

Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer and in the capacities and on the dates indicated.

 

Signature  /s/ John McDermott    
Name John McDermott    
Title Principal Financial Officer    
Date March 27, 2019    
       
Signature /s/ John McDermott    
Name John McDermott    
Title Principal Accounting Officer    
Date March 27, 2019    
       
Signature /s/ Ken Tsunoda    
Name Ken Tsunoda    
Title Vice President, Development    
Date March 27, 2019    

 

 

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