Nonprofit Investor provides independent charity evaluations available for free download. NPI's most recent research includes: Review of Urban Arts Partnership, Review of Red Sox Foundation, Review of Project GRAD Houston, Review of Room to Read, Review of One Acre Fund, Review of Accion USA, Review of CaringBridge, Review of VisionSpring, Review of JobTrain, Review of Ashoka, Review of Vital Voices Global Partnership, Review of Endeavor Global, Review of All Stars Project, Review of Hugh O'Brian Youth Leadership, Review of Iraq and Afghanistan Veterans of America, Review of National Military Family Association, Review of Swords to Plowshares, Review of One Economy

1. Q3 2012 Research Overview
Cause Nonprofit Page Cause Nonprofit Page
Arts 1 Leadership and Development 10
Youth Arts Education Urban Arts Partnership 1 International Ashoka 10
Women Vital Voices Global 11
Community 2
Partnership
Community Youth Red Sox Foundation 2
International Endeavor Global 12
Education 3 Youth All Stars Project 13
Youth Education Project GRAD Houston 3 Youth Hugh O’Brian Youth 14
Global Education Room to Read 4 Leadership
Global Development 5 Military / Veterans 15
Agriculture One Acre Fund 5 Veterans Advocacy Iraq and Afghanistan 15
Microfinance Accion USA 6 Veterans of America
Military Families National Military Family 16
Health 7 and Veterans Association
Patient / Family CaringBridge 7 Military Families Operation Homefront 17
Support and Veterans
Vision VisionSpring 8 Veterans Services Swords to Plowshares 18
Job Training 9 Technology 19
Job Training JobTrain 9 Technology Access One Economy 19
Published November 12, 2012

2. Background. Urban Arts Partnership operates
and provides arts instruction in a variety of
interdisciplinary arts programs that include in-
school classroom integration, after-school
programs, professional development, summer
Urban Arts Partnership programs, arts festivals and special projects.
http://urbanarts.org/ The organization targets schools with a high
Headquarters: New York, NY percentage of students from low-income
families located primarily in New York City and
FY 2011 Revenue: $3.9MM
the surrounding area.
Nonprofit Investor Rating: NPI Assessment. Urban Arts Partnership has
BUY developed a strong portfolio of arts-based
programs and has demonstrated a proven track
record of advancing students’ intellectual,
Read the full report:
social and artistic development. NPI would
NPI Evaluation of Urban Arts recommend volunteering and / or further
Partnership considering a donation.
nonprofitinvestor.org | 1

3. Background. The Red Sox Foundation (“RSF” or
the “Foundation”), the official team charity of the
Boston Red Sox, focuses in serving the health,
education, recreation and social service needs of
children, families in need, and wounded veterans
across New England. RSF accomplishes this
Red Sox Foundation through partnerships with local communities,
http://redsoxfoundation.org/ active involvement from Red Sox players, and
Headquarters: Boston, MA strong dedication from the team’s ownership
group led by Principal Owner John Henry,
FY 2010 Revenue: $6.6MM
Chairman Tom Werner and President/CEO Larry
Lucchino.
Nonprofit Investor Rating:
NEUTRAL NPI Assessment. The Red Sox Foundation does an
excellent job of leveraging its assets, including
cash and ticket donations, autographs, player
Read the full report: appearances, while keeping costs low, which has
NPI Evaluation of Red Sox resulted in $52 million of donations over the past
Foundation 10 years. The key areas of caution are the current
lack of transparency by RSF and increasing
employee costs.
nonprofitinvestor.org | 2

4. Background. Project GRAD Houston (“GRAD”) is
an education reform model at work in five feeder
patterns (Davis, Sam Houston, Reagan, Wheatley
and Yates) within Houston Independent School
Project GRAD Houston District (“HISD”), serving 64 schools and over
http://projectgradhouston.org/ 44,000 economically disadvantaged children –
23% of the school district's total school
Headquarters: Houston, TX
population and approximately 24% of its total at-
FY 2010 Revenue: $5.5MM risk population.
Nonprofit Investor Rating: NPI Assessment. Project GRAD has a longstanding
history with HISD, providing programs such as
NEUTRAL scholarship, mentoring, and education. While a
small sample of results provided by GRAD
Read the full report: indicates increased graduation rates and
decreased dropout rates, lack of broader
NPI Evaluation of Project GRAD
disclosures of results and lack of detail regarding
Houston
program services provided by GRAD limit the
ability to draw a causal link between programs
provided and results achieved.
nonprofitinvestor.org | 3

5. Background. Room to Read (“RTR”) is a global
organization working in nine countries across Asia
and Africa helping millions of children in the
developing world gain access to quality
Room to Read educational opportunities. RTR has built an
http://roomtoread.org/ effective, entrepreneurial and passionate global
team, a strong and diverse donor base and a
Headquarters: foundation of scalable programming.
San Francisco, CA
FY 2011 Revenue: $39.4MM NPI Assessment. RTR is a results-oriented
organization and has affected lives of 6MM+
children worldwide. The organization works in
Nonprofit Investor Rating:
collaboration with local communities, partner
BUY organization and governments to build a skilled
workforce sustainable for the long-run. Using
Read the full report: Salesforce.com Foundation, it constantly monitors
and evaluates projects, identifies strengths and
NPI Evaluation of Room to Read
weaknesses and facilitates dialogue with
stakeholders. Its push to carry scale and efficient
operating models internationally has proven to be
successful over time.
nonprofitinvestor.org | 4

6. Background. One Acre Fund, (“OAF”), was
founded to address the crisis of hunger in
Africa. OAF concentrates on serving small-scale
farmers in Africa by providing them with the
One Acre Fund comprehensive “market bundle” program so
http://oneacrefund.org/
that farmers can lift themselves out of poverty
and can send their children to school.
Headquarters: Highland Park, IL
FY 2011 Revenue: $18.7MM NPI Assessment. One Acre Fund continues to
meet or exceed defined program metrics in
Nonprofit Investor Rating: their mission to eliminate poverty in Africa
through thoughtful business practices and
BUY
operational efficiency. Because OAF's program
metrics and financial statements are not
Read the full report: entirely explained by public documentation,
NPI Evaluation of One Acre Fund NPI recommends that OAF either publish more
detailed explanations of survey methods and
financial statements or provide access to OAF
staff.
nonprofitinvestor.org | 5

7. Background. Accion USA helps low to
moderate income (“LMI”) small-business
owners build sustainable businesses and
attain economic self-sufficiency through
Accion USA providing affordable microloans and free
http://accionusa.org financial education services.
Headquarters: New York, NY
FY 2011 Revenue: $6.2MM NPI Assessment. Accion USA is a large,
established organization with an active loan
Nonprofit Investor Rating:
portfolio of over $6MM. Their activities have
an evident impact on providing
NEUTRAL
opportunities and alleviating poverty.
However, the recent decrease in donations /
Read the full report: grants is limiting their lending ability and is
NPI Evaluation of Accion USA testing their capability to match revenue and
expenses, to avoid loss.
nonprofitinvestor.org | 6

8. Background. CaringBridge is a social
network, keeping families and loved ones
connected through its free websites during
CaringBridge any type of health event.
http://caringbridge.org/
NPI Assessment. Since 1997, CaringBridge’s
Headquarters: Eagan, MN
program model and firm stance on privacy
FY 2011 Revenue: $8.8MM has been effectively addressing a sensitive
need and has mainly been supported by its
Nonprofit Investor Rating: beneficiaries. CaringBridge continues to
BUY update its technology and evolve and
increase awareness around its service
Read the full report: offerings. The organization has the elements
in place that should allow it to continue
NPI Evaluation of CaringBridge
increasing the number of people it serves.
nonprofitinvestor.org | 7

9. Background. VisionSpring, Inc.(“VisionSpring”),
formed in October 2001, trains villagers in the
developing world to conduct outreach & vision
screenings and sell high-quality, low-cost
VisionSpring
eyeglasses in their communities. VisionSpring
http://visionspring.org/ Vision Entrepreneurs sell reading glasses,
Headquarters: New York, NY sunglasses & eye drops and refer customers
FY 2010 Revenue: $1.3MM needing prescription glasses to optometrists or
partner eye health institutions.
Nonprofit Investor Rating: NPI Assessment. VisionSpring has developed a
NEUTRAL unique way to address a critical social need.
While VisionSpring’s impact on clients seems
Read the full report: logical, NPI notes discrepancies regarding
impact which should be corrected immediately.
NPI Evaluation of VisionSpring
Also, VisionSpring’s corporate structure must
be publicly documented to provide assurance
that disclosed impact is exclusively attributable
to the U.S. entity, Visionspring, Inc.
nonprofitinvestor.org | 8

10. Background. JobTrain provides low-income
individuals in the Bay Area with classes,
training, career counseling, and job
placement services to prepare them for
JobTrain quality jobs and careers.
http://jobtrainworks.org/
Headquarters: Menlo Park, CA NPI Assessment. JobTrain’s programs serve
many people in the Bay Area, ranging from
FY 2011 Revenue: $4.9MM
children to adults. The organization and its
staff have years of experience, and its
Nonprofit Investor Rating: programs offer many an opportunity to
NEUTRAL acquire the skills necessary for quality jobs in
today’s world. However, JobTrain’s lack of
Read the full report: organizational and impact transparency
NPI Evaluation of JobTrain makes it difficult to fully assess and leaves
enough questions unanswered that we rate
it a NEUTRAL until further information is
made available.
nonprofitinvestor.org | 9

11. Background. Ashoka identifies and develops
the world’s leading social entrepreneurs to
serve as catalysts for change by providing
them with the financial support, technical
guidance and robust network for
Ashoka
collaboration. The organization focuses on
http://ashoka.org/ developing effective models that advance
Headquarters: Arlington, VA the field of social entrepreneurship and
FY 2011 Revenue: $55.9MM inspire everyday citizens to become
powerful changemakers.
Nonprofit Investor Rating:
NPI Assessment. Since the Ashoka approach
NEUTRAL
addresses pressing societal change on an
individual, system and framework level,
Read the full report: direct impact is difficult to measure. Though
NPI Evaluation of Ashoka Ashoka has made significant contributions in
building the citizen sector, additional impact
metrics are needed to establish a clear
understanding of program effectiveness.
nonprofitinvestor.org | 10

12. Background. Vital Voices Global Partnership
(“VVGP”) was bred from Vital Voices
Democracy Initiative, a U.S. government
program led by then-First Lady Hillary Rodham
Vital Voices Global Partnership Clinton and former Secretary of State
http://vitalvoices.org/ Madeleine Albright. VVGP was created in 2000
to focus on human rights, economic
Headquarters: Washington, DC
empowerment and political participation by
FY 2010 Revenue: $9.7MM creating a platform to provide valuable skills
and connections for women globally to make a
Nonprofit Investor Rating: transformative impact in their communities.
BUY
NPI Assessment. VVGP has been able to
successfully identify, train and empower
Read the full report: women leaders and social entrepreneurs
NPI Evaluation of Vital Voices globally. Yet, securing a diversified donor base
Global Partnership and stable/growing revenue stream along with
allocating expenses for efficiency is an
opportunity for improvement.
nonprofitinvestor.org | 11

13. Background. The Endeavor Initiative, Inc.
(“Endeavor Global”) and its international
affiliates (together, “Endeavor”) help
Endeavor Global high‐impact entrepreneurs unleash their
http://endeavor.org/ potential by providing an unrivaled network
of seasoned business leaders, who provide
Headquarters: New York, NY
the key ingredients to entrepreneurial
FY 2010 Revenue: $8.6MM success.
Nonprofit Investor Rating: NPI Assessment. Endeavor Global has a
BUY strong track record of generating social
impact and tracking the impact through
Read the full report: innovative metrics. NPI rates Endeavor
Global a BUY and encourages the
NPI Evaluation of Endeavor
organization to continue improving its
Global
disclosures.
nonprofitinvestor.org | 12

14. Background. The All Stars Project, Inc. (“ASP”) is a
non-partisan organization dedicated to promoting
development through the use of an innovative
performance-based model. ASP creates privately
funded, outside-of-school, educational, and
All Stars Project performing-arts activities for tens of thousands of
http://allstars.org/ poor and minority young people. ASP actively
Headquarters: New York, NY promotes supplementary education and the
performance-learning model in academic and
FY 2011 Revenue: $7.0MM civic arenas.
Nonprofit Investor Rating: NPI Assessment. ASP’s programs reach thousands
of poor and minority young people every year
NEUTRAL
helping them build the skills and confidence
needed to succeed in academic and workplace
Read the full report: settings. However, ASP’s inability to track and
NPI Evaluation of All Stars demonstrate a quantifiable impact, combined
Project with unresolved historical controversy leaves
enough questions unanswered that we rate it
NEUTRAL until additional information is made
available.
nonprofitinvestor.org | 13

15. Background. Hugh O’Brian Youth Leadership
(“HOBY”) programs provide youth selected by
their schools opportunities to participate in
unique leadership training, service-learning
and motivation-building experiences.
Hugh O’Brian Youth Leadership Additionally, HOBY provides volunteer
http://hoby.org/ opportunities for adults wishing to make a
Headquarters: positive impact on the lives of adolescents.
Westlake Village, CA
FY 2011 Revenue: $2.3MM NPI Assessment. HOBY’s robust program
offerings and large volunteer network provide
many students with the opportunity to make a
Nonprofit Investor Rating: positive impact on their community. However,
NEUTRAL the organization lacks a publicly available
feedback loop or study in order to gauge the
Read the full report:
effectiveness of programs. NPI would also like
to see a more accountable management team
NPI Evaluation of HOBY to prevent lack of communication and delayed
financial reports.
nonprofitinvestor.org | 14

16. Background. Iraq and Afghanistan Veterans of
America (“IAVA”) is the nation’s first and largest
nonprofit organization for the newest generation
of veterans from the Iraq and Afghanistan wars.
By delivering impact in health, education,
Iraq and Afghanistan Veterans
employment and community, IAVA is committed
of America
to building an empowered generation of veterans
http://iava.org/ that will provide sustainable leadership for the
Headquarters: New York, NY United States.
FY 2011 Revenue: $7.2MM
NPI Assessment. IAVA’s public reporting would
benefit from clearer and more specific disclosures
Nonprofit Investor Rating: about the effectiveness of its outreaches and
BUY media and lobbying activities, especially as it has
changed over time. However, the charity
demonstrates strong growth, a solid vision for
Read the full report: holistically interceding for veterans’ causes, and a
NPI Evaluation of IAVA proven ability to multiply its revenues through in-
kind donations, making it a premier charity for
advancing the veteran cause.
nonprofitinvestor.org | 15

17. Background. The National Military Family
Association (“NMFA”) represents officer and
enlisted families of the Army, Navy, Air Force,
Marine Corps, Coast Guard, National Oceanic and
Atmospheric Administration, and Public Health
National Military Family Service. NMFA assists those seeking resources for:
Association themselves and combat‐weary service members
http://militaryfamily.org/ returning home from war with fragile mental
health, children separated from parents during
Headquarters: Alexandria, VA
deployments, spouses forging ahead with
FY 2010 Revenue: $11.5MM educations to build better lives for their families
or to prepare for the unthinkable, widows seeking
Nonprofit Investor Rating: information about benefits available to them as
they cope with their losses, and for proud parents
BUY
of single service members.
Read the full report: NPI Assessment. The NMFA offers an effective
NPI Evaluation of NMFA channel to assist military families. The
organization has a long track record of success
and effectively deploys its resources to create an
outsized impact towards its goals.
nonprofitinvestor.org | 16

18. Background. Operation Homefront provides
services to alleviate a military family’s or
individual’s emergency financial burden, as well
as counseling and recovery support. The target
population is American military personnel and
Operation Homefront their families who have unmet needs due to
http://operationhomefront.net/ financial hardship, death, injury, or physical or
mental detriment as a result of service in Iraq or
Headquarters: San Antonio, TX
Afghanistan.
FY 2011 Revenue: $24.7MM
NPI Assessment. Operation Homefront has
Nonprofit Investor Rating: developed a model which requires limited
spending for fundraising and administrative
NEUTRAL
functions, yet generates substantial contributions
and support. However, Operation Homefront’s
Read the full report: affiliate structure makes it challenging to evaluate
NPI Evaluation of Operation the impact of the organization’s efforts and the
Homefront costs associated with each program. The financial
information would be better suited for evaluation
by clearly breaking out each affiliate as well as
highlighting the costs associated with each
individual program.
nonprofitinvestor.org | 17

19. Background. Swords to Plowshares
(“Swords” or “STP”) provides care to more
than 2,000 veterans annually in the San
Francisco Bay Area by providing health and
Swords to Plowshares social services, supportive housing,
http://swords-to- employment and training, and legal
plowshares.org/ assistance with veterans benefits.
Headquarters:
San Francisco, CA NPI Assessment. Swords has made great
FY 2011 Revenue: $8.0MM strides in providing a variety of services to
reduce homelessness among veterans and
has even engaged other community
Nonprofit Investor Rating:
organizations with specialized expertise to
NEUTRAL
help with their efforts. However, the
organization has operated at a financial loss
Read the full report: for 3 years and program expenses as a
NPI Evaluation of Swords to percent of total expenses have been
Plowshares declining each successive year.
nonprofitinvestor.org | 18

20. Background. One Economy Corporation
("One Economy"), founded in 2000 in
Washington, DC, is a nonprofit
One Economy Corporation organization that focuses on the use of
http://one-economy.org/ technology, and the Internet in particular,
Headquarters: Washington, DC to allow people who are disadvantaged to
FY 2010 Revenue: $14.0MM better their lives.
NPI Assessment. One Economy’s services
Nonprofit Investor Rating:
have impacted a number of people and
NEUTRAL
have gained the support of players ranging
from government to corporations.
Read the full report: However, actual impact of the services is
NPI Evaluation of One Economy unclear, and expenditures consistently
exceed revenues, throwing sustainability
into doubt.
nonprofitinvestor.org | 19