Myagro Farms

Nonprofit profile at a glance

EIN
455267449
IRS 990 coverage
2013–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
New York, NY, USA
Phone
5033136371
Rating
84
Verdict
STRONG
Rating confidence
Standard

Official website

Reported finances

Revenue
$6,037,141
Expenses
$28,351,139
Assets
$36,710,767
Liabilities
$4,040,853

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

20 people listed

Executive titles in this filing

  • ANUSHKA RATNAYAKE (ceo & FOUNDER (see schedule o))
  • CASEY CLINE (INTERIM CEO (see sch. o) & MANAGING DIR., US)

Highest reported compensation

  • ANUSHKA RATNAYAKE (ceo & FOUNDER (see schedule o)): $427,331 total reported compensation
  • SIDDHANTA WIESNER (CHIEF TECHNOLOGY OFFICER): $228,014 total reported compensation
  • PATRICK TOGNISSO (CHIEF OPERATING OFFICER): $222,756 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Myagro's mission is to move smallholder farmers in west africa out of poverty. Through our mobile layaway platform, farmers gain access to high-quality inputs and climate-smart agriculture training which we deliver at the village level, as well as ongoing mobile support. On average, this model is proven to increase farmer yields by 130% and income by $156 relative to control farmers.

What it reported doing in 2024

Farmer product & service delivery: myagro has built a scalable and replicable model that served low-income, rural customers at the last mile. Myagro recruits and trains women entrepreneurs from within villages, who then market and sell climate-smart agricultural packages to local farmers using our custom mobile application. Farmers are then able to make small layaway payments over time to purchase packages of seeds and fertilizer, tree seedlings, and poultry which are delivered within 10 km. By combining offline customer service with mobile technology, myagro overcomes two key barriers to building sustainable financial tools for farmers: customer trust and client density. Myagro operates in mali, senegal, and cte d'ivoire, where the majority of the population works in agriculture. Only 20% of households in africa have formal bank accounts (world bank), and 87% of farmers surveyed in 2023 had no prior access to a similar service like myagro's. Our target audience is smallholder farmers living on less than $2 per day, and 70% of our customers are women. Myagro served approximately 360,000 farmers during the calendar year 2024.

Operating model

Revenue model
Donor-supported. 82% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 75% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 90
  • Transparency & Controls: 81
  • Accountability: 89
  • Sustainability: 26
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 90.7%; rating input score 91
  • Fundraising efficiency: $9.68 raised per $1 spent on fundraising; rating input score 37; 37th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: 2 of 8 controls in place; rating input score 25
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Pass
    • May require repayment: Fail
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 88.9%; rating input score 89; 20th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -369.6%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 1.29; rating input score 46; 46th percentile among comparable filings
  • Liabilities to assets ratio: 0.11; rating input score 57; 57th percentile among comparable filings
  • Officer compensation ratio: 5.6%; rating input score 49; 49th percentile among comparable filings

Growth

  • Program expense growth: 21.1% per year; rating input score 100; 86th percentile among comparable filings
  • Revenue growth: 14.5% per year; rating input score 100; 81st percentile among comparable filings
  • Asset growth: 28.7% per year; rating input score 100; 92nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 90.7% of spending went to programs
  • Governance: 8 of 9 board members independent · 8 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $25.7M in reported program spending
  • Leadership: top reported pay $427K · 20 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $887K reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 8 filed schedules · includes major donors, foreign activity, and executive pay
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 10 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Foreign activity oversight: 6 of 8 not reported.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 37/100.
  • High — Sustainability: Operating margin scored 0/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 46/100.
  • Moderate — Sustainability: Officer compensation ratio scored 49/100.
  • Review — Sustainability: Liabilities to assets ratio scored 57/100.