In 2018, Karisma managed funds for a total value of $1,550,028,634 COP, which corresponds to 524.269,38 USD[1] , from the following sources:
Of the resources managed in 2018, 37.29% ($577,998,672 COP or $195,497.68 USD) correspond to internal operations resources and 62.71% ($972,029,962 COP or $328,771.70 USD) are resources used for the management and execution of specific projects.
This categorization is necessary to read correctly the figures that appear in the Financial Statements and to understand the way Karisma operates. The first figure is the total Operational and Non-Operational Income (Donations or Financial Aid); while the resources received for managing and executing projects are posted for accounting purposes in the account INGRESOS A NOMBRE DE TERCEROS (Liability account 28).
The reason for this distinction is that at Karisma, in conformity with Colombian accounting standards, resources for specific projects are not considered as part of the organization’s own resources because it is assumed that Karisma does not have direct control over them. For us these resources are committed to a specific end and therefore the expense is only legalized once it is incurred. In this way, we understand that as long as the payments do not take place as planned in the projects, the money received is owed to the person who delivered it for the execution of the corresponding project. These resources appear in the balance sheet as “other liabilities,” which could cause confusion.
During 2018, the resources that Karisma managed came from contracts and donations from people and organizations as follows:
Project funds or cooperation: Global Partners Digital, Open Society, Internews, Derechos Digitales, Tanking LT Global, Public Knowledge, Pan American Development Foundation, World Wide Web Foundation, Privacy International, Mozilla Foundation and Wikimedia Foundation.
Core funding: Open Society Foundation and Access Now.
Donations: Fundacion Bolivar Davivienda, Fundacion Bavaria, Fundacion Natu- raleza y Patrimonio, Corporacion PON Tierra SOS, Fundacion Bavaria, and crowdfunding through Generosity.
Private sector: Google and Apple.
Consulting and training: UNESCO, Universidad La Gran Colombia, New America, Fundacion Datos Protegidos, Diakonia, Pontificia Universidad Javeriana, Internews, Tactical Technology Collective, Fundacion Alberto Merani, ONG Corporacion Misidn de Observacion Electoral, Diakonia.
Others: This income corresponds to expense reimbursements, usually for travel by Karisma employees who attended conferences and work meetings. In 2018 Creative Commons, IFEX Universiteit Van Amsterdam, Knowledge Ecology International (KEI). The money is received directly by the Foundation or received by people employed by the organization and returned to Karisma. It also refers to exchange rate differences and financial returns.
For 2018 the budget was $901,422,977.77 COP or $304,828 USD (at a rate exchange of $2,957.15 COP per dollar). The budget in COP was executed at 171%. 71% of the additional budget executed in 2018 is explained in this case by the fact that, in 2018, project resources were obtained beyond what was initially budgeted (with the resulting increase in expenses). Additionally, as it has happened in previous years, funds received in 2017 were executed in 2018 according to the dynamics of these projects.
1. The exchange rate used corresponds to the averagefor 2018 reported by the Banco de laRepublica: COP 2,956.55 per U.S. dollar.