Myagro Farms
- Assets
- $113.8m
- Revenue
- $79.4m
- Investments
- $0.0
- Employees
- 26
- Location
- New York, NY
- Founding
- 02/2013
- Data as of
- 12/2021
- EIN
- 45-5267449
Organization Overview
Myagro Farms is located in New York, NY. The organization was established in 2013. According to its NTEE Classification (K20) the organization is classified as: Agricultural Programs, under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 12/2021, Myagro Farms employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Myagro Farms is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Myagro Farms generated $79.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 59.5% each year . All expenses for the organization totaled $2.4m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
MYAGRO'S UNIQUE MOBILE LAYAWAY PLATFORM ALLOWS FARMERS TO USE THEIR MOBILE PHONES TO PURCHASE SEEDS AND FERTILIZER IN SMALL INCREMENTS (SEE SCHEDULE O FOR CONTINUATION)
Describe the Organization's Program Activity:
Part 3 - Line 4a
FIELD & FARMERS PROGRAMS - MYAGRO HAS BUILT A SCALABLE, REPLICABLE MODEL THAT COVERS NEARLY 40% OF ITS FIELD COSTS AND IS ON TRACK TO COVER 100% OF FIELD COSTS. A KEY TO THIS CHANGE IS THE R&D MYAGRO DID TO EQUIP LOCAL ENTREPRENEURS WITH A SMARTPHONE TO MARKET AGRICULTURAL PACKAGES AND SERVE AS THE PAY POINT FOR FARMERS WHO WANT TO ENROLL AND PAY ON LAYAWAY FOR SEEDS AND FERTILIZER PACKAGES. BESIDES, MYAGRO LEVERAGES SAVING GROUPS (THERE ARE 18 MILLION GLOBALLY) AS A DISTRIBUTION CHANNEL TO REACH FARMERS IN RURAL, REMOTE VILLAGES. THESE TWO COMPONENTS HELP MYAGRO BRIDGE WHAT IS COMMONLY THE HARDEST TO OVERCOME FOR BUILDING SUSTAINABLE FINANCIAL TOOLS FOR FARMERS: CUSTOMER TRUST AND CLIENT DENSITY. MYAGRO WORKS IN MALI, SENEGAL, AND TANZANIA, WHERE ~75% OF THE POPULATION WORKS IN AGRICULTURE. OUR TARGET AUDIENCE IS SMALLHOLDER FARMERS LIVING ON < $2/DAY, AND 60% OF MYAGRO'S CUSTOMERS ARE WOMEN. LESS THAN 11% HAVE ACCESS TO A FORMAL BANK ACCOUNT, AND 12% HAVE ACCESS TO MOBILE MONEY (WORLD BANK).
MOBILE TECHNOLOGY DEVELOPMENT - AT THE OUTSET OF EACH AGRICULTURAL SEASON, PARTICIPATING FARMERS SIGN UP TO PURCHASE A PACKAGE OF SEEDS, FERTILIZER, TOOLS, AND TRAINING. PRICES AND CONTENTS OF THE PACKAGE ARE TAILORED TO THE LAND AREA AND CROP MIX THAT EACH FARMER INTENDS TO PLANT. OVER THE YEAR, FARMERS USE MOBILE LAYAWAY TO PAY FOR EACH PACKAGE LITTLE BY LITTLE. TO MAKE PAYMENTS, FARMERS BUY PREPAID SCRATCH CARDS AT A PAY POINT IN THEIR VILLAGE - SIMILAR TO PURCHASING PREPAID MOBILE MINUTES - OR CHOOSE TO PAY DIRECTLY THROUGH MOBILE MONEY. EACH PAYMENT ACCUMULATES IN A FARMER'S MYAGRO ACCOUNT UNTIL THE FULL COST OF THE PACKAGE THEY HAVE SIGNED UP FOR IS COVERED. THE MOBILE LAYAWAY SYSTEM IS A REAL-TIME, TRANSPARENT, AND RELIABLE WAY FOR FARMERS TO INVEST IN THEIR FARM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anushka Ratnayake CEO & Founder | OfficerTrustee | 40 | $210,455 |
Siddhanta Wiesner Chief Technology Officer | 40 | $157,250 | |
Shon Morris VP Of People Operations | 40 | $146,565 | |
Neil Goldenberg CFO (see Schedule O) | Officer | 24 | $99,553 |
Ann Cartlidge From 821 Chief Financial Officer | Officer | 40 | $31,787 |
Evan Marwell Chairman | OfficerTrustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bdo Usa Llp Audit & Tax | 12/30/21 | $161,588 |
Whitten Roy Partnership Sales Consulting | 12/30/21 | $108,886 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,296,690 |
| All other contributions, gifts, grants, and similar amounts not included above | $76,055,688 |
| Noncash contributions included in lines 1a–1f | $25,051,825 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $79,352,378 |
| Total Program Service Revenue | $0 |
| Investment income | $203 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $79,352,581 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $186,791 |
| Compensation of current officers, directors, key employees. | $24,698 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,094,392 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $251,499 |
| Payroll taxes | $65,842 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,804 |
| Fees for services: Accounting | $148,761 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $313,670 |
| Advertising and promotion | $2,523 |
| Office expenses | $21,510 |
| Information technology | $119,544 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $73,337 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $58,627 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $11,762 |
| All other expenses | $704 |
| Total functional expenses | $2,352,766 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,435,484 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $27,866,951 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $78,289 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $42,441,236 |
| Total assets | $113,821,960 |
| Accounts payable and accrued expenses | $166,700 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $3,425,000 |
| Other liabilities | $0 |
| Total liabilities | $3,591,700 |
| Net assets without donor restrictions | $108,587,121 |
| Net assets with donor restrictions | $1,643,139 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $113,821,960 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that Myagro Farms has recieved totaling $4,293,382.
| Awarding Organization | Amount |
|---|---|
Skoll Foundation Palo Alto, CA PURPOSE: GENERAL OPERATING SUPPORT | $1,425,000 |
Silicon Valley Community Foundation Mountain View, CA PURPOSE: Food Security | $1,053,250 |
Skoll Foundation Palo Alto, CA PURPOSE: GENERAL OPERATING SUPPORT | $600,000 |
Stadler Family Charitable Foundation Inc Titusville, NJ PURPOSE: TO MOVE SMALLHOLDER FARMERS OUT OF POVERTY. | $600,000 |
The Ezrah Charitable Trust Charlotte, NC PURPOSE: GENERAL SUPPORT | $300,000 |
Impactassets Inc Bethesda, MD PURPOSE: GENERAL SUPPORT | $140,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Holstein Friesian Association Of America Brattleboro, VT | $42,888,096 | $20,454,102 |
Hambletonian Society The Cranbury, NJ | $5,608,418 | $11,854,034 |
The William H Miner Agricultural Research Institute Chazy, NY | $25,150,167 | $10,410,462 |
Grace Communications Foundation Inc New York, NY | $9,222,389 | $7,837,107 |
Rodale Institute Kutztown, PA | $44,853,395 | $12,528,365 |
New Haven Ecology Project Inc New Haven, CT | $13,646,916 | $6,735,090 |
Attleboro Corporate Center Association Inc Attleboro, MA | $92,995 | $6,024,289 |
United Food And Commercial Workers International Union Dedham, MA | $6,169,904 | $6,230,011 |
Essex Agricultural Society Topsfield, MA | $13,692,899 | $6,659,006 |
Pennsylvania Certified Organic Spring Mills, PA | $1,487,363 | $4,239,851 |
New York Farm Bureau Albany, NY | $21,413,106 | $1,125,268 |
Pennsylvania Farm Bureau Camp Hill, PA | $15,863,020 | $5,878,793 |