b'Validity of an Equivalency DeterminationOnce an Equivalency Determination is approved, it lasts until the expiration of the audited financial statements used to complete the review.Note:Not all charities can pass an Equivalency Determination review, as the process is much more intensive than ER. CAF America defaults to ER unless the projects being funded require an ED.Equivalency Determination CertificatesED reviews can be used in two different ways:CAF America can use the determination to substantiate our own grants, orCAF America can issue an ED Certificate to a third-party donor, who can use it to substantiate their own grantmaking activity.ED Is Not a License to GiveWhile Equivalency Determination Certificates offer a compelling snapshot of an organizations charitable status, there are ongoing compliance concerns that grantmakers should be aware of after grants are made that require additional oversight and compliance. CAF America strongly recommends that all grants made with an Equivalency Determination Certificate are accompanied by ongoing monitoring for compliance concerns, such as our regular watchlist screening, to ensure that all risks are appropriately managed.17'