That's pretty much true of every charity I've donated over the years (it's certainly true of DWB which kept part of the money they had gotten for the 2004 tsunami for other programs because they couldn't do more at the time with all the money they had gotten), not to mention that part of the money they get go to administrative expenses because that's needed to keep the organization alive in the first place. I've read the Heifer FAQs and it's the first thing they talk about. I'm not saying it's always been like that but it seems to me they're pretty transparent now.