This is what motivated me to write the prior posting on year end charitable giving. There is an interesting article in the Chronicle on Philanthropy this week about two organizations that are taking new approaches to rating not-for-profits and trying to dig deeper than the financials.
The first, GiveWell, has started assessing a small number of organizations in a limited number of fields and hopes to both expand their ratings and develop tools that others can use. They are described as being anti-CharityNavigator and hoping to shake up the field. More at