Annual Report - Grameen Foundation

Annual Report - Grameen Foundation

Connecting Potential Annual Report 2012-2013 Grameen Foundation Overview Grameen Foundation helps the world’s poorest people reach their full poten...

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Connecting Potential

Annual Report 2012-2013

Grameen Foundation Overview Grameen Foundation helps the world’s poorest people reach their full potential. We provide access to essential financial services and information on agriculture and health, assistance that addresses the specific needs of poor households and communities. We also develop tools to improve the effectiveness of poverty-focused organizations. Grameen Foundation began in 1997 to harness the underappreciated strengths of the poor, an approach inspired by Nobel Laureate Professor Muhammad Yunus and the Grameen Bank in Bangladesh. Professor Yunus was a founding member of our Board of Directors and today serves as member emeritus. Our high standards and efficiency have been recognized by Charity Navigator, the Better Business Bureau’s Wise Giving Alliance and Guidestar’s Exchange Seal.


Connecting the world’s poor to their potential

Grameen Foundation 2012–2013 Annual Report Letter from the President and Chairman of the Board


Our Story




Family of Supporters


Board of Directors




Bankers without Borders® Volunteers


Take Action




Letter from the President and Chairman of the Board Some of the most resourceful and enterprising people we know live far away from Wall Street – and even Main Street. Their work goes largely unnoticed but the impact of their efforts can determine the future of countless families and communities. We’ve met mothers, with babies strapped on to their backs, selling tortillas at the side of the road, farmers tending to tiny farms in remote villages and women selling airtime for mobile phones out of their shops. Their stories are powerful reminders that we all have an innate desire to improve our lives. This past fiscal year (April 2012-March 2013) marked two key milestones for us: Grameen Foundation’s 15th anniversary and the 10th anniversary of our work in the Middle East and North Africa, through Grameen-Jameel Microfinance Limited. Grameen Foundation was founded to enable the poor to leverage their strengths. We believe that all of us – even the poorest among us – can reach our full potential if given access to the right tools. Building on our initial focus on microfinance and technology, we now work with a wide range of organizations to develop services and tools that meet the specific needs of the poor and the institutions that serve them. For example, we are increasingly combining financing and mobile-based data management services to help social enterprises (businesses that address social issues) expand their outreach and use data more effectively to improve their service. This is particularly beneficial to organizations working in rural areas, like Kenya-based Honey Care Africa, which works with smallholder farmers throughout rural areas of East Africa to produce and sell honey. We invested in the company through our Pioneer Fund to help it expand its wholesale and retail

distribution. It also uses TaroWorks™, our suite of mobile data tools, to monitor and track beehives and production targets. Our collaborations across the international development and business sectors are also deepening our impact on poverty. Several organizations are using our Mobile Technology for Community Health (MOTECH) platform, which was originally developed with the Ghana Health Service, to advise clients on a range of health issues and to train healthcare workers via mobile phones. We have also co-sponsored the Fairtrade Access Fund with Fairtrade International and Inconfin Investment Management to provide much-needed, long-term financing to smallholder famers in developing countries, starting in Latin America. In addition, we have placed more than 1,400 skilled professionals at organizations around the world through Bankers without Borders®, our volunteer initiative. Your shared belief in the innate potential of poor people around the world makes this possible. Thank you for your support, commitment and dedication in helping us give the poor the tools they need to improve their families’ lives and their communities.

Alex Counts, President and CEO

Robert Eichfeld, Chairman












1997: Launched global microfinance activities in Chiapas, Mexico.

Making ends meet was difficult for Eliseo Gonzalez Angel, a middle-aged cacao farmer in Compo Dos, Colombia. But it is easier now thanks to Grameen Foundation’s efforts to bring agricultural knowledge to Colombia’s rural poor. Not only does Angel face the uncertainty of farming in the Norte de Santander Region, an area with a long history of guerilla violence, but he has also faced various farming challenges, including squirrels that would eat his plants. Things got better for Angel after he connected with his local Community Knowledge Worker (CKW) in July 2012. Trained by Grameen Foundation, his CKW uses a smartphone to access and give farmers a range of information, including crop management and market prices for their goods. Farmers also receive information on becoming Fairtrade-certified, which typically earns them a better price for their harvests. Angel is now on track to be Fairtrade certified as a member of Asocati, an agricultural cooperative that is working with Grameen Foundation. Cooperatives help farmers like Eliseo sell their cacao, which is used to make chocolate. “I have used the [CKW] system four times now. Each time the information has been very useful,” said Angel, who suffered a disastrous loss two








2011: Launched the Last Mile Initiative, a five-year campaign designed to help 1 million poor people living in rural Latin America improve their lives. 2012: Launched Fairtrade Access Fund with Fairtrade International and Incofin Investment Management.

Americas A Little Knowledge Goes a Long Way in Colombia


years ago. “My farm was devastated by the winter flooding and I lost all my crops. Now I’m in the process of reestablishing my cacao crop, so I appreciate knowing that, if I need any information, I can get it immediately instead of having to wait for an expert to come visit me.”

Our Americas team, with leadership support from Chiapas International and MasterCard Worldwide, is helping poor farmers improve their businesses through access to financial services and critical information on agriculture. We adapted our CKW program – originally implemented in Uganda – to Colombia and established local partnerships with farmer cooperatives and agribusinesses to support plantain and cacao farmers in Tibú-Norte de Santander and Urabá. Like their counterparts in Uganda, the CKWs use smartphones to access information on farming techniques, pest and disease control, and market Advice from his local Community Knowledge Worker helped Angel save his cacao plants. prices for farmers. We launched our pilot programs in mid-July 2012, reaching In late 2012, we joined with Fairtrade International almost 500 farmers by the end of the fiscal year. Forty-seven percent of the farmers we served live and Incofin Investment Management to launch the Fairtrade Access Fund, an impact investment on less than $2.50 per day, and 37 percent of them are women. fund designed to tackle the unmet demand for long-term financing among smallholder farmers







in developing countries. The fund provides well-run, Fairtrade-certified (or certificationpending) producer organizations with long- and short-term loans to help build their members’ businesses. The fund has invested $1.79 million in four institutions, including Cocafcal in Honduras and Ucasuman in Nicaragua. They used the money to purchase coffee from their member farmers during the harvesting period when prices are typically low. Without the funding, farmers would be forced to either wait for prices to rise and face potential financial hardship during that time, or accept a lower price for immediate payment from another buyer. We have also made significant strides in our efforts to promote rigorous, transparent measurement of poverty outreach outcomes. In the last year, our Progress out of Poverty Index® (PPI®) has become an industry standard for measuring poverty reduction across the international development sector. The PPI is now used by more than 91 organizations in Latin America, including microfinance institutions and networks, agribusinesses, and agricultural cooperatives.

Grameen Foundation’s Last Mile Initiative is helping poor, rural people in Latin America improve their lives.








1998: Began providing financial and technical support to some of the leading and fastest-growing social enterprises and microfinance institutions across Asia.

Asia Entrepreneurial Spirit Shines in Indonesia For Ibu Marni, a 44-year-old mother of two, life in the village of Kunciran outside the Indonesian capital of Jakarta used to be a continual struggle. She had spent years running different businesses out of her home, ranging from selling groceries to renting out video games, only to watch each fall off due to rising costs, increased competition and complaints from neighbors. Each attempt put her






2008: Cofounded Grameen Capital India with Citicorp Finance and IMFR Trust 2008: Launched Village Phone in Indonesia.

deeper into debt, and when her husband lost his job as a construction worker, she struggled to find new ways to support her family. An optimist with an entrepreneurial spirit, she never gave up. In 2009 she found a sustainable business: selling airtime for mobile phones as a Village Phone Operator. The profits helped her to pay for her son’s college tuition and to expand their tiny house. Grameen Foundation established the program with support from Qualcomm’s Wireless Reach™. Both organizations later nurtured and helped Ruma, an Indonesian social enterprise, which now manages the program. Impressed by Ibu Marni’s great people skills and rich knowledge of the needs of operators and their clients, we hired her as a field officer in 2010. Her friendly character, mature attitude and ability to mingle with new people are also great strengths, especially in poor communities. She can easily start a conversation with women who may not be as comfortable talking to a male field officer. As her technological and financial literacy continue to improve, she plans to create her own cooperative to provide capital to other poor entrepreneurs, such as coffee vendors. She has learned that by helping others start up small home-based businesses, they can rise up together from poverty.

Ibu Marni is helping Grameen Foundation to bring new business opportunities to Indonesia. 8






2010: Launched micro2011: Established Grameen savings initiative in India Foundation India, a wholly and the Philippines. owned subsidiary.

Through Grameen Foundation’s Microsavings Initiative, a project funded by the Bill & Melinda Gates Foundation, we are helping Cashpor Micro Credit in India and CARD Bank in the Philippines to broaden access to safe, flexible and convenient savings accounts for the poor. We helped CARD Bank create a new savings product for its poorer clientele as well as a system for them to access money from ATM machines. We also helped Cashpor develop a mobile-based savings product for its clients and used that experience to launch a similar service for CARD Bank’s clients. In the last fiscal year, Cashpor and CARD Bank added more than 204,000 new savers, combined. Our work over the past four years has demonstrated that poor people can and will save for future needs if they have a safe, convenient way to store and access their money. We are using our experience and research to design other mobilebased financial services and share them broadly with other organizations that wish to provide them. In India, our Mobile Technology for Community Health (MOTECH) platform is enabling other organizations to address health concerns using customized mobile applications. The platform is open source, which allows organizations to develop and manage mobile health solutions more quickly and with fewer technical resources. In partnership with Johnson & Johnson, we successfully launched Treatment Advice by Mobile Alerts (TAMA) in Bihar,


Grameen Foundation is helping India’s poor save for the future.

one of India’s poorest states. The system sends reminders to help HIV/AIDS patients follow their treatment schedules, and also alerts nurses when patients miss appointments. BBC Media Action also used the platform to launch Mobile Kunji, a service that enables frontline health workers to access and play audio recordings that supplement the instructions they are giving to pregnant women. Since its launch in May 2012, Mobile Kunji has helped almost 75,000 unique users and has dispensed 1.4 million minutes of recorded advice.

Our commitment to alleviating poverty in India continues through the work of Grameen Foundation India and Grameen Capital India. Grameen Foundation India, our wholly-owned subsidiary, is working with local microfinance organizations to expand rigorous poverty measurement using the Progress out of Poverty Index®. Grameen Capital India, a social investment bank that we cofounded with IFMR Trust and Citicorp Finance, secured its first local investor Indian investors. Since its founding in 2008, it has facilitated $127 million in funding to Indian social enterprises.

We are also expanding TaroWorks™, our suite of Android-based applications that enable social enterprises to track, manage and support their remote and rural field staff via mobile phones. TaroWorks was developed using insights from our work in Indonesia and is now used by 16 povertyfocused organizations globally.













2002: Began supporting microfinance institutions. 2002: Launched the first Village Phone program outside of Bangladesh in Uganda.

Sub-Saharan Africa A New Mother Enjoys Health and Confidence in Ghana

Mariatu says she is a living testimony to the efficacy of Mobile Midwife. Previously, she did not have the necessary information to make good



2009: Launched Community Knowledge Worker initiative in Uganda.




2010: Launched Mobile Technology for Community Health (MOTECH) initiative in Ghana. 2010: Launched microsavings initiative in Ethiopia.

Salamatu healthy even after birth. Some of the messages recommended using insecticide-treated mosquito nets to prevent malaria, and regularly visiting the clinic for malaria drugs during pregnancy.

Each we�� until she gave birth, Mariatu Manafo got messages from Mobile Midwife that helped her through her pregnancy. The service sends pre-recorded messages about health and nutrition via mobile phones to women during pregnancy and after the baby is born. It also alerts clients and nurses when appointments are due or are missed. It is part of the Mobile Technology for Community Health (MOTECH) Ghana initiative, which is a collaboration of Grameen Foundation and the Ghana Health Service. Mariatu, who lives in southern Ghana, registered for Mobile Midwife during her first trimester. She had lost two earlier pregnancies, partly because she had relied on advice about herbal medications and diet restrictions from friends and family members. Listening to the we��ly messages made a big difference, and now she has a beautiful daughter named Salamatu. Her husband Nuru also regularly listened to the content with her. When they heard about the importance of eating more fruit during pregnancy, he started bringing fruit home for her.


Nuru is thankful for Mobile Midwife, especially the messages that encouraged his wife to go to the health facility for delivery. He is proud to be the father of a beautiful girl, whom he christened “the MOTECH baby.”

We��ly messages from Mobile Midwife helped Mariatu Manafo deliver a healthy baby.

decisions regarding her unborn child. She did not know what kinds of food to eat and when to go for prenatal check-ups. She had taken certain symptoms lightly during her previous pregnancies, but after listening to the messages she became more vigilant about monitoring her health. Mobile Midwife also offers advice that has helped keep

Our teams in Kenya and Uganda are leading several efforts to develop the next generation of products and services that meet the needs of the poor. Through the CGAP MTN Innovation initiative, we worked with MTN Uganda, the country’s largest telecommunications company, to build financial products to be delivered via mobile to the poor. We are also collaborating with Barclays Bank to sustainably provide mobile financial services to poor households in Uganda through Village Savings and Loan Associations (VSLAs). Our Barclays Innovation Project will build on existing work being done with VSLAs through Banking on Change, a partnership between Barclays, CARE International UK and PLAN UK. In Kenya, we are working with Musoni Kenya, a microfinance institution that provides services completely via mobile phones, to expand to rural








Community Knowledge Workers provide agricultural tips to rural farmers and mobile phone charging stations for their communities.

areas. With support from MasterCard Worldwide, we are helping Musoni develop a new agricultural loan product for rural areas, integrate the Progress out of Poverty Index® into its operations, and expand its use of SMS mobile services. We are also extending the reach of our mobile agriculture and health work in Uganda and Ghana. Our Community Knowledge Worker (CKW) initiative, launched in 2010, now reaches more than 169,000 farmers and their families in almost 18,000 villages across Uganda. By the end of the last fiscal year, our network of 1,139 CKWs had more than 1.5 million interactions with farmers. We have also extended the CKW platform to Colombia and Kenya. In Ghana, our Mobile Technology for Community Health (MOTECH) initiative, which is supported by Savings Lives at Birth: A Grand Challenge for Development, is now available in the Upper East and Central Regions. Through our partnership with the Ghana Health Service, almost 6,500 pregnant women and mothers of infants registered for the Mobile Midwife service in the last fiscal year. Since its launch in 2010, more than 14,600 people have registered for the service, which provides important information on pregnancy and infant care in four local languages. In addition, 58 rural health facilities are using MOTECH to better manage client data and to improve the quality of care they provide.


Grameen-Jameel Celebrates 10 Years of Service In 2002, the Abdul Latif Jameel Group and Grameen Foundation began exploring ways to expand microfinance activities across the Middle East and North Africa. One year later, we launched the Grameen-Jameel Initiative. In 2007, we established GrameenJameel Microfinance Limited, a joint venture between Grameen Foundation and Abdul Latif Jameel Community Initiatives, a subsidiary of the Abdul Latif Jameel Group. Headquartered in Dubai, Grameen-Jameel provides financial and customized technical assistance to microfinance institutions in the Middle East, North Africa and Turkey. Modeled after the social business concept championed by Professor Muhammad Yunus, it reinvests profits into the business rather than distributing dividends, which keeps capital flowing into the hands of borrowers who need it. Since its founding, Grameen-Jameel has helped 20 microfinance institutions serve more than 2 million clients. In 2007, it joined with the Consultative Group to


Assist the Poor (CGAP) and Sanabel, an association for microfinance institutions, to launch the Arabic Microfinance Gateway as a repository of news and information for microfinance practitioners across the region. Building on its initial work during the Arab Spring, Grameen-Jameel supports microfinance institutions in countries facing political and economic challenges and also forges strategic collaborations with other organizations working in the region. 

Recruited 1,139 Community Knowledge Workers since 2009

204,872 new savers in India and the Philippines

to serve 169,294 poor households in 17,802 villages across Uganda

Provided 6,495 pregnant health advice to women and mothers of infants in two regions of Ghana

Grameen Foundation by the Numbers*

Created 47

country-specific PPIs to measure poverty levels since 2005 More than


PPI users

$25.7 million

$2.5 million

Invested in promising poverty-focused organizations

$1.65 million

Provided in services through Bankers without Borders® skilled volunteers

$7.6 million

$7.6 million in loan guarantees generated $25.7 million in financing

for 103,000 microloans in four countries *For fiscal year ending March 31, 2013. 13

Letter from the CFO and Treasurer The 12 months that ended March 31, 2013 (FY13), represented a year of implementation and progress following the adoption of a new strategic plan in FY12. We saw large growth in both our program service income and government grants due to our increased focus on sustaining and scaling proven programs. Our total revenue increased by nearly 20% to $21.2 million. Our spending on program activities increased to $21.2 million – the highest level ever – and we provided another $8.8 million in financing to microfinance institutions and social businesses around the globe (which leveraged an additional $17.4 million in local financing for them).

Grameen Foundation ended the year on solid financial footing with total cash and investments of $11.0 million and total net assets of $16.5 million. Though our year-end cash position declined due to the reimbursement nature of program service income and government funding, unrestricted net assets continued to grow.

Si White, Board Treasurer

Joshua Tripp, Chief Financial Officer

How Your Dollars Are Spent




16.5% M&G

FY12 Program Program Expenditure


Information Access



Financial Services


Poverty Tools

Publication Education


Regional Programs

Where Our Money Comes From

2% 45%


Contributions and grants


Program revenues

In kind

Sources of Contribution


Foundation 14




Investment income

Government grants





Other Nonprofit






Cash and cash equivalents


Notes payable, current portion



Accounts payable and accrued expenses

Loans receivable, net of allowance


Total current liabilities

Grants and contributions receivable Other receivables and advances Prepaid expenses Total current assets

EXPENSES Program Services 16,010 1,849,412 $1,939,968

865,517 1,661,748 260,825 $15,470,597

Deferred rent liability Total liabilities





Temporarily restricted

Loans receivable, net of current portion and allowance

Total net assets

Deposits Total other assets TOTAL ASSETS


Information Access


Poverty Tools


Total program services

962,647 2,431,901 178,480 $3,573,028 $19,193,434

1,100,731 $21,153,610

Supporting Services Management and General


Loans to program related investments

Financial Services

675,714 $2,643,730

PROPERTY AND EQUIPMENT Net property and equipment


Public Education

NONCURRENT LIABILITIES Notes payable, net of current portion

Regional Programs

Fundraising 10,139,406 6,410,298 $16,549,704

Total supporting services Total expenses Changes in net assets before other items

4,224,975 267,301 $4,492,276 $25,645,886 (4,439,362)


OTHER ITEMS SUPPORT AND REVENUE Contributions and grants


Program revenues


Interest and investment income


Loan interest


In-kind contributions Total support and revenue

2,106,347 $21,206,524

Allowances for uncollectible loans receivable and foreign exchange risk


Present value discount of loans receivable


Refund of unspent grant funds


Changes in net assets Net assets at beginning of year NET ASSETS AT END OF YEAR

(5,588,345) 22,138,049 $16,549,704

The accounting firm of Gelman, Rosenberg & Freedman has audited the financial records and statements of Grameen Foundation USA for the year end March 31, 2013 and has issued an unqualified opinion. As always, complete audited financial statements are available at 15

FAMILY OF SUPPORTERS Grameen Foundation is pleased to recognize donations received between January 1, 2012 and March 31, 2013. LIFETIME $1,000,000+


Abdul Latif Jameel Group American Red Cross Bill & Melinda Gates Foundation Chiapas International Cisco Systems Foundation Citi Foundation Craig and Susan McCaw Foundation John and Ann Doerr Fund for the Poor, Inc. JP Morgan Chase Foundation Paul and Yaffa Maritz Rick and Mahasti Mashhoon The MasterCard Foundation Janet McKinley and George Miller Michael and Susan Dell Foundation Omidyar Network Qualcomm Incorporated David and Susan Russell U.S. Agency for International Development Yeardley Smith of the Yeardley Smith Foundation

Barclays Bank Cisco Systems Foundation Cisco Systems, Inc. Citi Foundation DKT International Janet McKinley and George Miller McGraw-Hill Paul and Yaffa Maritz The Pershing Square Foundation David and Susan Russell Foundation United Nations Innovation Working Group

$1,000,000+ Bill & Melinda Gates Foundation MasterCard Worldwide

$999,999-$500,000 Chiapas International eBay Foundation Ford Foundation JP Morgan Chase Foundation Qualcomm Incorporated U.S. Agency for International Development

$99,999-$50,000 American Institute for Research Capital Group Companies, Inc. Christian Louboutin Hope for Poor Children Foundation Vikram and Meera Gandhi Guerrant Foundation Google Matching Gifts Program Marie Stopes International River Star Foundation The Rumsfeld Foundation United Way Worldwide Yeardley Smith of the Yeardley Smith Foundation

$49,999-$25,000 Craig and Susan McCaw Foundation Deborah Fink and Wilmer Wilson Susan Freeman The Kaphan Foundation Rick and Mahasti Mashhoon

Rock Paper Scissors Foundation The Rocking Moon Foundation Pradeep and Rubie Singh The Tech Museum of Innovation

OPPORTUNITY MAKERS Benefactor $10,000-$25,000 1993 Irrevocable Trust of Bette D. Moorman Dana Auslander Best Buy - Women’s Leadership Forum Bladin and Lou Family Advised Fund Bochnowski Family Foundation John Clark Doppelt Family Foundation Robert and Lore Eichfeld Howard and Sara Ann Erichson Goldman Sachs Gives Mike Jacobellis Charles and Roberta Katz Family Foundation Laurie Kruppa Donald Mankoff and Neelam Patel Keith and MaryKay McCaw Family Foundation Stephen and Stephanie Mehlis The Moody’s Foundation Rosanna Ramos-Velita and Hans Levin Paul and Pamela Robb Steve and Lexy Shroyer Roger and Susan Stone Family Foundation

Carolyn Surgent and Jacques Friedman Andy Szybalski The Tomberg Family Philanthropies University of California, Irvine Tim and Mary Jo Wainwright

Supporter $5,000-$9,999 Henry and Debbie Baskin BNY Mellon Willard Brown The Capital Group Companies Charitable Foundation Alex Counts and Emily Wainwright Loreto Crisorio Susan Davis Delta: A California Corporation Bernard George and Lea Ann Chen Global Impact

Richard Haber Ricki and Michael Helfer Ronald and Glenda Herzog High Water Women Holzer Family Foundation Paul Hornick Garry Ismond Kiyoshi Kawahito Bruce and Susanne Landau Elizabeth A. Latshaw James and Tina Lin Timothy and Stacy Lutz Raja Malkani Cynthia Britt Mandell William and Amanda McGovern Jennifer Meehan and John Lewis Charles and Gail Muskavitch Endowment Fund Open Society Institute Prudential Foundation Omar Qandeel Joel Rubinstein and Sylvia Sabel

RZ Foundation Rakesh Sarda Prasad and Shoma Setty Michael and Carolyn Smith Scott and Lori Sobel Diane Tang Tom Tapp Suja Thomas and Scott Bahr Gene Ulrich Si and Cathy White Wichita Falls Area Community Foundation - John Hirschi Donor Advised Fund Alexander Zaharoff

Friend $1,000-$4,999 Duke and Sally Ackerman Lorraine Adams Trust Pankaj Agarwal and Tejal Mehta Shantanu Agrawal and Kavita Parikh

Promoting Financial Access For All Since 2011, Grameen Foundation and MasterCard have collaborated to help poor people improve their lives through mobile technology. MasterCard has provided more than $1 million in funding and its skilled staff has already volunteered more than 4,000 hours to support our global work and initiatives, including projects in Colombia, Kenya, and Indonesia. Its anchor support is helping us provide agricultural information and financial access to Colombia’s rural poor, primarily smallholder farmers, via mobile phones. MasterCard is also enabling us to help Kenya-based Musoni, a mobile-based microfinance institution, extend its services into rural areas, and to expand TaroWorks, our mobile-enabled suite of tools that help social enterprise manage their operations and workforce. “We strongly believe in giving people the tools they need to provide for themselves and to be informed, active participants in the global economy,” said Ajay Banga, President and CEO of MasterCard. “Through our work with Grameen Foundation, we are helping to promote entrepreneurship and economic empowerment in underserved communities as a path towards financial inclusion.” In addition, through Bankers without Borders®, our global volunteer initiative, we are helping MasterCard integrate skills-based volunteer projects into its work with other grantees.

Nina Ahluwalia The Alan L. Blum Family Fund John and Sharon Amdall Ravinder Anand Anchor Point Gift Fund of Bradley A. Feld and M. Amy Batchelor Beverly and James Armstrong Avie Consulting, Inc. David and Leigh Bangs David and Chet Barclay Jean Barolet David Barrad Doug Barry John and Mary Ann Bellanti Nathan Belofsky William Benac Tracey Bennett Keith Bernstein Helen Betts BFK Foundation, Inc. Rakesh Bhalla Bronwyn Bowen Adam Bremberger Charles and Joan Brown BT Rocca Jr. Foundation Sheila Burris Paul and Carol Caldron Laura Carns Alan and Janan Carter Stephen and Lani Cavit Sharyn and Vincent Cerniglia Wayne and Karen Chamblee Joanna Chapin Charles D. Farber Memorial Foundation Brian Chau Karen Choi Wasim Choudhury Susan and Ronald Choy Richard Clampitt Jacqueline Clark Susanne and Benjamin Clark Dimitri and Myrto Cocconi Roger Conant Peter Cowhey and Margaret McKeown Margaret Crone Dawn and Thomas Crotty

John Cullen Margaret Curtin Michael Curtin and Audrey Ichinose Anthony Cushman Scott Daley Murray Dalziel Thomas and Denise Daniel Cary Davis and John McGinn Charitable Fund Yolanda and Anthony De Andrade Elizabeth Denison Stephen Denninger Paul Denzer and Susan Bernstein Roland Dib Ben and Christine Diehl Jennifer Drogula and David Wohlstadter Gordon and Beverly Dukerschein Suvro Dutta Alicia Edwards Joe Elman Memorial Fund William and Roberta Erwert Robert and Viola Everett Adam Fass Ann Feldman Nelson Fernandez Dan and Julie Feuerborn Emily Fine Robert Finger Martin and Cheri Fisk William Fisk Patricia Fiske Adam Fletcher Charles and Elizabeth Flood Joseph Foley Ned Freed Michael Frerker Martin Friedman and Suzanne Waltman Bob Gerber Michael and Anne Germain Joseph Giles Keith Goodman Kevin Gormley Jim and Lisa Greenberg The Grubman Compton Foundation

Kerri and Peter Guerin Francisco and Eva Guia Andrew and Teresa Gunther Richard and Lois Gunther Family Foundation Paul Haaga Giselle Hagenmayer Joe Hamilton Maroof Haque Charles Hassell Daniel Hepp Rubina Heptulla Highland Capital Management/Clay and Amy Shumway Jorge Highland Holy Rosary Catholic Church Horowitz & Ullman PC Jim Houghton Mary Hovik Helen Hower and Colin Lanzl Eugene Huang Humanistic Leadership Institute Joseph Hunkins IBM Employee Services Center Inn Touch in Key West Harold and Lyn Isbell Keith Ito Herbert Jalowsky and Joanne O’Brien Reed and Kathleen Johnson Agnes J. Johnson Family Trust Ralph Jones Pierre Joppart Anna Josenhans and Greg Hayden Adam Juviler Mary Kantor Abhishek Kar Susan Karp and Paul Haahr Lauren Katz Stanley Kayes Jeremy Keil Michael Kemp John and Ada Kennedy Michael and Karen Kennedy The Key Foundation Chris and Mary Kidd 17

Megan Kiesel Anthony Kim Douglas and Elizabeth Kinney Christian and Ineke Knetsch Paul and Diane Kolak The Kuehlthau Family Foundation Vinod Kurup Steve and Susan Kute Laura LaBerge Lawrence Lam Martha Lawlor Jean Lawrence and Peter Petri Lawrence E. Irell & Elaine Smith Irell Foundation Marilyn and Lawrence Levy Lifshutz Foundation Vernon Little Diana Lopez Steven Luxenberg Lee Lynn Philip J. and Carol J. Lyons Foundation Angie Ma Brian and Amy Maas Marvin and Jane Maas Karen Macko Scott and Robyn MacIntire Lena Malik Carole Marcus Jon McAlister Erin McConahey John and Stephanie McElligott Thomas and Michelle Melsheimer Members Give Program From American Express Vijay Menon Leslie Miller Mariana Moreau Morgan Stanley Smith Barney Global Impact Funding Trust, Inc. (GIFT) Louise Moriarty Owen Morris James Morton Cassandra Murphy


James Murray and Carol Donald Dave Myers Marria Nazif John Neeley Yvette and Aryeh Neier Xavier Nicolas Francisco Nunez The Oak Tree Philanthropic Foundation Chikai Ohazama Robert and Deborah Oliver Jeff and Karen O’Malley Jeanine Arden Ornt Robert and Faith Ottenhoff Alex Pacdhnanda Union Palenshus Marcia Parry and Scott Kamen Vikas and Lois Passi Ami Patel Kiran and Jigisha Patel Kristov Paulus Nick Pavlina Randall Penner Matthew Pfile The Philip Devon Family Foundation, Inc. Robert and Joan Pienkowski Mark Pizzato Richard Plano Richard Porter Eleanor Pott Manohar Prabhu Janniah and Shanti Prasad Colm and Rena Prendergast Charles and Laura Prober Protection Church Orthodox Christian Parish in Fairfax County, Virginia James Protz Kate Quaerna Russell Quong and Sarah McCabe The Rabahy Foundation Edward Raha Jay Rahman Ann and Jerry Raisch Lyle Ramshaw Anthony Rebarchik Frank Reuter

William and Pamela Rhodes John Rodriguez Anne Rossi Birendro Roy Eugene Saunders Gary Schindler David and Judy Schubert Chandra Sekhar Ella and Arkady Serebryannik Gary Sernovitz and Molly Pulda Manisha Shah Robert Shannon Jonathan Sharaf David Shen William Shields Candace and Clinton Shock Sarah Siddiqui D. Wayne Silby Peter Sills Jason Simmons Jeffrey Simons Carla Sinopoli Marc Sloane Diane Smith Reginald Smith Abby Smutny Snyder White Oaks of Delaware Foundation Christina Somerville Mark Sommerfeld and Elaine Hove Squidoo LLC Jacob Stacey-Schreier John Stadler Bill Starbuck and Joan Dunbar Ronald Sugameli Eugene and Lisa Suh Patrick Sullivant Jill Sumiyasu Daniel Talbot Richard and Phyllis Taylor Jerold Terhune Marlene and Richard Tobias Charles Tomberg Norman and Carin Tonina Lee Trautmann John Trentacosti David and Judith Tripp Joshua and Amity Tripp

Jim Troyer Sally-Ann Tschanz TTF Foundation Dean Ujihara Layne Van Brunt Eve Van Rennes David Vanlandingham Patricia Wahle Richard and Susan Wallace Jeanine Walters Andrew Warden William and Katharine Weber Western Union Foundation Alice Weston Jon Whitney Sonja Wilder John and Marjan Wilkes David and Martha Wilson Steven Wilson and Nomi Silverman

Fred and Susan Wintermantel Daniel Witriol The Witten/Nappi Charitable Fund Ralph Wittman Jan Wolitzky Jennifer Wright Scott and Laura Yeager Waikuen Yee and Anil Thomas Nathan Yost Oliver Yost Emily Zall Marc Zeitlin With additional heartfelt thanks to the 2,489 supporters who contributed less than $1,000 each!

IN-KIND SERVICES AZB & Partners (India) Brigard & Urrutia (Colombia) Clifford Chance Google Grants Program Hogan Lovells Kenyon and Kenyon Morgan, Lewis & Bockius LLP O’Melveny & Myers LLP Patterson Belknap Webb & Tyler LLP Plave Koch PLC PR Newswire Puyat Jacinto & Santos Law Office (The Philippines)

David and Susan Russell: A Life of Giving David  Russell, his wife, Susan, and son, David, have been strongly devoted to poverty alleviation since the early 1990’s when they  become supporters of the Trickle Up Program in New York City after learning of Grameen Bank’s work from a “60 Minutes” television segment.   Mr. Russell  joined Grameen Foundation’s board in 2007 after returning from several years in Europe.  “It’s a privilege to be able to serve and contribute to the work being done by Grameen Foundation, which we feel is on the cutting edge of finding practical, measurable, and accountable solutions for the poorest of the poor to achieve dignified, sustainable livelihoods,” he said. Last year, Grameen Foundation launched its Last Mile Initiative to support its holistic approach to ending rural poverty in Latin America. Noting that the campaign “brings together the best of what Grameen Foundation does,” Mr.  Russell  and his wife have offered a matching gift opportunity of up to $500,000. “We believe that combining access to financial and information services in this way for the people who need it most will enable them to help themselves get out of poverty.” To learn more about the Russells’ matching gift, visit

Board of Directors Beverly Armstrong Peter Bladin Alex Counts Peter Cowhey Susan Davis

Jennifer Drogula Robert Eichfeld Carlos Fonseca Vikram Gandhi James Greenberg

Paul Hilal Paul Maritz Susan McCaw Robert Ottenhoff Rosanna Ramos-Velita

Executive Committee Paul Maritz, Chair Robert Eichfeld, Vice-Chair Alex Counts, President/CEO Si White, Treasurer Robert Ottenhoff, Secretary Rosanna Ramos-Velita, Member

Governance Committee Jennifer Drogula, Chair Beverly Armstrong, Member Craig Sarsony, Member Julia Soyars, Staff Liaison

Technology Program Committee

Finance Committee Si White, Chair Robert Eichfeld, Vice-Chair Beverly Armstrong, Member Rosanna Ramos-Velita, Member Joshua Tripp, Staff Liaison Audit Committee Bob Ottenhoff, Chair Eric Miller, Vice-Chair Peter Cowhey, Member Beth Wolfe, Member Joshua Tripp, Staff Liaison Development Committee Bob Ottenhoff, Chair Anne Guerrant, Member Paul Hilal, Member Hans Levin, Member Susan McCaw, Member Steven C. Rockefeller, Jr., Member Gloria McCall Snead, Member Ricki Tigert Helfer, Member Gordon Lavigne, Staff Liaison

Investment Committee Voting Members Robert Eichfeld, Co-chair Si White, Co-chair Susan Davis, Member Jim Greenberg, Member Paul Hilal, Member Rosanna Ramos-Velita, Member Wayne Silby, Member Non Voting Members Doug Barry, Member Vinod Khosla, Member Diane Smith, Member Eleanor Wagner, Member Matthew Speh, Staff Liaison Microfinance Program Committee Susan Davis, Member Chris Dunford, Member Bill Fisse, Member Dick Gunther, Member Olaf Kula, Member David Russell, Member Janet Thompson, Member Bahram Vakil, Member Camilla Nestor, Staff Liaison

Paul Maritz, Chair Deepak Amin, Member Peter Bladin, Member Peter Cowhey, Member Carlos Fonseca, Member Shel Kaphan, Member Dean Karlan, Member Nelson Mattos, Member Craig McCaw, Member Rob Mechaley, Member Anand Narasimhan, Member Wayne Silby, Member Pradeep Singh, Member David Stephens, Member Kentaro Toyama, Member Srikant Vasan, Member David Edelstein, Staff Liaison Social Performance Committee Peter Cowhey, Chair Barbara Kibbe, Member Jody Rausch, Member Larry Reed, Member David Russell, Member Steve Wright, Staff Liaison

David Russell Si White Bahram Vakil

Asia Regional Advisory Committee Vikram Gandhi, Chair Robert Eichfeld, Vice-Chair Jim Greenberg, Member Wayne Silby, Member Jennifer Meehan, Member Christopher Tan, Staff Liaison Africa Advisory Committee Paul Maritz, Chair Willene A. Johnson, Vice-Chair Dr. Wolday Amha, Member Jennifer Drogula, Member Godwin Ehigiamusoe, Member Steve Wardle, Staff Liaison Americas Regional Committee Rosanna Ramos-Velita, Chair Robert Eichfeld, Member Carlos Fonseca, Member Jorge Higinio Maldonado, Member David Mhyre, Member Chuck Olson, Member Brewster Waddell, Member David Russell, Member Alberto Solano, Staff Liaison Past Grameen Foundation Chairs Susan Davis, 2000-2007 James F. Sams, 1998-2000 Reed Oppenheimer, 1997-1998

For FY2013, which ran from April 1, 2012 to March 31, 2013 19

Executive Staff


Alex Counts President and CEO

Edward Adimazoya Gilbert Agaba Miguel Agudelo Florence Ajio Antoinette Akanlise Benjamin Akenteng Jones Akoto-Lartey Mohammed Alam Gabriel Alba Juan Carlo Alvarez Freduah Amponsah Bernice Anang Sergio Asmar Firda Astriyani Joseph Asuako Francis Ballard James Baluku Joseph Bbirikadde Wahab Biruma Prossy Birungi Seth Boateng Aaron Britton Peter Brown Tonny Bukeera Fiona Byarugaba Ramiro Cadavid Arcelia Cardenas Elaine Chang Christina Chao Kay Chau Jill Chen Stephanie Chen Sherita Coates Erin Connor Darwin Cruz Hayley Dale Kimberly Davies Owen Davies

Joshua Tripp Chief Financial and Chief Operating Officer Norm Tonina, Jr. Vice President of Organization Effectiveness Christopher “Happy” Tan Regional CEO, Asia Alberto Solano Regional CEO, Americas Steve Wardle Regional CEO, Africa David Edelstein Senior Vice President, Solutions and Regions Shannon Maynard Vice President, Chief Talent and Knowledge Officer Hillary Miller-Wise Vice President, Information Services Camilla Nestor Vice President, Financial Services Steve Wright Vice President, Poverty Insights Julia Soyars Legal General Counsel and Assistant Corporate Secretary

Ian Davis Debra Dean Katherine Devine Erin Florence Kenneth Fox Armine Francisco Victor Gamado Whitney Gantt Andrea Gardeazabal Diana Gravallese George Gyau Jason Hahn Kari Hammett-Caster Umardani Harahap Samantha Haviser Michaela Hayes Michelle Henderson Nicole Herman Maria Hernandez Ana Herrera Anggun Himawan David Hutchful Kweku Idun Beverly Jackson Kristen Jones Peter Kahuki Carol Kakooza Eric Kamara Greta Kauffman Annette Kawooya-Bogere Ismail Kayemba Emmanuel Kayongo Anuda Kedia Lisa Kienzle Sylvia Kimuli Jacob Kintu Bruce Kisitu Sarah Kiyemba

Michael Kizito Mary Jo Kochendorfer Sean P Krepp Caroline Kudwoli Williams Kwarah Julius Kwesiga Luke Kyohere Robert LaRubbio Gerardo Lasso Gordon Lau Lauren Lavoie Jenefer Lhughabwe Thomas Light Maria Lobon Cris Lomboy Lindsey Longendyke Francis Lubanga Patrick Lumumba Maria Luque Moses Lwanga Andrew Maahe Robyn MacIntire Henry Maloba Farid Maruf Julius Matovu Cecilia Mbawadde Kathryn McElligott Joseph McNulty Matthew Mechenbier Jacobo Menajovsky Kanika Metre Sam Milton Anitha Moorthy Olga Morawczynski Nicholas Mugabi Sarah Mugisha David Mugume Joel Muhumuza

Eve Mungai Njambi Mungai Jibril Musah Jude Musoke Catherine Muwanga Renita Nabisubi Sylvia Nakabugo Bridget Nakajubi Sarah Nakendo Sara Nantagya Juliet Nantege Godfrey Nanzigwa Frederick Ndiwalana William Neuheisel Rita Naadei Nikoi Stephen Nsubuga Sadat Ntume Richard Nuwagaba Khuloud Odeh Dorothy Ogolla Willy Okello Simon Okot Bernard Okuma Arnold Onzima Kwame Opare Juan Orozco Lori Ospina Sam Otim Rebecca Paguio Astha Parmar Julie Peachey Lee-Anne Pitcaithly Sabrina Quaraishi Sharada Ramanathan Christine Roberts Karen Romano Bernice Sandejas Ellen Sasha

Hosea Sempa Deepa Sharma Winifred Siaw-Sappore Andrea Silva Stephanie Simpson Larisa Sitorus Muchamad Solehudin Matthew Speh Noah Ssempijja Charles Ssemwogerere Paul Ssengooba Rashid Sseskitooleko Venkitaraman Suresh Richard Swai Benson Moses Taiwo Laura Tarre Shuaib Teeteh Anthony Tenywa Michael Tettey John Tippett Napoleon Tobias Elizebeth Tucker Emily Tucker John Tull Charles Tumwebaze Pomai Verzon Matthew Walsh Charles Wanume Nathan Were Tiffany Wilson Aniela Wobil Alfred Yeboah Cathy Yi Liselle Yorke Godwin Ziddah

As of July 31, 2013


BANKERS WITHOUT BORDERS® VOLUNTEERS Ajay Achuthan Roshan Ahmad Asfara Ahmed Nitesh Akhaury Peretz Alexander Amir Ali Andres Amador Saleha Amin Minahil Amin Erika Amoako-Agyei Robertus Anders Mohammed Anisuzzaman William Arambula Audrey Atencio Ravi Aurora Elizabeth Ayer Sourav Banerjee Neal Barsch Maliha Bassam Upul Batagoda Stacy Beach Cristina Bedeschi Wendy Bell Sarah Benn Nicolas Bentel Jonathan Berthet Ajay Bhandoola Jean-Marc Bisson Ignacio Blanco Claudia Brauer Samantha Broxton Melissa Burba Charles Butler John Canellakis Norman Carter Maria Veronica Cetrola Raven Han Lian Chang Khadija Chaouachi Tanoya Chatterjee Erika Chen Bolormaa Chimednamjil

Julia Chin Gaurav Choudhury Moya Connelly Kathy Cooke Randy Coutts Patricia Craddock Allison Craft Sangeeta Das Charlotte de Laboulaye Ariel De Ramos Jennifer Delaney Mallory Downing Christine Du Kazeem Durodoye Laura Dzierzynski Mark Echezarreta Ronnie Eng Caryn Englander Flor Estevez Alberto Estrella Gertrude Feza Kabasweka Carlos Fierro Eyal Fink Brianne Fischer Grace Fisiy Eve Flood Christopher Fong Carolanne Fried Hanna Fromell Natalia Garcia-Nigaglioni Gursheen Ghuman Aurora Gilbert John Gioacchini Michael Gioacchini Emily Gordon Zetta Gu Nicole Gupte Clara Gutierrez Dolores Gutierrez Shi Han Emily Hanak Jennifer Helgeson

Victoria Himmelberger Blake Holleman Sai Honig Mohammed Hosain Philippa Hoshko Emily Hosoya Daniela Hoyos Tingxuan Huang Alexandra Humphry Kerice Hyatt Isabelle Irani Prasad Iyer Kathleen Jurman Margaret Kargbo Mishal Karim Michelle Katics Aaron Katzman Megha Kaul Dongyoon Kim Joy Kim Poojitha Kondabolu Daniel Kreps Nathan Kuchta Karima Lahrach David Laskin Sarah Lee Jae Hu Lee Xue Li Monica Liang Ye Ling Jocelyn Ling Calvin Liou Audrey Longendyke Fernanda Lopez Cheng Lu Meghan Madden Carlos Madrid Raphael Magana Somdip Majumdar Wong Man Hei Carolina Manfroni Kathleen Manley

Jessica Mann Peter Marchant Anna Mariano Estelle Martinson Mary Jane Masi Rajat Mathur Vandana Matravadia Alex Maxwell Caitlin Mayberry Kathryn McHenry Paula McLarren-Johnson Ilsy Melendez Darren Menachemson Rohini Menezes Sophie Mervoyer Sumon Miah Chevon Miles Francis Minien Anurag Mittal Jenny Mok Julie Montes Anitha Moorthy Christa Moser Marcel Guillaume Moutome Ananya Mukkavilli Alexander Murray Karl Muth Bassel Nadim Emily Namugaanyi Gabriela Nassau Sekai Ndemanga Carmen Ng Priscilla Nicolas Juan S. Nito Irigoyen Teri Noll Laura Norris Stuart O’Dea Kathleen Odell James Olaleye Ikechukwu Onyebuchi Harold Oppenheimer Kritika Pande

Ratheet Pandya Maria Pantoja Shazia Peeran Claire Perry Paolo Pironi Eva Poon Amy Poster Anusha Prasher Nicholas Profita Natalie Quinn Jennifer Rademaker Jahanara Rahemtulla Inbal Rait Sudhakar Ramakrishnan Vishal Ramakrishnan Tayyaba Razi Philip Reed Mariella Regh Baiqiao Ren Diego Reyes Rodelo Reyes Ana Ribeiro Colin Rice Taylor Robinson Ana Maria Rodriguez Heidi Rohm Meggi Rombach Michael Roscitt Robert Rout Cristina Rueda Shahyar Safaee Ronak Sampat Helena Samper Veronica Sarrabayrouse Meike Schmidt Raquel Segundo Emma Seow Manu Sharma Jade Siu Michael Smith Jule Sow Anne Steeves

Christian Stefansen Alexis Suberville Justin Suh Sarina Sulaimanova Yiqing Sun Diego Szteinhendler Abhik Tayal Shams Tejani Erwin Tiongson Dorothy Unger Maharshi Vaishnav Miguel Valle Sandy Vasan Paula Vásquez Liliana Velandia Maria D. Velez Pomai Verzon Danielle Vivado Naitik Vyas Sonia Wadhawan Yvonne Wang David Washer Daniel Weinzveg Paris West Kelsey Williams Omari Williams Matthew Wolf Michiel Wolvers Eyub Yegen Yuan Yi David York Emma Yourd Karen Yu Anna Zanghi Ruodan Zhang Hui Zhong Haiying Zhou 21


Take Action

Everyone can play a part in ending poverty for millions around the world. Our work to empower the poor is not possible without your support. Here are some ways in which you can help: Spread the Word Be our ambassador to your family, friends and colleagues by letting them know how Grameen Foundation’s work provides opportunities to the poorest and helps defeat global poverty:

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Giving at Work

Give Today We have made great progress, but so much more remains to be done. To find out how you can join the team in the fight against poverty, please visit Your gifts are fully tax-deductible to the extent allowed by law.

Many companies generously support their employees’ philanthropic causes. You can designate Grameen Foundation for your workplace matching gifts program.


Make a planned gift by designating Grameen Foundation as a beneficiary in your will, retirement plan or life insurance policy. You’ll help poor women and men build a future for their families while simultaneously reducing your estate and income taxes. For more information, please visit www.grameenfoundation. org/plannedgiving.

Join our Bankers without Borders volunteer corps and use the skills you’ve gained in business (regardless of your background) on projects to help the world’s poorest – on location or from your desk. To find out about volunteering opportunities, visit

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37 Donors in 37 countries supported us 23

Grameen Foundation Headquarters 1101 15th Street NW, 3rd Floor Washington, DC 20005 Phone: 1-202-628-3560 Fax: 1-202-628-3880

Grameen Foundation Indonesia Office Menara Imperium, Ground Floor 8 Jalan H.R. Rasuna Said Kav 1 Guntur, Jakarta Selatan 12980 Indonesia

Grameen Foundation Seattle Office 2101 4th Avenue, Suite 1550 Seattle, WA 98121 Phone: 1-206-325-6690 Fax: 1-206-325-0634

Grameen Foundation Kenya Office The Greenhouse on Ngong Road Third Floor, Suite 21 P.O. Box 63184-00619 Nairobi, Kenya

Grameen Foundation Colombia Office Carrera 30 Calle 10C-228 Edificio Interplaza, Oficina 917 Medellín, Colombia 57-4-268-7554

Grameen Foundation Philippines Office Co.Lab Unit 301, #3 Brixton Street Kapitolyo, Pasig City 1603 The Philippines

Grameen Foundation Ghana Office OSDTD5041 No. 25 Labone Cresent, Labone Accra, Ghana

Grameen Foundation Uganda Office 6th Floor, Lourdel Towers, Plot 1 Lourdel Road, Nakasero P.O. Box 35495 Kampala, Uganda Phone: +256 312 555100

Grameen Foundation Hong Kong Office 12D, Kimley Commercial Building 142-146 Queen’s Road Central, Hong Kong

Other Grameen Foundation organizations Grameen Foundation India (wholly-owned subsidiary) C 406, Nirvana Courtyard Nirvana Country Sec 50 Gurgaon 122002 Phone: 91 124 4100703

Grameen Capital India Ltd. (joint venture) No. 402, 36 Turner Road Bandra (West), Mumbai - 400 050 Phone: 91 22 6675 2992

Grameen-Jameel Microfinance Ltd. (joint venture) International Humanitarian City Building # 4, Office 139, First Floor Dubai Industrial City P.O. Box 506025 Dubai, U.A.E. Phone: 971 4 430 9120 Fax: 971 4 430 9121