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Commitment. Resilience. Results.

Fonkoze Family 2012 Social Impact Report Annual Report


2 Chemen Lavi Miyò 3 Ti Kredi Solidarity 4 Business Development 5 Education Health OTHER FINANCIAL SERVICES

6 SME Lending Zafèn Youth Savings and Credit Pilot 7 Savings Services Transfer Services Microinsurance Services RESULTS

8 Social Impact Monitoring Results FINANCIAL INFORMATION

10 Overview 11 Fonkoze S.A. and Sèvis Finansye Fonkoze 12 Fondasyon Kole Zepòl 13 Fonkoze USA 14 Honoring Our 2012 Donors and Investors 17 2012 Fonkoze Leadership and Fonkoze Branch Network

Our Mission

Fonkoze’s mission is to provide the financial and non-financial tools Haitians—primarily women—need to lift their families out of poverty. Fonkoze is a fully-certified user of the Grameen Foundation Progress out of Poverty Index® (PPI®). Our use of the PPI has been validated in all three categories of certification: basic, advanced and tracking over time.



Commitment. Resilience. Results.


anm o, nou se wozo, nou se wozo, se wozo nou ye. This triumphant refrain— “women, we are reeds”—fills Fonkoze meetings throughout Haiti. Whether our clients gather in a friend’s home, under a tree, or in a Fonkoze branch, their voices lift in song, proclaiming their resilience. Like wozo, irrepressible reeds that grow beside Haitian rivers, Fonkoze women persevere despite impossible conditions. They do not break in the face of obstacles. They bend, only to straighten themselves in preparation for the next challenge. Yet even these strong and resilient women encounter challenges that prevent their progress. Personal problems, health issues, and environmental obstacles make our clients’ climb up Fonkoze’s Staircase Out of Poverty a precarious one. In this report, you will discover how Fonkoze is committed to strengthening the core steps of our Staircase Out of Poverty and building resilience for both our clients and our institution. Fonkoze is Haiti’s largest microfinance institution. Our mission is to provide Haitians—primarily women—with the financial and non-financial tools they need to lift their families out of poverty. We work in every area of Haiti, reaching the country’s poorest and most remote regions, to serve more than 200,000 savings clients with a full range of financial services and more than 60,000 women with microloans and—where we can—business training, education, and preventative and promotional health care services. Our founding organization, from which we get our name, is Fondasyon Kole Zepòl (“Shoulder to Shoulder Foundation”)

and provides our development services, while Sèvis Finansye Fonkoze (SFF), a non bank financial institution, provides our financial services. These Haitian organizations are joined by Fonkoze USA, a U.S. nonprofit that supports Fonkoze’s work in Haiti by raising funds and awareness, to form the Fonkoze family—or, simply, Fonkoze. A Solidarity client trained as an Alfa monitor instructs a Unique for our Business Skills class outside Jakmèl. identity as a Haitian institution providing a post-2010-earthquake effort to both financial and development assist our clients in protecting their services, Fonkoze received hard-earned gains from disasters. In international recognition in 2012 for the innovative programs that make up 2012, Fonkoze served 28,000 clients our Staircase Out of Poverty. Notably, with Kore W payouts related to natural disasters, but difficulties with Global Journal ranked Fonkoze the pilot’s structure contributed to #33 out of its top 450 organizations significant operating losses (see p. 7). working locally, nationally, and With the help of our partners internationally. Our most important achievements, and supporters, we have recovered portions of those losses. But hard of course, remain with the women work remains. We look forward to we serve. In 2012, your support as your continued support as we come our committed partners and donors together, with commitment and enabled us to provide all our clients resilience, to build a stronger future with disaster preparedness training, for our institution and our clients. to expand our Chemen Lavi Miyò Next year, Fonkoze will celebrate program that enables ultra-poor our 20th anniversary. As we prepare women to transform their lives, and to close a chapter on our first twenty to continue to innovate on behalf of years as an institution and look toward Haiti’s rural poor with new healththe future, we receive inspiration from and youth-oriented initiatives. See our clients’ rallying cry: our Results (p. 8–9) for an in-depth Le lapli a tonbe, nou bonjounnen. look at the impact our programs have “When the rain falls, we grow.” had on our members. As we innovate on behalf of our clients, however, we also encounter challenges. Our natural catastrophe microinsurance pilot, Kore W, was FONKOZE FAMILY 2012 ANNUAL REPORT


Fonkoze’s Staircase Out of Poverty


onkoze’s Staircase Out of Poverty provides a comprehensive approach to poverty alleviation in Haiti. Each of its four steps is uniquely designed to provide a woman with the resources and support that she needs to ascend from poverty, wherever she is in her climb. Along with the four main steps, Fonkoze’s Staircase includes education and health services to support our clients as they progress. We are striving to find the resources to ensure all our clients receive the full package of services, designed to reinforce their hard work as they climb the Staircase and create a better future for themselves and their families. Step One: Chemen Lavi Miyò Chemen Lavi Miyò ( “the pathway to a better life”) is the first step on Fonkoze’s

Bebe Geffrard

Staircase Out of Poverty, and reaches some of the most impoverished women in the Western Hemisphere. In 2012, Chemen Lavi Miyò (CLM) enabled 1,000 women to pull themselves from ultra-poverty into self-sufficiency, with hope and vision for their futures. Developed from the Graduation model instituted by BRAC, a Bangladeshi NGO, CLM lifts up women living on the very margins of rural society, in some of the most extreme poverty in Haiti. With the support of dedicated case managers, who travel hours by foot to reach some of the most remote members, 96% of participants successfully complete the program. The graduation certificates the women proudly receive signify a series of major accomplishments. At the end of the intensive 18-month program, they

have adequate shelter and sanitation, the ability to feed their families every day and provide clean drinking water, and send all of their children to school. Not least of all, their own self-image is transformed. As CLM graduate Rose-Marie Assenne said, “The person I was yesterday, I am not the same person any longer.” Our CLM team is dedicated to spreading the message throughout Haiti: eliminating extreme rural poverty is possible. In 2012, the CLM program continued to provide training to other groups interested in a similar targeted approach to helping women lift themselves out of extreme poverty. Given the resources and encouragement to get a foothold on the first step of Fonkoze’s Staircase out of Poverty, Haiti’s ultra-poor women will use their commitment and resilience to lift

CLM Graduate Moves Forward with Hope

Bebe Geffrard is one of 1,000 women who successfully completed the CLM program in 2012, establishing a stable income and secure life for herself and her family.

When Bebe Geffrard was selected for Fonkoze’s Chemen Lavi Miyò (CLM) program, she lived with her eight children and eight grandchildren in a decaying hut in Viyèt, an extremely poor agricultural region in northern Boukankarè. She had a tiny plot of her own land—but it was not enough to farm sustainably. She farmed additional land as a sharecropper to try to make ends meet, but had to give one-third to one-half of every harvest to the landowner, making it impossible to get ahead. Her grandchildren were not in school, and the whole family suffered from persistent hunger. Because Bebe’s family was so large, she qualified to receive a cow as one of her income-generating assets provided by Fonkoze. She took great care of it, and it gave birth to a healthy calf, which she sold to buy the land that she had previously worked as a sharecropper. continued, page 3



themselves and their families out of extreme poverty. Step Two: Ti Kredi The second step on Fonkoze’s Staircase Out of Poverty is Ti Kredi (“little credit”). This innovative microfinance program empowers some of Haiti’s most personally and financially vulnerable When you have a business, you feel more proud of women through a six-month yourself. You feel like you have courage,” says Ti Kredi program featuring small client Hirane Bastien. loans, quick repayment In 2012, Fonkoze enabled over cycles, and education and support at 4,000 Ti Kredi clients to gain business weekly meetings. To target Ti Kredi skills and use Fonkoze loans to clients, Fonkoze uses participatory expand their microenterprises. After wealth ranking, a process that enlists the local community to help identify its completing the six-month program, 92% of Ti Kredi clients continued into most vulnerable members. Solidarity lending, the third step on “Fonkoze encourages us ti the Staircase Out of Poverty. machann [market women] who don’t Given the impact Ti Kredi has on have anything at all,” says Ti Kredi the lives of Haiti’s most vulnerable client Hirane Bastien, who uses women, as well as the stability the the increased profits from her Ti program provides by developing Kredi-funded small business to buy strong, dependable loan clients for drinking water and nutritious food Fonkoze, we are working to empower for her three-year-old son.

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Now, the entire harvest belongs to Bebe. With milk from the cow and more food to go around, the children are healthier than they have ever been. Her cow has also given birth to a second calf, giving her an even larger asset base. In addition to her cow, Bebe also received two goats as her second asset provided by CLM. The first sales of the goats’ offspring enabled her to buy a horse, a major asset for her farming work. She has used further sales to invest in her farming, buying seed, fertilizer, and tools as she needs them. While farming and livestock production remain her primary activities, Bebe uses income from her crop of pigeon peas each November to fund a seasonal side commerce during the off-season. Applying the business skills she learned from her CLM case manager, Bebe uses her commerce to provide for her family until farming season returns in the spring.

tens of thousands more ti machann to build better, more secure lives for themselves and their families. In 2013, with the support of our generous donors, Fonkoze will double the number of branches offering the Ti Kredi program to more than 30 branches, which will enable us to triple the number of women we serve. Step Three: Solidarity Lending Often called the “heart” of Fonkoze lending—and the third step on our Staircase—Solidarity remains Fonkoze’s largest and longest-running microfinance program. Its communitybased approach offers joint loans to Solidarity groups of five women. Five or six Solidarity groups from a common geographical area join together to form a Solidarity “Center” of 25–30 women. Centers meet twice a month to repay their loans, build community, and participate in education and training activities like Fonkoze’s Ti Koze program. Ti Koze (“little chat”) provides all clients with basic life skills instruction, including disaster risk reduction and

In July 2012, Bebe celebrated her successful completion of 18 months of hard work and training. She graduated from the CLM program. Her life is different now. Her family no longer goes hungry, the younger children are in school, and they live in a well-built house with a solid tin roof. And Bebe and her family keep moving forward. A third calf is on the way, which she plans to use to buy more land. She has her eye on a small plot down the hill from her home, along a small stream. The flowing water will allow her to irrigate, enabling her to farm beans, her main cash crop, much more reliably. Bebe’s increased self-sufficiency is impressive. More impressive, though, is the way she has transformed herself into an analytical, forward-looking thinker. With CLM’s help, she has both learned to plan strategically and acquired the assets she needs to be successful. It’s a transformation that enables her to envision a brighter future for herself and her children.



preventative health measures. In 2012, Ti Koze continued to further strengthen Solidarity clients’ sense of community and enable them to be better leaders, both at home and in the marketplace. Along with Fonkoze’s other education and health initiatives (see page 5), we are continuing to build the resilience of our Solidarity clients. In 2012, we served over 56,000 Solidarity clients and had a client retention rate of approximately 82%, moving further towards our goal of strengthening this critical part of our institution. Step Four: Business Development At the top of Fonkoze’s Staircase Out of Poverty is our Business Development program. With 12-month loans beginning at $1,300, Business Development clients use

Jistina Victor and Vilson Jean-Baptiste Mother/Daughter Duo Benefit from Fonkoze’s Education Program Walk into Vilson Jean-Baptiste’s outdoor classroom, and you immediately recognize a teacher who elevates her students’ learning. Her infectious energy has her students chiming in the moment she finishes explaining the lesson. An Alfa (“literacy”) monitor since she joined Fonkoze’s Solidarity lending program in 2002, Vilson has a gift for engaging her fellow ti machann, market women and Fonkoze borrowers. “A real community forms,” Vilson says of her class. “I am so happy to do this to help my [Solidarity] center advance.”



“Fonkoze helps people their increased loan to progress,” Business capital and longer loan Development client cycles to create thriving Augusta Charpentier businesses. The Business says. “I started off low [in Development program Solidarity lending], but provides opportunities now I’m saving more and for Solidarity clients to more money.” Beginning move up the Staircase and with Solidarity loans of $75, expand their businesses. Augusta now borrows sums With loans available to Business Development as large as $1,750 to run a men as well as women, it client Augusta neighborhood food stand also provides established Charpentier outside of Jakmèl. With her business owners who are not already clients of Fonkoze—such as profits, she and her husband are working to expand the house they built together. agricultural cooperatives—with a way In 2012, Fonkoze’s Business to find funding to continue to grow Development program enabled 425 their businesses. Fonkoze’s Business Development loans help entrepreneurs clients like Augusta to act as economic leaders in their communities, forming generate essential economic activity the vital base for economic success in and create jobs in rural areas rural Haiti. throughout Haiti.

goods,” explains Jistina. She and her While Vilson’s class feels like a classmates learn basic concepts like family, she also has an actual family profit margins that many ti machann member among her students—her mother. Jistina Victor first started the do not consider when conducting their operations. Alfa program last September, when Both Vilson and Jistina joined she decided that she wanted to learn Fonkoze eleven years ago to help how to read and write. them augment their businesses. “My daughter was a teacher, but continued, page 5 I didn’t even know how to write my name,” Jistina says. Jistina enrolled in the first class Fonkoze offers its adult women, Alfa bon, and has yet to slow down. After completing the six-month Alfa bon module, she has continued with Fonkoze’s Business Skills class, which helps participants think critically about their businesses and offers them basic training for managing their operations. Mother-daughter duo Jistina Victor and Vilson “[The class] is good for Jean-Baptiste are two of 10,960 women served by Fonkoze’s Alfa program in 2012. A certified us for conducting business instructor, Vilson teaches Business Skills to because it teaches us approximately 20 women, including her how to buy and resell mother, Jistina.

Supporting Services Education Over 40% of Fonkoze’s Solidarity clients are illiterate when they join Fonkoze. To give them the skills they need to succeed, we offer two complementary education initiatives. All 56,464 Solidarity clients participate in a monthly life skills-oriented class called Ti Koze (“little chat”), which engages them in discussion and interaction. More specialized Alfa classes are also available, offering literacy and business skills, among other topics, led by specially trained Solidarity clients who already know how to read and write. In 2012, the Alfa program served 10,960 participants, 99.5% of whom graduated successfully. With 3,995

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Jistina sells alimentary products like peas and corn, which she buys locally and then sells in the market in Jakmel. Vilson sells clothes and household goods. Her small commerce, augmented by Fonkoze, enables her to pay for school for her five children, ranging in age from sixteen to two years old. For Vilson, seeing her mom make progress is incredibly rewarding. When the classes began, Vilson says, “I felt good because she had the chance to come learn.” While Jistina’s pride as she signs her name is evident, the results of Jistina’s progress do not stop there. “Now my profits have helped me to buy a small cow,” Jistina says proudly. “Even if there are problems with the children, I can always find money.”

participants, Business Skills was the most popular Alfa module, followed closely by the new Alfa bon (“good reading”) literacy module, which taught 3,078 clients how to read and write. Fonkoze offered Alfa classes in approximately half of our branches in 2012. Our goal is to provide Alfa classes in all 46 of our branches, giving all clients access to both Ti Koze’s life skills training and Alfa’s more in-depth instruction. Health In 2012, 11% of Fonkoze clients were forced to leave Fonkoze programs for health-related reasons. In an effort to prevent losing any client to health issues, Fonkoze sought to further strengthen our innovative health services in 2012. This included continuing our pilot program in Lenbe, serving nearly 1,300 clients with preventative health services and 1,700 clients with monthly health education sessions. Thanks to training provided to all Lenbe Center chiefs, all Fonkoze clients in Lenbe received monthly health education in subjects like sexual health and infectious diseases. In addition, all interested clients paid $1 per month for preventative services from Fonkoze nurses based in the Lenbe branch. Dr. Wesly Elize explains the importance of including client buy-in: “The clients feel like they’re responsible for their own health. It gives them the opportunity to construct what they want, and it makes access to services sustainable.” For an additional $1 a month, Fonkoze also provided curative services, complete with laboratory tests and prescription drugs as needed, for Fonkoze clients and up to three of their family members through our partner institution, Hôpital Saint Jean de Limbe. Through financing from Global Partnerships—with the opportunity to scale up to all 46 Fonkoze branches—

the pilot seeks to continue our longstanding commitment to providing more than loans to our clients. Our Health department’s other initiatives include a reading glasses microbusiness project in partnership with Vision Springs; training, referral, and screening for malnutrition in partnership with Malzone Fund; and the distribution of vitamins through Vitamin Angels. In 2012, the vitamin distribution program served 122,869 beneficiaries with essential supplements, including multivitamins, vitamin A, de-worming pills, prenatal vitamins, and micronutrient powder for clients’ children.

Distribution of Vitamin Products In 2012, Fonkoze continued its partnership with Vitamin Angels to distribute key vitamins to our clients and their families. By implementing a new system to manage the vitamin products more effectively, Fonkoze was able to serve 69,000 children and 1,701 pregnant and lactating women. 6,892,380


Vitamin A* Multivitamins Prenatal vitamins Micronutrient Powder









* 6-month supplement distributed biannually



Other Financial Services


SME Lending n working to create economic opportunities for Haitians, Fonkoze has increasingly sought to fill a key gap: the small and medium enterprise (SME) sector. While ti machann (“market women”) represent the heart of Fonkoze lending, they cannot drive the type of growth necessary to generate jobs for a population struggling with an unemployment rate estimated to be between 40% and 70%. Fonkoze continues to address the need for more formal-sector jobs and increased private-sector investment with SME lending programs. Like any new endeavor, expansion into the SME sector has been a learning process. In 2012, Fonkoze shifted our focus to strengthening the SME lending program’s microfinance methodology and management capacity. Zafèn Zafèn (“it’s our business”) provides loans to small and growing businesses with capital from donors and from an online crowd-funding platform (www. It was developed in 2010 as the result of a partnership between Fonkoze, DePaul University, the International Vincentian Family, and the Haitian Hometown Associations Resource Group. Zafèn targets the Haitian Diaspora and friends of Haiti abroad, giving them the opportunity to connect with Haitian business owners. In 2012, Zafèn disbursed soft loans to 300 Haitian SMEs. In 2011, small business owner Arnold Baldé was approved for a $6,700 Zafen loan for his business producing peanut butter, chanm chanm (a popular snack of grounded roasted corn and peanuts), and other alimentary products. “With that 6


money, we grew eagle’s wings,” he proclaims. He has created 36 jobs and has a growing demand for his products, allowing him to repay his loan and keep his business growing.

Youth Savings and Credit Pilot In 2012, Fonkoze launched the pilot for an exciting new initiative: two complementary programs to provide Haitian youth with access to financial

Epay Jèn participant Sonel Pétion, age 24, uses his savings account to manage his money while he studies juridical science at a university in Jakmèl.

services. The programs, Epay Jèn (youth savings) and Kredi Jèn (youth credit), provide savings and microfinance loans in a format modeled in part after Fonkoze’s successful Ti Kredi program, offering education services in addition to traditional financial services to young Haitians aged 14 to 24. Geneviève Jean, a 21-year-old participant in the Epay Jèn program, says, “My business helps me pay for school and allows me to save money [to fulfill my] dream of attending nursing school.” With the help of Fonkoze’s partners BRAC, Making Cents, and Plan Haiti, the Epay Jèn program has enabled 264 youth in our Jakmèl branch to open savings accounts and receive training on how to manage their money. We look forward to completing the pilot and determining how serving the financial needs of youth can become a sustainable component of achieving Fonkoze’s mission. Savings Services Fonkoze’s 46 branches cover every area of Haiti, serving a critical need for our 200,000-plus savings clients. Most rural Haitians lack access to a commercial bank or are unable to open an account due to minimum balance policies or account fees. Fonkoze’s savings services provide them with a much-needed opportunity to safeguard their money and earn interest. In addition, larger organizations such as community organizations and NGOs use Fonkoze’s extensive branch network to move cash throughout Haiti. As a condition for receiving microloans, all microfinance clients deposit 13% of their loan amount in a savings account. This policy not only protects Fonkoze from loan defaults, it enables clients to increase their secure financial assets and, as a result, safeguard their futures. Transfer Services In 2011, transfers and remittances accounted for approximately 21%

At the end of FY2012, the average outstanding loan size of our Ti Kredi and Solidarity loan clients was $130. The portfolio at risk for that period (the portion of the portfolio deemed at risk because of payments more than 30 days past due) was approximately 11%.

of Haiti’s GDP (World Bank Annual Remittance Inflows). Recognizing the importance of such money transfers for many of our clients, Fonkoze offers its clients access to remittances in all our branches by serving as an agent for established transfer companies in Haiti. In 2012, we processed over 250,000 money transfers, totaling over $86 million. Microinsurance Services Our clients’ precarious position on the Staircase Out of Poverty makes them particularly vulnerable to external hardships. One of the ways Fonkoze tries to build their resilience is by partnering with insurance companies and other organizations to provide our clients with access to microinsurance. Fonkoze’s micro life insurance product combines credit and life insurance, covering the outstanding loan amount in case of a client’s death and providing her family with $125 to help pay for her funeral—a very important and often expensive tradition in Haitian culture. Provided through Alternative Insurance Company (AIC), a Haitian insurance

company, this microinsurance is included in a client’s loan cost, ensuring that all clients receive coverage. In 2011 and 2012, Fonkoze piloted a natural catastrophe microinsurance product called Kore W (“Reinforce You”), in partnership with the Microinsurance Catastrophe Risk Organization (MiCRO). Kore W served over 28,000 Fonkoze clients in 2012, providing 28,028 payouts in addition to forgiving clients’ existing loans and providing them with new ones when they were ready. A review of the pilot, however, revealed that there were significant problems with the way it was structured, resulting in considerable financial losses for SFF. Fonkoze has suspended the pilot, and we are working with our partners to explore alternatives. We believe that access to microinsurance services is an important safeguard for our clients. We will continue to explore partnerships that enable us to help protect our clients from external risks, thereby creating stronger clients and a stronger institution.





e cannot discuss building resilience without a way to measure progress. That’s where our Social Impact Monitoring team comes in. Our dedicated group of Social Impact Monitors systematically track clients’ progress and evaluate program effectiveness, maintaining a flow of information to managers at all levels of the institution. Social Impact Monitors track specific client cohorts from each incoming group, using a food security assessment and the Progress Out of Poverty Index (PPI), a poverty measurement tool developed by Grameen Foundation. Our Social Impact team measures key indicators both upon clients’ entry into a Fonkoze program and then on an annual basis (for Solidarity clients) or graduation (for CLM members and Ti Kredi clients). The quantitative and qualitative analysis Social Impact Monitors provide not only gives us big-picture insights about our programs’ impact on Fonkoze as an institution, it also enables us to measure the impact on our members and clients on each step of the Staircase Out of Poverty—and, most importantly, track their progression up it. Our clients achieved some key gains

Ti Kredi graduate Myrthe Desvarieux displays her merchandise. In 2012, over 4,000 Ti Kredi clients successfully completed the program.

in 2012. After completing the six-month Ti Kredi program, 5% of Ti Kredi clients moved above the one dollar per day poverty level, and an additional 5% moved above the two dollar per day level. In addition, 22% of clients stopped living in hunger: only 54% of Ti Kredi graduates were considered food insecure with hunger, compared with 76% of incoming Ti Kredi clients. Clients who started directly with Solidarity loans were also successful in reducing their families’ hunger, with 44% achieving food security after one

Chemen Lavi Miyò Members Graduation

The effectiveness of CLM is measured through its graduation rate. A member graduates when she has fulfilled the following key life objectives: k a safe living situation k the ability to provide her family with at least two meals a day k all of her children in school k an income and an active savings account k good health for herself and her children k a solid plan for the future 8


year in the program, compared with only 3% at entry. After three years, 58% of Solidarity clients had achieved food security. Fonkoze had an 82% retention rate in 2012; 39% of departing clients explained that they left due to difficulties with attending Center meetings or personal issues with other clients of their Solidarity group, 11% of departing clients left due to health issues, and an additional 9% left due to pregnancy or a young child.

Number of 2012 graduates 1,000

All these graduates ended the program with an active savings account, and approximately 80% of them continued into the Ti Kredi program.

2012 graduation rate 96% for all women who


began the program

2.8% of participants left

the program

0.2% died during the program

1.5% completed CLM but did not graduate

2.8% 0.2% 1.5%

Nearly a quarter of clients progressed from food insecure with hunger to either food insecure without hunger or fully food secure. The number of food-secure clients doubled after the end of the 6-month program.

Ti Kredi Clients The following data are based on a sample of 130 clients who graduated into the Solidarity program in 2012. The Social Impact team used the PPI and food security index to measure clients’ living situations both on entering and exiting the Ti Kredi program.

Key Socioeconomic Indicators for Ti Kredi clients who graduate into Solidarity lending Food Secure

Food Insecure without hunger

Food Insecure with hunger

Percent living below $2/day

Percent living below $1/day

Average savings



incoming CLIENTS







14% 32%

Graduating CLIENTS

Cement floor

Tin roof  or better

incoming CLIENTS

Sanitary  toilet/latrine

Send all children to school

Can read and write

48% 97%


Graduating CLIENTS 55%

Solidarity Clients The following results are based on a cohort of 103 Solidarity clients who completed approximately three years in the Solidarity lending program as of September 2012. Our Social Impact Monitors used the PPI and food security index to assess their living situation upon entering the Solidarity program, after completing three credit cycles (approximately one year), and after completing six credit cycles (approximately three years).

Percentage of Food-Secure Clients

After three years in the Solidarity program



25% 66%

After one year in the Solidarity program


25% 63%

On entering the Solidarity program

Access to piped or well water




Own small assets like a radio or TV


After one year in the Solidarity lending program, 41% of clients went from food insecure to food secure. The number of food-secure clients increased an additional 14 percentage points after three years, giving 58% of clients adequate access to food in their households in 2012.

Poverty Level Clients living on less than $1/day On entering the Solidarity program


After one year in the Solidarity program


After three years in the Solidarity program


Clients living on less than $2/day

44% 58%

Past data indicates that clients typically experience quick gains in food security, but take five years to overcome structural challenges related to housing and assets.

On entering the Solidarity program


After one year in the Solidarity program


After three years in the Solidarity program



Our Financial Results resulting in a substantial reduction in assets and liabilities. 2012 was also a transition year for donor-funded programs. Emergency and reconstruction projects, which remained a large portion of 2011 grants, wound down in 2012, whereas funding levels for the regular programs remained relatively stable. An initial effort was made to reduce central office expenses, which will continue over the next year as the Foundation maintains its focus on delivering economic development, health, and education services to support Fonkoze’s clients in their journey out of extreme poverty.

Fonkoze S.A. and Subsidiary Sèvis Finansye Fonkoze èvis Finansye Fonkoze (SFF), the operating company of Fonkoze S.A., is a Haitian non bank financial institution established in 2004. Through 46 branches across all of Haiti’s ten departments, we serve over 60,000 microloan clients and over 200,000 savings clients. In FY2012, we facilitated over 250,000 money transfers valued at over $86 million. SFF changed our fiscal year to end September 30 in 2012 to align ourselves with regulatory requirements in Haiti. In FY2012, SFF had operating losses of $5,655,860. Nearly half of these losses were related to Kore W, Fonkoze’s natural catastrophe insurance product (see page 7). A portion of those losses were recovered by grants received in FY2013. As we move forward, SFF looks to improve our operational and financial sustainability as well as to continue providing a range of financial




services to Haiti’s poorest. Fondasyon Kole Zepòl 2012 was a momentous year for Fondasyon Kole Zepòl. For 18 years, its role was to open new branches and deliver financial services to new, underserved populations. In 2012, the Fonkoze Family decided it was time to stop the expansion of its branch network and shift the emphasis to deep coverage of the areas where Fonkoze already works. In addition, Fonkoze is preparing to face upcoming regulation of the microfinance sector by Haiti’s Central Bank. Under this regulation, not for profit organizations will not be allowed to operate a microcredit program while receiving substantial amounts of grants from donors. As a result, on June 23rd, 2012, the Fonkoze board voted a resolution allowing the transfer of all remaining branches to Sèvis Finansye Fonkoze,

Fonkoze USA 2012 was another successful year of fundraising for Fonkoze USA in support of our Haiti partners. In addition to donations from thousands of supporters, we also received several large grants from major funders spanning multi years ensuring that the work of the Fonkoze Family will continue into 2013 and beyond. Of all funds expended during 2012, nearly 87 percent were used to make grants or provide direct support to our Haitian programs. This excellent performance has enabled us to retain the highest rating with Charity Navigator and GuideStar. We also hold the Better Business Bureau Wise Giving Seal.

Fonkoze S.A. and Subsidiary Sèvis Finansye Fonkoze

CONSOLIDATED BALANCE SHEET All amounts are expressed in Haitian gourdes (HTG) Exchange Rate HTG/USD at end of reporting period




September 30, 2012

December 31, 2011

December 31, 2010

317,549,974 40,916,094 230,824,709 527,018,592 (56,821,319) 470,197,273 109,761,198 66,940,802 1,236,190,050

326,371,476 17,757,084 183,426,729 572,427,606 (17,676,554) 554,751,052 84,738,080 72,897,230 1,239,941,651

523,007,904 7,939,743 242,432,651 462,345,393 (13,870,362) 448,475,031 63,538,850 65,967,982 1,351,362,161

1,097,884,949 139,797,143 141,652,127 1,379,334,219

913,584,016 71,074,910 214,444,419 1,199,103,345

836,627,288 41,528,893 443,931,449 1,322,087,630

Capital Stock and Paid in Capital Retained Earnings (deficit) Accumulated Other Comprehensive Gain Total Shareholders’ Equity

224,770,968 (370,718,380) 2,803,243 (143,144,169)

171,576,377 (131,349,949) 611,878 40,838,306

149,592,719 (120,880,574) 562,386 29,274,531

Total Liabilities And Shareholders’ Equity







Nine Months Ended September 30, 2012

Year Ended December 31, 2011

Year Ended December 31, 2010

Interest Income (Loans and Other) Interest Expense Net Interest Income Provision for Loan Losses Net Interest Income After Provision for Loan Losses Other Operating Income Total Revenues

156,792,814 (12,543,267) 144,249,547 (60,419,561) 83,829,986 118,402,859 202,232,845

201,286,352 (15,068,996) 186,217,356 (12,379,139) 173,838,217 142,704,352 316,542,569

123,707,447 (10,034,337) 113,673,110 (22,243,925) 91,429,185 74,888,593 166,317,778





(227,933,600) 4,227,538 (15,662,369) (239,368,431) (239,368,431)

(47,858,246) 40,388,078 (2,999,207) (10,469,375) (10,469,375)

(40,067,990) 140,219 13,489,380 (26,438,391) 98,423,859 (29,527,158) 42,458,310

ASSETS Cash and Equivalents Investments Accounts Receivable Gross Loan Portfolio Outstanding Less Allowance for Loan Loss Net Loan Portfolio Outstanding Net Fixed Assets Other Assets Total Assets

LIABILITIES Deposits Notes Payable Other liabilities Total Liabilities


INCOME STATEMENT All amounts are expressed in Haitian gourdes (HTG) Exchange Rate HTG/USD (Average Exchange Rate during reporting period)


Net Loss from Operations Before Income Tax Other income Provision for Income Tax Net Loss Before Extraordinary Items Extraordinary Items Provision for Income Tax on Extraordinary Items Net Income (Loss) from Operations



Fondasyon Kole Zepòl STATEMENT OF FINANCIAL POSITION All amounts are expressed in Haitian gourdes (HTG) Exchange Rate HTG/USD at end of reporting period




Year Ended December 31, 2012

Year Ended December 31, 2011

Year Ended December 31, 2010

101,880,423 69,738,160 74,241,239 2,408,017 2,408,017 6,521,909 10,991,975 265,781,723

115,338,195 119,115,805 92,105,290 68,188,825 (2,386,579) 65,802,246 25,618,618 33,135,168 451,115,322

276,706,967 68,702,506 70,802,795 110,689,151 (9,701,622) 100,987,529 34,821,817 51,405,187 603,426,801

55,320,396 191,793,171 247,113,567

138,920,211 109,980,291 141,307,652 390,208,154

219,294,169 97,407,045 196,828,690 513,529,904

Unrestricted Temporarily Restricted Permanently Restricted Total Net Assets

(128,776,262) 147,444,418 18,668,156

(41,278,240) 83,052,077 19,133,331 60,907,168

(48,857,854) 119,949,207 18,805,544 89,896,897

Total Liabilities And Net Assets




ASSETS Cash and Equivalents Investments Accounts Receivable Gross Loan Portfolio Outstanding Less Allowance for Loan Loss Net Loan Portfolio Outstanding Net Fixed Assets Other Assets Total Assets

LIABILITIES Deposits Notes Payable Other liabilities Total Liabilities


STATEMENT of activities All amounts are expressed in Haitian gourdes (HTG) Exchange Rate HTG/USD (Average Exchange Rate during reporting period)

41. 9493



Year Ended December 31, 2012

Year Ended December 31, 2011

Year Ended December 31, 2010

Interest Income (Loans and Other) Interest Expense Net Interest Income Provision for Loan Losses Net of Recoveries of Loans Previously Written Off Net Interest Income After Provision for Loan Losses Other Operating Income (Expense) Grants From Donors Capital Grant Contribution Total Revenues

14,002,211 (3,361,701) 10,640,510 (1,325,776) 9,314,734 (29,209,548) 219,524,676 199,629,862

41,101,507 (6,202,508) 34,898,999 4,668,944 39,567,943 40,530,732 285,726,617 327,787 366,153,079

33,121,079 (4,721,643) 28,399,436 (7,893,407) 20,506,029 67,845,815 155,651,849 418,758 244,422,451

Total Expenditures (excluding extraordinary items)




Change in Net Assets Before Other Income and Extraordinary Items












463,033,976 (457,043,363)





Other Income - related party debt forgiveness Change in Net Assets Before Extraordinary Items

Extraordinary Items Earthquake Grants and Donations Expenses Due to Earthquake Total Change in Net Assets



Fonkoze USA STATEMENT OF FINANCIAL POSITION All amounts are expressed in U.S. Dollars

Year Ended December 31, 2012

Year Ended December 31, 2011

Year Ended December 31, 2010

$ 713,589 2,013,758 6,057 2,733,404

$ 1,048,769 1,423,336 24,828 2,496,933

$ 1,117,671 826,908 43,861 1,988,440

7,204 1,168,376 2,347,525 10,846 $ 6,267,355

9,676 385,669 1,083,733 10,846 $ 3,986,857

8,227 318,342 1,523,966 10,846 $ 3,849,821

$ 1,283,761 2,091,511 $ 3,375,272

$ 1,385,324 1,088,733 $ 2,474,057

$ 755,328 1,503,966 $ 2,259,294

Unrestricted Unrestricted - Board Designated for Endowment Temporarily Restricted Permanently Restricted for Endowment Total Net Assets

$ 662,323 569,776 1,562,984 97,000 $ 2,892,083

$ 578,521 543,624 293,655 97,000 $ 1,512,800

$ 970,437 155,924 417,166 47,000 $ 1,590,527

Total Liabilities And Net Assets

$ 6,267,355

$ 3,986,857

$ 3,849,821

Year Ended December 31, 2012

Year Ended December 31, 2011

Year Ended December 31, 2010

$ 4,649,696 69,103 118,287 $ 4,837,086

$ 2,116,547 58,465 68,706 $ 2,243,718

$ 4,761,128 65,543 103,063 $ 4,929,734

$ 3,003,163

$ 1,810,163

$ 3,720,641

SUPPORTING SERVICES Fundraising Administration Total Supporting Services Total Expenses

236,339 218,301 454,640 $ 3,457,803

188,376 322,906 511,282 $ 2,321,445

151,207 246,880 398,087 $ 4,118,728

Change In Net Assets

$ 1,379,283

$ (77,727)

$ 811,006

ASSETS Cash and Equivalents Short-term Receivables Prepaid Expenses Total Short-Term Assets Net Property and Equipment Investments Long-term Receivables Other Assets Total Assets

LIABILITIES Short-term Payables Long-term Payables Total Liabilities


STAtement of activities All amounts are expressed in U.S. Dollars

REVENUES Contributions and Grants Interest & Dividend Income Other Income Total Revenues




Honoring Our 2012 Donors & Investors


onkoze is grateful for each of our incredible donors. No matter the size of the gift, every dollar makes a difference in rural Haiti. Mèsi anpil for your generosity and dedication to empowering Haitians to lift themselves out of poverty.

Alexander and Emily Counts

Baldwin Brothers

Rebecca and James Langer

Claudine and Bernard Dussert

M. Judith Billings

Lexxor, LLC

Ray Escoffier

C. Douglas Blanchard

Emily Lippert

John W. Bloom

Paul and Kathleen C. Fuhs

Ann L. Breeden and Edna Johnston

Loretto Literary & Benevolent Inst., Littleton, CO

Note: If you find that we have made any errors with respect to your information, please notify us so that we can remedy it for next year!

Gabriel Goffman

Christine S. Breu

William and Jean Graustein Fund

Reverend Douglas C. Brougher

Leigh Hardiman and Peter Mostow

Arden R. Brugger

Melanie and Robert Howard

$100,000 or more Anonymous Artists for Haiti Matthew T. and Margaret D. Balitsaris Gary and Mary Becker Becker Family Foundation British Red Cross Society Concern Worldwide First Fruits of Washington Donor Advised Fund administered by World Vision

Daniel F. Capshaw and Linnea M. Nilsen Capshaw

Zanmi Fonkoze Richmond, VA

City National Bank of New Jersey

Theodore Janulis

Christ United Methodist Church, East Moline, IL

David T. and Kelli W. Jones

Drs. H. Fred and Karen Clark

Collis Warner Foundation

Janusz Korczak Memorial Fund of the Vermont Community Foundation, Robert and Mary Belenky Advisors

Dana S. and Neil M. Cohen

Local 600 UAW

Constance Costas

Donald B. and Carol L. Post

Alice T. Davison and Howard Tomb

$25,000—$49,999 American Jewish World Service

Congregation of the Holy Spirit, Hemet, CA Elizabeth L. Daniels

David and Carrie Dortch

Daniels Family Foundation

Gruber Family Foundation

Robert Dulaney

International Development and Relief Foundation

Therese Feng First United Methodist Church of Germantown, Philadelphia, PA

Grand Challenges Canada


Interamerican Development Bank (IADB)

Abundance Foundation

Haiti Connection, Newman Catholic Center

Micro Catastrophe Risk Organization (MiCRO)

Byron Nimocks and Emilie Murphy

Mennonite Economic Development Associates (MEDA)

Charities Aid Foundation of America

Global Partnerships

Plan Haiti Save the Children Swiss Agency for Development and Cooperation (SDC) The Kanpe Foundation The Worldwide Vincentian Family United Nations Development Fund Vista Hermosa Foundation W.K. Kellogg Foundation Whole Planet Foundation

$50,000—$99,999 Anonymous Michael and Linda Fisher Haitian Microfinance, Inc. Jill and Stephen M. McDonnell Elizabeth R. and J. Maxwell Moran The MasterCard Foundation The Rouse Family Foundation, Bill and Erin Rouse Advisors Vitamin Angels


Chantal Hudicourt Ewald

Zanmi Fonkoze Bucks County, PA

Harold Simmons Foundation

Opportunity International Deutschland

Stephen D. and Mary Ford

Andrew Grene Foundation

Bernice Galbreath Vincent A. and Catherine M. Gallagher

Bonnie S. Jones Jones Family Charitable Foundation Kunkel Family Foundation, Joseph and Nancy Kunkel Advisors Elizabeth Lowell Katarina Mesarovich Evelyn B. Newell

Reverend Alfred R. Shands III Saint Peter Catholic Church, Reading, PA See3 Communications LLC Marsha Siegel St Aloysius Church, New Canaan, CT The Ray&Ellyn Stevenson Fund of the Martin County Community Foundation The Allemall Foundation, Inc. The Chang Hsu Family Charitable Fund, Bob Hsu and Bonnie Chang

J. H. Cohn LLP Commonwealth Catholic Charities, Richmond, VA

Debley Foundation Margaret and Charles Demeré

Brian and Diana Lovett Mary Macgregor Eugene R. and Mary Lou Mallette Christina T. and Brian T. Mangino Mary the Apostle Catholic Worker, Erie, PA Shari K. Mason Peggy F. McDonnell Anna McDonnell and Sam Harper Paul F. and Christine McGuire Alice McMahon and Daniel Hardie John and Gloria McManus Severin Menard C. Wayne Middleton

Mr. Francoise E. Denis

Daniel and Kathie Molter

Joan C. and Harold L. Denkler

Moody’s Corell H. Moore

Glenda Denniston

James J. Moore

Episcopal High School, Alexandria, VA

Clarele Mortimer

Esperos, Oliver Shuttlesworth

Lorelei O’Hagan

Regina M. and Neil K. Fleming

Khamisi Mwaniki Carrie and Thomas J. Ohly-Cusack William E. and Elizabeth D. Oliver Fund

University of Notre Dame, IN

Fonkoze Development Fund

Richard and Carol Urban

B. Jean Fort

OMC Group

The Waldman Family Charitable Trust

Margaret Fourre and Larry L. Anderson

Mary Catherine Kilday and George W. Malzone Foundation

Petty Family Fund, Mark E. and Peyton Petty Advisors

Beth M. Wescott

Elizabeth and Fred Frick

America M. and David H. Young

William D. and Patricia S. Friel

Karen Norrick

Josie Sentner

Roger and Susan Stone Family Foundation

The Gross Family Fund, Kathleen M. Gross Advisor


Thomas M. Griffin

Irving & Constance Phillips Charitable Fund

Rebecca W. Adams

SC Ministry Foundation

The Lenore Albom Microfinance Giving Program of FWA of New York Educational Fund

Anne Hastings

David Poetker

Deborah C. and Paul K. Adamy

Corey Hastings and Jennifer Walden

Alexa and Peter J. Quinn

All One Family Fund, Titia Ellis Advisor

Haverford College, Haverford, PA

Round Hill Hotel and Villas

Neil and Mary Patricia Walsh

All Saints Church, Pasadena, CA

Ida Hawkins

Mr. and Mrs. B. Briscoe White III


Shelia J. & Rufus M. G. Williams Charitable Fund

Barbara Appel Irrevocable Living Trust

C. Jeffrey Wright

Immaculate Heart Community of Los Angeles, CA, Social Action Fund

Barbara Ault

Zanmi Fonkoze Santa Barbara, CA

Serge and Rosa Jean

Jamie Austin

Jefferies & Company, Inc.

James and Edith Babson


The Paul and Edith Babson Foundation

Robert O. and Josephine L. Johnston

Grameen Foundation Leininger Family Foundation Listen Well Pura Llorente and Tom Strong

Mark G. and Cindy Schoeppner, CFA Yeardley Smith Roger and Susan Stone The Village Experience John Whitehead

$5,000—$9,999 A.H. Gage Private Foundation Theodore A. Von Der Ahe, Jr. Trust Christina and Charles Bascom, The Upstream Foundation


Jane N. Newton Jean-Guy Noel

Pam and Mark Semmler

The Securitas Foundation

Church of the Epiphany c/o Ten Percent Committee, Louisville, KY

Palmer P. Garson Arlene D. Grady

Michael and Margherita Baldwin

Serge Hyacinthe

Aimie Jones Ellen M. Kealy Nancy and Edward Kurtz

Patrick Ophuls Perfecta and Geoff Oxholm Elaine L. Pero Trustee Elizabeth H. Perrin Pfizer Foundation Matching Gifts Program

Monica F. Rawles Elizabeth P. and Doug Sandler Msgr. William Scheyd Harold A. and Eve Schmitz Susan M. and Charles P. Scholer Sisters, Servants of the Immaculate Heart of Mary, Monroe, MI Lorraine Smith Rosemary C. Smith Susan Jillian and Roderick A. Smyth

Honoring Our 2012 Donors & Investors Sharmi Sobhan and Sumit Sasidharan

Capital Group Companies Charitable Foundation

Carolyn J. Hubers

Martha S. Sproule

Leigh Carter and Andrew Schuman

Karen C. Hyland

St. Charles Church, Detroit, MI St. Thomas Aquinas Church, Freeport, IL Laura Stephens George A. and Nancy S. Stern Stacy J. Stevens Craig Stewart Robin and Joseph Stocks The Ferrara Law Firm, LLC The Lang Foundation, John Lang and Wendy Lang The Weiss Fagen Fund Leslie Thurman TimeWarner Trinity Church, Santa Barbara, CA Cathy Tullidge Joan Vermeulen Villa Maria House of Studies, Immaculata, PA Sarah G. and Jeffrey W. Vogt Brian J. and Jennifer A. Vosburgh Mark Waldman Frances L. and John R. Ware

Rev. Msgr. Franklyn Casale Johnny Celestin

David Pratt Hunt John F. Hynes If/When

Marie Clergé

Illinois Tool Works Foundation 3-For-1 Matching Gift Program

Leroy and Lucy Close

Jacksonville Urban League

Daniel Chatman

Lorilyn S. Colemon, Trustee Lenore Collins Anne and Barring Coughlin Elizabeth Cox Christopher and Beth Daulton Bernadette C. Ethridge W. Lee Dickson and James R. Graham Mary E. Didier Dominican University, River Forest, IL Dorothy & Toto Foundation Hilary Duffy John P. and Anne K. Duffy The John P. & Anne K. Duffy Foundation Mary A. Cameron and Christine M. Easley Nancy Eichelman and John B. Handy

J. Michael and Michelle F. Jellen Jinpa Foundation KT Johnson Robert R. and Karen A. Johnston James H. and Joanne K. Kemp Dale J. and Kay M. Kempf James Knauer Nic Korte Kristina Kurki-Suonio and Jan M. Wennstrom Pierre Labaze and Florence Felix Priscilla Labovitz Iole and Earl Le Tissier Daniel Lew Paul Lusty Revocable Trust, Jessica and Paul Lusty Lynn Marting

Anne S. and Thomas A. Robertson Margaret R. Rosenkrands Trust Joseph Schillmoeller and Pauline M. Feltner


Oluwafemi Fadugba

Rosalind and Robert Abernathy

Ryan Feller

William Abrams and Julie Salamon

Jay A. Froberg

Roger Angell

Tanya Schneider

Delores and Mervin Antoine

Dorothy Senerchia

Joseph F. Augustin

Gladys E. Shaw

Darline Augustine

Jean-Emmanuel Shein and Christiane Janssen

Mr. Phil Bahng and Ms. Grace Bahng

Seana L. Shiffrin

Venky Balakrishnan Iyer

Barbara Shoulders

Bridget Baratta

Sheryl Sirotnik

Zebulon Bartels and Carla J. Baccelli

Sisters of Saint Anne Provincialate, Marlborough, MA Catherine Slappey Barbara D. and Kenneth R. Smith Sosebee Family Philanthropic Fund of the Jewish Community Foundation Philip L. and Carol Stein Swiss Re Matching Gift Program Nancy W. and E. Bradford Tazewell The Field Charitable Fund, Mr. and Mrs. John B. Field Advisors

Jane E. Beuttel Allen D. Black Mary M. and Sylvester G. Black Blue Raccoon Design Group, Inc Dawn S. and Marshall Bowen H. Boyce and Karen Budd Thomas Bracken

Marie E. and John M. Foley Lynn Garfunkel Brian and Louisa Gately Mary George Gibrall Insurance Agency, Inc. Global Impact GNU Foundation George A. Gowen and Anita Von Wellsheim Gowen Charles Gravitz and John Borstel Marc Grobman Allan Grundstrom Michelle and Mark A. Guilfoil Judith and Robert Hadley Stephen Halper Cynthia L. and J. Sheppard Haw

Leslie and Susan H. Brisman

Edward S. and Mary W. Herman

Robert Brown

Margaret Hnath-Brown

Dr. Stephen D. Brown and Ms. Linda B. Brown

William H. and Peggy L. Hoff

Bruce Ford Brown Charitable Trust, Dr. Stephen D. and Linda B. Brown Advisors

Perry and Dennis Hooks Robin S. and Michael Hoy Cordell and Holly Hull

Tom and Ruth Bushaw

Joseph Israel

Ms. Tabor W. Butler

Karen and Abhinandan Jain Medical Practice of JeanFrancois & Laroche P. C.

Barbara S. Webster

Lucy Elliot

Mary Elliott Associates Inc

Kathleen and Shawn White

Donetta Epperson

Caroline Wischmann and David S. Rasner

Kathryn Erickson and Albie P. Jarvis

Paul J. McCarthy and Orla C. O’Callaghan

The Leatherman Family Fund of The Minneapolis Foundation

Marcia H. McLaughlin

Jane E. Thompson

Zena and Matt CarmelJessup

Laura Roberts Wright

William and Anne C. Ewing

David Mertz

Barbara Tillman

William J. and Mary B. Carry

Harley Jeanty

Mary N. Young

The Messinger Family Fund, Ruth Messinger

Tomkins Family Foundation

John and Susan Carson

Rolf B. Karlsson

Donna L. and J. James Zocco

Katleen Felix and Pascal Ranger

Frances and Steve Miller

N L Caruso Family Foundation Inc

William V. and Mary Ann Kerr

Pamela and Michael Fuhrig

Saba Tseggai


Beverly E. and Gino A. Gattari

Nick and Sylvia Miller

Lacey Properties & Land INC

Carole Lewis Anderson

Gino A. and Beverly E. Gattari JT Rev Trust

Kathryn J. and William D. Monday, Jr.

Elizabeth C. and David W. Champney

GE Foundation - Matching Gifts

Monthly Meeting of Friends of Philadelphia,PA

Nancy Glass

L. Glenn and Cecilia O’Kray

Cindy M. Golbert

Kathleen Q. and Kerry B. O’Quinn

Joan Asher Sarah Barnhard Roz Becker Reverend Joseph F. Beckman Jeff M. Bergelson and Linda D. Finkelstein Larry S. and Barbara W. Beyna Shirley M. Birkholz

Allan I. and Joyce C. Goldberg Jean E. and John C. GrantDooley

Barbara Ostrowski and Mary A. Novascone Kimberly and Tobey Oxholm

Kathleen Blank-Riether

Richard and Lois Gunther Fund

Sarah E. Peck

John A. Blaska Trust

Gertrude E. Harris

Christina L. and Douglas C. Borden

Mary K. Hartman and Noel Jurgens

Woody Peterson

Catherine F. and Turner M. Bredrup

Ann M. and Edward J. Hawkes

Barbara Brockhurst and Robert Lavoie

Eric and Kristen Headrick

Charles Brown III Duncan and Janet Campbell

Elliot Hernandez Judith L. and Harry Hoehler Cary Hopper

Perrault Rago Gallery

Lynn I. and Eli D. Turner Unitarian Universalist Church of Fresno, Clovis, CA UW Combined Fund Drive Maryann Wanner Shaaron M. Warne and William J. Mueller Christine Wasyliko and Christopher Huntley

David Clark Concord Academy’s Microfinanace Group, Concord, MA

James J. Lawler Ellen W. Law Ellen Lazarus Lyla and Tracy Leigh Amanda Leiter

June Elizabeth Connolly

Darrell Levi

Jacqueline Cordry

Mariah Levin

Benjamin W. Cornwell

Laura Liebstaedter

Michele R. Costello

Margarete Liebstaedter

Patricia Wood

Thomas Costello

Yeh J. and Frank T. Wu

The Bernadette M. Cronin and Lawrence H. Geller Peace and Justice Fund, Lawrence Geller Advisor

Maria Liza and Peter A. Lindenberg

Harry Waters Joel B. Wittenberg and Mary Ann Ek

Alexandra Poe

Frances K. Wu and Wilburn Chesser

Louis and Ramona Prezeau

Laura Zanotti

Putnam Barber and Valerie Lynch Fund at The Seattle Foundation

David L. and Suzanne M. Ziegler

Susan E. Ratigan and David E. Barrosse

Wendy and Eugene Childers

Denise and Bruce Kinder

Laura Zylstra and Todd Garth

N. M. Nuala Crotty Demusz Brothers Inc Keila DePoorter Joseph Disciacca Barbara DiTommaso James D. and Dawn A. Engel

Laura Locklin Lowell School David Loxterkamp and Lindsay McGuire Karen and Thomas Lyon Sara Madhu Cathleen Mahon Jose Maldonado Nono Maldonado



Honoring Our 2012 Donors & Investors Michele and Richard Matuszewski

Mary J. and Ken Sawers

The Minneapolis Foundation

Peter Mayock

Jane and Charles Sharp Martha A. and Barry Siegel

National Christian Foundation Kentucky

Francis of Assisi Microlending LLC

Joseph Rund

Friends of the People of Haiti

Sacred Heart Monastery, Yankton, SD

Dylan Simanowitz

Schwab Charitable Fund

Peter Gebhardt-Seele

Ed Schmidt

The Seattle Foundation

Grameen Foundation

Linda Neuenschwander

Sisters of Charity of New York, Bronx, NY

Triskeles Foundation

Michigan Coalition for Human Rights

Sisters of Mercy West Midwest Community

Vanguard Charitable Endowment Program

Grey Nuns of the Sacred Heart, Yardley, PA

School Sisters of Notre Dame, St. Louis, MO

Carol and David Miller

Harvey W. Slager

William K. and Harriet Mooney

John J. and Elaine M. Smith

Vermont Community Foundation

Peter Morgan

Bruno and Marie Surpris

Mr. Brian McGeer John R. Mercier

Benton L. and Frances S. Moyer Elizabeth A. Mumford and Joe G. Gitchell Stephen Myers Carol Nash Bruce Nesbitt Brent Nicolet Karen Niles Eleanor Oakley John Oliphant Joan L. T. and Mark W. Olson Cheryl Olsten Fredercik Otto Frances Oxholm Nadija R. Packauskas and Ted R. Stuart

Paul Stephey Lindsay Swancutt and Calder Hudson Linda Tammen Therese Tangredi

Good Eye Video

Judy and William Harrington Robin and Michael Hoy


John & Christine McKay

Adorers of the Blood of Christ, St. Louis, MO

Josie Sentner

Adrian Dominican Sisters, Adrian, MI

Dr. Henry Kaminer

Julian & Ruth Schroeder

Charles F. Thomson

James F. Barry

Douglas Viggiano

Matthew T. and Margaret D. Balitsaris Paul Beach Gary & Mary Becker

Michael Komba Loretto Literary & Benevolent Institution, Nerinx, KY Christine Low Karen Marysdaughter & Larry Dansinger Mennonite Economic Development Associates

Rosemary J. and Bruce M. Wentworth

Beyond Borders

Sue and Lewis Werlin

Calvert Foundation

Mercy Partnership Fund, Oakland, CA

Carol Anne Otto

Susan Metz

Catholic Health Initiatives

Cecile Meyer

Chantal Hudicourt Ewald

Michigan Committee for a Democratic Haiti

David Peyton

George A. Whitley

Katherine and B. Donovan Picard

Lawrence T. Young

Quaker Capital Management

Sisters of Charity of Saint Elizabeth, Convent Station, NJ

Baltimore Ethical Society

Irlene Whiteman

Stephanie L. Quade

Haitian Microfinance, Inc.

Thomas J. and Gail M. Thelen

Andrea Paulson

Debra Pruitt

Cathy Tullidge

The Lifshutz Foundation

Dana Whitaker

Mr. and Mrs. Rodney Prezeau

Alexa Quinn

Constance Lesold

Kate S. Yonkers and Kelly D. Welch

The Sandy & Margy Zabriskie Fund, Marguerite and Alexander Zabriskie Advisors

Donor Advised Foundations

Bon Secours Health System

Timothy Cimino City National Bank Shares Carroll and Joseph Clay Congregation of the Sisters, Servants of IHM, Scranton, PA Charles Conlon

Mary Elizabeth Meehan

Mid-Atlantic Regional Christinan Life Community Patricia Miller

Ayco Charitable foundation

Renaissance Charitable Foundation Inc.

Leatrice Crivello

Boston Foundation

Barbara DiTommaso

Calvert Social Investment Foundation

Dominican Sisters of Hope, Ossinig, NY

The Chicago Community Foundation

Dominican Sisters of Springfield, IL

Our Lady of Victory Missionary Sisters, Huntington, IN

The Community Foundation for The National Capital Region

David W. Dortch

Joseph & Mary Palen

Robert W. Dulaney

Fidelity Charitable Gift Fund

Barbara F. Resnek Daniel R. Robinson and Cathy M. Collie


Sisters of St. Dominic, Racine, WI

Lyla and Tracy Leigh

Sisters of St. Francis of Philadelphia, Aston, PA

Round Hill Hotel and Villas

Sisters of St. Joseph of Carondelet, St. Louis, MO

Lowell School Palmer P. Garson Vitamin Angels Zanmi Lasante

Sisters of St. Joseph of Carondelet, St. Paul, MN

Audubon Society

Sisters of the Blessed Sacrament, Bensalem, PA

Josie Sentner

Sisters of the Holy Cross Inc., Notre Dame, IN

Paul and Jessica Lusty

Frances Wu Laura Wright

Sisters of the Holy Names of Jesus & Mary U.S.-Ontario Province

Sister Rose Gallagher

Sisters of the Humility of Mary, Villa Maria, PA

Endowments and Memorials

Whole Foods River Road

Sisters, Immaculate Heart of Mary

The Jerry and Anna Bedford Endowment Fund

Sisters, Servants of the Immaculate Heart of Mary, Monroe, MI

H. Fred Clark Memorial Fund

Sharmi Sobhan

Society of the Holy Child Jesus, Rosemont, PA

Thomas M. Rauch

Jill and Stephen M. McDonnell Laura Stephens

Nazareth Literary and Benevolent Institution, Nazareth, KY

Charles Rardin and Jane Sharp

Edna Johnston

Sisters of Notre Dame of Toledo, OH

Society of the Holy Child Jesus

Virginia S. Coyle

Alice Renouf

Sisters of Charity of the Incarnate Word, Houston, TX

Fred Montas

American Endowment Foundation

Robert Crauder

Aimie Jones

Sisters of Charity of New York, Bronx, NY

Alternative Insurance Company

Kathryn M. Waldyke

Carol Lewis Anderson

Haiti Solidarity of the Northeast

Kimberly McCormick

Therese J. Terns

Akin Gump Strauss Hauer & Feld LLP

Seton Enablement Fund

Alternative Gifts International

Phyllis B. and Richard K. Taylor

Mary J. Paul

Junius Powell, Jr.

World Vision

In-Kind Donors and Volunteers

Jane N. Newton

St. Augustine R.C. Church, Brooklyn, NY

Oikocredit, Ecumenical Development Cooperative Society, U.A.

St. Bridget Church, Manchester, CT St. Martin de Porres Catholic Worker House Lawrence J. Suffredin Jr. and Gloria Callaci

Bob and Marie Fehribach Memorial Fund Raymond and Lise Giraud Memorial Fund

Shoulder to Shoulder Legacy Society Anonymous Jerry and Anna Bedford Leigh Carter and Andrew Schuman Alexander and Emily Counts Margaret Demere

Pax Christi USA

Finian Taylor Revocable Living Trust

Barbara DiTommaso

Polly and Peter Edmunds

Peace and Justice Book Club

Doug Thompson

Rosemary Edwards

John R. Poole

Brian and Diana Lovett


Rev. J. Michelle Tooley

Thomas Ellis

Rebecca Brune

Joe and Mary Palen

Goldman Sachs Funds at Goldman Sachs Gives

Jean and Vance Reese

Peg Rosenkrands

Jewish Communal Fund

Ethical Action Committee of St Louis

Tulsa Community Foundation

Dzenita M. and Edin Saracevic

Jewish Community Foundation

Fitzpatrick Family Foundation

David Sarr

The Jewish Community Foundation of the East Bay

Fonkoze Employee Trust

Martin County Community Foundation

Fonkoze USA

Whitney R. Robinson William A. Rose, Jr. Gary M. and Toby L. Rosen Reverend Janice M. Rowell and Mr. David Rowell Donald A. and Ardis M. Rowley

Jane H. and Ronald E. Saunier



Fonkoze Foundation

Reformed Church in America, Grand Rapids, MI Religious Communities Investment Fund Inc., Oakland, CA Merilie Robertson William and Erin Rouse

Untours Foundation Ursuline Sisters of Tildonk, Jamaica, NY Barbara Webster Douglas E. Wingeier Trust

Anne H. Hastings

2012 Fonkoze Leadership Fonkoze Family Senior Staff Carine Roenen Director, Fondasyon Kole Zepòl Anne H. Hastings Chief Executive Officer, Sèvis Finansye Fonkoze Leigh Carter Executive Director, Fonkoze USA Fonkoze Board of Directors Joseph B. Philippe, CSSp, Coordinator Leila Lubin Frednel Isma, Treasurer Marie Deleure Jean Plaisival, General Secretary Marie Léone Démosthène, Assistant Secretary Obény Rose Guerda Eustache Thony Fleury Mérelus Yodeline Junette Estilien Dominique Boyer, SFF Representative Sèvis Finansye Fonkoze Board of Directors Father Joseph B. Philippe, CSSp, President Anne Hastings, Secretary/Treasurer Julie Redfern Mary Jo Sentner Ben Simmes Kathleen Wright, SL, CPA Daniel Godefroy Fonkoze S.A. Board of Directors Father Joseph B. Philippe, CSSp Anne H. Hastings Julian Schroeder Chantal Hudicourt Ewald

Fonkoze USA Board of Directors Claude Alexandre Matt Balitsaris, Vice Chair Heather Balke Leigh Carter Alex Counts, Chair Therese Feng, Treasurer Madeleine Féquière Melanie Howard, Secretary Father Joseph B. Philippe, CSSp Jean-Guy Noel Daniel Robinson Neil P. Walsh C. Jeffrey Wright Laura Roberts Wright David Garfunkel, Board Fellow

Fonkoze Family Coordinating Committee Representing Fonkoze USA Alex Counts, Co-Chair Jean Guy Noel Representing Fondayson Kole Zepòl Dominique Boyer Marie Plaisival Dr. Florence Jean-Louis Representing Sèvis Finansye Fonkoze Stefan Harpe Josie Sentner Chantal Hudicourt Ewald, Legal advisor Julian Schroeder, Co-Chair Invited Staff Anne Hastings, Chief Executive Officer, SFF Carine Roenen, Director, Fonkoze Leigh Carter, Executive Director, Fonkoze USA

Honorary Board of Directors of Fonkoze USA Jose Artiga Jerry Bedford Mary Becker Gary Becker Maryann Boord Dr. Paul Farmer Maureen Fenlon, OP Brian Gately Beverly Lucas Michael McClanen Father Albert McKnight, CSSp Ruth Messinger Louis Prezeau Marie M.B. Racine Michael Rauenhorst Winston Tellis Anne Hastings, Emeritus

Fonkoze’s Branch Network Fonkoze has an extensive infrastructure of 46 branch offices in all ten departments of Haiti. This enables us to provide financial and development services throughout rural Haiti, effectively mobilizing each community’s resources as the instruments of its own development. Pòdpè Pomago

Jan Rabèl Gwomòn



Okap Twoudinò

Milo Gonayiv



Editorial Team Linda Boucard Matthew Brown Leigh Carter Charles Gravitz Mackenzie Keller Lyla Leigh Carine Roenen Steve Werlin Marta VanderStarre Laura Zylstra

Photography Darcy Keifel



Montòganize Ench



Boukàn Kare



Sodo Lagonav

Kabarè Latwazon


Pòtoprens Bomon

Ti Rivye d’Nip


Okoto Okay







Design Brad Latham


Sen Rafayel Sen Michel






Jakmèl Ansapit



Fondasyon Kole Zepòl

Sèvis Finansye Fonkoze

Fonkoze USA

119 Avenue Christophe

119 Avenue Christophe

Port-au-Prince, Haiti

Port-au-Prince, Haiti

505 (from Haiti)

505 (from Haiti)

1700 Kalorama Road NW, Suite 102 Washington, DC 20009 202.628.9033

1.800.293.0308 (from US)

1.800.293.0308 (from US)

Fonkoze holds Charity Navigator’s top four-star rating for exceeding industry standards and outperforming most charities in its cause.

GuideStar recognizes Fonkoze as a Valued Partner.

The Better Business Bureau Charity Seal Program recognizes Fonkoze as an Accredited Charity.

Fonkoze is ranked as a Philanthropedia top 10 international microfinance organization.

Global Journal ranked Fonkoze #33 in its international Top 100 NGOs List.

Fonkoze USA participates in the Combined Federal Campaign.

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Fonkoze 2012 Annual Report  

Fonkoze's 2012 annual report highlights key achievements from the year, including findings from our Social Impact team about Fonkoze's impac...

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