Grameen Foundation 2014 2015 Annual Report

ANNUAL REPORT 2014 – 2015

WHEN MICRO GOES MOBILE

ABOUT GRAMEEN FOUNDATION Grameen Foundation harnesses the power of mobile technology to deliver a vital mix of financial, agricultural and health services and information to the world’s poorest people. Our innovations enable women, smallholder farmers, and poor communities to build their assets, start small businesses, educate their children, protect their health, and strengthen their resilience.

Through combining digital expertise, local knowledge, and strategic partnerships we drive innovations that address specific needs of poor households, and enable families to thrive.

Grameen Foundation began in 1997, inspired by the work of Nobel Laureate Professor Muhammad Yunus and the Grameen Bank. Their microloans sparked innovation among the poorest of the poor, paving new paths to prosperity. 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.

www.grameenfoundation.org

RIGHT: A Grameen Foundation Community Knowledge Worker examines coffee berries in Uganda. (Credit: Grameen Foundation)

WHEN MICRO GOES MOBILE

TABLE OF CONTENTS 2

LETTER Alex Counts, Founder, and Steve Hollingworth, President and CEO

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ORGANIZATIONAL CHANGE AT GRAMEEN FOUNDATION Message from Robert Eichfeld, Chairman of the Board

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OUR PROGRAMS

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TOOLS AND PROGRAMS FOR THE ANTI-POVERTY COMMUNITY

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GRAMEEN FOUNDATION BOARD & EXECUTIVE LEADERSHIP TEAM

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FINANCIALS

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FAMILY OF SUPPORTERS

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BANKERS WITHOUT BORDERS VOLUNTEERS速

22 TAKE ACTION 23

CONTACT

LETTER FROM

ALEX COUNTS, FOUNDER, AND STEVE HOLLINGWORTH, PRESIDENT AND CEO In 1997, when Grameen Foundation was launched, more than one in three people in the world lived in extreme poverty. Today, that rate stands at under 15 percent. But, while remarkable, this progress also masks a more complex reality. Poverty rates are falling unevenly across countries, leaving pockets of persistent poverty that will likely be much harder to uproot, and income inequality has deepened. The burden of poverty also falls more heavily on women, as gender discrimination means that women have far fewer resources with which to cope.

To close these gaps and to end extreme poverty, the world’s poorest people need access to life-changing financial, agricultural, and health information and services.

Today, digital and mobile technology offers unprecedented opportunities to expand such access and to help poor families end generations of poverty. Realizing this potential remains at the core of our mission.

As we look back on the past fiscal year, from April 2014 through March 2015, we are struck by the committed partnerships and pure grit involved in enabling mobile technology to truly serve the poor. Although it is relatively easy to build a cell phone application, it is far more challenging to design and roll out mobile technologies that meet the needs of women and men at the base of the economic pyramid.

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www.grameenfoundation.org

It depends not only on digital expertise, but also on aligning the interests of resource-poor farmers, women, and partner institutions that can ensure innovative technologies reach all those who can benefit.

Our lessons and successes over the past year have further demonstrated the power of mobile technology in advancing financial inclusion, increasing farmers’ incomes and resilience, and improving health.

These successes have only been possible with the support of our donors and partners – and we deeply thank you.

Signature Alex Counts, Founder

Signature Steve Hollingworth, President and CEO

ORGANIZATIONAL CHANGE AT GRAMEEN FOUNDATION

MESSAGE FROM ROBERT EICHFELD, CHAIRMAN OF THE BOARD Fiscal year 2014-2015 was one of transition for Grameen Foundation. It marked the last full year that founder Alex Counts served as President and CEO before transitioning those responsibilities to Steve Hollingworth.

Grameen Foundation staff work every day with organizations in the throes of change, as they adopt new technologies and ways of functioning, so we know the personal and organizational resources that make such change successful. We are thankful for Alex’s long tenure and visionary leadership, as he remains actively engaged as our Founder.

Moving forward with President and CEO Steve Hollingworth; a seasoned leadership team; a staff unsurpassed for its talent and dedication, and our invaluable partners and donors our goal is to measurably benefit the lives of 25 million more people by 2025.

Signature Robert Eichfeld, Chairman of the Board

We look forward to building on the achievements of Grameen Foundation’s first 18 years, during which its innovations and partnerships benefitted 25 million people.

Our focus now, as when we began, is improving life for the world’s poorest people. We continue to draw inspiration from the work of Professor Muhammad Yunus, who founded the Grameen Bank in Bangladesh in 1983 to serve the poorest of the poor.

LEFT: A coconut farmer in the Philippines inspects a tree for damage. (Credit: Grameen Foundation)

www.grameenfoundation.org

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OUR PROGRAMS When microfinance goes mobile, possibilities abound. And it’s not only financial services that can be widely delivered to underserved communities. Agricultural and health information, services and training can all go digital.

A look at our three major programs: Financial Services, Mobile Agriculture and Mobile Health show how Grameen Foundation’s innovations have made a difference over the past year. Working directly in Colombia, Ghana, India, Kenya, the Philippines, and Uganda we have tackled key challenges to promote progress out of poverty.

Along the way, we have strengthened the ability of institutions to serve the poor, and built networks of local trainers who bridge the gaps in comfort or trust that arise when people adopt new technologies or engage with unfamiliar institutions.

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www.grameenfoundation.org

RIGHT: In Colombia, we provide information and training to help farmers improve their yield.

(Credit: Alexander Rieser for Grameen Foundation)

DIGITAL FINANCIAL SERVICES FOR THE POOR

The rural poor make up 90 percent of people who live on less than $1.25 per day.

They typically lack basic financial services.

Microloans, secure ways to save or make payments, and crop or health insurance are largely beyond the reach of some two billion people around the world.

But such financial access can be transformative—and can now reach millions more through mobile-enabled innovations.

As the 2014 Global Findex Database report notes, “When people participate in the financial system, they are better able to start and expand businesses, invest in education, manage risk, and absorb financial shocks.”

Grameen Foundation works with microfinance institutions, banks, mobile network operators and others to create, test and scale digital financial solutions that meet the needs of poor families and women.

[ ] Through our Microsavings for the Poor program, we engaged 922,000 new savers in the Philippines, Ethiopia, and India, from 2009-2013, pioneering the use of digital money.

LEFT: With mobile banking services, microfinance clients like Kusum in Uttar Pradesh, India, can bank safely.

(Credit: Grameen Foundation)

TRIPLE LOCKS FOR GROUP SAVINGS IN UGANDA “They [the members] like the security so much, since it’s just a SIM card that is being used.

It is impossible for a thief to know that you have money kept on it — not like those big boxes, where anyone could see that you’re carrying money and hence rob you.”

— Namwase Sara, Kiyunga Youth Drama Group, Uganda

Almost a third of Ugandans use informal village savings groups because they are more convenient than formal bank accounts. Group members regularly save a fixed amount, sometimes as little as 20 cents a week, and savers can take out small loans. A triple-locked metal box stored in members’ homes typically holds these savings.

Working with two Ugandan institutions, Airtel Uganda and Plan Uganda, Grameen Foundation developed Airtel Weza, allowing savings groups to store their cash on a phone as mobile money.

To provide group-level security, it requires each of three group members to enter individual pin numbers for withdrawals.

The three also receive SMS confirmation

[ ] Beginning in 2014, our Digital Financial Services program in Uganda has enabled 121,000 people to access digital products, increasing efficiency and decreasing risks for both clients and financial service providers.

messages for each transaction. Within less than a year of its launch in April 2014, more than 250 groups (6,250 subscribers) in Uganda had registered for the service.

Also in Uganda, the Mobile Money Accelerator Program, funded by the Bill & Melinda Gates Foundation, enabled two financial institutions—Pride Microfinance and Centenary Bank—to extend their services to 121,000 Ugandans. Grameen Foundation partnered with the local technology company Cellulant to design a system that enables pro-poor financial institutions to plug into networks of mobile money operators.

This allows customers to make deposits or payments via mobile money, simply by visiting their local mobile money agent.

It saves users travel costs and time and reduces the security risks of carrying cash long distances.

ABOVE: Aminah Naigaga, 21, belongs to a local savings group in Eastern Uganda. With loans from the group, she paid for school fees, started a samosa business and bought a cow. Using Airtel Weza, the group’s savings are secure, and its members no longer need to travel 13 miles to the nearest bank. (Credit: Grameen Foundation)

www.grameenfoundation.org

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INDIA’S RURAL WOMEN GET CONNECTED The formal banking system does not reach most poor citizens in India. Only about 35 percent of adults—and 26 percent of women—have an account at a formal financial institution. Formal bank branches are distant from most poor rural communities, and banks have few incentives to build branches to serve poor and widely dispersed populations. On the other hand, many field-based microfinance institutions (MFIs) don’t have enough capital to meet the needs of all the people living in poor rural areas.

ABOVE: Sonata and Grameen Foundation are teaching women in Uttar Pradesh, India, how to repay microlans via mobile phones. (Credit: Grameen Foundation)

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Grameen Foundation and our partner Cashpor engaged 150,000 of the rural poor in microsavings plans in Bihar State, India. We are now working with the microfinance institution Margdarshak to bring financial services to nearly 40,000 people, most of them women living on less than US $2.50/day in Uttar Pradesh.

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www.grameenfoundation.org

Grameen Foundation’s recent work in India is expanding financial inclusion for the poor by combining the strengths of commercial banks and of field-based microfinance organizations. We are working the MFI Margdarshak to transfom its network of field-based agents into “Business Correspondents” who can represent far-better resourced commercial banks.

The program is reaching out to 40,000 new customers, most of who are poor women in Uttar Pradesh, a state where three-quarters of the population lives on less than US$2.50 per day, and is scattered across 100,000 villages.

The project builds on previous Grameen Foundation work with the Indian microfinance organization Cashpor, which reached 150,000 new savers in Bihar State.

SARI-SARI STORES OFFER DIGITAL IN THE PHILIPPINES Of the Philippines 7,107 islands, more than one-third have no banking infrastructure, and only one-in-five people living in rural areas has an account with a financial institution.

On the other hand, there are more than 500,000 registered “sari-sari” stores—the “mom and pop” stores of the Philippines, where rural people purchase goods daily. These locally accessible stores could serve as decentralized hubs providing mobile money and digital financial services.

To realize its vision of financial inclusion across the Philippines, Grameen Foundation is continuing its work with CARD Bank, the Philippines’ largest microfinance institution. Our partnership previously extended microsavings accounts to 481,500 people. The added security that formal savings services provides can be the difference between surviving an emergency — whether a natural disaster or a healthcare problem — and losing everything to it.

In 2014-15, we collaborated on a new program to help CARD provide mobile banking services that will enable its clients to repay loans, make payments, and conduct other transactions through a network of mobile agents, many based at sari-sari stores.

ABOVE: There are 500,000 registered sari-sari stores across the Philippines, whose operators can serve as agents providing digital financial services to people in poor communities. (Credit: Grameen Foundation)

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“Using this technology, everything becomes easier.”

– Lourdes, fish vendor, Philippines

www.grameenfoundation.org

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mAGRICULTURE SERVING SMALLHOLDER FARMERS

The ability of the world’s 500 million smallholder farm families to improve their productivity, connect to markets, and adapt to climate change will make the difference between a food secure world, and one that is increasingly hungry and malnourished. Yet many poor farmers—and especially women—have limited or no access to information or financial resources to improve their livelihoods.

We work with governments, the private sector, farmers’ associations, and civil society to empower farmers with relevant and timely information and financial services. Mobile programs also link farmers to large-scale buyers, enabling them to expand their farm enterprises and build their assets.We deliver these mAgriculture programs through community-based networks of advisors who are trusted by farmers.

[ ] Our backyard garden project in Colombia has reduced food insecurity from 15 percent to 4 percent among participating households.

This represents monthly savings equivalent to approximately US$25.47 per family—or 28 percent of their food expenses.

LEFT: A technician from a coffee cooperative in Medellín, Colombia, reviews plans with a farmer. (Credit: Grameen Foundation)

DYNAMIC & DIGITAL AGRICULTURE IN GHANA

BACKYARD GARDENS FIGHT HUNGER IN COLOMBIA

We expanded our mAgriculture initiative to Ghana, where we work with Farm Radio International and Digital Green to increase food security for farming communities in five regions.

Together, we disseminate information on best agricultural practices and crops through mobile phones, radio, videos and agricultural extension officers that visit the communities.

The project is supported by the New Alliance ICT Extension Challenge Fund, whose donors include the U.S. Government’s Feed the Future initiative through USAID and UK-Aid in the United Kingdom.

“I like that I am constantly learning and my mother is very proud of me.”

– Jessica, Community Knowledge Worker, Colombia

Though farming is the backbone of Colombia’s economy, many poor families cannot get affordable, quality food and earn little from their crops. We work with the provincial Government of Antioquia to improve food security through MANA, a community backyard garden project supported by the Food and Agriculture Organization of the United Nations (FAO). In addition, we help small-scale farmers grow more produce to sell in larger markets.

Using mobile phones and our TaroWorks™ app, government technicians collect information on food production across the community, and specially designated advisors train farmers on agricultural best practices. This has increased the supply of quality food in the community and enabled poor farming families to increase their incomes.

COMMUNITY KNOWLEDGE WORKERS LEAD IN COFFEE FIELDS Meanwhile, through Lideres Productores, Community Knowledge Workers in Colombia work with coffee farmer cooperatives, increasing their productivity, connecting them to viable markets and helping them attain Starbucks’ C.A.F.E. (Coffee and Farmer Equity) certification for sustainable production practices.

This certification enables farmers to sell to larger, better-paying coffee buyers.

As a Community Knowledge Worker, I feel confident making technical suggestions to other coffee farmers. Women farmers see me as an example to follow.

Having women Community Knowledge Workers empowers women and the community.

– Mabel, Community Knowledge Worker, Colombia

www.grameenfoundation.org

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MOBILE HEALTH

Globally, more than one-third of people do not have access to healthcare, and, every year, catastrophic health costs push about 100 million people into poverty.

It is estimated that the effective delivery of health care to all will require an additional 10.3 million health workers. Educating this vast cohort will take time and resources that are not yet fully in hand. But mobile technology can help.

Grameen Foundation uses mobile phone technology to extend health services to poor populations: educating pregnant women and mothers about safe delivery and nutrition; and training community-based health workers to diagnose, treat, and monitor a range of conditions.

[ ] Organizations in 15 countries are using MOTECH, Grameen Foundation’s mHealth platform. In India, MOTECH aims to reach more than 10 million pregnant women and mothers, and train more than 1 million healthcare workers by 2018.

LEFT: Collecting patient information via mobile phones gives nurses in Ghana more time for patient care. (Credit: Bill & Melinda Gates Foundation)

HEALTH ON THE GO IN GHANA

SCALING mHEALTH THROUGH MOTECH

worker performance, strengthening last-mile supply chain, and improving patient adherence.

“My volunteer alerted me using the mobile app about a woman who had a home delivery but had the placenta in the womb for hours... For me, that timely communication I received from the volunteer contributed to saving the life of the woman.”

The core technology for Mobile Midwife became the basis for MOTECH, an open-source tool to standardize and simplify mobile health programs globally. MOTECH is powerful enough to reach millions of people, and to inter-operate with national information and health systems. It works across key health service areas: behavior change, managing patient data, improving

In 2014-15, our largest MOTECH program was in India, where we worked with the national government of India and BBC Media Action to pilot a program that will offer information services on maternal and child health to more than 10 million pregnant women and mothers of newborns, and train more than 1 million health care workers who serve them.

— Stella Nuque, Community Health Nurse; Dokploame CHPS Compound

In Ghana, roughly one in 13 children dies before age five, and risk is highest during the first month of life. Our early work in mobile health included Mobile Midwife and Nurses Application in Ghana, which informed 24,000 pregnant women about safe motherhood and used mobile phone technology to help health workers better serve those women.

In 2014-15 we followed this work with the CHN on the Go (Community Health Nurse) app, piloted with Concern Worldwide, John Snow International and the Ghana Health Service. Its up-to-date medical reference and training guides provides professional development and support for nurses working in remote areas.

ABOVE: Community health worker Manju Kumari advises Chandrika Devi on how best to care for her 15-day-old infant. Using MOTECH, Manju shares health advice delivered over her mobile phone through videos, graphics, and voice messages. Manju is part of the Ananya program run by CARE in the Indian state of Bihar.

(Credit: Bill & Melinda Gates Foundation)

www.grameenfoundation.org

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TOOLS AND PROGRAMS FOR THE ANTI-POVERTY COMMUNITY Grameen Foundation has developed tools and incubated organizations that support the entire community of poverty-fighting organizations. Hundreds of groups used these open-source, low-cost tools in 2014-15 to improve decision-making, collaboration, and impact tracking; to make service delivery more affordable and efficient; and to access finance.

BANKERS WITHOUT BORDERS® (BWB)

PROGRESS OUT OF POVERTY INDEX® (PPI®)

Launched by Grameen Foundation in 2008, BwB is now the world’s largest reserve corps of professionals dedicated to social enterprise. Through collaborations with Fortune 500 companies such as JPMorgan Chase, Google and Wells Fargo, and through individual volunteer recruitment, BwB attracts a global talent pool of volunteers who provide consulting, coaching, and training services to over 210 social enterprises worldwide focused on poverty reduction. Since 2008, BwB volunteers have provided 279,000 hours worth $15.4M for 1,128 projects around the world.

Building on Grameen Bank’s “10 Indicators of Poverty” that brought rigor and mission accountability to measuring the poverty reduction outcomes of its microfinance work, we developed a generic tool now used in dozens of countries for poverty measurement. As of March 31, 2015, at least 350 organizations were using the PPI. Together these organizations serve 133 million beneficiaries.

GROWTH GUARANTEE PROGRAM Between 2005 and 2015, this loan guarantee facility launched by Grameen Foundation facilitated $235 million in commercial capital to poverty-focused microfinance institutions and enabled more than 1.2 million people to receive microloans.

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www.grameenfoundation.org

TAROWORKS

TM

Since 2013, 65 social enterprises and nonprofits across 30 countries have used TaroWorks software to support 171,400 poor micro-entrepreneurs and improve the lives of 3.3 million poor beneficiaries.

TaroWorks software enables organizations working in remote areas to collect data, monitor their impact and manage field operations in real-time using mobile devices. Grameen Foundation launched TaroWorks as an independent wholly owned LLC subsidiary in May 2015.

Grameen Foundation’s work is driven by our belief that everyone deserves a chance to achieve their full potential. Our core values—which champion innovation, embrace partnerships and respect local ownership and entrepreneurship—guide us. Working together with our partners, Grameen Foundation has already benefited some 25 million people, and our goal is benefit 25 million more by 2025.

BOARD OF GRAMEEN FOUNDATION 2016

GRAMEEN FOUNDATION EXECUTIVE LEADERSHIP 2016

Robert Eichfeld, Chair Peter F Cowhey, Vice Chair Ricki Tigert Helfer, Vice Chair Beverly Armstrong Peter Bladin Carlos Fonseca Vikram Gandhi Jim Greenberg Paul Hilal Steve Hollingworth Nelson Mattos Rosanna Ramos-Velita Elisabeth Rhyne David Russell Pradeep Singh Zubyr Soomro Eleanor Wagner Si White

Steve Hollingworth President and CEO

Emeritus Members Susan Davis Paul Maritz Muhammad Yunus

Founder Alex Counts

David Edelstein Deputy CEO Joshua Tripp Chief Operating Officer/ Chief Financial Officer Camilla Nestor Senior Vice President, Programs and Regions Steve Andersen Chief Technology Officer Patricia Devereux Vice President, External Affairs Julia Soyars General Counsel and Assistant Corporate Secretary Norm Tonina Special Advisor to the Business Management Team

BOARD EXECUTIVE COMMITTEE Bob Eichfeld, Chair Peter Cowhey, Vice-Chair Ricki Helfer, Vice-Chair Steve Hollingworth, President/CEO Eleanor Wagner, Treasurer Elisabeth Rhyne, Secretary Rosanna Ramos-Velita, Member www.grameenfoundation.org

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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION [ AS OF MARCH 31, 2015 ] SUPPORT AND REVENUE Contributions and grants

17,322,284

Program revenues

2,694,522

Government grants Interest and investment income

944,041

195,823

Loan interest

175,431

In-kind contributions

4,870,819

TOTAL SUPPORT & REVENUE

26,202,920

EXPENSES

TOTAL EXPENSES Programs

81%

Management and general

18%

Fundraising

1%

PROGRAM EXPENDITURE Information Access

43%

Financial Services

28%

Poverty Tools

16%

Regional Services

PROGRAM SERVICES

Public Education

9% 4%

Regional services

1,999,040

Financial services

5,782,775

Information access

8,936,564

Contributions & Grants

Poverty tools

3,385,736

In-kind

Public education

744,076

Program Revenues

10%

Total program services

20,848,191

Government Grants

4%

Investment Income

0.7%

Loan Interest

0.7%

SUPPORTING SERVICES

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HOW YOUR DOLLARS ARE SPENT

Management and general

4,558,283

Fundraising

263,166

Total supporting services

4,821,449

TOTAL EXPENSES

25,669,640

Changes in net assets before other items

533,280

www.grameenfoundation.org

TYPE OF FUNDING

66% 18.6%

SOURCES OF CONTRIBUTION Foundation

39%

Corporation

22%

Other Nonprofit

19%

Household

10%

Government/ Multilateral

9%

OF SUPPORTERS FAMILY OF SUPPORTERS LIST (JAN 1, 2014 – MARCH 31, 2015) You – our family of supporters – are responsible for the amazing accomplishments of Grameen Foundation.

We are immensely grateful for your support and partnership in our work.

LIFETIME $1,000,000+ American Red Cross Barclays Bank Bill & Melinda Gates Foundation Chiapas International Cisco Systems Foundation Cisco Systems, Inc. Citi Foundation Concern Worldwide Craig and Susan McCaw Foundation Dimagi DKT International John and Ann Doerr eBay Foundation Ford Foundation Fund for the Poor, Inc Johnson & Johnson JP Morgan Chase Foundation Marie Stopes International Paul and Yaffa Maritz Rick and Mahasti Mashhoon MasterCard Worldwide Janet McKinley & George Miller Michael and Susan Dell Foundation Omidyar Network Qualcomm Incorporated David and Susan Russell The MasterCard Foundation U.S. Agency for International Development Yeardley Smith Foundation $1,000,000+ Bill & Melinda Gates Foundation Dimagi DKT International

Johnson & Johnson JP Morgan Chase Foundation MasterCard Worldwide U.S. Agency for International Development $500,000 - $999,000 Concern Worldwide eBay Foundation Marie Stopes International MetLife Foundation Qualcomm Incorporated $100,000 - $499,999 Barclays Bank Capital Group Chiapas International Cisco Systems Foundation Cisco Systems, Inc. Citi Foundation Clifford Chance Foundation Ford Foundation GSM Association Janet McKinley & George Miller The Moody’s Foundation Overseas Resources Foundation David and Susan Russell $50,000 - $99,999 CGAP Vikram Gandhi* Government of Antioquia, Colombia Keith and Mary Kay McCaw Family Foundation Ricki and Michael Helfer Rock Paper Scissors Foundation

Salesforce Foundation The Rumsfeld Foundation Wilbur and Jane Quint Yeardley Smith Foundation $25,000 - $49,999 Chris Dooley Craigslist Foundation Deborah Fink and Wilmer Wilson Lauren Katzowitz Shenfield The Kaphan Foundation* Eugene and Carol Ludwig Donald Mankoff and Neelam Patel Nethope River Star Foundation Steve and Lexy Shroyer Pradeep and Rubie Singh Working Assets Opportunity Makers $10,000 - $24,999 Bladin and Lou Family Advised Fund Bochnowski Family Foundation Matthew and Karen Byron Charles and Roberta Katz Foundation Loreto Crisorio Stephen and Heather Davis Delta: A California Corporation Howard and Sara Ann Erichson Robert Friede Susan Karp and Paul Haahr Joseph Higdon and Ellen Sudow Henry Wendt Family Foundation* Holzer Family Foundation Hope for Poor Children

Foundation* Dorothy Largay The Linked Foundation* Kumar Mahadeva and Simi Ahuja Nelson Mattos Janet McKinley and George Miller* Stephen and Stephanie Mehlis Bette Moorman Mariana Moreau David Sivak Paul and Pamela Robb Rockefeller Foundation Roger and Susan Stone Family Foundation Schwab Fund for Charitable Giving Abby Sher* Carolyn Surgent and Jacques Friedman Suja Thomas and Scott Bahr Tomberg Family Philanthropies Eleanor Wagner $5,000 - $9,999 Cynthia Britt Mandell BT Rocca Jr. Foundation Carita Foundation Charles and Gail Muskavitch Foundation Robert Cloutier Peter Cowhey and Margaret McKeown David and Nathalie Cowan Dianne Smith Goggan Family Foundation Robert and Lore Eichfeld Fitch Ratings Robert Geary www.grameenfoundation.org

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Michael and Anne Germain Henrik Gwinner Jan Hatzius and Linda-Eling Lee Monwhea Jeng Keith Kiernan Foundation Bruce and Susanne Landau Elizabeth A. Latshaw Christian Louboutin Louis C. Skinner, Jr. Foundation Timothy and Stacy Lutz Motley Fool Kiran and Jigisha Patel Prudential Foundation Rosanna Ramos-Velita and Hans Levin Joel Rubinstein and Sylvia Sabel Julian and Ruth Schroeder Steve Serra Prasad and Shoma Setty Michael and Carolyn Smith Reginald Smith Patrick Sullivant The Leonora Foundation, Inc. Tom Tapp Gene Ulrich Marsha Whitmarsh Klein Si White and Cathy Pendo $1,000 - $4,999 Amanda Ackerman Shantanu Agrawal and Kavita Parikh Nina Ahluwalia and Scott Juntti The Alan L. Blum Family Fund John and Sharon Amdall Avie Consulting, Inc. Elizabeth Ayer Nelson and Judy Bard

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Jean Barolet David Barrad Henry and Debbie Baskin Linda Bellama Nathan Belofsky William Benac Andrea Benfer Keith Bernstein Helen Betts BFK Foundation, Inc. Rakesh Bhalla Jaime Bisceglia Bishop Family Zachary W. Bohler Jeffrey Bonvallat Bronwyn Bowen Charles and Joan Brown Willard Brown Sheila Burris Johan Buys Paul and Carol Caldron Mike and Laura Carns Joel Carp Alan and Janan Carter Marilyn Caufield Stephen and Lani Cavit Sharyn and Vincent Cerniglia Joanna Chapin Brian Chau Bernard George and Lea Ann Chen Susan and Ronald Choy Richard Clampitt and Rachel Hurst Jacqueline Clark Susanne and Benjamin Clark Dimitri and Myrto Cocconi Alex Counts and Emily Wainwright

Samuel Coxe Margaret Crandall Margaret Crone Dawn and Thomas Crotty C. Cryer Michael Curtin and Audrey Ichinose Tim J. Cutler Scott Daley Ann and Anthony Davies Susan Davis and Claudia Slacik Alice Davison Davis F. and Sara K. Weston Fund Elizabeth Denison Stephen Denninger Ben and Christine Diehl Firoz Dosani Gordon and Beverly Dukerschein Suvro Duta Roni Efron William and Roberta Erwert Robert and Viola Everett Jennifer Farrington Adam Fass Dan and Julie Feuerborn Robert Finger Carlos and Elena Fonseca Charles and Elizabeth Flood Joseph Foley Ned Freed Susan Freeman Michael Frerker and Allison Park James Fritz Tyler Fultz Linda Garberson Jeremy Geddert Bob Gerber

GRAMEEN FOUNDATION FY 2015 ANNUAL REPORT // List of Supporters

Joseph Giles Glein Family Foundation The Glenn Family Global Impact Richard and Christine Greek Mark Green Jim and Lisa Greenberg Sadja Greenwood John and Tiana Grgurina Guerrant Foundation Andrew and Teresa Gunther Giselle Hagenmayer Joe and Luisa Hamilton Maroof Haque Lois Harrington Winston Henderson Daniel Hepp Ronald and Glenda Herzog John Hirschi Steven S. Hoge IBM Employee Services Center ImpactAssets Inn Touch in Key West Institute of International Education Harold and Lyn Isbell Herbert Jalowsky and Joanne O’Brien Andrew Jelmert Joe Elman Memorial Fund Koshy John Andrew Johnsen Karen Johnson Rony Josaphat Nina Kang Mary Kantor Lynn Kaufelt Stanley and Maureen Kayes Max Keller

Michael Kemp John Kennedy Michael and Karen Kennedy Ben Kerman The Key Foundation Shen Khan Michael Kieschnick Megan Kiesel Namsik Kim Paul and Diane Kolak Thomas and Juna Krajewski Kuljian Trust Pranish and Maria Kumar Jean Lawrence and Peter Petri Lawrence E. Irell & Elaine Smith Irell Foundation John Lipsky Marilyn and Lawrence Levy Brian and Amy Maas Marvin and Jane Maas Karen Macko Lena Malik Bruce and Cindy Markey Maxine Marron LuAnn Marz Jon McAlister Erin McConahey McKinsey & Company, Inc. Micky McKinley Medtronic Thomas and Michelle Melsheimer Emalyn Mercer Jonathan Mooser and Sara Brannin-Mooser Harold and Karen Mortensen James Morton Andreas Muno Suresh and Meera Muppalla

Jim and Fran Naylor John Neeley Ursula Neuburger Brian and Robyn Nordstrom Lane The Oak Tree Philanthropic Foundation David and Gwenda Oeth Chikai Ohazama Theresa O’Leary Robert and Deborah Oliver Joshua Olken Cory and Diane Olson Damon and Kimberly Oshita Lee Owen Phil, Linda, and Zane Pace Union Palenshus Marcia Parry Vikas and Lois Passi The Patterson Foundation Nick Pavlina Matthew Pfile The Philip Devon Family Foundation, Inc. Philip J. and Carol J. Lyons J. Edson Pinto John Poole Janniah and Shanti Prasad Colm and Rena Prendergast James Protz The Rabahy Foundation Jay Rahman and Laura LaBerge Ann and Jerry Raisch Larry Reed Gerald and Hannah Rees John M. Renfro Frank Reuter RGF Family Fund Karen F. Rhodes

William and Pamela Rhodes Elisabeth Rhyne Richard and Lois Gunther Family Foundation Cornelia von Rittberg Virginia Rogers Monica Rohrer Joel Ross Birendro Roy Paul and Joyce Ryan Christian de Saint-Rome James and Betty Sams Rajwinder Sandhu Gary R. Schindler David and Judy Schubert Brian Schwartz Christine Ann Scovill Chandra Sekhar David Shen William Shields Candace and Clinton Shock Kenneth and Siew-Bee Hartman D. Wayne Silby Jason Simmons Aman Singh Snyder White Oaks of Delaware Foundation Mark Sommerfeld and Elaine Hove Donald and Ui Soon Natenstedt Elizabeth Sparks John Stadler and Emily Kingsley Jim Stewart Ronald and Elizabeth Sugameli Jill Sumiyasu David Garcia and Maya Suryaraman Nicholas Tarant Kevin and Janet Terry

Charles Tomberg Norman and Carin Tonina Trees for the Future Joshua and Amity Tripp Diane Trombetta Jim Troyer William Truettner TTF Foundation Kenneth and Martha Tucker Dean Ujihara USAID Carana Layne Van Brunt Eve Van Rennes David Vanlandingham Libby Vaughn Ben and Preeti Verghese Ben Vigiletta Tim and Mary Jo Wainwright Margaret Wales Richard and Susan Wallace Jeanine Walters Robert Ward and Allison Sokoll Andrew Warden Melanie Wark William and Katharine Weber Kate Wedemeyer Clive Wilkinson John and Marjan Wilkes Boyd Wilson David and Martha Wilson Fred and Stephanie Wilson Steven Wilson and Nomi Silverman Fred and Susan Wintermantel James and Kathryn Wire Daniel Witriol The Witten/Nappi Charitable Fund Ralph Wittman

Lawrence and Michelle Wobker Jan Wolitzky Waikuen Yee and Anil Thomas Nathan and Susan Yost Oliver and Sarah Yost Christopher Zacco Alexander Zaharoff Emily Zall Marc Zeitlin

*Donor-guarantors in Grameen Foundation’s Growth Guarantee program, which facilitated loans to microfinance institutions.

GRAMEEN FOUNDATION FY 2015 ANNUAL REPORT // List of Supporters

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BANKERS WITHOUT BORDERS® VOLUNTEERS Grameen Foundation is pleased to recognize volunteers who contributed their time and talent between April 1, 2014 and March 31, 2015.

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Farooq Abbasi Douglas Aberdeen Jude Addo Parul Agarwal Raphael Aidane Gift Akinyi Kevy Alcindor Maher Aldogail Benjamin Alexandro Amir Ali Janice Allende Saoud Almosaibeeh Linda Alpert Claudia Maria Alvarez Theresa Alvarez Sara Amara Yi (Daisy) An Sarah Anderson Chad Anderson Marjorie Anderson Fabio Arditi Manhar Arora Frances Atkins Brooke Bailey Mohil Bajaj Jessica Baker Nora Bali Harshitha Balini Cristina Banahan Andrew Banda Ruben Barreto Ruchi Behl Cecelia Beirne Christian Belisario Alexander Benthien Jorge Bermudez Jonathan Berthet Borja Berzosa Christina Beveridge Deval Bhalja

Ajay Bhandoola Gaurav Bhogale Sharif Bhuiyan Dan Bi Molly Bierman Maximilian Biswanger Jamie Blume Camila Borda Zerina Borhan Samir Boukerrou Bryce Bowman Claudia Brauer Doris Braun Lisa Brignoni Nicole Briley Marie-Noelle Brisson Lynne Brooks Samantha Broxton Stefan Brun Lauren Burns Carolyn Byczek Elizabeth Cabot Liang Cai Daniel Cano Brendan Canty Tatiana Capitanio Sheree Carara Lara Cassell Cristina CastroMatukewicz Rishwie Cauvery Javier Cervantes Victor Chan Mohit Chandiramani Dipika Chawla Si Chen Julia Chin Henry Choi Solon Christensen Anna Cianciara

Lizzy Margarett Clemente Neil Clift Pauline Coherco Ngwa Collins Ngwa Bernardino Colonna Sarah Conroy Neil Costello Enrique Costoya Naomi Crowther Solomon CudjoeSeshie Xiaolu Cui Holly Cuozzo Michael D’Agostino Yuanyuan Dai Marina Dailly Nupur Dave Kenton Davis Johann De Sousa Alethea De Venecia Felipe Delgado Michelle Delgado Tony Deng Drey Dias Gregory Dickens Sara Dickhaus Victoria Dixon Patrizia Dodaro Fernando Dominguez Pinuaga Nicholas Donahue Mallory Downing Alifya Duggal Claudia DuranChabot Ellen Eby Mark Echezarreta Bob Eidson Octave Ellis Rowan Emslie

GRAMEEN FOUNDATION FY 2015 ANNUAL REPORT // Bankers without Borders® Volunteers

Caryn Englander Sahra English Gustaf Ericson Maria Escubos Brandy Espinola Kevin Estibeiro Steven Barton Etchen Kolade Falua Frank Falzon James Farquharson David Fay Stephanie Felix Mariana Felix Saulo Ferreira Manuel Ferreira Gomes Paul Fiddick Lisya Fins Julia Flaig Andrew Forrester Noah Francis George Francis Eric French Carolanne Fried Daniel Fullem Zach Garman David Geist Alan Gertner Elon Gilbert Steven Gilbert Samuel Gilbert Angela Gill Kiragu Githinji Michael Glaros Dan Goldberg Elena Goldoni Michael Golsworthy Adam Gorniak Henry Gridley Karol Griffiths

Ethan Grundleger Yannick Guégan Pavani Gulati Vinay Gupta Rohan Gupta Kshitij Gupta Nady Gustave Marcela Gutierrez Tomas Hamudis Tia Harestad Christopher Harrall Erin Hattersley Sehar Hayat Randy B. Hecht Steve Helvie Nick Henninger Eduardo Hermesmeyer Michael Hilbert Pilar Hilst Jackie Ho Adib Hobeica Grace Hollis Jonathan Holloway Jennifer Holmes Ghislain Hologan Ellie Hong Sai Honig Lindsey Howard Amy Hubble Alexandra Humphry Eileen Hur Byoung Hwang Wendy Irwin Irina Ivan Ankita Jain Tadia James Brianna January Kathie Jaycox Carol Jiang Mike Jinn

Vishal Joshi Julie Josquin Neha Julka Laura K Limin Kan Joohi Kasliwal Leandro Kaspary Kim Kastorff Michelle Katics Jonathan Kay Doña Keating Christal Kelso Kahlil Kettering Eden Kfir Abdul Rahman Khan Joanna Kim Alex Kimani Elizabeth Kingdom Uta Knablein Aaron Konen Rafal Kosno Kevin Kovacs Daniel Kreps Nathan Kuchta Emmanuel Kum Joe Kurian Pin Kwok Ritica Lacoul Sid Lahiri Karima Lahrach Ricky Lai Carson Lappetito Daniel Laroue Rebecca Lassman Jean Lau Freddy Lee Elizabeth Lee Stephen Lee Freddy Lee Sharon Li

Tilly Li Tianbai Li Kamay Li Genevieve Liang Sean Linder Calvin Liou Yiting Liu Lance Lively Christopher Lo Iliana Lopez Castro Robert Lovely Jillian Luchner Florence Lui Hunter Lyall Patin Ma Alex MacDonald Vitale David MacDougall Steven Magerl Raymond Magpantay Bridget Maley Shaily Malik Carolina Manfroni Chipo Marangwanda Peter Marchant Clayton Martin Sydney Martinez Diana MateiGolopenta Yoaith Mathur Vandana Matravadia Elizabeth Maygby Lyndee McCallum Amanda McCullough Olivia McDonnell Luke McMurray Frank McNerney Aida Mehonic Indira Meka Olga Melnikova

Victoria Mendez Juliana Menegatti Lara Mengarelli Jayakrishnan Govinda Menon Sarah Mikhail Alexandra Milson Joseph Milstein Katie Mitchell Anurag Mittal Hajime Miyauchi Lynnet Mlambo Rianka Mohan Bijeta Mohanty Thalita Monacelli Nuala Moreau David Moreno Brian Moretta Fabio Mori David E.T. Morris Angeley Mullins Terry Musalia Bruce Myers Harkishin Nachnani Neeraja Natarajan Brooke Navarro Pierre Nekamdje Luisa Nenci Mimi Ng Ronald Ngeno Brianna Ngo Albert Nguyen Wen Nian Sean Nossel Ben Nottingham Christopher Nutt Fredrick Nyasaka Stuart O’Dea Kathleen Odell Frank Odendall

Brian Oduor Ann Oliphant Jose M Olmos Dafe Oputu Geoff Orazem Stacey Orndoff Antonio Ortega Joseph Ernest Orzano Bethany Otto Bobby Ou Vladimir Palacio Dipak Panda Emilio Pang Bruno Paschkes Darshan Patel Malini Patel Hemanshu Patel Riddhi Patel Robert Pauley Marc Pecquet Nora Perlman Alexandria Petropoulos Anthony Phalen Alex Pham Julia Podevin Josh Posthuma Solomon Potakey Anusha Prasher Sajid Premji Mitch Price Georgia Psyllidou Jonathan Adjin Quaye Max Queiroz Carlos Andres Quintero Botero Ana Quiroz Huma Khalid Qureshi Andrea Ramirez

Neil Randall Lakeisha Reese Hanna Reeves Julio Reynaga Galeas Annie Robinson Marine Rodrigues Henriques Alberto Rodríguez Ana María Rodríguez Pulecio Lucas Rogers Robert Rout Soumik Samir Roy Neal Rudowitz Jason Ruiz Samy Sadat Shahyar Safaee Miguel Sánchez de Pedro Navjeet Sandhu Victoria Santamarina Sarah Sanya Yashashree Sardar Michael Sautner Mark Schaffer Clement Schappler Rebecca Scherpelz Eric Schmautz Elizabeth Schorman Frederik Schulz Michelle Segata Uma Sekar Sukanya Sen Ritin Shah Davis Shah Falgu Shah Khushbu Shah Yunyi Shao Dipa Sharif Manu Sharma Abhishek Sharma

Anindita Sharma Smitha Sharma Christina Sheppard Ruifan Shi Stephen Shin Anjila Shrestha Samik N. Sil Ana Silva Aparna Singh Monika Skorupskaite Keng Soo Amrita Srikanth Sonia Srikuruwal Todd Steeves David Stewart Deb Stewart Christopher Suen Bilal Sulehri Jeff Sullivan Katherine Tan Dawson Tang Minahil Tariq Chris Taylor Kristine Teano Sara Telzer Azan Tengku Veena Thangavelu Zach Thomas Steve Thomson Christophe Timmermans Susan Tirop Debbie Tran Nikki Turner Logan Ury Izaskun Valdazo Veena Valluri Tony Vangi Amit Varma Yanum

Venkatrathnam Katherine Suzette Vizcaino Pinzon Andrew Volkman Benedek Voros Jessica Wade AndrewWallace David Washer Julian Wassenaar Chris Weems Lisa Wei Kimberly Weinrick Shawn Weishar Peter Welch Zachary Wenner Nathan Were Kira Westbrook Alessandra Williams Benna Wise-Levine Andrew Witkowski Gabi Wolozin Linda Wong Erica Wong Karine Wong Ah See Cherise Woo Neil Wood Liang Jian Wu Maggie Xiaomin Wu An Li Xu Paul Yaginuma Kelly Yan Francis Yatzun Wilfred Yeung David York Kenny Yung Jose Ignacio Zabaleta Pilar Zapiola Cindy Zhang Mateusz Zieba Samantha Zorn

GRAMEEN FOUNDATION FY 2015 ANNUAL REPORT // Bankers without Borders® Volunteers

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TAKE ACTION Everyone can play a part in ending poverty for women and families around the world.

You make it possible to equip Community Health Workers like Stella with life-saving information, and for rural women like Aminah to save for their children’s school fees. Here are some ways in which you can be involved: LIKE US ON FACEBOOK

StopPovertyNow FOLLOW US ON TWITTER

@GrameenFdn FIND AND FOLLOW US

on LinkedIn SUBSCRIBE TO OUR CHANNEL ON

YouTube.com/Grameen FOLLOW US ON GOOGLE+

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, visit grameenfoundation.org/give.

Your gifts are fully tax-deductible to the extent allowed by law.

GIVING AT WORK Many companies generously support their employees’ philanthropic causes. Learn how you can designate Grameen Foundation in your workplace matching gifts program at

grameenfoundation.org/matching

GRAMEEN FOUNDATION LEGACY SOCIETY Make a planned gift by designating Grameen Foundation as a beneficiary in your will, retirement plan or life insurance policy.

You’ll help poor families build new futures, while simultaneously reducing your estate and income taxes. For more information, visit grameenfoundation.org/

plannedgiving

VOLUNTEER

READ OUR BLOG AT

Join our Bankers without Borders volunteer corps and use your professional skills (regardless of your field of expertise) on projects to help the world’s poorest – either on location or from your desk. Learn more at

grameenfoundation.org/blog

www.bankerswithoutborders.com

SUBSCRIBE TO OUR ENEWSLETTER AT

grameenfoundation.org

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GIVE TODAY

www.grameenfoundation.org

GRAMEEN FOUNDATION 1101 15th St. NW, 3rd Floor Washington, DC 20005 Phone: +1 202-628-3560 Fax: +1 202-628-2341

www.grameenfoundation.org WORLDWIDE OFFICES Find contact information for Grameen Foundation offices in Colombia, Ghana, India, Kenya, the Philippines, Uganda, and the United States online at

www.grameenfoundation.org

RIGHT: ASHI, a microfinance institution in the Philippines, has helped three generations of this family thrive through microloans and savings groups.

(Credit: Grameen Foundation) FRONT COVER: A Community Knowledge Worker greets a client in Uganda.

(Credit: Grameen Foundation) BACK COVER: Photo by Neil Palmer/CIAT Printed in U.S.A. Design by www.chavezdesignstudio.com

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www.grameenfoundation.org

OTHER GRAMEEN FOUNDATION ORGANIZATIONS Grameen Foundation India (Wholly-owned subsidiary) C 201, Nirvana Courtyard, Nirvana Country, Sector 50, Gurgaon 122002. INDIA Phone: +91 124 4100703 Email: info@grameenfoundation.in Grameen Capital India, Ltd. (Joint venture) No. 402, 36 Turner Road Opposite Tavaa Restaurant Bandra (West), Mumbai - 400 050 Phone: +91 22 6675 2992 Email: info@grameencapital.in 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 Email: info@grameen-jameel.com

Grameen Foundation 1101 15th St. NW, 3rd Floor Washington, DC 20005 Phone: +1 202-628-3560 Fax: +1 202-628-2341 www.grameenfoundation.org