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2010 – 2011 Annual Report

creating solutions for the poorest

creating solutions for the poorest

Grameen Foundation helps the world’s poorest, especially women, improve their lives and escape poverty by providing them with access to small loans and other financial services, life-changing information and income-generating opportunities. Through two of the most effective tools known – microfinance and mobile phone-based technology – we work to make a real difference in the lives of those who have been left behind. We were established in 1997 with a bold charge from microfinance pioneer Professor Muhammad Yunus, founder of Grameen Bank and winner of the 2006 Nobel Peace Prize, to spread the principles of microfinance beyond the borders of his native Bangladesh. Today, Professor Yunus, a founding member of Grameen Foundation’s Board of Directors, serves as member emeritus. Our high standards and efficiency have earned us Charity Navigator’s highest rating for two years in a row (which fewer than 20 percent of nonprofits achieve), as well as certification by the Better Business Bureau’s Wise Giving Alliance.

Grameen Foundation 2010 – 2011 Annual Report

Table of Contents

3 Letter from the President and Chairman of the Board

4 Reaching the Poorest 6 Power of the Mobile Phone 8 Microfinance – A New Way Forward 10 Letter from the CFO/Financials 12 Family of Supporters 16 Board of Directors 18 Staff 19 Bankers without Borders® Volunteers 20 How You Can Help Stop Poverty

Creating Solutions for the Poorest |


In the last fiscal year, Grameen Foundation:


Helped more than poor people access information on health, agriculture and business opportunities via mobile phones

$3.02 million

Provided in direct funding and facilitated $17.2 million in local currency financing for microfinance institutions and povertyfocused organizations Managed a total portfolio of

$6.3 million

in direct funding and $10 million in guarantees to 30 institutions worldwide

$1.7 million

Provided worth of services to microfinance and technology-for-development organizations through Bankers without Borders速 skilled volunteers

Letter from the President and Chairman of the Board

These are heady days for the microfinance and technology-for-development fields. We have seen tremendous growth, with microfinance now reaching 190 million people, more than ever before – but not without challenges. There are also exciting new opportunities to use mobile phones to reach further and deeper into poor communities, creating avenues for more meaningful change. With these developments come an even greater need for organizations to better demonstrate how they are reaching the poor, and the extent to which that work is transforming their lives. Transparency and accountability are cornerstones of Grameen Foundation’s work and are integral to our core values. As we write this, our social performance tool, the Progress out of Poverty Index® (PPI®), is available in 40 countries, enabling more than 110 microfinance and other poverty-focused organizations to track and manage their social bottom line in countries where two-thirds of the world’s poor live. We will soon be making an Internet-enabled PPI available “in the cloud,” which will make it more accessible to more organizations, particularly those with less developed IT systems. Through our Bankers without Borders® volunteer initiative, we have also begun certifying organizations that are using the tool correctly to meet and report on their social goals. We are also helping to expand the promise of mobile phones beyond voice- or textbased communication into hard-won gains and replicable models that can improve poor people’s lives. Our methodology, based on front-line experience over the past decade, involves including the poor themselves in creating human networks that solve the problem of the “last mile” – how does one effectively serve the poor in hard-toreach areas? – and in testing and refining our solutions to ensure that we are creating mobile applications that truly meet their needs. Not only are we addressing the problem of “information poverty” by providing the poor with real-time access to information about their health, crops and business, but we’re using the mobile phone as a means of providing unique income-generating opportunities. This annual report details some of these activities – more information can be found on our website. Without your generosity, we could not have made these important gains. For that, we cannot thank you enough. Without your support, we would miss out on so many opportunities to help the world’s poorest people. With your support, we will continue to find new and innovative ways to empower the poor and help poverty-focused organizations serve them even better.

Alex Counts President and CEO

Creating Solutions for the Poorest |

Paul Maritz Chairman


India, Ethiopia, Philippines

Reaching the Poorest Living on $1.25 per day is difficult, of course – and a lot more complicated than you might expect. First of all, if you’re like the more than 1 billion people in the world who live on such a small amount, you don’t actually get $1.25 each day. On the good days, you might earn double that amount. On the lean days, you might get nothing. Regardless of that uncertainty, poor people are challenged daily to feed their families, send their children to school and keep a roof over their heads. Grameen Foundation focuses on matching those creative survival skills with practical solutions that can provide sustainable economic opportunities for the very poorest people. In Bihar, one of India’s poorest states, Sunita is her family’s sole breadwinner, earning 21,600 rupees per year as a laborer (a total of about $475 per year for her family of three, or less than 45 cents per day per person). The 38-year old widow and mother of two is landless, with no livestock or other assets, and no basic skills that would enable her to immediately take advantage of a microloan. That said, Sunita is blessed with good health, an inventive mind and a willingness to work hard to take care of her family. She is part of a pilot program known as “Livelihood Pathways for the Poorest,” which promotes microfinance and income-generating activities designed to help the poorest people earn a living. Funded by The Rockefeller Foundation and conducted in cooperation with The Livelihood School, a part of the BASIX group of companies, the program assesses how people currently earn their living, identifies new opportunities to generate income and provides the necessary training to do so. With these new skills and an expanded outlook, Sunita can build a new life for her family. 4

Creating Solutions for the Poorest |

FY11 at a Glance

• More than 95 organizations worldwide are using the PPI to track how well they are serving their clients. • Our microsavings initiative helped create 211,000 new savers in the Philippines and Ethiopia. • More than 150 poor households in Bihar, India, have registered for our livelihoods pilot.

One of the biggest challenges facing organizations that are committed to serving the poor involves identifying the very poorest people and providing them with the appropriate support and services. With all the uncertainty in household income facing the poorest, how can you tell if someone is actually living on $1.25 per day? And, once you find them, how do you create products and services that are suitable for them?

Identifying the Poorest

The Progress out of Poverty Index® (PPI®) – a povertyassessment tool inspired by Grameen Bank’s efforts in Bangladesh, and commissioned by Grameen Foundation, in collaboration with the Ford Foundation and the World Bank’s Consultative Group to Assist the Poor (CGAP) – is rapidly becoming the industry standard. Organizations use the PPI’s country-specific, 10-question survey to assess their clients’ level of poverty and track changes over time. It asks, among other things, how many children between 6 and 14 attend school and what materials their houses and roofs are made of. In much of our own work, the PPI measures how well we are reaching and serving the poor. It is particularly critical for our programs that serve the very poorest people, who often face unique challenges and need targeted, supplemental services in the short term to help them successfully navigate new ventures over the long term. Many microfinance institutions (MFIs) do not have the resources or expertise to provide this level of support. Through our work, we are creating models that will help MFIs and other povertyfocused organizations around the world provide services that are tailored to the poorest.

Creating Solutions for the Poorest |

Serving the Poorest

Our key programs targeting the poorest people are geared towards creating ways for them to generate a steady income and save their money safely. Though there is growing recognition that even the poorest want to – and do – save, there still is much to be done to ensure that financial institutions are actually reaching them and providing appropriate products. Through our Microsavings Initiative, a three-year project funded by the Bill & Melinda Gates Foundation, we are working with three MFIs – Amhara Credit Savings Institution (ACSI) in Ethiopia, CASHPOR in India and CARD Bank in the Philippines – to test and refine models that can be used by other institutions to provide formal savings options for people living at the very bottom of the poverty scale. For example, in the last fiscal year we worked with CARD to introduce savings officers (as opposed to loan officers) who travel to clients to collect deposits rather than having clients travel long distances to the branch office. If they have access to a mobile phone, clients can receive text messages confirming their account balance, and they can withdraw money at a growing number of ATM machines across their communities. Over the coming months, we will also be expanding our initiative that focuses on creating incomegenerating opportunities. This will include conducting training sessions to teach the participants various skills, such as raising and caring for goats. In the next phase, we will provide “starter business” loans and assign the participants to field officers who will serve as mentors.


Uganda, Ghana, India, Indonesia Living high up on the slopes of Uganda’s Mount Elgon and more than 29 miles away from the nearest town, Saulo Mwanga had few options when his goat developed boils all over its body. Losing the animal would have been catastrophic, for, as Saulo said, “when you lose one goat, you have lost about 100,000 shillings,” or $50 – a huge amount for someone whose average daily income hovers around $1.25 per day. His lifeline was Alfred Chepsikor, the Grameen Foundation Community Knowledge Worker (CKW) in his area, who had already been giving him regular weather forecasts. After Saulo reached out to him, Alfred used his smartphone to find information about the disease – and a drug that could treat it. Although neither of them had heard about the drug before, Saulo set out to find it, eventually crossing the border into Kenya to purchase it. When asked what he might have done without the resources of the CKW, Saulo said he would have simply tried to guess at a solution: “If you are lucky, it works. Otherwise, you just lose it.” More than 2,200 miles away, across the African continent in northern Ghana, Cecelia Ayebe was welcoming the birth of her second child. This pregnancy was different. Cecilia had joined our Mobile Midwife program, which provides weekly text and voice messages via mobile phones to expectant and new mothers. The information made her better prepared and more proactive in managing her pregnancy – which proved to be critical when she began experiencing strange pains. Ordinarily, she would have ignored the pain or just tried to bear it, as this was the custom in her local culture. Instead, following the advice she received from the Mobile Midwife messages, she immediately visited the nearest health facilities and learned that her baby was badly positioned. Her quick action likely saved her baby and led to a happy outcome.

power of the mobile phone 6

Creating Solutions for the Poorest |

• More than 280 Community Knowledge Workers are now serving more than 16,500 households in 2,366 villages across Uganda. FY11 at a Glance • MOTECH is helping almost 6,300 pregnant women and their families in Ghana’s Upper East region. • More than 7,900 microentrepreneurs are serving more than 700,000 customers in Indonesia. There are now more than 4 billion mobile phone subscribers in the developing world, many of whom share their phones with others – and their ranks are swelling rapidly. But for many living in remote or underserved communities, having access to a mobile phone is just one step in addressing their “information poverty.” Language, literacy and other barriers sometimes prevent poor people from easily accessing and using the information that could make their lives easier. Recognizing this gap, Grameen Foundation has worked with local and international partners to develop a solution: creating human networks that involve the local poor in solving local problems, thus overcoming the “last mile” challenge that has dogged povertyfocused organizations trying to help the rural poor. Through these networks, we are providing communities with vital information on agriculture, health and finances, and new opportunities to earn a living.

In Ghana and India, we are helping to build critical links between patients and caregivers. Our Mobile Technology for Community Health (MOTECH) initiative, also funded by the Bill & Melinda Gates Foundation, is putting up-to-date medical information right at the fingertips of pregnant women and new mothers in rural Ghana and is also helping to connect them to the healthcare staff who can provide hands-on care and advice. Similarly, our pilot initiative in India, which is funded by Johnson & Johnson, will improve care for HIV/AIDS patients. Patients receive tips and reminders about taking their medications and clinic appointments, while nurses use the web-based interface to record and track individual patient care. Nurses also receive alerts about patients who are not maintaining their schedules. The pilots will be conducted in six cities in southern India, including Mumbai and Hyderabad.

Closing the Last Mile

In Indonesia, our microfranchise initiative is providing a predictable and reliable stream of income for poor families. The microfranchisees – 85 percent of whom are women – sell airtime minutes in their communities and will soon be able to provide local job information and conduct paid surveys for non-profit and for-profit companies, among other services. To support this growing microfranchise network, we collaborated with Qualcomm’s Wireless Reach™ to incubate and grow PT Ruma, a social enterprise that recruits and trains the microfranchisees and manages the business services they offer. A study conducted by our Bankers without Borders® volunteers from J.P. Morgan found that 47 percent of the entrepreneurs who stayed in the program for more than two months doubled their income by their fourth month. At the end of FY11, we completed development and testing of three new mobile services that will be released on up to 2 million low-cost mobile phones by Bakrie Telecom, our local Indonesian telecom partner.

Our Community Knowledge Worker initiative in Uganda, funded by the Bill & Melinda Gates Foundation, provides a locally-based, two-way communication channel between poor farmers and the governmental agencies and non-governmental organizations trying to help them. Farmers – almost half of whom live on less than $1.25/ day – receive relevant, timely information about weather forecasts, crop and animal diseases, and market prices for their produce. Community Knowledge Workers also survey farmers to get information that helps NGOs and agencies improve their services, and gain real-time knowledge about regional disease outbreaks and other challenges. In FY11, our Community Knowledge Workers began serving farmers participating in the World Food Program’s “Purchase for Progress” initiative, and Grameen Foundation is forging additional partnerships with government ministries and NGOs.

Creating Solutions for the Poorest |

Creating Businesses


India, Kenya, Latin America and The Caribbean

Microfinance – A New Way Forward Despite being under an intense spotlight over the past year, microfinance remains one of the most effective, scaleable weapons in the overall battle against poverty. This was underscored by the findings of an independent, peer-reviewed study that Grameen Foundation recently commissioned. Written by Kathleen Odell, assistant professor of economics at Dominican University’s Brennan School of Business, Measuring the Impact of Microfinance: Taking Another Look examined the latest academic research, including recent random-controlledtrial studies that have sparked spirited debate. The study found that microbusinesses have seen increases in investment, profits and business ownership as a result of access to microfinance, which of course includes a wide range of financial services for the poor beyond microcredit (Grameen Foundation believes that there especially is great promise in the field of microsavings as a means to help the poor). Measuring the Impact of Microfinance is available for download at This focus on best practices is at the heart of Grameen Foundation’s commitment to ensuring that microfinance remains true to its roots, by working to move clients out of poverty. Following the unrest in the Indian state of Andhra Pradesh, where allegations of overly aggressive lending and collection practices prompted the state government to implement draconian regulations, we called for the microfinance sector to be guided by four key principles: ensuring client protection; improving accountability and transparency; enabling financing for microfinance institutions that are truly socially-focused; and championing appropriate regulatory controls. We also began working with other sector leaders on efforts to create “rules of the road” for microfinance going forward.


Creating Solutions for the Poorest |

• Made available $8 million in guarantees to back loans from Indian banks to socially-focused Indian microfinance institutions, in collaboration with Grameen-Jameel Microfinance Limited and Grameen Capital India. FY11 at a Glance • Completed human capital assessments at eight microfinance institutions and created a blueprint template for third-party partners to provide this service in the field.. More than 190 million families benefit from microfinance services. Our goal is to help the sector serve them more effectively and efficiently. Some of our key products and services enable microfinance institutions (MFIs) to tackle the challenges of reaching the most vulnerable clients, especially in remote, underserved regions.

Supporting the Sector

In response to the political turmoil in the Indian state of Andhra Pradesh that resulted in overly restrictive rules and a lack of funding, in FY11 we provided financial support to socially-focused MFIs across India, helping them keep their doors open and provide the loans that their clients rely on to fund their small businesses. Beyond India, we also provided and facilitated funding that enabled MFIs to provide loans to new clients. In FY11, we facilitated more than $17.2 million in funding to 4 MFIs through our signature Growth Guarantees program, which provides loan guarantees to enable MFIs to borrow in local currency from local financial institutions. Through our Pioneer Fund, which invests in harder-to-reach or underserved areas, we provided more than $3.02 million in local currency loans and investments. We also continued to expand our Human Resourcesrelated services. When done right, microfinance is built

on trusted relationships between clients and MFI staff. This is an MFI’s most valued asset. Accordingly, we worked with MFIs to enhance their efforts to recruit, train, retain and manage staff who have the expertise and passion for serving the poor.

Putting Clients at the Center

To address the challenges facing those living in remote and rural areas, we also began working with an MFI in Kenya, KEEF, to test how mobile phones could be used to make payments, receive loans and conduct other financial transactions. We supported this work with Mifos, the open-source management information system that we developed to help MFIs better manage their operations. At the end of FY11, we began plans to turn the management of Mifos over to the strong opensource community that helped to create and build it over the last five years. In FY11, we also expanded a targeted approach for meeting the specific needs of each region. For example, we recently reshaped our strategy in Latin America and the Caribbean, where only 5 percent of microfinance clients are subsistence farmers, despite the fact that three-quarters of the region’s poor live in rural areas and depend on agriculture for their livelihood. In response, we are forming alliances with agricultural cooperatives that will enable us to provide vital resources to poor, smallholder and landless farmers.

Muhammad Yunus Leaves a Proud Legacy at Grameen Bank Just after the close of FY11, microfinance pioneer and Nobel Peace Prize winner Professor Muhammad Yunus announced he was stepping down from the helm of Grameen Bank, which he founded more than 30 years ago. He took this difficult decision to protect the bank and its 8.3 million borrower-owners – 97 percent of whom are women – after enduring months of dogged and unfair attacks from the Bangladeshi government. He remains microfinance’s strongest advocate, a passionate supporter of social business and a member emeritus of Grameen Foundation’s board. We will continue to work with Prof. Yunus to promote opportunities that benefit poor people and give them the tools they need to better their own lives.

Creating Solutions for the Poorest |


Letter from the CFO

The 12 months that ended March 31, 2011 (FY11) represented a year of implementation and execution for Grameen Foundation USA. Due to several large, multi-year donations received in FY10, we were able to increase our spending on program activities by more than a third in FY11, despite a decrease in our total revenue. Spending on program activities rose to $20 million, our highest level ever, and we provided another $9.2 million in financing to microfinance institutions around the globe (which was leveraged into another $20.5 million in local-currency financing). In FY11, 81 cents of every dollar of revenue were spent on program services, (not counting an additional $3.1 million of in-kind support received by Grameen Foundation). This positive indicator of efficiency actually understates the full scope of our operating activities, which also include balance sheet financing and local currency financing leveraged by our Growth Guarantees efforts. When these programs are included, 92 cents of every dollar of revenue were spent supporting program activities. Grameen Foundation ended the year on solid financial footing, with total cash and investments of $19.0 million and total net assets of $27.3 million. The accounting firm of Gelman, Rosenberg & Freedman has audited the financial records and statements of Grameen Foundation USA for the year end March 31, 2011, and has issued an unqualified opinion. Complete audited financial statements are available at

Joshua Tripp Chief Financial Officer

How your dollars are spent M&G


Fundraising 1%




Where our money comes from Investment income 2% Program revenues


In-kind 15%

Sources of Contribution

Corporation 24%



Contributions and grants 75%

Foundation 50%

Creating Solutions for the Poorest |


support and revenue

Current Assets Cash and cash equivalents

Contributions and grants 14,941,997

Program revenues

15,706,461 1,409,264



Interest and investment income


Loans receivable, net of allowance


Loan interest


Grants and contributions receivable


Other receivables and advances Prepaid expenses Total Current Assets


In-kind contributions Total Support and Reveune

3,077,740 $20,924,160

239,191 $24,240,040

expenses program services

property and equipment Net property and equipment


other assets Loans receivable, net of current portion and allowance


Program related investments


Deposits Total Other Assets Total Assets

172,950 5,270,955 $29,714,993

Regional Programs






Public Education


Total Program Services


supporting services Mangement and general Fundraising Total Supporting Services Total Expenses Changes in net assets before other items

4,515,842 268,413 $4,784,255 $24,778,499 (3,854,339)

Liabilities and net assets Current Liabilities Notes payable, current portion Accounts payable and accrued expenses Total Current Liabilities

48,000 1,980,240

Other items


Allowances for uncollectible loans receivable and foreign exchange risk Present value discount of loans receivable

noncurrent Liabilities Deferred rent liability Total Liabilities

383,534 $ 2,411,774

Net Assets Unrestricted

Refund of unspent grant funds

(610,991) 9,643 (40,000)

Changes in net assets


Net assets at beginning of year


Net Assets at End of Year



Temporarily restricted (Note 7)


Total Net Assets


Total Liabilities and Net Assets


Creating Solutions for the Poorest |


Family of Supporters Grameen Foundation is proud and honored to recognize donations received between the period of April 1, 2010 and March 31, 2011.

Lifetime $1,000,000+


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

John Chapple and Vivian Dixon Robert Friede Fund for the Poor Anne and Terence Guerrant Sandra Leiblum Shel Kaphan and Ericka Lock Rick and Mahasti Mashhoon MoneyGram David and Susan Russell



Bill & Melinda Gates Foundation Paul and Yaffa Maritz

$999,999-$500,000 Citi Foundation Michael and Susan Dell Foundation JP Morgan Chase Foundation The MasterCard Foundation Qualcomm Incorporated Yeardley Smith of The Yeardley Smith Foundation

$499,999-$100,000 Cisco Foundation Ford Foundation French Agency for Development H&M Craig and Susan McCaw Foundation The McGraw-Hill Companies Janet McKinley and George Miller Ellen McNally and Andrew Pleatman Pandju Merali John Stevens


Bonnie Rouse The Rumsfeld Foundation Foundation Lexy Shroyer Charles Spear Charitable Trust Joseph Higdon and Ellen Sudow The Tomberg Family Philanthropies John C. Whitehead WOLF @ Best Buy


$49,999-$25,000 Annie Chen Deutsche Bank FinanceAsia Susan Freeman Vikram and Meera Gandhi Christian Louboutin MasterCard Worldwide Karl T. Muth Nike Foundation Rock Paper Scissors Foundation

Asteria Holdings Limited Dana Auslander Eric Bam Brian and Amy Barker Bochnowski Family Foundation Christopher and Nina Buchbinder Michael Chastain Robert Short and Emer Dooley Doppelt Family Foundation Holzer Family Foundation Horne Family Charitable Foundation, Inc. iShares Charitable Giving Program Kaufman Family Foundation Kaufmann Foundation Diana Gondon Roberta and Charles Katz Laurie Kruppa Raja Malkani Stephen and Stephanie Mehlis Jane Mundy Open Society Institute Donald Mankoff and Neelam Patel Pfizer Paul and Pamela Robb Steven C. Rockefeller Jr. and Kimberly Rockerfeller

Matthew Balitsaris Bloomberg Emily Burns Roger Conant Loreto Crisorio Mark and Karen Criswell The Dow Chemical Foundation Beverly and Gordon Dukerschein Robert and Lore Eichfeld Howard and Sara-Ann Erichson Firefly Communications LLC Bernard George Betty Grant Richard and Lois Gunther Family Foundation High Water Women Hirschi Investments Lawrence E. Irell & Elaine Smith Irell Foundation Mark Kaplan Michael and Linda Keegan Eugen Laegler GmbH Elizabeth Latshaw Rosanna Ramos-Velita and Hans Levin Tina Lin Heidi and Nathan Luedtke Timothy and Stacy Lutz Anil Malkani The McSweeny Family Foundation Inc. Susan Moser The Osa Foundation Joel Rubinstein and Sylvia Sabel Roger and Vicki Sant Shoma and Prasad Setty Robert Shannon Jeffrey Simons Sullivant Construction Tom Tapp Norman Tonina Anne Wade and Gil Hagan Si and Cathy White

Creating Solutions for the Poorest |

Jon Whitney Michael Yirilli Ruskin Zafren Foundation

$4,999-$2,500 Ravinder Anand David and Leigh Bangs Thomas and Brenda Berleth Helen Betts The Alan L. Blum Family Fund Matthew Brand Sharyn and Vincent Cerniglia John Cheung Dimitri and Myrto Cocconi David Cooper Michael Curtin Michael and Anne Germain Joseph Giles Katy Kwan Gouw Gay Greer Kenneth Voorheis and Carol Guttery Joe Hamilton Ronald and Glenda Herzog Roland Hoekzema Hope for Poor Children Foundation Insurance Service Office, Inc. Garry Ismond Thomas Jansen The KlingStubbins Charitable Fund Paul and Diane Kolak Pranish Kumar Susan and Steve Kute Bruce and Suzanne Landau Angelika Liedtke Brian and Amy Maas William McGovern Peter Cowhey and Margaret McKeown Murray Metcalfe Bengt and Linda Muthen Nelco Foundation Robert and Faith Ottenhoff Sandra Adams and Tom Roberts B. T. Rocca Foundation Ranodeb Roy Betty and James Sams D. Wayne Silby Divya Singh Ronald Sugameli Andy Szybalski Saleh Tanveer Nina Tate Marjorie Trifon Paul Van Arkel Jeanine Walters Scott and Alice Williams Fred Wintermantel

$2,499-$1,000 Duke and Sally Ackerman Pankaj Agarwal Shantanu Agrawal and Kavita Parikh Judy Albers Matthew Albright Deborah Alexander John and Sharon Amdall Jessica Ancker Lloyd Armstrong Kayoko Mitsumatsu and Ken Atchity Scott Bahr Taimur Baig Ronja Bandyopadhyay David Barrad Nathan Basik Deborah Bayer Nathan Belofsky William Benac Tracey Bennett Austin Berkeley Corporation Gwen Bey Charles Barnaby and Cynthia Birr Bronwyn Bowen Anna Maria Brandinelli Eric Brown Lisa Buck Sheila Burris Marjorie Bush Johan Buys Karen and Matthew Byron Paul and Carol Caldron

Laura Carns Tait Chamberlain Wayne and Karen Chamblee Joanna Chapin Brian Chau Susan and Ronald Choy Richard Clampitt Patrick Cogny Thomas Coleman Robert Conway JB Cordaro Priscilla Cortez John and Jean Cregan Charitable Kelly Culver Nancy and Grier Cundill Donall Curtin Will and Laurie Danforth Ann and Anthony Davies Melisa Degen Elizabeth Denison Stephen Denninger Paul Denzer Daniel Desnyder Alex Detrick Patricia Devereux The Philip Devon Family Foundation, Inc. Roland Dib Ben and Christine Diehl James Murray and Carol Donald Donworth Family Foundation Doyle Family Foundation Inc.

Cisco Systems Corporate citizenship is invaluable in fighting poverty. Since 2006, Cisco Foundation has supported Grameen Foundation’s efforts to strengthen the operations of microfinance institutions so that they can serve clients more effectively. “Central to our economic empowerment investment portfolio strategy is Cisco’s commitment to supporting technology-based solutions, which can help underserved populations access the knowledge, skills and financial services they need to become economically self-sufficient and to contribute to socio-economic development in their communities,” says Peter Tavernise, Cisco Foundation’s executive director. Cisco’s funding was instrumental in enabling us develop and launch Mifos, our opensource management information system, and through a $200,000 grant, Cisco is helping us expand use of the Progress out of Poverty Index™, which helps MFIs measure their social goals just as rigorously as their financial performance. Beyond its financial support, Cisco also “loaned” us a senior executive who served as our acting Chief Financial Officer for 18 months and is a current member of our Board of Directors.

Creating Solutions for the Poorest |


Family of Supporters $2,499-$1,000 (cont.) Joan Dunbar Joe Elman Memorial Fund Christoph Engen The Episcopal Church of the Epiphany William and Roberta Erwert Robert and Viola Everett Adam Fass Robert Finger Michael Lubic and Jori Finkel Liza Finkelstein William Fisk Patricia Fiske Eric Ford Michael Frerker Jeff Gallinat Charles Garrett Robert Geary General Church of the New Jerusalem Susan Gibson and Mark Bergman Daniel Gilgoff Matthew Goldberg Keith Goodman Elizabeth Gore James Greenberg Tiana and John Grgurina Alexander Ground Kerri and Peter Guerin Francisco Guia-Magallanes and Eva de Guia Andrew and Teresa Gunther Giselle Hagenmayer John Hainsworth Vagn Asbjorn Hansen Hardin Brothers Haverford College Ricki Helfer Hakan Helzenius Richard Henderson Daniel Hepp Rizwan Naeem and Rubina Heptulla Brian Hodgkin Peter and Susan Hornbostel Sharyn Horowitz Mark Sommerfeld and Elaine Hove Robert Hrdlicka Humanistic Leadership Institute Olivia and Thacher Hurd Fund Anders Hyatt Harold and Lynn Isbell Craig Jenkins Charitable Foundation Ralph Jones Anna Josenhans JSRM Foundation Arti Kahn Peter Kalotay Daniel Kane Mary Kantor


Thomas Kelly Michael Kemp Ada and John Kennedy Michael Kennedy Matthew Kerner The Key Foundation Michael Kieschnick Anthony Kim Elizabeth and Douglas Kinney Beth Kirkhart Francis Klein Joan Kleinberg Christian and Ineke Knetsch Sarah Korah Frederic Korn Vinod Kurup Lawrence Lam Margaret Lamb Kevin Lander Robyn Nordstrom Lane Martha Lawlor Bonnie Ledyard Michael Lehenbauer Jennifer Meehan and John Lewis Daniel and Masami Lieberman Ian Link Edward Liona

Linked Foundation Steven Luxenberg The Lyda Hill Foundation Nilah MacDonald Karen Macko Lena Malik Carole Marcus Bruce and Cindy Markey Mary Martorella Santosh Mathan Jon McAlister Russell Quong and Sarah McCabe Colleen McCarthy Erin McConahey McDougal Foundation John McElligott Veaney McIrvin Thomas Melsheimer Jeannie and Timothy Messa Jeffrey Meyer Mrigank Mishra Bette Moorman Owen Morris James Morton Lee Murphy Charles and Gail Muskavitch Foundation

Desmond FitzGerald: Helping People Help Themselves Many of us feel overwhelmed by the problems we see all around us. We want to help, but given the immensity of problems like poverty, we don’t know where to start. Desmond FitzGerald looks to Anne Frank for inspiration. “In her Diary, she wrote, ‘How wonderful it is that no one need wait a single minute before starting to improve the world’,” he recalls. “I’m a firm believer in that, and in helping people to help themselves. Grameen Foundation, which helps people who are willing to get out there and work hard, to try their best to make something out of their lives, has been doing this highly productive work for years.” Desmond, who has supported Grameen Foundation for almost a decade after he was introduced to us by then-Board member Steven C. Rockefeller Jr., was deeply impressed by the efficiency of our Growth Guarantees program, which helps microfinance institutions gain access to financing in local currency. “I’m a great believer in prudent leverage, and this loan-guarantee program has been a wonderful way to create opportunity for more than a million poor people at very little cost,” he observes. “So many people struggle just to survive that they never have the opportunity to build up what economists call a surplus, to invest in making their lives better,” he says. “And that’s of course what Grameen Foundation helps to provide – access to that extra $50 or $100 or $200 that so many poor people can’t squeeze out of their daily struggle to survive. It’s that tinder, that spark, that will fire up their business and hopefully set them on a productive course to better health, better education, and at least modest prosperity for their families and themselves.” Creating Solutions for the Poorest |

Dave Myers Georges Natsoulis Jim and Fran Naylor Marria Nazif John Neeley The Oak Tree Philanthropic Foundation Maura Odell Chikai Ohazama Theresa O’Leary Cory Olson Hwee Leng Ooi Reed and Gabby Oppenheimer The Pappas Family Charitable Fund Vikas and Lois Passi Kiran and Jigisha Patel Shashi Patel Nick Pavlina Peace Development Fund Kristin Peckman Shirley Peppers Bryan Perez Joyce Peter Isabelle Peterson Jean Lawrence and Peter Petri Robert Phillpot Linda Pierce Susan Pinco J Edson Pinto Mark Pizzato Richard Plano John Poole Christopher Porto Eleanor Pott Janniah and Shanti Prasad Colm and Rena Prendergast Charles and Laura Prober James Protz Rabahy Foundation Gita Rajan Robert and Ilknur Ralston Lyle Ramshaw Mary Ray

Anthony Rebarchik Hannah and Gerald Rees Ann and Larry Ribstein Monica Rodriguez Joel Ross Edward Rothenberg Birendro Roy Philip Russell Gregory Salomon Lorena Sanchez Eugene Saunders Nick and Debra Schatzki Laura Schiflett Gary Schindler Eileen Schjelderup Bryan Schmidt Tamara and John Schroeter David and Judy Schubert Michael Schulte Joshua Segal John Seitz Ella and Arkady Serebryannik Gary Sernovitz Margarete Seyd Anna and Mehzad Shahsavari Martha Shapiro Alec Sharp Paul Shepherd Abby Sher William Shields Craig and Hsiao-Hui Sickel Steven Wilson and Nomi Silverman Jason Simmons Kathleen and Larry Snoddon Raphael Spannocchi Franklin Spees Squidoo LLC Jacob Stacey-Schreier John Stadler David and Sherrie Stephens Lisa Strick Scott Sugar

David Garcia and Maya Suryaraman Michael Szpak Jason Tafler Gary Tanigawa Charles Thomas Charlie Tomberg TTF Foundation Chester Tracy Farm John Trentacosti David Tripp Joshua and Amity Tripp Betty Tutton UNFCU Financial Services, LLC Melissa Vanornum John Vermilye Duane and Mary Wainwright Elizabeth Wall Susan and Richard Wallace Gerald and Veronika Walton Scott Wasson Carl Webster John Weller Gotthilf Weniger Janet West David F. and Sara K. Weston Fund David and Martha Wilson Brent and Robin Winters The Witten/Nappi Charitable Fund Ralph Wittman Jennifer Drogula and David Wohlstadter Jan Wolitzky Yingchuan Wong Jennifer Wright Waikuen Yee and Anil Thomas Noah Yosha Nathan Yost Kimberly Zoberi With additional heartfelt thanks to the almost 3,000 supporters who contributed less than $1,000 each!

In-Kind Services Grameen Foundation is grateful to the following individuals, organizations and companies that demonstrated their support and commitment to our work by contributing in-kind services: AZB & Partners (India) Assegaf Hamzah & Partners Ali Budiardjo, Nugroho, Reksodiputro Brigard and Urrutia Cleary Gottlieb Steen & Hamilton LLP Dechert LLP Fox Rothschild, LLP

Jun He Law Offices Kenyon and Kenyon Mayer Brown LLP Morgan, Lewis & Bockius LLP Oentoeng Suria Partners O’Melveny and Myers Patterson Belknap Webb & Tyler

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Phoenix Legal Puyat Jacinto & Santos Law Offices Rebaza, Alcázar & De Las Casas Shearman & Sterling LLP White & Case LLP Wilmer Cutler Pickering Hale and Dorr LLP


Board of Directors* Nurjahan Begum Alex Counts Peter Cowhey Susan Davis

Jennifer Drogula Robert Eichfeld Vikram Gandhi James Greenberg

Richard (“Dick”) Gunther Paul Maritz Susan McCaw Yvette Neier

Robert Ottenhoff Rosanna Ramos-Velita David Russell Si White

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

Investment Committee Voting Members Bob Eichfeld, Co-Chair Jim Greenberg, Co-Chair Susan Davis, Member Rosanna Ramos-Velita, Member Wayne Silby, Member

Finance Committee Si White, Chair Bob Eichfeld, Vice-Chair Beverly Armstrong, Member Richard (“Dick”) Gunther Rosanna Ramos-Velita, Member Joshua Tripp, Staff Liaison

Non-Voting Members Doug Barry, Member Vinod Khosla, Member Diane Smith, Member Jill Chen, Staff Liaison

Audit Committee Bob Ottenhoff, Chair Eric Miller, Vice-Chair Peter Cowhey, Member Joshua Tripp, Staff Liaison Development Committee Bob Ottenhoff, Chair Anne Guerrant, Member Yvette Neier, Member Steve Rockefeller, Jr., Member Gloria McCall Snead, Member Sandra Adams, Staff Liaison Governance Committee Jennifer Drogula, Chair Matthew Lesnick, Vice-Chair Beverly Armstrong, Member Yvette Neier, Member Craig Sarsony, Member Julia Soyars, Staff Liaison

Asia Regional Advisory Committee Vikram Gandhi, Chair Bob Eichfeld, Vice-Chair Jennifer Meehan, Staff Liaison Africa Advisory Committee Paul Maritz, Chair Willene A. Johnson, Vice-Chair Dr. Wolday Amha, Member Jennifer Drogula, Member Godwin Ehigiamusoe, Member Peter Bladin, Staff Liaison Americas Regional Committee Rosanna Ramos-Velita, Chair Susan McCaw, Member Jorge Higinio Maldonado, Member David Mhyre, Member Chuck Olson, Member Alberto Solano, Staff Liaison

*For FY2011, which ran from April, 1, 2010, to March 31, 2011.


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Microfinance Program Committee Susan Davis, Member Chris Dunford, Member Bill Fisse, Member Dick Gunther, Member Olaf Kula, Member David Russell, Member Janet Thompson, Member Camilla Nestor, Staff Liaison Technology Program Committee Paul Maritz, Chair Deepak Amin, Member Debbie Arnold, Member Peter Cowhey, Member Shel Kaphan, Member Craig McCaw, Member Rob Mechaley, Member Anand Narasimhan, Member Wayne Silby, Member Pradeep Singh, Member David Stephens, Member David Edelstein, Staff Liaison Social Performance Committee Peter Cowhey, Chair Ricki Tigert Helfer, Member Jonathan Morduch, Member Larry Reed, Member David Russell, Member Steve Wright, Staff Liaison

Anne Guerrant: Fostering Transformation Former tennis pro Anne Guerrant has vivid memories of the first time she saw the effect that microfinance could have on a woman’s life: “In India, my husband, Terry, and I met a woman named Neesha, who weaved bamboo mats that people use to cover dirt floors. She was a widow with three children, and had been working for someone who was paying her a pittance for mats that she wove. But then she took out a loan – it was probably only $40 – that enabled her to buy a little mat-weaving machine and start her own business. Her income suddenly increased, her children had enough to eat, they had clothing, and were in school. The transformation was so amazing that Terry and I became convinced we had to come back and tell Neesha’s story, and not only give money, but also raise money to help more women like her.” On their return, the couple founded the Guerrant Foundation, which has since raised and donated hundreds of thousands of dollars to help Grameen Foundation and other poverty-focused organizations further their work. Why give to Grameen Foundation? “I think the organization uses money efficiently,” she explains. “I like the way it leverages money to create more opportunities for people. I also like the fact that it has a low expense ratio, and we’ve been very impressed with all the people we’ve met there – they’re very conscientious, capable people.” Anne also is impressed with Grameen Foundation’s mobile phone-related work, especially initiatives that enable people to use their phones for tiny financial transactions. “I think this program is fantastic, because instead of having to open a branch office with bricks and mortar, all you need is a loan officer and a cell phone. They’ll be able to reach more people in more remote areas without spending an inordinate amount of money.”

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Executive Staff Alex Counts, President and CEO Joshua Tripp, Chief Financial Officer Norman Tonina Jr., Vice President, Human Resources Jennifer Meehan, Regional CEO, Asia Alberto Solano, Regional CEO, Americas David Edelstein, Vice President, Technology Programs; Director, Grameen Foundation Technology Center Jorge Highland, Chief of Staff and Chief Strategy Officer Camilla Nestor, Vice President, Microfinance Julia Soyars, Legal General Counsel and Assistant Corporate Secretary

Staff Nadine Addo Antoinette Akanlise Benjamine Akunarh Mohammed Alam Gabriel Alba Abigail Shasha Annang Julia Arnold Sergio Asmar Julia Assaad Joseph Asuako Kennedy Atiibo George Ayineyeya Ateem Simon Aziabah Megan Beck Todd Bernhardt Elizabeth Berthe Wahab Biruma Aaron Britton Peter Brown Fiona Byarugaba Christina Chao Kay Chau Edward Chelangat Jill Chen Meghan Chereck Sherita Coates Erin Connor Darwin Cruz Ekaterina Dadaeva Hayley Dale Owen Davies Kimberly Davies Ian Davis Debra Dean Sean Dewitt


Daniel Elitzer Erin Florence Kenneth Fox Armine Francisco Kojo Gambrah Sampaney Whitney Gantt Martin Gitari Kathleen Griffin Jason Hahn Kari Hammett-Caster Jimmy Harris Samantha Haviser David Hutchful Beverly Jackson Brian James Kristen Jones Jacinta Kamemba Greta Kauffman Annette Kawooya-Bogere Atiibo Kennedy Lisa Kienzle Lisa Kienzle Jacob Kintu Sarah Kiyemba Mary Jo Kochendorfer Sean P Krepp Williams Kwarah Luke Kyohere Robert LaRubbio Christopher Leader Cris Lomboy Maria Luque Robyn MacIntire Semyano Mahmood Eisha Maynaja

Shannon Maynard Kathryn McElligott Joseph McNulty Matthew Mechenbier Jacobo Menajovsky Hayley Mickelson Barnett Minick Jacqueline Moller-Larsen Olga Morawzynski Ian Mubiru Sarah Mugisha Jibril Musah Jude Musoke Bridget Nakajubi Lydia Namubiru Rita Naadei Nikoi Sadat Ntume Richard Nuwagaba Khuloud Odeh Dorothy Ogolla Simon Okello Simon Okot Bernard Okuma Kwame Opare Jessica Osborn Lori Ospina Sam Otim Astha Parmar Julie Peachey Sabrina Quaraishi Sharada Ramanathan Christine Roberts Taylor Robinson Luz Roldan Peggy Ross

Luis Sasuman Hosea Sempa Mahmood Semyano M. Ria Shah Jill Shemin Andrea Silva Stephanie Simpson Luckshmi Sivalingam Alberto Solano Matthew Speh Noah Ssempijja Paul Ssengooba Rashid Sseskitooleko Venkitaraman Suresh Benson Taiwo Christopher Tan Laura Tarre Shaibu Teeteh Possiano Teretere Rodney Tetteh Heather Thorne John Tippett Napolean Tobias Malini Tolat Jeffrey Toohig Emily Tucker Chris Wamala Stephen Wardle Jessica Watje Jacqueline Wiseman Sonia Wong Timothy Wood Stephen Wright Cathy Yi Liselle Yorke

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Bankers without Borders® Volunteers Grameen Foundation is grateful for the time and talent contributed during FY 2011 by the following Bankers without Borders® volunteers: Mary Aabye Ayesha Abbasi Niveen Abboushi Titilayo Akisanya Antonella Alaimo Rebecca Arnold Elena Arozarena Jona Ashcroft Luis Baca Samantha Bailey Edmond Balika Lynda Barton Karen Beltran Christopher Benedict Elizabeth Blacklin Arielle Blivaiss Donald Bodzo Lisa Bowers Claudia Brauer Sylvie Brillaud Caleb Bushner Kaizad Cama Alina Camacho Maribeth Carroll Elaine Chang Ann-Lee Chou Anthony Cotton Pascale Dillon Dan Elitzer Claudia Ender Ashley Eure Simone Fary Mia Feldman Emily Ferris Cecille Fonacier Carlos Fonseca Wilson Frota Christoffel Fritz Corey Fulton Sandra Gagna Rose Gakobo Mercedes Garcia

Ishita Ghosh Amber Gilchrest Martin Gonzalez Jordan Graft Amy Grogan Kari Goebel Zetta Gu Jamal Haider Sultan Haider Miwa Hattori Jennifer Helgeson Adib Hobeica Carolyn Huynh Theodore Iacobuzio Jaitra Jani Aaron Katzman Jenny Keating Sandra Kister Yu Kim Kok Diana Kolar Laura Kozien Zachary Kruth Chuen Lai Wai Ashley Lautzenhiser Lauren Lavoie Jean Lawrence Nina Lazarevic Chris Leader Adam Lee Carlued Leon Maggie Leung Mike Levitsky Xue Li Rachel Loko Ellen McNally Marina Mansur Javier Melian-Perez Matias Medina Jacobo Menajovsky Ray Merceron Jesse Metcalf Francis Minien

Creating Solutions for the Poorest |

Anurag Mittal Bahia Moussouni Roman Mueller Moosa Muhammad Srinivasa Murali Brian Murphy Karl Muth Keisuke Nakatsuka Johanna Naradzay Patricia Neri Carmen Nieves Feliciano Gaurav Nigam Jean-Christophe Nizeyimana Jennifer Noh Rémy Olson Erin O’Neill Sal Sireesh Pachava Peter Park Archana Patel Rupa Patel Stephen Pearson Gowtam Perepa Andre Pimenta Jason Polen Jennifer Rademaker Taruna Rai Sharada Ramanathan Bharathi Ramasubramanian Betsy Ray Josh Renzema Kelly Roberts Robert Rout William Rout Sally Salem Diana Sánchez Efdal Savas Bob Schafer Jessica Schlitz Simran Shah Nitin Sharma Lauren Shia Dane Shikman

Nehal Shukla Bramwell Simiyu Andrew Simmons Rohit Singh Margaret Sirovatka William Siu Cathleen Joyce Sobrevega Satchidananda Sogala Jessica Smith Harold Soper Jim Stamper Steven Steckler Melissa Steele Joe Suarez Brian Swain Ramya Tallapragada Samiur Talukder Mudita Tiwari Donnie Tuck Natalie Tucker Dorothy Unger Suneela Vaidya Sarah Van Houten Smita Venkat Paul Veradittakit Jennifer Vignone Joy Walter Wendy Williams Jacqueline Wiseman Kenneth Wolf Lezlie Wolff Julie Worthington Yijing Wu Youran Wu Cindy Yang Ellen Yiadom Tony Zhang Haiying Zhou Suzanne Zweben


Everyone can play a part in ending poverty for millions around the world. Our work to empower the poor to help themselves is not possible without your support. Here are some ways in which you can help:

Spread the Word You can be our ambassador to your family, friends and colleagues by letting them know how microfinance and technology can help defeat global poverty: • Like us on • Follow us on • Subscribe to our channel on • Subscribe to our e-newsletter at to learn more about our work

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

Volunteer Join our Bankers without Borders® volunteer corps and use your skills in hands-on projects to benefit the world’s poorest – on location or from your desk. To find out about volunteering opportunities, visit

Giving at Work You can designate Grameen Foundation for workplace matching gifts. Our code for the Combined Federal Campaign is 15029.

Your Legacy

2011 Spring Gala More than 200 friends and supporters gathered in New York for our Spring Gala fundraiser. Thanks to their generosity and your support for our online auction, we raised almost $450,000 to help expand our work in Asia, Africa, Latin America and the Middle East.


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design: Lloyd Greenberg Design, LLC

Your support to our ongoing work through gifts of legacy or bequests to Grameen Foundation can enable you to reduce estate and income taxes.

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

Grameen Foundation Philippines Office 444 EDSA, 21st Floor Guadalupe Viejo Makati 1211, Philippines Phone: 63-917-507-8030

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

Grameen Foundation Colombia Office Fundacion Grameen Sucursal Colombiana Carrera 30 #10c 228 Oficinas 913 y 917 Medellin, Colombia

Grameen Foundation Ghana Office No. 17 La Tebu Street Cantonments Accra, Ghana Phone: 233302770971 Grameen Foundation Hong Kong Office 3F, SPA Centre 55 Lockhart Road Wanchai, Hong Kong Phone: 852-2529-6300 Fax: 852-2529-2311

Grameen Foundation Kenya Office 69 Mandera Road, Kileleshwa P.O. Box 63184-00619 Nairobi, Kenya Phone: 254 (0) 739 269 678 Grameen Foundation Uganda Office 4th Floor MTN Plot 77 Yusuf Lule Road (Opposite Garden City) Kampala, Uganda

Grameen Foundation 2010-2011 Annual Report  
Grameen Foundation 2010-2011 Annual Report  

Annual Report to our stakeholders