Fonkoze 2015 ANNUAL REPORT
Contents 1
From Fonkoze Founder Father Joseph Philippe
2
OUR VISION AND MISSION
3
OUR FINANCIAL SERVICES
4
OUR DEVELOPMENT SERVICES
5 CLIENT AND PROGRAM PROFILES
5 Angemène Balan, Chemen Lavi Miyò Graduate 6 Edna Vertilmé, Solidarity Client 7 Louisius Paul, Business Development Client 8 Marie Josée Jeanté, Boutik Sante Entrepreneur 9 Saint-Rose Joseph, Solidarity Client and Adult Education Student
10 OUR CLIENTS’ PROGRESS
2015 Social Performance Results
12 OUR FINANCIAL RESULTS AND ORGANIZATIONAL DESCRIPTIONS
13 Fonkoze S.A. and Subsidiary, Sèvis Finansye Fonkoze, S.A. 14 Fondasyon Kole Zepòl 15 Fonkoze USA
16 DONORS AND INVESTORS 21 LEADERSHIP
All photos by Kiefel Photography
FROM FONKOZE FOUNDER FATHER JOSEPH PHILIPPE
T
he word “sustainability” is everywhere. I hear it used by NGO workers and the United Nations. I hear it at conferences and meetings, discussing economic development or environmental protection. But what does it actually mean, especially in the context of a country like Haiti? For me, I must reflect on this word from the perspective of my own work in rural Haiti. Because of the intense need of most of those around me, I have always strived to focus my work on what I call “the organized poor”—people who are willing to come together, no matter what resources they do or do not have, and solve their own problems. That is how we started Fonkoze over 20 years ago. That is how we move ahead. We know if Haitians, especially ti machann (rural market women) as my own mother was, do not have access to the financial services they need for their small businesses, they will not thrive. We also agree that financial services are not enough; so, we strive to provide access to training, economic development opportunities, and health services. We even seek out the poorest women, helping them to lift their families out of extreme poverty in a sustainable way. So, there is that word again. Sustainable. For these ultra poor women I speak of, sustainability is learning how to manage productive assets for the very first time, to care for the needs of their families on an ongoing basis, and to ensure that their children and children’s children build on their progress. On a bigger scale, sustainability for Fonkoze is the ability to continue providing quality services forever—living up to our reputation as the microfinance institution on which the poor of Haiti can rely. Our financial services provider—Sèvis Finansye Fonkoze, S.A. (Fonkoze Financial Services)—is at the core of all we do. Fonkoze Financial Services has worked diligently to provide financial services through its 45 branches all across Haiti and to do so on a sustainable basis. From that extensive network, all other activities of Fonkoze can bloom. For Fondasyon Kole Zèpol (the Fonkoze Foundation), sustainability means providing essential development services to the people who need them the most, in a way that improves their lives in a lasting way. Our innovative Boutik Sante (Community Health Store) program is taking key steps in this regard, as is Chemen Lavi Miyò (Pathway to a Better Life), which is assessing the long-term impact of its program on households. Thank you for continuing to walk shoulder-to-shoulder with Fonkoze in our effort to sustainably help Haitians lift their families out of poverty.
Thank you for continuing to walk shoulder-to-shoulder with Fonkoze in our effort to sustainably help Haitians lift their families out of poverty.
FONKOZE 2015 ANNUAL REPORT
1
Sonia Pierre (right) sits with her daughter and granddaughters in front of the home she built with the support of Chemen Lavi Miyò.
Our Vision
Our Mission
Fonkoze’s vision is a Haiti where people, standing together, shoulder to shoulder, have pulled themselves out of poverty.
Fonkoze is a family of organizations that work together to provide the financial and non-financial services to empower Haitians—primarily women—to lift their families out of poverty.
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FONKOZE 2015 ANNUAL REPORT
Our Financial Services
I
n fiscal year 2015 (ending September 30, 2015), Sèvis Finansye Fonkoze, S.A. (Fonkoze Financial Services) outperformed its business plan and delivered profits on an operating basis for the first time—moving closer towards long-term sustainability as a financial institution. The company also achieved the following results: LOANS: With nearly 61,400 active loan clients (99% women), loans range in size and duration in accordance with client needs and capacity. k $12.1 million loan portfolio k $28.5 million disbursed k 123,602 loans disbursed SAVINGS: Fonkoze Financial Services’ savings clients range from individuals who have never had a savings account before to formal businesses, schools, churches and NGOs. k 201,599 savings accounts k $23.4 million in savings k 6,060 daily transactions
MONEY TRANSFERS: With remittances making up 23% of Haiti’s Gross Domestic Product (GDP), Fonkoze Financial Services’ facilitation of international money transfers—provided through CAM and Moneygram—is an essential contribution towards the Haitian economy. Fonkoze Financial Services also facilitates “Mon Cash,” a mobile phone-based domestic money transfer service utilized by our clients. k $75.0 million in transfers k 249,164 transactions 1
In addition to credit, Fonkoze Financial Services offers currency transfers, exchange, and many other financial services.
CURRENCY EXCHANGE: Both US Dollars (USD) and Haitian Gourdes (HTG) are accepted and used widely in Haiti. Fonkoze Financial Services provides valuable currency exchange services for clients. k $101.9 million in total transactions
institution in the United States that sponsors a school in Haiti will send a lump sum to Fonkoze Financial Services that is deposited directly in their employees’ savings accounts. In fiscal year 2015, Fonkoze Financial Services provided payroll services to 28 such organizations.
PAYROLL MANAGEMENT: Fonkoze Financial Services supports organizations—including those based overseas—to complete regular payroll cycles. For example, a charitable
FONKOZE 2015 ANNUAL REPORT
3
Our Development Services
I
n 2015, Fondasyon Kole Zepòl (the Fonkoze Foundation) supported Fonkoze clients and their communities in the following ways: HEALTH: Fonkoze’s health program has collaborated with and complemented other community health initiatives for many years. The Boutik Sante (Community Health Store) Program will dramatically expand access to health products and outreach services in rural areas through a sustainable social franchising model. k 266 women borrowers trained to open boutik sante in their communities k 508 screened for cervical cancer k 2,440 received multivitamins k 1,323 received prenatal vitamins k 369 community children screened for malnutrition EDUCATION: Fonkoze’s adult education programs provide basic literacy, business, and life skills coursework for clients—many of whom have had little access to formal education. k 2,601 women graduated from Adult Education classes in 2015 k Over 130,000 women have graduated from Adult Education classes since 2000 k 8 branches offered Adult Education k 96% of participants graduated
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FONKOZE 2015 ANNUAL REPORT
Mimose Florvil participated in Chemen Lavi Miyò’s pilot program for people with disabilities.
CHEMEN LAVI MIYÒ (CLM): CLM is Fonkoze’s 18-month program for the ultra poor. Based on the “graduation approach,” CLM provides intensive support to help women lift their families out of poverty. In 2015, CLM initiated research that will gauge the long-term, sustainable impact on children in CLM households. k 5,096 ultra poor households have participated in CLM since 2007 k 735 ultra poor households graduated from CLM in 2015 k 3,100 ultra poor children attended CLM’s annual summer camp k 29 people with disabilities participated in a specialized pilot program 2
ZAFÈN: Zafèn builds the capacity of small businesses and associations by providing tailored business support, training, and loans (thanks to a partnership with Kiva). k 105 new loans in 2015 k 645 Zafèn clients since the launch in 2010 k Average loan amount: $2,077 k Amount disbursed in 2015: $145,549 k 29 new jobs created in 2015
Angemène Balan, Chemen Lavi Miyò Graduate
A
ngemène Balan will graduate in one month, “si Dyè vè, (God willing)” she adds, grinning shyly. She is part of Fonkoze’s graduation program, Chemen Lavi Miyò (CLM), which provides intensive support over 18 months to ultra poor households. The program is based on a model developed in Bangladesh in 2002 by BRAC, an international NGO.
When Angemène joined CLM, her uncle—who is also her godfather—had recently kicked her off his land, where she had been living. The makeshift shelter where she lived with her three children had a tarpaulin as its roof; she did not have any productive assets; and she struggled to feed her children and to send them to school. She did not end up in this situation for lack of effort. When she was 25, knowing the limited economic opportunities in Haiti, she and her then-husband moved to neighboring Dominican Republic to find work.
But it was important to her that her children maintained their French and Kreyol skills, so after three years, they returned to Haiti so the children could attend school there. Within 15 days of their return, her husband passed away from a sudden illness, and she was left alone having to provide for their children. That was when real hardship set in. But now, thanks to CLM, the goats she received are multiplying; she and her new husband, Lenny, constructed their modest but sturdy house; her children are in school with crisp, clean uniforms; and they are all eating at least two hot meals a day. She still has a long way to go, but she has a plan for the future. “I’m going to continue to work hard… I want my children to finish school and learn a trade. I think it would be a good idea for my daughter to open a beauty salon. She’d get a lot of business, because there isn’t one around here. I’d love for my son to become a mechanic.” She smiles conspiratorially: “The uncle who kicked me off his land comes to eat at my house now! I don’t mind him coming here, because I want him to see that what he did to me was wrong.”
CLM BY THE NUMBERS Number of new families who joined CLM:
500
Total number of families reached in 2015:
1,400
Angemène Balan selected a goat as a productive asset through her participation in Chemen Lavi Miyò.
2015 graduation rate:
99%
FONKOZE 2015 ANNUAL REPORT
5
CHEMEN LAVI MIYÒ (CLM)
Client and Program Profiles
SOLIDARITY
Client & Program Profiles
sells plantains, coffee, passion fruit, rice, spaghetti, and other food products. Eventually, they saved enough money to construct their own home; they bought a pig, goats, and chickens. As Edna’s business earns more money, she puts a little aside so that they can continue to improve and complete their house and so that she has money for school fees and uniforms. “Fonkoze has done so much for me,” Edna says. Verma agrees: “Even if, one day, my motorcycle does not bring in very much money, her commerce guarantees that between the two of us, we always have an income. Fonkoze helps women so that they don’t have to rely on other people for loans.”
SOLIDARITY AND TI KREDI BY THE NUMBERS3 Edna Vertilmé sells food products, such as rice, from her home.
Edna Vertilmé, Solidarity Client
E
dna Vertilmé’s community is up the mountain from Marigo, along a rutted, gravel road. Fonkoze is the only institution where people from her community can access credit and other financial services. Otherwise, they have to turn to friends, family, and neighbors for loans. But those kinds of transactions are not without cost. Edna says, “If you ask someone to borrow money, you have to give them something in return. If a woman asks a man for money, usually, he expects her to sleep with him. I know a lot of women who have done that. Fonkoze is our only resource for loans, and once 6
FONKOZE 2015 ANNUAL REPORT
Number of active clients:
60,209
we join, we don’t need to ask other people for money.” The region where Edna lives was where Fonkoze established one of its first branches after it was founded in 1994—first in Jakmel, then a closer one, in Marigo. Some of the women in Edna’s community have been Fonkoze clients for 20 years. Edna, 35 years old, has been a Fonkoze client since 2011. Back then, she, her husband, and her two children were living in her mother-in-law’s house, because they could not afford a home of their own. They did what they could to get by. Edna used to sell products in the market, and Verma, her husband, drives a motorcycle taxi. Once she took out her loan, she was able to expand her business. She now
Percentage women clients:
100%
Loan portfolio outstanding:
$8,993,428 Amount disbursed:
$23,776,730 Number of loans disbursed:
122,266
Average loan amount:
$146
BUSINESS DEVELOPMENT
Louisius Paul, Business Development Client
A
t 38 years old, Louisius Paul has been in the sugarcane business for most of his life; his father taught him most of what he knows. Born and raised in Jimbal Gran Boukan—not far from Mibalè— he has no intention of ever leaving. “A lot of people seek work in other countries. I want to stay here in Haiti. Before my father died, he told me: ‘I am giving you this land so that you will be able to work on it. I don’t want you to have to go anywhere else or work for anyone else. Your place is here on this land.’” He started out with a traditional sugarcane mill—one powered by two oxen, but he wanted to grow his business. He knew that with a gas-powered mill, he would be able to dramatically increase his production of sugar syrup. So, he applied for a $1,600 loan from Fonkoze. The loan enabled him to purchase a new mill, as well as additional raw sugarcane. The speed at which the new mill processed sugarcane into syrup meant that he needed more labor to transport the cut sugarcane, feed it into the mill, oversee the boiling process, and transport the syrup to the road and on to the rum distillery in Leyogàn. So, with his new profits, he increased his employees from five people to nine. The employment is helpful, especially now, during the dry season, when the farmers in his community do not have anything to harvest and therefore need more income. Pierre Mura, one of his employees says, “This business is good for our community. He’s given me this job; I wouldn’t have one otherwise.”
With milled sugarcane piled high in the background, Louisius Paul guides his employees’ use of his new gas-powered mill.
Now that he has paid back his first loan, he is preparing to take out a second one. He would like to buy a truck and improve the road that leads to his mill. Currently, the narrow path is navigable only
on foot, and he uses donkeys to transport the sugarcane and syrup up the hill. Eventually, he wants to continue to expand production, and he dreams of opening his own distillery near Mibalè.
BUSINESS DEVELOPMENT BY THE NUMBERS4
SMALL AND MEDIUM ENTERPRISE BY THE NUMBERS5
Number of clients:
Number of clients:
Loan portfolio outstanding:
Loan portfolio outstanding:
Amount disbursed:
Amount disbursed:
1,102
$1,415,004
88
$1,728,366
$2,311,117
$2,444,650
Number of loans disbursed:
Number of loans disbursed:
Average loan amount:
Average loan amount:
1,245
$1,284
91
$19,641
FONKOZE 2015 ANNUAL REPORT
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BOUTIK SANTE
Client & Program Profiles Marie Josée Jeanté, Boutik Sante Entrepreneur
T
seemed like a perfect alignment between her interest in community health and the small business she has had since high school. Boutik Sante’s registered nurses train Fonkoze clients like Marie Josée to sell overthe-counter health products, provide basic screening services, and give trainings to community members. She opened her boutik in early 2015. Since then, her neighbors have had continuous access to quality, affordable health products, and her boutik cuts the travel time for families who live up the mountain. “They know they can call me at any hour,” she says. And she has earned a lot of respect for her efforts: “They call me Nurse Marie Josée now!” She has dreams of continuing to expand her boutik sante and to
he road that leads from Marie Josée Jeanté’s house to the main route in Gantye is “paved” by rocks the size of a fist. It is a steady climb, and homes are sparse. For most of their needs, Marie Josée’s family of five must travel to Gantye, but more likely, they will head a bit further—to Kwadebouke—for better prices and selection. For Marie Josée , the journey on the back of a motorcycle, and then by tap-tap (a pickup truck lined with benches), takes about 30 minutes. But she signals up the mountain towards a community called Balizaj—her journey cannot compare to theirs, which is an additional hour on foot. Before Marie Josée Marie Josée Jeanté and her three children stand next to opened her boutik sante some of the products she sells in her boutik sante. (community health store), the only option for community members who needed medicine or basic health services was to trek to Gantye or Kwadebouke. The day’s journey would mean leaving the harvest untended or not making a sale at the market. Often, especially if a fever was mild or a pain was not severe, it was hard to justify the trip. Of course, at times, the fever would increase or the pain would become debilitating; by then, though, it might be too late for a doctor to do anything. Marie Josée had been a Fonkoze client for four years when she learned about Fonkoze’s Boutik Sante Program, which 8
FONKOZE 2015 ANNUAL REPORT
pursue nursing studies. Perhaps, one day, she smiles, she will open a small clinic in her community.
BOUTIK SANTE BY THE NUMBERS Number of Boutik Sante entrepreneurs trained:
266
Number of beneficiaries served in 2015:
80,051
Number of branches served by Boutik Sante:
10
EDUCATION PROGRAMS
Saint-Rose Joseph, Solidarity Client and Adult Education Student
S
aint-Rose Joseph has spent the past few months participating in Jesyon Biznis, Fonkoze’s business skills class. Through short stories and descriptive images, Jesyon Biznis teaches Fonkoze clients how to manage their businesses by giving them skills to calculate profits and losses; to keep clear records; and to devise strategies for increasing revenue. The classes are taught by fellow Fonkoze clients who Fonkoze trains. Saint-Rose says, “Jesyon Biznis helped me with my savings, and I know how to calculate profits and losses now.” But according to Saint-Rose, the stories in the Jesyon Biznis book have more to offer than just basic business skills. “They teach us how to live better—like how to resolve small conflicts in the market.” Jesyon Biznis built on some of the skills Saint-Rose gained in Fonkoze’s introductory credit program, Ti Kredi (Little Credit). She started out with a loan of $25, and her loan officer provided her intensive support so that she understood how credit works. Now, she has moved on to Fonkoze’s core lending program, Solidarity, and the loans she receives help her with her small business selling agricultural products in the nearby town of Perido. Saint-Rose also took advantage of Fonkoze’s basic literacy skills program, Alfa Bon. “Before, every time I would sign my name with an X or with a thumbprint—like in the Fonkoze branch office—I felt like people were watching me and laughing at me.” Now, Saint-Rose signs her name without a problem,
Saint-Rose Joseph holds up the Jesyon Biznis (business skills) book, which is highly pictorial for illiterate and semi-literate clients.
and the camaraderie and support she received from the other participants in Alfa Bon was invaluable. “When I was with them, we would sing and dance and the stress would just fall away! We had fun and we shared ideas.” She never had the chance to go to school. Born in 1966, she was one of six children. Her father died when she was a baby, and her mother died when she was seven. All five of Saint-Rose’s children attend school; she sees it as an investment—and not only because school will help them to get better jobs someday. “I know I will depend on them when I’m old. When you’re old, you become like a child, and the children become like parents. They’ll be the ones to help me.”
EDUCATION PROGRAMS BY THE NUMBERS
1,305
successfully passed Fonkoze’s literacy class
1,296
successfully passed Fonkoze’s business skills class
1,453
participated in Ti Koze trainings
172
individuals trained to teach adult education classes
FONKOZE 2015 ANNUAL REPORT
9
Our Clients’ Progress
F
onkoze’s Social Impact Team collects data on client wellbeing. Tracking the same individuals annually, some for more than five years, enables Fonkoze to measure impact on indicators that extend beyond financial progress. Using a variety of research tools and techniques—the Progress out of Poverty Index (a poverty measurement tool developed by Grameen Foundation), a food security assessment, client exit surveys, individual interviews, observation, and focus group discussions—the Social Impact Monitors help Fonkoze receive client feedback; implement demand-driven improvements to products and services; and measure changes in clients’ lives.
Percent living below $1/day
CHEMEN LAVI MIYÒ (CLM) is the Fonkoze Foundation’s 18-month program for the ultra poor—those who are all but excluded from Haiti’s socio-economic ladder. Based on the international “Graduation Approach,” CLM supports individuals who have fallen through the cracks of Haiti’s social structure. Through the provision of productive assets, small commerce training, nominal stipends, and extensive coaching, CLM supports women as they lift their families out of ultra poverty, providing a foundation for them to access financial services. (sample size: 85)
BASELINE (FOR 2015 GRADUATES)
81%
SOLIDARITY LENDING is Fonkoze Financial Services’ core program, with over 60,000 active clients. Individuals form “Solidarity Groups” of five women that meet at one of the more than 2,000 Credit Centers located throughout the country. The group members support and encourage one another while also holding their fellow members accountable for managing their finances effectively. (sample size: 251)
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FONKOZE 2015 ANNUAL REPORT
94%
Food insecure with hunger
100%
6% 2015 GRADUATES
64%
Percent living below $1/day
TI KREDI is Fonkoze Financial Services’ introductory five-month lending program through which Loan Officers provide added support and supervision to clients who may never have had a loan before. Ti Kredi features loans that increase in size and repayment cycle length in order to help women learn how to successfully manage a small business. (sample size: 194)
Percent living below $2/day
ENTERING TI KREDI
57%
GRADUATING FROM TI KREDI
55%
INCOMING CLIENTS
53%
AFTER 2 YRS
51%
82%
Percent living below $2/day
74%
Average savings
$5
$15
72%
$13
70%
$30
68%
Members of a Solidarity Group in Marigo share a laugh
Tin roof or better
48% 95%
Own house
74%
6%
Can read and write her name
61%
95%
100%
Food insecure
Send all children to school
95%
48%
95% 100%
Latrine
Cement floor
100%
Latrine
95%
Send all children to school
80%
Own small assets
49%
74% 32%
44%
93%
51%
70% 33%
47%
98%
53%
72% 63%
73%
97%
68%
63% 65%
77%
98%
FONKOZE 2015 ANNUAL REPORT
11
Our Financial Results and Organizational Descriptions
Marigo Branch Director, Mo誰se Gousse, provides guidance to Solidarity Client, Laranie Balthazar.
Fonkoze S.A. and Subsidiary Sèvis Finansye Fonkoze, S.A.
S
èvis Finansye Fonkoze, S.A. (Fonkoze Financial Services) is a registered Haitian for-profit, jointstock company established in 2004. Fonkoze, S.A. is Fonkoze Financial Services’ holding company. As of September 2015, Fonkoze Financial Services’ fiscal year end, Fonkoze Financial Services served nearly 61,400 borrowers and over 198,600 savings clients through a network of 45 branch offices located throughout Haiti’s ten departments. In terms of outreach, Fonkoze Financial Services is by far the largest microfinance institution in Haiti. Fonkoze Financial Services employs
745 staff also making it one of the largest private employers in Haiti. In fiscal year 2015, Fonkoze Financial Services made significant progress in its goal to be fully financially sustainable. For the first time, Fonkoze Financial Services was profitable on an operating basis, with an operating gain of HTG 18.5 million (USD 378,200). However, a sharp fall in the value of the Haitian Gourde resulted in HTG 57.5 million (USD 1.2 million) in currency revaluation losses. On a consolidated basis, the overall loss for Fonkoze, S.A. totaled HTG 6.4 million (USD 123,000).
CONSOLIDATED BALANCE SHEET All amounts are expressed in Haitian gourdes (HTG) Exchange Rate HTG/USD at end of reporting period
6
INCOME STATEMENT 52.1417
45.5577
ASSETS
Sept. 30, 2015
Sept. 30, 2014
Cash and Equivalents Term Deposits Loans Less Impairment provision Net Loans Interest receivable on loans Accounts Receivable Prepaid expenses and supplies Net Fixed Assets Other Assets Total Assets
267,894,318 61,812,996 632,884,965 (14,623,728) 618,261,237 21,758,980 35,666,957 16,995,116 168,151,048 202,911,610
298,145,190 53,198,891 498,975,121 (14,437,655) 484,537,466 16,859,218 41,936,971 11,293,679 153,478,447 228,872,668
1,393,452,262
1,288,322,530
1,222,519,351 191,820,224 101,606,595 1,515,946,170
1,134,267,402 199,387,352 69,636,791 1,403,291,545
Capital Stock and Paid in Capital Accumulated Deficit Accumulated Other Comprehensive Income Total Shareholders’ Equity
359,578,991 (484,880,940) 2,808,041 (122,493,908)
358,625,516 (477,416,296) 3,821,765 (114,969,015)
Total Liabilities And Shareholders’ Equity
1,393,452,262
1,288,322,530
LIABILITIES
Deposits Notes Payable Other Liabilities Total Liabilities
In 2015 Fonkoze Financial Services also continued its recapitalization campaign in order to strengthen the capital base and ensure the long-term sustainability of the institution. Following an investor conference held in February, Fonkoze Financial Services secured USD 2 million in commitments from existing shareholders of which USD 865,000 was contributed in December. To meet its capital strengthening targets Fonkoze Financial Services will continue to seek a further USD 3 million over the next three years of its business plan.
SHAREHOLDERS’ EQUITY
All amounts are expressed in Haitian gourdes (HTG) Average Exchange Rate HTG/USD during reporting period
48.8716
44.7161
Year Ended Sept. 30, 2015
Year Ended Sept. 30, 2014
314,413,073 13,783,283 300,629,790 22,859,040 277,770,750 103,945,875
248,172,124 11,651,812 236,520,312 23,239,158 213,281,154 86,861,551
381,716,625
300,142,705
222,826,514 122,654,882 17,751,463
205,436,842 118,616,260 17,967,014
363,232,859
342,020,116
18,483,766 (57,502,696) 35,770,139 (204,893) (2,960,292)
(41,877,411) (9,825,916) 45,608,313 (44,559,696) (17,760,288)
(6,413,976) -
(68,414,998) (2,910,000)
(6,413,976)
(71,324,998)
FONKOZE 2015 ANNUAL REPORT
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REVENUES
Interest Income (Loans and Other) Less: Interest Expense Net Interest Income Less: Provision for Loan Losses Net Interest Income After Provision for Loan Losses Other Operating Income Net Interest Income and Other Income OPERATING EXPENSES
Salaries and Benefits Other Expenses Depreciation and Amortization Total Operating Expense Net Profit (Loss) from Operations Before Other Income (Expenses) and Income Taxes Unrealized Loss on Foreign Exchange Grants Loss on revaluation of MiCRO investment Other income (expense) Net Loss Before Tax Provision for Income Tax Net Income (Loss)
Our Financial Results and Organizational Descriptions Fondasyon Kole Zepòl
F
ondasyon Kole Zepòl (the Fonkoze Foundation) was the founding institution of Fonkoze. The Fonkoze Foundation provides development services to allow Haitians, especially women, to work together and create prosperity. These services lower barriers to the effective use of financial services. The Foundation’s 103 staff members provide health services, basic literacy training, business skills courses, and Chemen Lavi Miyò. The Fonkoze Foundation’s statement of financial position is strong this year, with a substantially reduced debt burden thanks to a generous contribution from an anonymous donor and to the support of Fonkoze USA. The overall value of assets is similar to last year in dollar value. A substantial part of the Fonkoze Foundation’s assets are in USD, which has protected the institution from the effects of the devaluation of the gourde against the USD for the period (approximately 25%). Two new important grant agreements were signed and booked in 2015, one for Boutik Sante and the other for a new hygiene and sanitation training project in the South. The international validation of the graduation model and the outstanding results of the CLM program in Haiti ensure that donors continue to be interested in supporting this program, which still constitutes a significant portion of our overall expenses. The Fonkoze Foundation is also scaling up Boutik Sante, which should enable the investment of a larger proportion of resources into sustainable health promotion in the coming years. Even though annual inflation rates were estimated at nearly 12% in October 2015, the Fonkoze Foundation’s central office costs declined from nearly 20% of total expenditures in 2014 to about 18% in 2015.
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FONKOZE 2015 ANNUAL REPORT
STATEMENT OF FINANCIAL POSITION All amounts are expressed in Haitian gourdes (HTG) Exchange Rate HTG/USD at end of reporting period
56.697
46.7477
Year Ended December 31, 2015
Year Ended December 31, 2014
103,460,650 25,701,434 183,660,760 9,135,479 336,239
78,974,821 20,884,419 154,289,687 7,554,182 379,235
322,294,562
262,082,344
5,405,019 13,137,698
4,882,975 7,964,377
340,837,279
274,929,696
48,206,362 112,955,541 161,161,903
36,250,956 177,265,686 213,516,642
Unrestricted Temporarily Restricted Total Net Assets
(66,892,264) 246,567,639 179,675,375
(215,598,292) 277,011,346 61,413,054
Total Liabilities And Net Assets
340,837,279
274,929,696
ASSETS
Cash and Equivalents Investments Accounts Receivable Loans, Net of Allowance for Loan Losses Prepaid Expenses Total Current Assets Net Fixed Assets Other Assets Total Assets LIABILITIES
Current Liabilities Long Term Liabilities Total Liabilities NET ASSETS
STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS All amounts are expressed in Haitian gourdes (HTG) Average Exchange Rate HTG/USD during reporting period
50.7064
45.222
Year Ended December 31, 2015
Year Ended December 31, 2014
169,684,120 596,552 44,684,029 49,828,803
243,651,747 648,270 5,795,375 2,050,023
264,793,504
252,145,415
Program Services Central Office Costs
120,099,840 26,694,289
109,171,187 26,857,583
Total Expenditures
146,794,129
136,028,770
Change in Net Assets
117,999,375
116,116,645
REVENUES
Revenues From Donors Interest Income Gain Due to Exchange Rate Fluctuations, and Revaluations Other Income Total Revenues EXPENSES
Fonkoze USA
F
onkoze USA is the U.S.-based partner that supports the Fonkoze Family’s efforts in Haiti. Fonkoze USA conducts communications and outreach campaigns; raises funds; accompanies donors and social investors to the field; provides due diligence and tax-deduction for donations; and leverages technical assistance on behalf of the Fonkoze Family. Fonkoze USA is pleased to report that over 85% of our expenses in 2015 went to support our programs in Haiti. Once again, Fonkoze USA received the highest ratings from Charity Navigator, GuideStar, and the Better Business Bureau’s accredited charity program. The focus of a large portion of Fonkoze USA’s fundraising efforts was for the Boutik Sante program, for which Fonkoze USA’s supporters contributed approximately USD 350,000 as a match to a Fonkoze Foundation grant from Grand Challenges Canada. In 2015, Fonkoze USA assumed, or paid off outright, nearly one million dollars of the outstanding debt of the Fonkoze Foundation. Although this resulted in a significant reduction in Fonkoze USA’s net assets during the year, this action vastly improved the financial stability of the Fonkoze Foundation without endangering the ongoing financial viability of Fonkoze USA.
STATEMENT OF FINANCIAL POSITION All amounts are expressed in U.S. Dollars Year Ended December 31, 2015
Year Ended December 31, 2014
Year Ended December 31, 2013
Cash and Equivalents Short-term Receivables Prepaid Expenses
$473,254 1,220,324 13,073
$267,205 2,377,767 14,449
$278,162 2,946,759 13,697
Total Current Assets
1,706,651
2,659,421
3,238,618
10,738 1,191,909 1,847,000 6,296
14,373 1,227,314 1,276,124 10,417
21,363 1,287,443 1,519,124 11,847
$4,762,594
$5,187,649
$6,078,395
$1,821,795 2,132,175 $3,953,970
$2,251,293 1,186,124 $3,437,417
$1,945,435 1,344,124 $3,289,559
$(317,684) 512,872 433,799 179,637 $808,624
$369,781 624,225 654,226 102,000 $1,750,232
$600,910 684,202 1,401,724 102,000 $2,788,836
$4,762,594
$5,187,649
$6,078,395
Year Ended December 31, 2015
Year Ended December 31, 2014
Year Ended December 31, 2013
$2,560,729 104,129 78,251
$3,022,489 102,950 63,662
$2,880,435 103,929 116,008
$2,743,109
$3,189,101
$3,100,372
$3,147,839
$3,705,761
$2,736,259
ASSETS
Net Property and Equipment Investments Long-term Receivables Other Assets Total Assets LIABILITIES
Short-term Payables Long-term Payables Total Liabilities NET ASSETS
Unrestricted Unrestricted - Board Designated for Endowment Temporarily Restricted Permanently Restricted for Endowment Total Net Assets Total Liabilities And Net Assets
STATEMENT OF ACTIVITIES All amounts are expressed in U.S. Dollars REVENUES
Contributions and Grants Interest, Dividend & Capital Gain Income Other Income Total Revenues EXPENSES
PROGRAM SERVICES AND GRANTS TO HAITI SUPPORTING SERVICES
Fundraising Administration Total Supporting Services Total Expenses
206,099 330,779 536,878
240,436 281,508 521,944
232,364 234,996 467,360
$3,684,717
$4,227,705
$3,203,619
Change In Net Assets
$(941,608)
$(1,038,604)
$(103,247)
FONKOZE 2015 ANNUAL REPORT
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Donors and Investors
Nazareth Gaspard is a Boutik Sante entrepreneur in Gantye.
2015 Donors and Investors* $100,000 or more Anonymous Artists for Haiti Matthew T. and Margaret D. Balitsaris Caris Foundation International Grand Challenges Canada and the Government of Canada Haitian Timoun Foundation HIFIVE Opportunity International Germany Pathy Family Foundation Swiss Agency for Development and Cooperation Tulsa Community Foundation United States Agency for International Development Vincentian Family Haiti Initiative Vista Hermosa Foundation W.K. Kellogg Foundation Whole Planet Foundation
$50,000 - $99,999 Anonymous Becker Family Foundation Collis Warner Foundation Jerry & Anna Bedford Charitable Trust KANPE
16
Linked Foundation Partners Worldwide Plan Haiti The Sprocket Foundation Texas Christian University
Laura K. and Marc W. McKenna Roger and Susan Stone Family Foundation SC Ministry Foundation The Seabury Foundation
$25,000-$49,999
$5,000-$9,999
Anonymous Beyond Borders Cordaid Barbara DiTommaso Michael and Linda Fisher Haitian Microfinance, Inc. Pan-American Development Foundation Programme de Santé et Information (PSI-Haiti) Schlegel Villages
$10,000-$24,999 Anonymous Bon Secours Sisters The Daniels Family Foundation Debley Foundation Digicel Foundation Ray Escoffier Bernice Galbreath Gruber Family Foundation Mary Catherine Kilday and George W. Malzone Foundation
FONKOZE 2015 ANNUAL REPORT
Anonymous John W. Bloom Mary Boutselis Daniel F. Capshaw and Linnea M. Nilsen Capshaw Steve and Christine Clemens Brian Cornell Elephants in the Livingroom A.H. Gage Private Foundation Haitian Support Alliance, Inc. Los Angles Catholic Worker Brian and Diana Lovett Katarina Mesarovich Evelyn B. Newell Byron Nimocks and Emilie Murphy Jean-Guy Noel Xilma R. Ortiz-Gonzalez The Petty Family Fund M. Ellen and Joseph Sheridan Bradley Giles M. Troughton and Karen L. Ramsey
Theodore A. Von Der Ahe, Jr. Trust The Weiss Fagen Fund Laura Roberts Wright
$2,500-$4,999 Anonymous The Allemall Foundation, Inc. Christina and Charles Bascom Arden R. Brugger Christopher Durang and John L. Augustine Therese Feng Margaret Fourré and Larry L. Anderson Paul and Kathleen C. Fuhs Gladwyne Presbyterian Church, Gladwyne, PA Jean and William Graustein Bishop Thomas Gumbleton If/When David T. and Kelli W. Jones Rebecca and James Langer Marguerite and Stan Lathan Mary Mother of Peace M. C., Inc Sheila MCalinden Nick and Sylvia Miller Kimberly and Tobey Oxholm Elaine L. Pero Jo L. and William E. Pratt-Dannals
Daniel R. Robinson and Cathy M. Collie Dick and Penny Stevens The Students of Riverside Presbyterian Day School, Riverside, FL Joseph E. and Margaret M. Thilman Richard and Carol Urban
$1,000-$2,499 Anonymous Rebecca W. and John Adams Allen Family Venture Partners Altman/Kazickaz Foundation American University The Paul and Edith Babson Foundation Michael and Margherita Baldwin Bank of America Foundation Sarah Barnhard Robert W. and William A. Beaupre Roz Becker Catherine M. and John Bentwood M. Judith Billings Dawn S. and Marshall Bowen Pauline R. Broucher Msgr. Charles Brown Isabelle Camille
Christ United Methodist Church, East Moline, IL Leroy and Lucy Close Ronald F. and Shari S. Coburn Sean Collins Communitas Sandra Craig Elizabeth L. Daniels Ms. Francoise E. Denis W. Lee Dickson and James R. Graham Fanm Kole Zepòl ak Fanm Judith Favor FirstGiving Regina M. and Neil K. Fleming Fondation Comme Il Faut B. Jean Fort Mark W. and Ann M. Fourré Elizabeth and Fred Frick William D. and Patricia S. Friel Anthony A. Gallucci and Mary D. Oshea Gallucci Good Shepherd Catholic Church, Menomonee Falls, WI Kathleen C. and C. John Goodwin Ralph S. Greco Lynn Greiner and John Midgley Phil and Renate Haeckler Daniel Hardie and Alice McMahon
Pòdpè Pomago Jan Rabèl Gwomòn
Lenbe
Okap Fòlibète Milo
Twoudinò
Gonayiv
FONKOZE BRANCH
Sen Michel CLIENT CENTERS (approximate locations)
Wanament
Sen Rafayel
Ponsonde
Piyon
Montòganize Ench
Tirivyè
Tomonn
Boukàn Kare
Mibale
Beladè
Sodo Lagonav
Kabarè Latwazon
Jeremi
Pòtoprens Bomon
Miragwan Aken
Okoto Okay
Gantye
Leyogàn
Ti Rivye d’Nip
Fondèblan
Twen Fondwa
Lavale
Marigo
Fonverèt
Belans
Tyot
Jakmèl
Ida Hawkins Melanie and Robert Howard Irving & Constance Phillips Charitable Fund Kathryn Erickson and Albie P. Jarvis John A. Battista Rev. Living Trust Robert O. Johnston Bonnie S. Jones The Kealy Family Foundation Robert and Lindy King Kurtz Family Fund Steve and Susan Kute The Lang Foundation Ari Lipman Kendra Little McGill University, Montreal,QC LeGrand Mellon Virginia Merritt C. Wayne Middleton Daniel and Kathie Molter Maureen A. Morello Nativity of Our Lord Church, Detroit, MI Bruce Nesbitt Newman Catholic Center, Charleston, IL David and Janet O’Leary Jennifer Osborne
Barbara Ostrowski and Mary A. Novascone Bud and Kathy Para Patricia A. Pierce Elise R. and Charles P. Pizzi Carol Pounder Reverend Gene R. Preston and Mrs. Nancy A. Preston Karen Ramsey Lisa C. Reed and John Seabrook Riverside Presbyterian Church of Jacksonville, FL Margaret R. Rosenkrands Trust Marcia S. Ross Randy Ryker and Jeanne Barnard Brooke Schaab, Ph. D. Eve Schmitz Francesca Seidita Marsha Siegel Sisters, Servants of the Immaculate Heart of Mary, Monroe, MI Rosemary C. Smith St. Aloysius Church, New Canaan, CT St. Daniel Church, Clarkston, MI St. John Fisher Chapel, Auburn Hills, MI St. Owen Catholic Church, Bloomfield Hills, MI
St. Thomas Aquinas Church, Freeport, IL Suzanne Stearn Laura Stephens George A. and Nancy S. Stern The Ray & Ellyn Stevenson Fund of the Martin County Community Foundation Craig Stewart Maureen R. Swartley Reverend J. Michelle Tooley Leslie and Sarah Trauger Trinity Church, Santa Barbara, CA Robert P. Ufer Brian J. and Jennifer A. Vosburgh Waldron Mercy Academy Kathryn M. Waldyke Neil and Mary Patricia Walsh Barbara S. Webster Kathleen and Shawn White Women International Leaders of Greater Philadelphia, Inc Mary N. Young Marguerite and Alexander Zabriskie David L. and Suzanne M. Ziegler
$500-$999 Acclaimed Home Care All Saints Church, Pasadena, CA Andrew Grene Foundation Roger Angell Julia P. Bailey Lucy G. Barber Reverend and Ms. John N. Bartholomew Pauline M. Bassett Janusz Korczak Memorial Fund of the Vermont Community Foundation Shirley M. Birkholz Blessed Sacrament Parish, Midland, MI Boston Consulting Group P. R. Boucher L. Michael Braig Ann L. Breeden and Edna Johnston Christine S. Breu Linda Burke Bonnie H. Campbell Leigh Carter and Andrew Schuman Msgr. Franklyn Casale Dee Cavalier and R. C. Cavalier Michelle Charles Andrew L. and Sandy Clarke
Lorilyn S. and John J. Coleman Community of The Sisters of Saint Anne, Marlborough, MA Genie W. and A. Hamilton Cooke Elizabeth Cox Henry and Mary Coxe Susan and Greg A. Danilow Elizabeth B. Dater Jake D. Donaldson Peter Doyle Lucy Elliot Bernadette C. Ethridge William and Anne C. Ewing Frank H. and Mary R. Fee Alex Fleig and Anna Lord Marie and John Foley Fund Mark J. and Rebecca R. Foley Stephen D. and Mary Ford Pamela and Michael Fuhrig Gino A. and Beverly E. Gattari JT Rev Trust Peter E. Gavin GE Foundation - Matching Gifts The Bernadette Cronin-Geller and Lawrence H. Geller Social Justice Fund Dana and Sharon Gire Walter Glennon Cindy M. Golbert
The Good Shepherd Fund Arlene D. and Leo J. Grady Jean E. and John C. Grant-Dooley Charles Gravitz and John Borstel Stephen E. and Laura Gregory Thomas M. Griffin Sister Eleanor Guerin, RSM James J. and Kathleen Gumbleton Patricia A. Gurley James P. and Betty Hanigan Gertrude E. Harris James F. Hashem Anne Hastings Eric and Kristen Headrick Elliot Hernandez Suzanne and Richard P. Heron Wichita Falls Area Community Foundation-John Hirschi Donor Advised Fund William Hudson Mark Humowiecki Long T. and Katherine J. Huynh Karen and Abhinandan Jain Serge and Rosa Jean Jefferies Group, LLC Teresa and Paul Jennings Jinpa Foundation KT and Sandy Johnson
FONKOZE 2015 ANNUAL REPORT
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Donors and Investors
Carmelia Jarbath, a client representative to the Fonkoze Foundation Board of Directors, teaches a Jesyon Biznis course for members of her Credit Center.
2015 Donors and Investors* Ann Marie and John Judson Martin E. and Mariann Keck Dale J. and Kay M. Kempf Joan Kirby Regina L. and Richard A. Knowles Patricia A. Kolon Robert K. and Carol W. Kurz Ms. Jean Le Roy Bruce Leaman Amy Leeds Merrie Turner Lightner Emily A. Lippert Layla Ware De Luria and Marcos Luria M. Beth and Timothy Mazzola Paul F. and Christine McGuire Marcia H. McLaughlin John and Gloria McManus Sharon Meehan and Christopher Bergey Pooja and Rajesh Midha Carol and David Miller Frances McClellan Miller and Steve Miller Laurence Miners Morris Foundation Laurie Mufson Khamisi Mwaniki
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Reverend Elizabeth M. Nestor, M.D. Linda Neuenschwander L. Glenn and Cecilia O’Kray Patrick Ophuls Hilary Oran Robert J. Osborn, Jr. H. Robert and Kathleen Overly Cheri L. Parsons Woody Peterson Pioneer Investments Presbyterian Women Riverside Presbyterian Church, FL Louis E. Prezeau Cecilia R. Regan Barbara F. and Frank M. Resnek Percy and Dot Rosenbloom David Sarr Kristina M. Schoof Vacha and Mark H. Vacha Dennis F. Schreiner Seana L. Shiffrin Dylan Simanowitz Barbara D. Smith Sharmi Sobhan and Sumit Sasidharan St. John Chrysostom Church, Wallingford, PA David Stanford John K. Steinmeyer
FONKOZE 2015 ANNUAL REPORT
Robin and Joseph Stocks Allen J. and Mary Ellen B. Theis Tomkins Family Foundation Jennifer and Trevor Tomkins Jeffrey Toohig Frank M. and Kathleen N. Torrisi Rolf and Neely Towe Margaret L. Trost Jo Ann Valaske Ann and Karl Vehlies Victory Apostolic Church, Matteson, IL Sandra Weiksner Richard C. Welsh Rosemary J. and Bruce M. Wentworth Irlene Whiteman Richard Whittington and Jane L. Coleman Michael E. and Sharon F. Williams Carl Wright Kenneth Wright Frances K. Wu and Wilburn Chesser H. Berrien Zettler
$250-$499 Anonymous Catherine A. Allar Carole Lewis Anderson
Delores and Mervin Antoine Marlen Arechiga Joseph F. Augustin Mr. Phil Bahng and Ms. Grace Bahng Marya J. Barr Allan Beaufour Jane E. Begley Elaine M. Bellin Marvin L. and Judith Bellin Benedictine Sisters of Erie, PA Steven J. Bennett and Erin M. Loubier Dorothy W. and Michael B. Bisbee Mary M. and Sylvester G. Black Boomer Associates Inc Jean T. Booms Alix Born Barbara Brockhurst and Robert Lavoie John C. and Janis R. Burkhardt B. Zena Burns Stephen Candland Girl Scout Troop, Jacksonville, FL Janette Carr Elizabeth C. and David W. Champney Leo Chausse
Christ the Redeemer Church, Lake Orion, MI Stephanie Clark Ben Cocchiaro Jayne Cohen Francine Columbus Victoria M. Commins and David J. Mykita Lauren V. Compere Hyrije and Patrick D. Connell Janelle M. Cooney Jacqueline Cordry David J. Coughlin and Mary P. Stricker Alexander and Emily Counts James B. and Laura W. Crooks Yardley Custura Eugene and Diane DeJoannis Keila DePoorter Reginald Dieudonne Michael L. and Patricia E. Dobosenski Don & Jan A. and Janice Downing EagleBank, Bethesda, MD Mary Elliott James D. and Dawn A. Engel Senator and Mrs. Michael Enzi George and Claudette Evans Joan Farnsworth
Kathleen and Douglas Farrell Lisa Felix Mr. and Mrs. John B. Field Christian Fleischer Carolyn A. and Dennis J. Flynn Forster 2000 Family Trust Elissa Friedman Ann Frotscher Lynn Garfunkel Palmer P. Garson Mary George Michael F. and Jan Gliatto Carol A. Goll George A. Gowen and Anita Von Wellsheim Gowen Corwin Greenberg and Parvati Maggie Grais Eugene F. and Barbara A. Grewe, Jr. Gerrard L. and Rosanne S. Gumbleton, Jr. Richard S. and Lois Gunther Fund Judith and Robert Hadley Julia B. Handley James B. and Michelle Hanigan Joan G. and Joseph E. Heckel Diane M. Hill and Dennis Wagner Joan Hornig Lee and Paula Hougen
Members of this Solidarity Group in Marigo are heading to one of their bimonthly Center Meetings.
Robin S. and Michael Hoy Janet M. Hunt Karen C. Hyland Ofer Inbar Kevin Kathman Georgia L. and William R. Keeran Mackenzie Keller Bridget Kenny William V. and Mary Ann Kerr Mary Kirby Nic Korte Kathryn and William Ksander Sister Joan Kusak Cmdr. Priscilla Labovitz Patricia Lamoretti Michaja Langelaan Edward Latham Lance E. and Mary S. Laver Ellen W. Law Iole and Earl Le Tissier Jerry Lee Mary Lellouche Roy Levit Lew Kornbluth Family Fund Sophia Livanos John Logue Mary Longo Rita A. Marchand
Michael R. Martin Lewis J. and Barbara A. Mathers Michele and Richard Matuszewski Peter Mayock Paul J. McCarthy and Orla C. O’Callaghan Mary Jean and Thomas McCarty John H. McConnell Thomas E. McCuish Elisabeth McGlynn Matthew and Laura Anne McLaughlin Daniel McNeil Joseph and Janice Melton, LMFT Andrea H. Mendell Virginia Montgomery Montreat Conference Center Stephen Myers Carol A. Nash Andrew Newman John O’Brien and Jamie Lehrer Donald C. and Frances H. O’Connell Cynthia Odierna John P. and Vicki L. O’Reilly Parish of the Holy Spirit, Virginia Beach, VA Paul J. Patenaude Andrea Paulson
Pfizer Foundation Matching Gifts Program P. Martine Pierre-Louis Stephanie L. Quade Mary Jo Razook Carole Roberti Ronald and Pam Roberts John D. and Theresa P. Rollins William A. Rose, Jr. Gary M. and Toby L. Rosen Cassidy Rush Lisa Russell William and Mary Russell Kristin Sagert H. Louis and Anita B. Salomonsky Meera Sawkar Eric and Konika Schallen Mary Schmidt Susan M. and Charles P. Scholer Karol Schulkin Josie Sentner Juliet Serra Gladys E. Shaw Shawn and Meghan Sheridan Rony and Catherine Shimony Philanthropic Fund of the Jewish Communal Fund Toby Simon Deborah Simons
Mark E. and Dorothea W. Sinclair Sisters of the Divine Savior Harvey W. Slager Anne P. and Lincoln Smith Gayle A. Spinazze and Kimberley L. Busuttil T. Douglas and Nancy R. Splane Martha S. Sproule St. Bernadette Parish Roberta Stafford Philip L. and Carol Stein Thomas B. and Patricia Stock, M.D. G. and J. Sunday Therese Tangredi Maureen Tate and Gerald A. McHugh Julie M. Telang Ten Thousand Villages Paul Tevis Michael J. and Marina B. Todd Karen Tompkins Saba Tseggai Connie Turner Eileen and Jerry Tydlacka Marguerite Urban James W. and Kathryn Varty Mary C. Vetromile Carolyn R. Waller
Carol A. and Richard P. Walter Frances L. and John R. Ware Myra Weathington Marlene Wellington and Anthony Glaser Kayla Werlin Susan S. and Peter F. Westerman George A. Whitley Sarah Wood Wendy Wright and Roger Bergman Mary T. Yelenick and Elizabeth L. Broad Lawrence T. Young Linda Ziffrin George A. and Kathleen A. Zink, Jr. Donna L. and J. James Zocco
Investors Adorers of the Blood of Christ, St. Louis, MO Adorers of the Blood of Christ US Province Adrian Dominican Sisters, Adrian, MI Alternative Gifts International Alternative Insurance Company Matthew T. and Margaret D. Balitsaris Baltimore Ethical Society
James and Shelia Barry Gary and Mary Becker Paul Beach Beyond Borders Bon Secours Health System Kelly Bottone Rebecca Brune Gloria Callaci and Lawrence J. Suffredin Jr. Calvert Foundation Catholic Health Initiatives Timothy Cimino City National Bank Shares Carroll and Joseph Clay Congregation of the Sisters of Charity of the Incarnate Word, Houston, TX Congregation of the Sisters, Servants of IHM Charles Conlon Leatrice Crivello Larry Dansinger & Karen Marysdaughter Digicel Haiti International Finance Limited Barbara DiTommaso The Domestic and Foreign Missionary Society of the Protestant Episcopal Church in the United States of America
FONKOZE 2015 ANNUAL REPORT
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Donors and Investors
Fonkoze’s earthquake resistent head office in Pòtoprens
2015 Donors and Investors* Dominican Sisters of Hope, Ossining, NY Dominican Sisters of Springfield, IL David W. Dortch Douglas Wingeier Trust Robert W. Dulaney Deanna Durban Thomas Ellis Ethical Action Committee of St Louis, MO Judith Favor Finian Taylor Revocable Living Trust Fitzpatrick Family Foundation Fonkoze Employee Trust Fonkoze Foundation Fonkoze USA Peter Gebhardt-Seele Global Partnerships Grey Nuns of the Sacred Heart, Yardley, PA Jonathan P. Haggard Haiti Solidarity of the Northeast Haitian Microfinance, Inc. Rosemary (Edwards) Hanrahan Anne Hastings Robin and Michael Hoy Chantal Hudicourt
20
Idyll/Untours Foundation Inter-American Investment Corporation Dr. Henry Kaminer Michael Komba Constance Lesold Loretto Literary & Benevolent Institution Christine W. Low Kimberly McCormick John and Christine McKay Mary Elizabeth Meehan MEDA Mercy Partnership Fund Susan Metz Michigan Committee for a Democratic Haiti Mid-Atlantic Regional Christian Life Community Patricia H. Miller Fred Montas Nazareth Literary and Benevolent Institution Jane N. Newton Oikocredit Our Lady of Victory Missionary Sisters, Huntington, IN Joseph & Mary Palen Parish of St. Augustine, Brooklyn, NY
FONKOZE 2015 ANNUAL REPORT
Partners Worldwide Peace and Justice Book Club Joseph Philippe John R. Poole Louis Prezeau Religious Communities Investment Fund, Inc. Merilie Robertson Joseph Rund Sacred Heart Monastery, Yankton, SD St. Augustine R.C. Church St. Bridget Church, Manchester, CT St. Martin de Porres Catholic Worker House, Harrisburg, PA Ed Schmidt School Sisters of Notre Dame, Saint Louis, MO Julian & Ruth Schroeder Josie Sentner Seton Enablement Fund Sisters of the Blessed Sacrament, Bensalem, PA Sisters of Charity of New York, Bronx Sisters of Charity of Saint Elizabeth, Convent Station, NJ Sisters of the Holy Cross, Inc.
Sisters of the Holy Cross, Notra Dame, IN Sisters of the Holy Names of Jesus & Mary - US - Ontario Province Sisters of the Humility of Mary, Villa Maria, PA Sisters of Notre Dame of Toledo, OH Sisters of Saint Dominic Sisters of Saint Francis of Philadelphia Sisters of Saint Joseph of Carondelet - MO Sisters of Saint Joseph of Carondelet - MN Sisters, Servants of the Immaculate Heart of Mary, Monroe, MI Sharmi Sobhan Society of the Holy Child Jesus, Bryn Mawr, Pa Doug Thompson Tulsa Community Foundation Untours Foundation Ursuline Sisters of Tildonk, Jamaica, NY William G. Wegener
Zanmi Fonkoze Zanmi Fonkoze, Jacksonville, FL Zanmi Fonkoze, New York, NY Zanmi Fonkoze, Philadelphia, PA Zanmi Fonkoze, Richmond, VA Zanmi Fonkoze, Santa Barbara, CA Zanmi Fonkoze, Washington, DC
The Dr. Faith M. Jones Memorial Fund Raymond and Lise Giraud Memorial Fund
Shoulder-toShoulder Legacy Society Jerry and Anna Bedford
In-Kind Donors and Leigh Carter and Andrew Schuman Volunteers Akin Gump Strauss Hauer & Feld LLP Jerol Bailey of Lenz Winery Matthew T. and Margaret D. Balitsaris Lisa Collis Dickstein Shapiro LLP Tracy Leigh Colette Pollitt, P.C. Gerard Morisseau Real Estate Counselors, PLLC
Alex and Emily Counts Barbara DiTommaso Dr. Francis P. Fuhs Jim and Betty Hanigan Anne H. Hastings Brian and Diana Lovett Joe and Mary Palen Martine Pierre-Louis Peg Rosenkrands Karen Locke Thoms
Endowments and Memorials
* The Fonkoze Family makes every effort to acknowledge all donors and expresses their regrets for any donor who is not listed. If you see that your name was excluded in error, please contact Fonkoze USA at 202.628.9033.
The Jerry and Anna Bedford Endowment Fund H. Fred Clark Memorial Fund The Margaret Demere Memorial Fund Bob and Marie Fehribach Memorial Fund
2015 Fonkoze Leadership ENDNOTES
Fonkoze Family Senior Staff
Fonkoze USA Board of Directors
1
World Bank, Personal remittances, received (% of GDP) in 2014. http://data.worldbank. org/indicator/BX.TRF.PWKR. DT.GD.ZS.
SÈVIS FINANSYE FONKOZE, S.A. Matthew Brown, Chief Executive Officer Dominique Boyer, Chief Operating Officer Francis Ollivier,* Chief Information Officer
2
FONDASYON KOLE ZEPÒL Carine Roenen, Executive Director
Matt Balitsaris, Chair* Leigh Carter Gladys Casimir Beth Daniels, Vice Co-Chair Therese Feng, Chair and Co-Treasurer Madeleine Féquière* Margaret (Peg) Fourré* Marguerite Lathan Jean-Guy Noel, Vice Co-Chair Father Joseph Philippe, CSSp Marjorie Rawls Roberts Daniel Robinson, Secretary Laura Stephens Leslie Thurman Laura Wright, Co-Treasurer Charlie Petty, Board Fellow Meera Sawkar, Board Fellow
Research published in Science Magazine Vol. 348, Issue 6236 (“A multifaceted program causes lasting progress for the very poor: Evidence from six countries”) establishes that the graduation approach “to increasing income and well-being for the ultrapoor is sustainable and cost-effective.” 3
Ti Kredi is Fonkoze Financial Services’ introductory five-month lending program through which Loan Officers provide added support and supervision to clients who may never have had a loan before. Solidarity is Fonkoze Financial Services’ core lending program, through which groups of five women support one another to access credit.
4 Business Development is a lending program through which individuals can access loans to grow their small businesses. 5
The Small and Medium Enterprise lending program serves individuals who have the capacity to access higher lines of credit for their businesses.
6
Fonkoze USA has no role with respect to any offering by Fonkoze Financial Services and will not receive any proceeds therefrom. Accordingly, Fonkoze USA takes no responsibility for the accuracy or adequacy of any disclosure or other materials delivered in connection with any offering by Fonkoze Financial Services.
FONKOZE USA Leigh Carter, Executive Director
Fonkoze S.A. Board of Directors Deanna Durban Brian Kearney-Grieve, Vice-Chair Anne H. Hastings* Guy Paraison Father Joseph B. Philippe CSSp Julian Schroeder, Chair Chantal Hudicourt Ewald* Daniel Robinson
Honorary Board of Directors of Fonkoze USA
Damian Blackburn, Chair Matthew Brown Daniel Dorsainvil Michèle Duvivier Pierre-Louis Daniel Godefroy* Anne H. Hastings* Fabienne Jolivert Brian Kearney-Grieve, Vice-Chair Geneviève Michel Guy Paraison Father Joseph B. Philippe, CSSp Julie Redfern* Daniel Robinson Mary Jo Sentner, Secretary Ben Simmes
Jose Artiga Garcelle Beauvais Jerry Bedford Mary Becker Gary Becker Maryann Boord Alex Counts Dr. Paul Farmer Maureen Fenlon, OP Brian Gately Beverly Lucas Michael McClanen Father Albert McKnight, CSSp Ruth Messinger Louis Prezeau Marie M.B. Racine Michael Rauenhorst Winston Tellis Anne Hastings, Emeritus
Fondasyon Kole Zepòl Board of Directors
Credits
Sèvis Finansye Fonkoze, S.A. Board of Directors
Edrex Alcime Dominique Boyer* Claude Alexandre Guerda Eustache Thony Fleury Carmelia Jarbath Fabienne Jolivert Alexandre Hector* Frednel Isma* Marguerite Lathan Yodeline Mérelus* Guy Paraison Father Joseph B. Philippe, CSSp, Coordinator Marie Deleure Jean Plaisival Herold Rodrigue Obény Rose* Gevenise Saint-Louis Lunese Valcy
EDITORIAL TEAM Ana Adamson Linda Boucard Matthew Brown Leigh Carter Margaret (Peg) Fourré Charles Gravitz Lyla Leigh Myriam Narcisse Natalie Parke Nikelson Pierre-Louis Carine Roenen DESIGN Brad Latham PRINTED BY: Petree Press, a Division of Worth Higgins & Associates, Inc.
Special Thanks We are deeply grateful for the 800+ dedicated staff members working throughout Haiti.
*Outgoing members of Fonkoze’s leadership.
FONKOZE 2015 ANNUAL REPORT
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SÈVIS FINANSYE FONKOZE, S.A. 119 Avenue Christophe Port-au-Prince, Haiti 505 (from Haiti) 1.800.293.0308 (from US)
FONDASYON KOLE ZEPÒL 119 Avenue Christophe Port-au-Prince, Haiti 505 (from Haiti) 1.800.293.0308 (from US)
FONKOZE USA 1718 Connecticut Avenue NW, Suite 201 Washington, DC 20009 202.628.9033
www.fonkoze.org
Fonkoze USA holds Charity Navigator’s top four-star rating for exceeding industry standards and outperforming most charities in its cause.
GuideStar recognizes Fonkoze USA as a Valued Partner.
Fonkoze USA participates in the Combined Federal Campaign.
The Better Business Bureau recognizes Fonkoze USA as an Accredited Charity.