FONDASYON KOLE ZEPÒL | SÈVIS FINANSYE FONKOZE | FONKOZE USA
2010 Annual Report
Dear Friends of the Fonkoze Family
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et’s reflect once more on the year 2010. In Haiti, we will never forget the events of that year, especially the earthquake of January 12th. We recall with reverence the lives lost at Fonkoze and throughout Haiti, and the suffering of hundreds of thousands of unsuspecting men, women, and children. We will never forget the individuals and organizations that came to Haiti’s side. At Fonkoze, we forever hold in esteem staff members — quiet heroes — who gathered unfathomable strength to return to work. Their responsibility to serve Fonkoze’s clients was foremost in their hearts. We will not let go of that courage, and are continually strengthened by their focus on our mission. Those of us in the Fonkoze Family also remember that out of this turmoil came clarity, innovation, risk-taking, and determination. Like so many in Haiti, we put one foot in front of the other, and with each day grew stronger. Most days it was about evaluating the challenge in front of us — working amidst the rubble of destroyed buildings, supporting homeless and hurting staff members and clients, and getting aid into the hands of those that needed it most. We would take a look at those daunting challenges, and develop a solution. Solutions turned into valuable programs to meet the needs of the most vulnerable, then quickly evolved into a long-range vision of ways the Fonkoze Family might use its unique assets as an effective participant in the economic recovery of Haiti. At Fonkoze and Sèvis Finansye Fonkoze, 2010 was centered on staff and client recovery, rebuilding infrastructure, moving cash FONKOZE FAMILY 2010 ANNUAL REPORT
and using funding effectively and transparently, engaging at all levels on Fonkoze’s Staircase out of Poverty, while empowering, protecting, and educating our network. At Fonkoze USA, we raised funds and awareness to assist our Haitian institutional partners in all the challenges before them. Through it all, all three institutions of the Fonkoze Family — Fonkoze, Fonkoze USA, and Sèvis Finansye Fonkoze — remained focused on a commitment to results and accountability. Within the pages of this 2010 Annual Report, we invite you to explore the details of the Fonkoze solutions. You made it possible for the Fonkoze Family to face challenges head-on. You gave us the courage to move ahead, even if sometimes we could not be sure our solutions would work. We were all partners in this recovery, and we remain partners in Haiti’s future. Haitians and Haitian institutions rebuilding Haiti. That is what defines Fonkoze, and Haiti’s future. We invite and need your partnership, as we provide the leadership, experience, courage, and talent needed for years to come. Sincerely, Anne H. Hastings CEO, Sèvis Finansye Fonkoze Carine Roenen Director, Fonkoze Leigh Carter Executive Director, Fonkoze USA Father Josephe B. Philippe Founder, Chair, Fonkoze and Sèvis Finansye Fonkoze Boards of Directors Alex Counts Chair, Fonkoze USA Board of Directors 1
The Year 2010
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y all accounts, 2010 was a watershed year, not only for Haiti as a whole, but for the Fonkoze Family and our clients. The year began with optimism. A period of relative stability and constructive focus from the international community seemed to be producing growth and promoting investment. Within the first 12 days, however, everything changed in the most dramatic, destructive way possible. In 30-40 seconds, Port-au-Prince and much of the surrounding area was nearly reduced to rubble. At least 220,000 people died. At Fonkoze, more than half of all staff — greater than 450 — were left homeless or in severely compromised living conditions. Five employees died. The toll was staggering and it felt as if the world had ended, but for those who survived, the struggle had only begun.
As the bank of the poor, we knew we had a special role to play in delivering the aid friends and family abroad were sending to Haiti. As hundreds of thousands of remittance transfers totaling millions of dollars poured in from abroad, Fonkoze raced to open its branches in the earthquake-affected regions and keep open its branches in less-affected areas. Clients lined up outside of each branch and down the street as we setup computers, printers, and desks in the courtyards of branches too damaged to use. In Bizoton and Leyogàn, two of the worst affected towns, partners helped Fonkoze open its branch in the back of a truck, a “mobile branch,” which roamed each day to provide services to clients. When liquidity became a problem, Fonkoze undertook an unprecedented operation. In partnership with the U.S. military, and with the help of
Empowered by these early successes in meeting the needs of our clients, Fonkoze set its sights on its role in the long-term economic recovery of Haiti 2
the Multilateral Investment Fund and the U.S. State and Treasury Departments, Fonkoze brought $2 million from its bank in the U.S. into Haiti and then delivered the money by helicopter at ten sites throughout the country so that branches could provide uninterrupted service to clients. Empowered by these early successes in meeting the needs of our clients, Fonkoze set its sights on its role in the longterm economic recovery of Haiti. The biggest undertaking of the year was Fonkoze’s earthquake recovery program for members, “Kore Fanmi Fonkoze,” which is Haitian Creole for “Program to Reinforce the Fonkoze Family.” This program treated all Fonkoze members — clients who had paid their initial membership fee of about $6 and were in good standing — as if they had already been paying for catastrophe microinsurance coverage when the earthquake hit. This allowed us to test the effectiveness of insurance payouts in helping clients rebuild their lives after a natural disaster and to educate clients about the benefits of such a product at the same time. Members who belonged to the ten most affected branches were automatically eligible for benefits, FONKOZE FAMILY 2010 ANNUAL REPORT
THE YEAR 2010
while members living outside the earthquake region qualified if they had lost their homes, their businesses, or both. Qualifying members benefitted from the three core components of the program: k A one-time cash grant of 5,000 HTG (about $125) to assist with emergency needs like shelter, food and medical care; k Cancellation of their remaining loan balance on the day of the earthquake; k A new loan to restart their business when they were ready. As a prelude to a permanent insurance product offering the same benefits, Fonkoze charged all clients a fee of 2% of their new loan. Clients were taught the basic principles of insurance and that in the future they would pay a premium on a policy that would payout in a disaster. In addition Fonkoze developed and piloted a series of disaster preparedness training sessions, which included a lesson on micro-insurance as a risk reduction tool. This program turned out to be our most significant innovation of the year as the lessons learned from implementing Kore
Fanmi Fonkoze led to the design and launch of a permanent catastrophe insurance product and disaster preparedness education training for all clients nationwide. More details on Kore Fanmi Fonkoze and its evaluation can be found in Fonkoze’s 2010 Social Performance Report accompanying this Annual Report, or on our website. The year’s challenges didn’t end with the earthquake. A rapidly spreading cholera outbreak, late-season tropical storm, and political unrest made 2010 a year of seemingly endless challenges. Nonetheless, as with our earthquake recovery program, Fonkoze took action to respond quickly, effectively, and responsibly to each hurdle of the year. By expanding our existing services and developing new multi-faceted solutions, we aimed to equip our clients and their families with permanent access to the tools and knowledge they need to build their resilience and better protect themselves from disasters long into the future. The subsequent pages of this Annual Report highlight just how we accompanied our clients through one of the most difficult years in our history, and ended the year stronger than ever.
Results after the Earthquake k Distributed one-time cash grants to earthquake victims and their families benefiting 89,150 people k Provided almost 44,000 clients and family members serving as host families to those displaced with a one-time cash grant to reduce the financial burden k Paid $95,816,784 in remittance transfers into the Haitian economy from January through December k Disbursed 10,869 new loans to earthquake victims who were ready to recapitalize their businesses k Educated 2,372 clients and family members in Leyogàn on disaster preparedness and risk reduction strategies with short-term plans to teach over 56,000 k Piloted an innovative catastrophe micro-insurance solution which led to the launch of “Kore W” (Reinforce You) in January 2011 and has already helped thousands of clients recover from devastating rains in early June 2011
The Staircase out of Poverty Our innovative sequence of products and services designed to meet clients wherever they are and accompany them on their journey out of poverty.
Business development
individual loans, assistance moving into the formal sector
Solidarity Group solidarity and education
Ti Kredi education, close monitoring and a solidarity group
Chemen Lavi Miyò confidence building, enterprise training, asset transfer, health services
FONKOZE FAMILY 2010 ANNUAL REPORT
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Fonkoze: A Haitian Institution
Comprehensive Solutions to Fight Poverty Building & Growing Micro-Businesses Providing the financial resources families need to build a better life
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ith determination, we remained committed to our core mission as “the bank on which the poor of Haiti can rely.” Our doors never closed. We remained focused on our clients and their needs in the wake of disaster. The most important matter for our clients — to those who lost everything in the earthquake, to those who did not — was to find a way to get their businesses quickly operating again. Working in our favor was a proven methodology: Fonkoze’s Staircase out of Poverty. While helping those most devastated recover, Fonkoze continued to do what it does best — to provide financial services 4
to unwavering women throughout Haiti, women at various stages on their journey out of poverty. Motivated by our principle, “credit is not enough,” Fonkoze continued to provide credit, savings, and much-needed remittances from abroad alongside education, health campaigns, and client protection. Even if it meant dragging desks and computers into the courtyards of destroyed branch offices, emerging from the rubble to “check in” with clients, or banking from the back of a mobile van, Fonkoze served those most in need. That mantra continued throughout the year as first cholera, then a late-season hurricane, and finally political upheaval rocked those we serve.
The future of Haiti can be in the capable hands of Haitians and Haitian institutions. Fonkoze is a shining example of that. Fonkoze is the “alternative bank” on which the poor of Haiti can rely well into the future. It is a Haitian institution, with 840 employees. Fewer than 10 of those employees are non-Haitian. As one employee in the Social Impact Monitoring department put it recently, “I wanted to work in this department so I could apply my theoretical knowledge from university to the benefit of Haitian society… I also saw this as a chance to help build a department that I thought had great potential to be an important force to help Fonkoze achieve its mission and better serve its clients.” You’ll hear the same sentiment and professionalism echoed by Fonkoze employees — from credit agents, to drivers, to branch managers. These are Haitians working for the betterment of their own country. Fonkoze also understands the importance of working in partnership with others, finding additional competence we might need, and enriching other institutions with our unique expertise. Together we enable Haitians and Haitian institutions to rebuild Haiti.
FONKOZE FAMILY 2010 ANNUAL REPORT
COMPREHENSIVE SOLUTIONS TO FIGHT POVERTY
Helping Families Cope with Inevitable Risks Knowledge and tools to help clients cope with health and natural disasters One of the most important lessons of 2010 was not only how to remain steadfast in serving women at various steps on the Staircase out of Poverty, but understanding how to equip them to remain on that demanding path. Some call this “the handrails” on the Staircase out of Poverty. Without a doubt, it became absolutely clear in 2010 that there exist inevitable risks in the lives of our clients — hurricanes, earthquakes, illness, and insecurity. In a country like Haiti, where
government is weak and there are no safety nets for anyone — especially the poorest — it takes innovation and risk-taking to find solutions. Fonkoze saw the earthquake disaster as an opportunity to pilot an idea that had been brewing since hurricane recovery in 2008-2009: natural catastrophe insurance for our clients. Kore W was launched in early 2011 and is available to organizations serving the poor throughout the Caribbean and the world. The earthquake also sparked
new approaches to our education program, resulting in disaster preparedness training for all. And finally, an unexpected cholera epidemic presented a serious challenge requiring immediate and effective action to provide education and supplies for prevention and treatment of this rapidly spreading disease. All these innovations relied upon Fonkoze’s network of almost 2,000 Solidarity Centers throughout Haiti as a platform to launch important and essential programs.
Reaching Haiti’s Poorest Families
photo, far right, by Steve Werlin
Preparing families to be micro-entrepreneurs and helping them escape the worst form of poverty Fonkoze redoubled its efforts at the very bottom of the staircase to accompany families who had slipped deeper into poverty as a result of the earthquake and other setbacks of the year. At the beginning of 2010, there were 250 members in Fonkoze’s program for the ultra poor, Chemen Lavi Miyò (CLM) or “Pathway to a Better Life.” By the end of 2010, 1,234 women were enrolled in the program reaching an estimated 8,638 Haitian family members in the most demoralizing of circumstances. Riding on the success of the 2009 pilot of CLM, which realized a 95% graduation rate, Fonkoze worked with rural women with no productive assets, not yet ready for credit, with FONKOZE FAMILY 2010 ANNUAL REPORT
inadequate housing and children who are not in school. These women are ostracized by their communities, and their families suffer food insecurity with hunger. That is, the family might go days without food. At the end of an 18-month period of extensive accompaniment by a Fonkoze CLM case manager, buy-in by a village committee, introduction of assets and commerce, thoughtful training and confidence-building, women graduate from CLM equipped to care for themselves and their families. Throughout this process — and independently — women are identified that qualify for Fonkoze’s second step on the Staircase, Ti Kredi, or “Little Credit”. This is the first
loan program on the staircase, with loans beginning at $25 coupled with extensive training including business skills, literacy and simple calculation, health, children’s rights, and environmental protection. 4,845 clients went through the six-month Ti Kredi program this year—an 85% increase over 2009. Graduation rates remained high with 91% successfully completing the program.
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COMPREHENSIVE SOLUTIONS TO FIGHT POVERTY
Promoting Job Creation Throughout Haiti Lending to small and medium enterprises, the job creating engines of growing economies Not everyone will thrive as an entrepreneur. Some people just need a job. The rural economies of Haiti needed to be reinvigorated, and that’s why one of Fonkoze’s solutions in post-earthquake Haiti was to examine how to enhance programs at the top of the Staircase out of Poverty. Fonkoze has always maintained a Business Development program for extending individual loans to successful ti machann graduating out of solidarity lending (Fonkoze’s third step on the staircase) and for other entrepreneurs eligible to borrow at that level, including men and community organiza-
tions. In 2010, however, opportunities arose that brought to bear emerging strategies for the small and medium enterprise (SME) sector. One strategy was Zafèn, an internet “window” into the possibilities of the SME sector that identifies and qualifies creditworthy SMEs to showcase on the Zafèn website. This pioneering approach was also a major part of Fonkoze’s strategy to engage the Haitian Diaspora in the recovery effort. When a trade association of Madanm Sara asked Fonkoze for credit, we started a new product designed to meet their needs called Kredi Cho, or “hot credit” so named
for the speed with which it was disbursed and its short term (3 months). Madanm Sara are the wholesalers who travel abroad to purchase the goods Fonkoze’s clients — ti machann — then purchase to sell in the rural sectors. When commercial banks pulled back on credit for the Madanm Sara after the earthquake, an important supply chain was interrupted. Fonkoze stepped in, explained to these experienced business women that Fonkoze would provide muchneeded services to their association and why. A win-win partnership emerged and strengthened throughout 2010.
Building the Foundations of Democracy Empowering women to be leaders and building democratic institutions While access to affordable credit to grow a micro-business is one piece of a complicated pie, in order to truly succeed in their journey out of poverty women need added essential tools like business and life skills education, health knowledge and services, micro-insurance, and leadership development opportunities. Fonkoze has always been committed to this principle, and last year was no exception. In fact, in all our programs, the events of the year presented an opportunity to innovate, strengthen and grow. Our solidarity center 6
network was used time and again in this tumultuous year: to implement our earthquake recovery program, to roll out Edikasyon sou Katastwòf (our disaster preparedness training), and to introduce quickly Fonkoze’s response to cholera. Fonkoze’s democratic, grass-roots structure of almost 2,000 solidarity centers was essential to all we accomplished. Each center consists of five to 10 five-person solidarity groups, with an elected center chief who attends regional assemblies twice a year. At regional assemblies, members
are elected to represent the clients at the national assembly in Port-au-Prince. Key decisions are made, and the Board of Directors is elected at this annual gathering, allowing our clients to fully engage in a democratic process and in building a democratic institution. The strength of this rural network of self-governing solidarity centers throughout Haiti is key to the distribution of critical information and learning. It is the soul of Fonkoze.
FONKOZE FAMILY 2010 ANNUAL REPORT
COMPREHENSIVE SOLUTIONS TO FIGHT POVERTY
Managing Our Social Performance: The Other Bottom Line As an institution with both financial and social goals, we believe in managing our performance to a double bottom line—financial and social. Fonkoze’s commitment to ensuring a systematic approach to strengthening our social performance led to the creation of the Social Performance Monitoring and Market Research, or “Social Impact,” department in 2006. Starting with four members in 2006, by 2010 Social Impact had grown to a team of 16 full-time “action researchers” dedicated to the ongoing monitoring and evaluation of Fonkoze’s clients and programs. Over the last five years, Social
Impact’s role has evolved into a critical agent for instititution-wide learning, informed decision-making, strengthened social responsibility to staff and clients, and demanddriven improvements in Fonkoze’s products and services. Fonkoze’s 2010 Social Performance Report highlights how years of commitment to managing our social performance enabled us to respond quickly, responsibly, and effectively to the crises of the year. While implementing groundbreaking programs to help our clients recover from the earthquake and prepare for future disasters, Fonkoze also became a leader in
the global movement for improved client protection in microfinance by engaging staff and clients in a concerted effort to implement the Smart Campaign principles of client protection. The Social Performance Report also shares the results and lessons learned from Fonkoze’s innovative pilots, research, and evaluation efforts throughout the year. With an eye to a stronger and more resilient future for both Fonkoze and our clients, these lessons learned and insights gained are shaping our plans to strengthen our double bottom line. The fulllength report is available on the Fonkoze website.
Connecting Haitians Living Abroad with Haiti Engaging the Diaspora and providing them the financial services to develop their country In 2010, Fonkoze continued to seek ways to reinforce the devotion of Haitians living abroad. Yet, the Diaspora experienced their own “earthquake” so to speak…an economic earthquake. Already struggling with the economy, especially in the U.S., Haitians living abroad found themselves responding to friends and family in Haiti who had lost everything. In some cases, savings and retirement funds were liquidated to come to the rescue of loved ones. In other cases, already small salaries were drained so that funds FONKOZE FAMILY 2010 ANNUAL REPORT
could be sent to Haiti on a regular basis after the earthquake. Through its Diaspora Liaison office, Fonkoze provided financial literacy materials developed in English and Creole to various Haitian-American organizations in the U.S. Understanding that remittances were some of the first “aid” to reach the country after the earthquake, Fonkoze took even more seriously its role as one of the largest remittance distributors in the country. We kept our doors open — even during a liquidity crisis — and
distributed those much-needed money transfers from abroad. In 2010, Fonkoze’s remittance business quadrupled, as we took responsibility for distributing some $95 million. Additionally, our new Zafèn program served as an Internet-based pathway to connect capital from the Diaspora with credit-worthy Haitian businesses in the SME sector. Enabling the Diaspora’s investment in Haiti’s recovery and long-term development will continue to be a major part of Fonkoze’s strategy going forward. 7
CLIENT CLIENT PROFILE PROFILE
Jesula Salomon
When the January 12, 2010 earthquake hit Port-au-Prince, Jesula Salomon, 31, was selling vegetables, spices and other goods in one of the capital city’s sprawling markets. Once she returned to the market, she found her merchandise gone or destroyed. CLIENT PROFILE
Camille Wilda Solidarity lending client who benefitted from the Fonkoze Earthquake Recovery program, “Kore Fanmi Fonkoze” Three years ago, Camille Wilda of Leyogàn was interested in borrowing money to start a business. She went to Fonkoze, asked some questions, and formed a solidarity group to take out her first loan. She was doing well, with a pharmacy business she’d slowly built up and a nice house. But the January 12 earthquake destroyed both, and she was left with nothing. Through Fonkoze’s earthquake recovery program Kore Fanmi Fonkoze, Camille was one of over 19,000 clients who received HTG 5,000, about US $125, had their loans canceled, and were offered a new loan when ready.
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“When I got the HTG 5,000 after the earthquake, it was huge,” said Camille, who lost her house in the earthquake and had to move into a shelter. “It was as though I had gotten HTG 50,000. It seemed that way because I didn’t have anything. It’s not just me — everyone felt like this, no one had anything. For me, that’s really something.” She added, “I’m not really sure what I would have done without Fonkoze.” Camille tried to restart her pharmacy business, but with the influx of aid after the earthquake her customers were getting the products she sold for free. She switched to selling cosmetics and has been slowly building her business back. She uses the profits to feed her children and pay for them to go to school. A parttime nurse for Doctors without Borders, she still dreams of re-opening her pharmacy to meet a need in her area. “I have moved backward because of the earthquake... I’m not in the same situation as before, but I am moving forward anyway. The loans have helped with that,” Camille said. “With Fonkoze I’m sure I can get ahead.”
Her family and house were spared, but without a business she could no longer afford the rent. Her husband, who lost his leg in an accident, could no longer help the family with his income from construction work. She didn’t feel safe in Port-au-Prince anymore. A couple months later, Jesula moved her family, including two children, to a small community near Sodo in the Central Plateau, a handful of the estimated 500,000 who migrated out of the city after the earthquake. There, Jesula had nothing but her husband’s family and some friends. They took the newcomers into their thatchedroof house, but Jesula and her family went days without food, dependent on others to help. She couldn’t afford to send her children to school. In the fall of 2010, she was selected to participate in Fonkoze’s Chemen Lavi Miyò (CLM) program, which means “Pathway to a Better Life” in Haitian Creole. “Before, I didn’t have anything,” Jesula said. “I didn’t even have a chicken.” A year later, she has her own house with a new tin roof, a latrine, and two goats and a pig. This fall, her children are starting school. She said that her CLM case manager has helped her manage her money. She said women who aren’t in CLM keep having children, which makes it harder for them to take care of the ones they already have. “Before, if I had 50 gourdes in hand, I’d waste it,” said Jesula, who aspires to start a small business and build a second room on her house. “Now I have somebody who comes every week to give me advice and help make my money more secure.” Jesula is poised to graduate from CLM in early 2012 and will then be eligible for her first loan through Fonkoze’s Ti Kredi program.
FONKOZE FAMILY 2010 ANNUAL REPORT
photo, top, by David Garfunkel; photo, bottom, by Sandra U. Hart
An earthquake survivor who started on the “Pathway to a Better Life” with Fonkoze
The Quiet Heroes Fonkoze is a family of almost 900 employees working all across Haiti to make a difference
photo, bottom, by Ben Depp
F
onkoze staff always work with dedication and courage despite difficult conditions, but 2010 brought extraordinary hardship. During the earthquake, Fonkoze lost five staff: Raymonde Lochard, Uriel Lochard, Idalia Merilus, Myrlande Vaincoeur, and Marie Louisa Pierre. Half the staff — 470 of almost 750 — lost their homes, but, found a way to move forward providing crucial services during their country’s time of greatest need. In the early days after the earthquake, the Fonkoze service that rose to the top in importance was remittances, that is, the distribution of money transfers from abroad. As we said many times throughout the year, the $100 from a brother in Brooklyn or the $300 from an aunt in Miami, became some of the first aid to reach the country. For those with nowhere to turn, this flow of cash was critical. Remittance services is a sector in which Fonkoze has become a national leader. And after the earthquake, the Director of Fonkoze’s Transfer Services Department — Natacha Blanc — quickly recognized her department would be the busiest in the organization. Natacha found her way back to the Fonkoze office along with other staff in the days after the disaster, and began the difficult task of setting up an office, locating her staff and diving into her work. It was during this process she learned that three out of four of her staff members had died in the earthquake. “I can’t put into words the way that I felt when I heard the news; these ladies were more than employees, they were like extended family to me, like sisters,” Natacha said. For three years, Natacha worked alongside Uriel Lochard, Raymonde Lochard, and Myrlande Vaincoeur in a small office, sharing everything from lunch to family stories. They had cried and laughed together. FONKOZE FAMILY 2010 ANNUAL REPORT
Uriel was only 22 years old. She died when the earthquake destroyed her house. Raymonde left work early on Jan. 12 to pick up her two children from school; she died at home with both children. Myrlande had just returned from a nine-month stay at Duquesne University in a special Fonkoze training program. She had gone to choir practice to the National Cathedral when it collapsed.
“I can’t put into words the way that I felt when I heard the news; these ladies…were like extended family to me, like sisters.” This year Fonkoze recognized 20 staff members who acted as heroes after the earthquake by awarding posters with their pictures and gifts of recognition. One credit agent, after spending 18 hours under rubble, started meeting with clients despite the branch not even having opened. Other employees risked their lives to go into damaged buildings and recover cash, while branch directors sought new locations to open damaged branches. Later in the year, a Chemen Lavi Miyò case worker Franck Laurore drowned in a sudden storm that overwhelmed the primitive canoe he was traveling in to work in a rural community. Two weeks later, another Fonkoze employee, Nicolas Seraphin, survivor of the canoe accident was killed in a motorcycle accident near Mibale. We cannot say enough about the resolve and heroism of the Fonkoze staff. They are quiet heroes. 9
FINANCIAL STATEMENTS
As this report went to press, the audited financial statements of Fondasyon Kole Zepòl (FONKOZE) were not yet complete. They will be published on the Fonkoze website www.fonkoze.org.
Fonkoze S.A. & Subsidiary Sèvis Finansye Fonkoze
S
èvis Finansye Fonkoze, the operating company of Fonkoze S.A., expanded tremendously in 2010 as more products were offered to more customers than ever before. Total assets grew 80.9% even after adjusting for cash being held for a special
government program. The portfolio of outstanding loans to microfinance and SME clients grew 55%. Deposits surged 80.5% and branches paid out nearly three times more remittance transfers than in 2009. Following the devastation of the earthquake, SFF received grants to
help our clients recover and rebuild their businesses, offset extraordinary expenses, replace assets, replenish capital, and restart operations. Both SFF and Fonkoze S.A. moved into positive equity.
consolidated BALANCE SHEET All amounts expressed in Haitian gourdes (HTG) Exchange Rates HTG/USD
39.8817
42.0193
39.8176
2010 523,007,904 7,939,743 242,432,651 462,345,393 (13,870,362) 448,475,031 63,538,850 65,967,982 1,351,362,161
2009 73,962,850 8,798,126 60,616,673 298,210,170 (17,128,747) 281,081,423 34,269,118 66,753,850 525,482,040
2008 71,985,036 7,299,867 40,609,623 326,623,761 (26,935,726) 299,688,035 25,222,002 62,406,133 507,210,696
LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Notes Payable Other Liabilities TOTAL LIABILITIES
836,627,288 41,528,893 443,931,449 1,322,087,630
463,446,752 74,448,951 7,872,536 545,768,239
393,014,284 156,204,881 6,677,153 555,896,318
SHAREHOLDER'S EQUITY Capital stock and paid in capital Retained earnings (deficit) Accumulated other comprehensive gain TOTAL SHAREHOLDERS' EQUITY
149,592,719 (120,880,574) 562,386 29,274,531
141,658,512 (163,338,884) 1,394,173 (20,286,199)
101,977,010 (151,229,474) 566,842 (48,685,622)
1,351,362,161
525,482,040
507,210,696
ASSETS Cash and cash equivalents Investments Accounts Receivable Gross Loan Portfolio Outstanding
Income Statement Less allowance for Loan Loss
Net Loan Portfolio Outstanding
Net Fixed Assets Other Assets TOTAL ASSETS
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
consolidated INCOME STATEMENT All amounts expressed in Haitian gourdes (HTG) Exchange Rates HTG/USD
Interest Income (Loans and other) Interest Expense Net Interest Income Provision for loan losses
Net Interest Income After Provision for Loan Losses Other Operating Income Net Interest and Other Income Operating Expenses Net Loss from Operations before Income Tax Other Income Provision for Income Tax Net Loss Before Extraordinary Items Extraordinary Items Provision for Income Tax on Extraordinary Items Net Income (Loss) from Operations
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39.6511
41.1964
39.107
2010 123,707,447 (10,034,337) 113,673,110 (22,243,925) 91,429,185 74,888,593 166,317,778
2009 119,056,492 (12,232,580 ) 106,823,912 (23,608,970) 83,214,942 38,177,609 121,392,551
2008 121,668,813 (26,717,719) 94,951,094 (10,419,899) 84,531,195 25,338,475 109,869,670
206,385,768 (40,067,990) 140,219 13,489,380 (26,438,391) 98,423,859 (29,527,158) 42,458,310
149,860,286 (28,467,735) 13,948,902 2,409,423 (12,109,410) (12,109,410)
178,300,859 (68,431,189) 40,806,837 4,198,143 (23,426,209) (23,426,209)
FONKOZE FAMILY 2010 ANNUAL REPORT
FINANCIAL STATEMENTS
Fonkoze USA
T
he year 2010 was an unprecedented year of fundraising for Fonkoze USA and our partners in Haiti. It is always of upmost importance for us to be responsible stewards of funds entrusted to us for our mission. But, in 2010, this was even more important.
Last year, 90% of all we raised was used to fund our Haitian programs, while our administration and fundraising expenses were only 10%. This excellent performance has enabled us to retain the highest rating with Charity Navigator and GuideStar. We are also a BBB Wise Giving Alliance Charity Seal Holder.
We remain committed to building sensible capacity here in the U.S. while maintaining the excellent due diligence our donors deserve.
BALANCE SHEET
All amounts expressed in U.S. Dollars Cash and Equivilents Short-term Receivables Prepaid Expenses Total Short-Term Assets
2010 1,117,671 826,908 12,305 1,956,884
2009 615,583 514,125 2,434 1,132,142
2008 250,132 859,784 4,094 1,114,010
Net Property and Equipment Investments Long-term Receivables Other Assets TOTAL ASSETS
8,227 318,342 1,523,966 10,846 3,818,265
2,426 186,954 1,709,156 3,030,678
5,073 68,652 1,210,100 0 2,397,835
Short-term Payables Long-term Payables TOTAL LIABILITIES
742,828 1,503,966 2,246,794
562,001 1,689,156 2,251,157
816,407 1,148,100 1,964,507
951,381 155,924 417,166 47,000 1,571,471
706,911 25,610 47,000 779,521
274,094 58,087 79,147 22,000 433,328
3,818,265
3,030,678
2,397,835
NET ASSETS Unrestricted Unrestricted - Board Designated Temporarily Restricted Permanently Restricted TOTAL NET ASSETS TOTAL LIABILITIES AND NET ASSETS
INCOME STATEMENT All amounts expressed in U.S. Dollars REVENUES Contributions and Grants Interest & Dividend Income Other Income TOTAL REVENUES
2010
2009
2008
4,752,263 65,543 24,979 4,842,785
2,351,855 55,851 49,380 2,457,086
1,575,591 54,027 27,396 1,657,014
EXPENSES Program Services Supporting Services Fundraising Administration Total Supporting Services TOTAL EXPENSES
3,645,360
1,789,807
1,195,269
159,732 245,743 405,475 4,050,835
118,450 202,636 321,086 2,110,893
110,029 176,491 286,520 1,481,789
CHANGE IN NET ASSETS
791,950
346,193
175,225
FONKOZE FAMILY 2010 ANNUAL REPORT
11
Donors 2010
Sisters of the Humility of Mary, Villa Maria, PA UN Mission for Stablization of Haiti The Whitehead Foundation Inc.
$100,000 or more
Opportunity International Deutschland
Friends of Fonkoze Greater Philadelphia
American Jewish World Service
Friends of Jesus
$5,000 – $9,999
Sea Change Foundation & Irish Aid
Bernice Galbreath
American Red Cross
Starfish Group
Anonymous
Vincent A. and Catherine M. Gallagher
Adrian Dominican Generalate
The Yeardley Smith Foundation
Geneva Global
Allan and Ann Mactier Fund
Haitian Microfinance, Inc.
Margherita and Michael Baldwin
Becker Family Foundation Carnegie Corporation of New York, NY Citi Clinton Bush Haiti Fund Coleman & Anna Gorham Revocable Trust CHF International Concern Worldwide Entrepreneurs Foundation Bishop Thomas J. Gumbleton Grameen Foundation Haitian Timoun Foundation International Relief and Development Foundation Inter-American Development Bank Johnson & Johnson Family of Companies Contribution Fund The MasterCard Foundation Mennonite Economic Development Associates
$25,000 – $49,999
HAVEN Foundation
Jerry and Anna Bedford
Kerry E. and T. Roderick Henkels
Boston Foundation
International Development and Relief Foundation
Beijing City International School, China
Coutts Microfinance Donor Advised Fund David and Carrie Dortch Fidelity Charitable Gift Fund The Giraud Family Trust Haiti Integrated Finance for Value Chains and Enterprises (HIFIVE), a project funded by USAID
Raskob Foundation
The National Academy of Sciences, The National Academy of Enginering and The Institute of Medicine
Julian C. and Ruth W. Schroeder Silicon Valley Community Foundation
Angel Foundation
$50,000 – $99,999
Jane Orbeton and James McKenna
Midler Family Foundation
Mercy Corps
Zynga
Mary Catherine Kilday and George W. Malzone Foundation
Liz Claiborne Foundation
$10,000 – $24,999
Whole Planet Foundation
JupiterFirst Church, Jupiter, FL
Dr. Rebecca E. Conant and Dr. David L. Conant
Marcia H. and F. Joseph McLaughlin
Mennonite Central Committee PLAN International
John XXIII Center, Hartford City, IN
Levi Strauss
Mark G. and Cindy Schoeppner, CFA
The Atlanta Finance Company LTD The Atlantic Philanthropies Director/Employee Designated Gift Christina and Charles Bascom
Oikocredit Germany
12
Michael W. and Linda M. Fisher Friends of Fonkoze Santa Barbara
Whole Foods Market, Bethesda, MD America M. and David H. Young Zawadi by Youth, Riverdale Country School New York, NY
$2,500 – $4,999 Adorers of the Blood of Christ, St. Louis, MO
Debley Foundation
The Allemall Foundation, Inc.
Margaret and Charles Demeré
Artists Project EarthBanbury, London
Maryann D. and Samuel M. Ellsworth
Laurie Ashton
Funding Exchange FWA of New York Educational Fund, Lenore Albom Microfinance Giving Program A.H. Gage Private Foundation
B. & R. Charitable Foundation Janusz Korczak Memorial Fund of the Vermont Community Foundation, Robert and Mary Belenky Advisors
Leigh Hardiman
Oxfam GB
Robin Lloyd
Erin and William Rouse
Lions Clubs of Germany
St. John Vianney Catholic Church, Shelby Township, MI
Paul and Carol Schaap Foundation
First United Methodist Church of Germantown, Philadelphia, PA* The United Methodist Women at the First United Methocist Church of Germantown, Philadelphia PA Carolyn FluehrLobban and Richard A. Lobban Jean and William Graustein Richard and Lois Gunther Family Foundation Phil and Renate Haeckler James Madison University, 30 for 30 Jewish Community Foundation Elizabeth Johnson Amalie M. Kass Lions Club Antwerpse Kempen Elizabeth Lowell Loyola House Jesuit Community, San Francisco, CA Mary Mother of Peace M. C., Inc Maureen A. Morello
Daniel F. Capshaw and Linnea M. Nilsen Capshaw
Mark V. and Victoria G. Muller The Needles Eye Foundation, Inc. Evelyn B. Newell Northmount School, Toronto,Ontario NotePublishing.com LLC
Paul and Jessica Lusty Jill and Stephen M. McDonnell
Chapel Hill Bible Church, Chapel Hill, NC
Page, Inc
Katarina Mesarovich
The Chiapas Project
Morris Foundation
Christian Financial Credit Union
Louis and Ramona Prezeau
Oikocredit Foerderkreis Nordost e.V. Berlin Germany Omaha Community Foundation OMC Group Theodore H. Pincus
Schwab Charitable Fund
St. Croix Foundation for Community Development Inc.
Sisters of the Holy Names of Jesus & Mary U.S.-Ontario Province
The First Presbyterian Church, Granville, OH
Rev. Msgr. Franklyn Casale
Lisa Schoellermann
Marie-Florence Shadlen
Ray Escoffier
Elaine M. Bellin
Capital Group Companies Charitable Foundation
SC Ministry Foundation, Cincinnati, OH
Linked Foundation
Wheeler Family Foundation, Inc.
James P. and Betty Hanigan
Opus Prize Foundation of the Catholic Community Foundation
Community Foundation of Southeastern MassachusettsWomen’s Fund Philanthropy Initiative
The Estate of Robert and Marie Fehribach
Barbara Webster
Reverend Douglas C. Brougher
San Carlos Foundation
Bill and Helen Doyle
Mr. and Mrs. Richard Urban
Grace Chapel Baptist Church, Paterson, NJ
Leroy and Lucy Close
Reverend Doug Doussan
The Upstream Foundation
Marie A. Nowosielski
Matthew T. and Margaret D. Balitsaris
Leadership, Management and Sustainability Program, implemented by Management Sciences for Health, funded by USAID
Patrick J. and Carolyn G. Curtin
Patricia Thornburg
Kim J. and Daniel F. Brooks
BRAC UK
Diocese of Orlando, FL
The F.B. Heron Foundation
Glens Falls Rotary Club Foundation Inc
Archdiocese of Miami, Miami Shores, FL
CHF Partners in Rural Development
Sisters, Servants of the Immaculate Heart of Mary, Monroe, MI
Newman Catholic Center, Charleston, IL
St. Thomas The Apostle Catholic Church, Miami, FL
Anonymous
Michael Blaszyk and Leslie Wittman Laurits R. and Beatrice Christensen
Kentucky Christian Foundation
Claudine and Bernard Dussert
Pura and Tom Strong
Bank IM Bistum Essen
Bóthar
Sisters of St. Joseph of Carondelet, Saint Louis, MO
St. Leo’s Parish, Detroit, MI Josie Sentner Sisters of Charity, Bronx NY
O Positive D. Bruce Post
Proliteracy
Church of the Epiphany c/o Ten Percent Committee, Louisville KY
Loretta L. Pyles
The Community Foundation for The National Capital Region
Rockefeller & Co., Inc.
Walter B. Davin Aude de Montesquiou W. Lee Dickson and James R. Graham Nadine Dorvelus The Dundorf Family Fund
Lisa C. Reed William Resnick, M.D. Saints Simon and Jude Church, Westland, MI Alayne Sampson Seabrook Foundation Pam and Mark Semmler Fredericka Foster and Bennett M. Shapiro Adam Sherman
FONKOZE FAMILY 2010 ANNUAL REPORT
Paul C. and Sachiko S. Berry
Andrew Ezzell
Mariella Isaias
Richard O’Donnell
Harold Schmitz
Dorothy Jane Smith
Joan Farnsworth
Carrie Ohly-Cusack
Sherene Smith
Preeti Bhatia
Susan M. and Charles P. Scholer
Jay Snyder
P. R. Boucher
First Catholic Slovak Ladies Association
James R Wilkins Charitable Trust
Penny and Dick Stevens
John A. and Jan U. Bradley
First Coast Penn Alumni Club
Stiftungsfonds Kirche und Caritas
Christine S. and William G. Breu
First Presbyterian Church, Newark, NJ
Phyllis B. and Richard K. Taylor
Charles L. Brown, III
Penelope Foley
Robert Brown
Sam Folin
Trinity Church, Inc. Santa Barbara, CA
Lorena Cabezas
B. Jean Fort
Mary A. Cameron
Tripple Jump
Leigh Carter and Andrew Schuman
Dr. Dennis C. Foss and Mrs. Deborah Foss
R. Kehl Sink
John W. and Sue L. Scanlon
Oikocredit Förderkreis Bayern e.V.
Jubilee School, Philadelphia, PA
L. Glenn and Cecilia O’Kray
Janet and Terry Kafka
Dorothy Senerchia
Peter Karmanos, Jr.
OLF Elephants in the Living Room
Donald L. and Siena W. Kennedy
Elizabeth and William E. Oliver
Shimer College
Faith Y. Kim
Cheryl Olsten
Andrew and Kenwyn Kindfuller
John P. and Vicki L. O’Reilly
Susan and John Silverio
Marieke Francois
Katie Kitchen and Paul Kovach
Doug and Ann Osgood
The Kling Stubbins Charitable Fund
Meg O’Shaughnessy
Christopher M. Singer
Elizabeth and Fred Frick
Vitaline O’Toole
William D. and Patricia S. Friel
Darcy B. and Richard S. Kopcho
Christ the Good Shepherd Parish, Middle School Youth, Lincoln Park MI
Jim P. Gauer
Kurtz Family Fund
Our Lady of Victory Missionary Sisters, Huntington, IN
Sisters of Charity of Cincinnati, OH
Felice Gelman
Steve and Susan Kute
Anthony C. Gooch and Florence A. Davis
Joseph A. and Suzanne E. Ladouceur
Good Shepherd Lutheran Church, Loudonville, NY
Andrea N. Leblanc
Woody Peterson
Weidemann Foundation
Christ United Methodist Church, East Moline IL
Alfred Lee and Peter Mayer Foundation
Mark and Peyton Petty
The Skillman Foundation Matching Gifts
The Weiss Fagen Fund
Virginia S. Clark
Charlene R. and Ronald H. Smith
Coffee with a Conscience
Mark and Nancy Lindley
The Philadelphia Foundation DA
Thomas J. White
Kathleen C. and C. John Goodwin
Christopher Locke
The Philanthropic Collaborative DA
Neal A. Smith
The Greenfield Hill Congregational Church, Fairfield, CT
Longmeadow High School, Longmeadow, MA
Phillips Academy Andover
Anna K. Snider
Camille A. Piebiak
Sharmi Sobhan and Sumit Sasidharan
Brian and Diana Lovett M & I Foundation, Inc
Pilgrim Congregational Church, Oak Park, IL
The Society of Kings Chapel, Boston, MA
Allen MacKenzie
Alexandra Poe
Christina T. and Brian T. Mangino
Lisa Pretecrum and Scott Crum
Society of the Holy Child Jesus, Rosemont, PA
Marin Interfaith Task Force on the Americas
Prince Of Peace Church, West Bloomfield, MI
Martha S. Sproule
R.E.M.
St. Cecilia Church, Detroit, MI
The University at Albany Foundation, Albany, NY University Unitarian Church, Seattle, WA The Untours Foundation Vermont Community Foundation Theodore A. Von Der Ahe, Jr. Trust Bruce L. Warren
$1,000 – $2,499 William Abrams and Julie Salamon Rebecca W. Adams Shahara AhmadLlewellyn Blaise Alexander Management Inc. All One Family Fund, Titia and Bill Ellis, founders All Saints Church, Pasadena, CA Amherst Cinema Arts Center
Carlton Caves Pramod Chandersekhar The Charles Foundation Alexandra Chasin
Michele R. and Martin Cohen Lenore Collins Colorado Haiti Project Communitas The Community Foundation of Louisville Depository, Inc Charles Conlon Joann M. Connors Anne Coughlin Alexander and Emily Counts
Lucy G. Barber Anne M. and R. Mac Barnes Anne L. Barstow and Tom Driver Michael Belenky Benchmark Asset Managers J. Raymond Benner Steven J. Bennett and Erin M. Loubier Jeff Bergelson Berkshire Taconic Community Foundation, Inc.
Renata and John Hahn-Francini Corey Hastings and Jennifer Walden Ann M. and E. J. Hawkes
Maryknoll SistersHong Kong/Macau Brian McGeer
The William L. Richter Family Foundation
Sidney E. Frank Foundation Marsha Siegel
Sisters of Mercy, Omaha, NE Sisters of Mercy of the Americas, Silver Spring, MD
Rosemary C. Smith
St. Aloysius Church, New Canaan, CT
St. Francis De Sales School -The Lion Fund, Philadelphia, PA
Alice McMahon and Daniel Hardie
Scott Heringer
John and Gloria McManus
John D. and Theresa P. Rollins
John R. Mercier
Robert Rose
Ruth Messinger
Robin and Joseph Stocks
Don and Diane Hewat
Theresa Sachaczenski
Cecile Meyer
Evelyn P. Saeli
Paula Suh
James R. Hollingsworth
C. Wayne Middleton
Rick Tetzeli
John F. Millen
Courtney Dern
Holy Ghost Preparatory School, Bensalem, PA
Saint Francis De Sales Parish School, Philadelphia, PA
John DeVincentis and Dennis Mankin
Henry and Rita Hortenstine
Dorothy & Toto Foundation
Carol Horwitz
Doreen L. and Neville G. D’Souza
Polly H. Howells
The Darling Fund of The Philadelphia Foundation
John L. Augustine
Jay Gromek and Stephanie Jones
Laurel Sercombe
The Heller Family Foundation
Dean Cycon
The Audrey and Sydney Irmas Charitable Foundation
Evelyn C. Grimes Living Trust
Rosario Perez
Seattle Peace Chorus
Marc W. and Laura K. McKenna
Susan Anderson The Appleseed Fund
Greenwood Baptist Church, Brooklyn, NY
Alice Penrose and Kevin Miller
Seattle Microfinance Organization
Anne G. and Thomas F. Heck
Thomas H. Cusick
Carole L. Anderson Anonymous
Foundation for Women
Daniel Scott
Caroline G. and Guy B. Darst, Jr. Christopher and Beth Daulton Joan C. and Harold L. Denkler
Robert Dulaney Ebert Appraisal Company
Edward S. and Mary W. Herman
Melanie Howard Bob Hsu and Bonnie Chang Elanie Yanique Humes
ESPWA FE VIV CLUB
Immaculate Heart Community, Los Angeles, CA
Ethical Society of St. Louis, MO
Immaculate Heart Convent, Springfield, PA
Titia and Bill Ellis
FONKOZE FAMILY 2010 ANNUAL REPORT
Kathleen T. Moloney and Edward S. Egnatios Daniel and Kathie Molter Monthly Meeting of Friends of Philadelphia James J. Moore National Christian Life Community of USA National Philanthropic Trust The New York Community Trust Jane Norton Newton
Daniel R. Robinson and Cathy M. Collie John B. Robinson, Jr.
St. John Stone Friary, Villanova, PA Laura Stephens
Didier Thys Ti Georges’ Chicken
Mary A. St. Ledger
Triskeles Foundation
Robert J. and Joan A. St. Ledger
Giles M. Troughton and Karen L. Ramsey
St. Margaret School, Reading PA
John R. Trumbore
St. Thomas Aquinas Church, Freeport, IL Santa Barbara Foundation Mary J. and Ken Sawers Msgr. William Scheyd Joseph Schillmoeller and Pauline M. Feltner
Miriam K. and Jeffrey Tucker Kathleen L. Uhler Unitarian Universalist Church of Fresno, Clovis, CA Lucia Van Ruiten Richard and ELizabeth Vanden Heuvel
13
Donors 2010 (continued)
Eugene Giscombe Linda Gluck Cindy M. Golbert
Ruth Cowan
Vanguard Charitable Endowment Program
Linda A. and William J. Benecke
Joan Vermeulen
Leonard Benedict
Stuart P. Coxhead, Jr.
John Vermilye
Catherine M. and John Bentwood
Patrick and Anita Crotty
Martha Bergmark
Regan Crump
John Vezeris Victory Apostolic Church, Matteson, IL Luce D. Vitry-Maubrey
Cathleen and Richard Bernard
Neil and Mary Patricia Walsh
Janet Bertman
Anneke Wambaugh
Larry S. and Barbara W. Beyna
Washington Ethical Society, Washington, DC
Suzi M. Bethke
Shirley M. Birkholz
Elizabeth Cox
Peter and Pam Dailey Lucy Del Giorgio Francoise E. Denis
Anthony Blenk
Kayla Werlin
Jane M. Bond
Wharton Graduate Association
Emma Bonnier
Susan J. Du Bois
Brac USA
Hilary Duffy
Peter Doyle W. Patrick and Sharon M. Dreisig
Thomas Bracken
Christopher Durang
Ian Whiteside
Barbara Brockhurst and Robert Lavoie
Richard Whittington and Jane L. Coleman
Alison Cline and John A. Earls
Elizabeth V. and Lawrence L. Brockman
Margot Worfolk Trust
Maureen and Roger Earls
Sylvia and Jack Brockman
Mary J. Eckert
Graham Wrigley Erin and Karl Yaeger
Bruce Ford Brown Charitable Trust Janet C. M. Buchert
$500 – $999 Aanya Adler Friess Trust Hanita and Gregory Alexander Eleanor C. Allen Fernando and Carla Alvarado Family Foundation American Endowment Foundation Naomi Andrews Barbara Appel
Jessica Burgard Christine Calame Call To Action Columbus Cambridge Village Breakfast Club, Houston, TX Campus Ministry HEC Program The Carter Center, Inc. Mr. and Mrs. Claude Case Catholic Thrift Shop, Campton, KY
Patricia A. Kolon
Carl Mitchell
Maria C. Grifoni
Loren and Sherrie Konkus
Model United Nations, Virginia Tech Students
Kosciusko County Community Foundation, Inc.
Most Holy Trinity Church
Alfred W. and Kathleen M. Gross, Jr.
J. D. and D. L. Gurney
Jonathan Weiss
Laura Roberts Wright
MissioinFish
Colleen Green
Joseph B. and Julia Dierker, Jr. Dignity Detroit
Elaine L. Pero Trustee Patricia L. and T. C. Ellis Emerging Markets Group at the University of Chicago Booth School of Business Helen Engelhardt Mary L. Evanoff
Frances and Steve Miller
Gail Koff, P.C.
Scott Gurian
C. Douglas Blanchard
Eiji Miki
Ralph S. Greco
Mr. and Mrs. Sandeep Dhand
Sharon Weinberg
Bridget Kenny
Microsoft Matching Gifts Program
Mary Beth Kineke and Carleton Holstrom
Marie A. Dennis
Nancy Watreas
Marie L. Kennedy Revocable Trust
Kathy Meth
Google Matching Gifts Program
Julie M. Guajardo McGeever
Sarah and Steve Blackmun-Eskow
Kathleen and Shawn White
Doris Goodman Mohn Trust
Robert J. and Ellen S. Kelly
Evelyn Gurney Paul G. and Heather S. Haaga Evelyn Haas Monica K. Hamrick
Regina Kramer
Alexandra Minn
Peter Mostow
Stephen Krebs
Peggy A. and Robert N. Mullen
Nancy Kruse
Kathleen W. Murnion
Kristina KurkiSuonio and Jan M. Wennstrom
Joseph Murphy
Robert K. and Carol W. Kurz
Andrew Newman
Edward Nahmias Maureen and Andy Nguyen
Nancy Eichelman and John B. Handy
Priscilla Labovitz
Jean E. Hanson Tomas Hardiman
Frederick W. Lauck and Debra Sandoval
Gertrude E. Harris
Iole and Earl Le Tissier
The Northern Virginia Ethical Society, Vienna, VA
Ann C. Hart
Tracy K. and Lyla M. Leigh
Donald C. and Frances H. OConnell
Margarete Liebstaedter
Cynthia E. O’Connor
Anne Hastings Kathy R. and Gary M. Heacock Judy Heather Carter and Florence Hedeen Paul A. Henn and Joan Shultz-Henn HHL Foundation Robert L. and Catherine C. Hill
William and Anne C. Ewing
Holy Innocents Convent, Phildadelphia, PA
John and Rachelle Farrow
Perry and Dennis Hooks
Therese Feng
Margaret L. Howell
Jack and Jackie Ferrari
Robin S. and Michael Hoy
Paddy Lane
Emily Lippert
Norfolk Catholic Worker
John Ogram
Jeannette Love
John and Sandra O’Neal
Mary Louise Lowe Charitable Fund
Margaret A. and Joseph P. Orlando
Loyola University Maryland, Center for Community Service and Justice
Barbara Ostrowski and Mary A. Novascone
Valerie Lynch and Putnam Barber
Our Lady Of Lakes, Waterford, MI
Mary Macgregor
Jane and James R. Palmer
Frank J. and Theresa Mack Cathleen Mahon Joy Mallory
Brian O’Toole
Mary J. Paul Pax Christi Australia, Melbourne
Megan L. Maloney
Pax Christi Minnesota, Duluth, MN
Warren A. Ferster
Karen C. Hyland
Nicole Mann
Leo Chausse
Sarah E. Peck
FirstGiving
Amy H. Manson
Patricia Pierce
Sheila Baird
Julie and Jerry Cimmet
Rita Foley
Elizabeth Geenberg and Darmakusuma Ie
Rita A. Marchand
If/When
Johan Pieterse
Christine and Mark Baldridge
H. Fred and Karen Clark
Marion Institute, Inc.
Michael Pittman
Barbara Appel Irrevocable Living Trust
Lauren Clark
Sandra and Bernard Forand
Ignite Philanthropy Advisors
Michele and Richard Matuszewski
Andrew Isaacs
Francisco Javier Calvo Poyo and Gelia Agea
Steve and Christine Clemens
Gretchen Maynes
The Fortview Foundation
Jade Apparel Inc.
PTA Shool at Columbia University
Owen Clements
John and Signe Jarvis
Glendon and Luanne Mayo
Franklin Community Cooperative, Inc.
The Jeanne Leonard Memorial Fund
Paul J. McCarthy and Orla C. O’Callaghan
Pamela and Michael Fuhrig
Jinpa Foundation
Mary Jean and Thomas McCarty
Artio Global Investors James Austin
Judith and Don Barbee Zebuon Bartels Patricia D. and John Battista Judith Bauduy Reverend Joseph F. Beckman Madison S. Bell, Lequire Gallery Bellerose Jewish Center, Floral Park, NY
14
William D. and Beverly K. Coats Anthony Cockcroft
Fonkoze Development Fund
Construction Technology Services, Inc.
Virginia Gardner
Mr. and Mrs. Peter Karoff
GE Foundation Matching Gifts
David L. and Barbara L. Corcoran
Mary Anne and Richard E. Katz
Cornerstone Baptist Church
The Bernadette M. Cronin and Lawrence H. Geller Social Justice Fund
John F. and Mary O. Keegan Michael Kelleher
Bernice E. Cottrell and Anne A. Benenati
Constance A. and David L. Gillis
Robert and Markle Kellermann
Quaker Capital Management Charles and Jane Rardin Barbara A. Ratigan
McGeever Management LLC
Susan E. Ratigan and David E. Barrosse
Paul F. and Christine McGuire
Emily J. and Chrisley N. Reed
Jean McQuiggin
Joan Reidy
Niall McShane
Elaine Reuben
Robert C. and Carol L. Messinger
Ian T. Roberts and Katherine Seikel
FONKOZE FAMILY 2010 ANNUAL REPORT
Society for Ethical Culture in the City of New York
H. Oneil Williams
Grameen Foundation
Lawrence N. Rosenblum
Rufus M. G. and Sheila J. Williams
Clare S. Rosenfield
Deborah Sosebee Gerhard Spari
Joel B. Wittenberg and Mary Ann Ek
Grey Nuns of the Sacred Heart, Yardley, PA
Gayle A. Spinazze and Kimberley L. Busuttil
Frances K. Wu and Wilburn Chesser
Suzanne Stearn
Mary T. Yelenick and Elizabeth L. Broad
Rooy Media LLC
Margaret R. Rosenkrands Trust Rotary Club of Goleta, CA Rebecca Rouse Janice M. and David Rowell
Gerald B. and Patricia L. Stebbins Jane Stein
David Ziegler Eeva Zimmerman
Rosemary G. Ryan
John K. Steinmeyer
Randy Ryker and Jeanne Barnard
Paul Stephey
INVESTORS
Stacy J. Stevens
Elisabeth and Kamel Saidi
Craig Stewart
Adorers of the Blood of Christ, St. Louis, MO
St. Barbara Parish, Santa Barbara, CA St. Francis De Sales Convent, Philadelphia, PA St. Ignatius Catholic Community, Grosse Point Farms, MI St. Mary Catholic Church, Larchwood IA St. Mary’s School, Jackson, MI St. Matthew Roman Catholic, Tolland, CT St. Matthew United Methodist Church, Trevose, PA
Rachael Tanner Temple Beth Elohim, Wellesley, MA Jane E. Thompson Karen Thoms Jennifer Thomson Barbara Y. and Robert Tiffany Holly Tomchey and Phil Stiles Michael Tompkins, MFT Barbara Toumayan Sarah Tyler University of Maine at Farmington
St. Michael Parish, Sterling Heights, MI
Urdang Schools Ltd, Islington, London GB
Danilo C. and Alice Aquino Andres Salazar
Mary Louise and George B. Van Antwerp
Nina A. Samay David Sarr Jane H. Saunier Judith and Robert Schachner Ronald L. Schroeder Aisling Scott
Shelley Van kempen Lois and Hubert Van Tol Joann E. Vanek Desa VanLaarhoven Martha Varadan
Adrian Dominican Sisters, Adrian, MI Alternative Gifts International Alternative Insurance Company Baltimore Ethical Society, Baltimore, MD James F. Barry Gary & Mary Becker Beyond Borders Bon Secours Health System Rebecca Brune Lawrence J. Suffredin Jr. and Gloria Callaci Calvert Foundation Catholic Health Initiatives Timothy Cimino City National Bank Shares Congregation of the Sisters, Servants of IHM, Scranton, PA Charles Conlon Robert Crauder Larry Dansinger & Karen Marysdaughter
Alice M. Sharp
Villanova University Campus Ministry Sanctuary, Villanova, PA
Jane and Charles Sharp
Susan M. and G. A. Vitale
Dominican Sisters of Springfield, IL
Jean-Emmanuel Shein, Christiane Janssen and Joseph Shein
Sarah G. and Jeffrey W. Vogt
David W. Dortch
Martha and Alfred Sikes
Shaaron M. Warne and William J. Mueller
Rosemary Edwards
Douglas Silsbee
Christine Wasyliko and Christopher Huntley
Ethical Action Committee of St Louis, MO
R. M. and K. A. Seefelt Rev. Alfred R. Shands, III
Sisters of Saint Anne, Marlborough, MA Sisters of St. Francis of the Holy Cross, Green Bay, WI Sisters of St. Joseph in California, Los Angeles, CA Valerie Sklarevsky Barbara D. and Kenneth R. Smith Hope and John C. Smith Lorraine Smith
S. and J. Wall
Patricia and Albert Watanabe
Dominican Sisters of Hope, Ossining, NY
Polly and Peter Edmunds Thomas Ellis
John and Renata Hahn-Francini Haitian Microfinance, Inc.
Sacred Heart Monastery, Yankton, SD
Carole L. Anderson
St. Bridget Church Corp., Manchester, CT
Aaron Baum
St. Martin de Porres Catholic Worker House
Duquesne University Sr. Rose Gallagher
School Sisters of Notre Dame, St. Louis, MO
Grameen Foundation
Judy and William Harrington
Julian & Ruth Schroeder
Laura P. Hartman
Anne Hastings
Josie Sentner
Robin and Michael Hoy
Seton Enablement Fund, Mt. St. Joseph, OH
Chantal Hudicourt Dr. Henry Kaminer Jeffrey Keenan Michael Komba Constance Lesold Loretto Literary & Benevolent Institution Christine Low The Estate of Gordon McCormick John & Christine McKay Mary Elizabeth Meehan
Sisters of the Blessed Sacrament, Bensalem, PA Sisters of Charity, Bronx, NY Sisters of Charity of the Incarnate Word, Houston, TX
Sisters of the Humility of Mary, Villa Maria, PA
Susan Metz
Sisters of Mercy of the Americas, So Central Community
Patricia Miller Nazareth Literary and Benevolent Society Oikocredit Joan Lea Toms Olsen Carol Anne Otto Our Lady of Victory Missionary Sisters, Huntington, IN Joseph & Mary Palen Parish of St. Augustine, Brooklyn, NY PAX CHRISTI USA, Erie, PA
Sisters of Notre Dame of Toledo, OH Sisters of St. Dominic, Racine, WI Sisters of St. Francis of Philadelphia, Aston, PA Sisters of St. Joseph of Carondelet, St. Louis, MO Sisters of St. Joseph of Carondelet, St. Paul, MN Sisters, Servants IHM, Monroe, MI and Immaculate, PA Sharmi Sobhan Society of the Holy Child Jesus, Rosemont, PA
Father Robert Maloney Patrick Obrien Plan !t Now Daniel Robinson
Meera Sawkar
Aline Sejourne Josie Sentner Mirag Vamja Vitamin Angels Kay Wetzel Worldwide Vincentian Family Laura Wright
Shoulder to Shoulder Society Anonymous Jerry and Anna Bedford Leigh Carter and Andrew Schuman Alex and Emily Counts Margaret Demere Barbara DiTommaso The Estate of Bob and Marie Fehribach The Giraud Family Trust Anne Hastings Brian and Diana Lovett Joe and Mary Palen Peg Rosendrands
Joseph Philippe
Marlene Wellington and Anthony Glaser
Fonkoze Development Fund, Philadelphia, PA
Tulsa Community Foundation, Tulsa, OK
John R. Poole
Untours Foundation
Rosemary J. and Bruce M. Wentworth
Fonkoze Employee Trust
Louis Prezeau
Barbara Webster
Jean and Vance Reese
Douglas Wingeier Trust
Sue and Lew Werlin
Fonkoze USA
Carole Whitehill
Francis of Assisi Microlending LLC
Reformed Church in America, Grand Rapids, MI
In Kind Donors
Merilie Robertson
Anacaona Adamson
William & Erin Rouse
Marie Antoine Alliance
Beatrice Rubin
Akin Gump Strauss Hauer & Feld LLP
FONKOZE FAMILY 2010 ANNUAL REPORT
Michael T. Louis
Doug Thompson
Fondasyon Kole Zepòl
Joseph Rund
Emily Lippert
Finian Taylor
Sally Webb
Peter Gebhardt-Seele
Brad Latham
Jennie and Regis Schilken
Mercy Investment Services
Mid-Atlantic Regional Christian Life Community
Edna Johnston and Ann Lloyd Breeden
Sisters of the Holy Cross, Inc., Notre, Dame IN Sisters of the Holy Names of Jesus & Mary US - Ontario Province
Michigan Committee for a Democratic Haiti
Liv Jacobson
Joyce Rothermel/ Michael Drohan
Mennonite Economic Development Associates
Cecile Meyer
Mor Goldberger
Sisters of Charity of Saint Elizabeth, Convent Station, NJ
Harry Waters
Friends of the People of Haiti
Gabriel Feldman
Haiti Solidarity of the Northeast
Anne and Tom Fitzpatrick
Wildwood & Great Lakes Env. Academy
DePaul University
Ed Schmidt
Peace and Justice Book Club c/o John Poole
Judyth A. Wier, CFRE
Brian Averill
Rev. J. Michelle Tooley Fonkoze makes every effort to acknowledge all donors and expresses their regrets for any donors who are not listed. If you see that your name was excluded in error, please contact Fonkoze USA at 202-628-9033.. 15
2010 Leadership Fonkoze Family Senior Staff
Fonkoze S.A. Board of Directors
Honorary Board of Fonkoze USA
Carine Roenen Director, Fonkoze
Olivier Barrau
Jose Artiga
Joseph B. Philippe, CSSp
Jerry Bedford
Anne H. Hastings CEO, Fonkoze Financial Services
Anne H. Hastings
Mary Becker
Leigh Carter Executive Director, Fonkoze USA
Louis Prezeau
Gary Becker
Julian Schroeder
Maryann Boord
Chantal Hudicourt Ewald
Dr. Paul Farmer
Fonkoze Board of Directors
Maureen Fenlon, OP
Fonkoze USA Board of Directors
Joseph B. Philippe, CSSp Coordinator
Brian Gately
Francois Adrien
Beverly Lucas
Isabelle Delpeche Treasurer
Claude Alexandre
Michael McClanen
Matt Balitsaris, Vice Chair
Albert McKnight, CSSp
Marie Deleure Jean General Secretary
Heather Balke
Ruth Messinger
Leigh Carter
Dukentia Paul Assistant Secretary
Louis Prezeau
Rev. Msgr. Franklyn M. Casale
Marie M.B. Racine
Clamie Blanc Organization Representative
Alex Counts, Chair
Michael Rauenhorst
Therese Feng, Treasurer
Winston Tellis
Magalie Bretous Advisor
Anne H. Hastings
Junette Estilien Advisor
Joseph B. Philippe, CSSp
Guerda Util “Ti Machann” Representative
Frankie Warren, Board Fellow
Melanie Howard, Secretary Neil P. Walsh
Fonkoze Financial Services Board of Directors
Pòdpè Pomago Jan Rabèl
Anne H. Hastings
Gwomòn
Joseph B. Philippe, CSSp
Lenbe
Fòlibète
Okap
Louis Prezeau
Twoudinò
Milo
Julie Redfern
Gonayiv
Wanament
Sen Michel
Josie Sentner
Piyon
Eduard Walkers
Montòganize
FONKOZE BRANCH Ponsonde
Steve Wardle
Ench
Tirivyè
Kathleen Wright, SL, CPA Boukàn Kare
Tomonn
Sodo
Mibale Lagonav
Beladè
Kabarè Latwazon
Credits
Jeremi
Editorial Team: Leigh Carter, Natalie Domond, James Kurz, Carine Roenen, Anne H. Hastings Design: Brad Latham Printed By: Midstates Printing, Inc. Special Thanks: Charles Gravitz, Lyla Leigh, Linda Boucard, and Stephanie Garry
Pòtoprens Bomon
Gantye
Leyogàn
Miragwan
Bizoton Twen
Fondèblan
Okoto
Fondwa
Lavale
Fonverèt
Okay Marigo
Tyot
Jakmèl
Photography: All photos not credited in the report were taken by Darcy Kiefel
16
FONKOZE FAMILY 2010 ANNUAL REPORT
Progress Since Inception Year
Number of Branch Offices
Number of Employees
Number of Loan Clients
Number of Depositors
Value of Deposits
Value of Loans Outstanding
1996
1
9
110
193
$78,387
$23,234
2000
16
130
4,794
13,260
$1,716,090
$938,527
2005
26
486
31,090
94,342
$7,479,011
$5,936,728
2009
41
743
45,344
198,740
$14,539,276
$8,662,041
2010
43
840
50,533
234,312
$24,067,236
$10,264,774
All amounts expressed in U.S. Dollars
FONDASYON KOLE ZEPÒL | SÈVIS FINANSYE FONKOZE | FONKOZE USA
Fondasyon Kole Zepòl
Sèvis Finansye Fonkoze
Fonkoze USA
#12 Rue Miot Cite Wilson 1ere, Pacot, Port-au-Prince, Haiti +509.3990.1003
#12 Rue Miot Cite Wilson 1ere, Pacot, Port-au-Prince, Haiti +509.3701.3910
1700 Kalorama Road NW Suite 102 Washington, DC 20009 202.628.9033 www.fonkoze.org