Opportunity International Annual Report 2003

A Passage from Poverty OP P OR T U NI T Y IN T E RNAT IONA L 2003 Annual Report

A Passage from Poverty A Passage from Poverty

S

mall $100 business loans and training are the first steps along the passage from poverty.

Opportunity International provides loans to poor entrepreneurs so they can start or expand

a small business. With small business loans and training, women and men are able to develop a steady income, provide for their families, and often employ their neighbors. They repay their loans, and the money is loaned to other poor entrepreneurs, enlarging the passage from poverty for other families in need.

As new money circulates in a community as a result of these new businesses, the demand increases for local goods and services. This strengthens grassroots economies, releasing more families from poverty.

The Opportunity mission

Statement of intent regarding

is to provide opportunities for

poverty and women

people in chronic poverty to

Opportunity International–U.S.

transform their lives.

strives to reach the world’s poorest people through its

Our strategy is to create jobs,

microenterprise development

stimulate small businesses,

programs. Recognizing that the

and strengthen communities

large majority of the world’s

among the poor.

poorest are women and that they contribute decisively to

Our method is to work

the well-being of their families,

through indigenous Partner

Opportunity makes it a priority

Organizations that provide

to support programs that serve

small business loans, training,

the particular needs of women.

and counsel.

Opportunity International’s commitment is motivated

by Jesus Christ’s call to serve the poor.

Opportunity International serves women and men of all beliefs without prejudice or preferential treatment.

COVER ART, and art throughout the publication, is by board member and artist Dawn Feller. Her paintings represent a multicultural marketplace where Opportunity International clients are selling their goods in dynamic grassroots markets on their passage from poverty to dignity. Opportunity small business loans and training make this journey possible for some of our world’s poorest people.

PHOTOS pages 6 and 7 © 2003 Jeff Barbee; page 9, Gina Fontana

OPPORTUNITY INTERNATIONAL 2003 ANNUAL REPORT

We are pleased to present our 2003 Annual Report in celebration of the nearly 500,000 women and men who, throughout the year, began their passage from poverty to dignity with Opportunity International small business loans, training, and other financial services.

We are grateful to our friends for contributing the capital to transform these many families.

To God we give thanks for blessing the efforts of our entrepreneurs, our donors, our volunteer board members, and our worldwide staff.

We enjoyed excellent growth in 2003, helping 23 percent more clients work their way out of poverty than in 2002. We are also rapidly expanding our savings services for the poor.

Clients in Ghana, Malawi, Macedonia, Montenegro, the Philippines, and Serbia can open personal savings accounts in addition to receiving loans. Savings services will expand to other regions, giving poor families a safe place to save their money.

In 2003, our focus was on the Philippines, Mexico, and Africa. In the Philippines, our bank for the poor in Manila provides the infrastructure for branch offices throughout this island nation. Our Mexico program opened in 2003 and is growing to serve poor entrepreneurs in the Guadalajara area. We are directing a great deal of funding to Africa where our programs are alleviating poverty and suffering. Through HIV/AIDS education and the empowerment of women, our programs are reducing the spread of the virus that causes AIDS. Worldwide, we are on track to serve 1 million poor entrepreneurs in 2007, twice the number reached in 2003.

Our commitment to enlarge the passage from poverty is motivated by Jesus Christ’s call to serve the poor. With 3 billion of our sisters and brothers trying to exist on $2 a day or less, we are intentional about serving the poorest of the poor. Our audacious quest is to fund 50 million poor entrepreneurs over the next 25 years. We have the experience, the proven methods, and the passion. Thank you for entrusting your charitable gifts to Opportunity International and for joining us in this great mission.

Terry Watson Chair Board of Directors

Polly McCrea Chair Board of Governors

Christopher A. Crane President & Chief Executive Officer

Highlights of 2003 Highlights of 2003

Opportunity International’s operational sustainability was 106.5 percent

I

at the end of 2003! These profits are

n 27 developing countries, Opportunity’s microfinance programs help people who are desperately poor to earn a living and transform their lives economically, socially, and spiritually. Our growth from 100,000 clients a year in 1998 to nearly a half million in 2003 has been accompanied by a much improved arrears rate and increased services to people in deeper levels of poverty. In 2007, Opportunity expects to serve 1 million poor entrepreneurs, double the 2003 achievement.

reinvested in the loan fund to help more poor entrepreneurs. Just as we expect our clients to become self-sufficient, we expect our loan programs to become sustainable.

Many programs, particularly our newer ones, require substantial funding before they are large enough to grow on their own.

Number of loan clients at the end of the year ................................. 487,105 35 percent compound annual growth over the last five years

Number of clients (as of year-end) 500,000

Clients who are Trust Bank members .......... 86% Continuing to reach the poorest of the entrepreneurial poor

400,000

Dollars loaned in 2003 .................... $160.5 million More than six times the value loaned in 1997

300,000

Average loan size (excluding Eastern Europe)...... $126 Declining since 1997, which indicates we are reaching people in deeper levels of poverty

200,000

Loans made to women ...................................... 87% Consistently impacting the poorest women

100,000

Loan repayment rate ......................................... 98% Maintained since 2000

0

1998

108,841

Arrears over 30 days

1999

2000

2001

146,575 233,386 308,026

2002

2003

397,489

487,105

2002

2003

$63.9M

$87.7M

Value of loan portfolio (as of year-end)

12%

12% $90,000,000

10%

10%

$80,000,000

$70,000,000 8%

8% $60,000,000

6%

6%

$50,000,000

4% $40,000,000

4%

$30,000,000 2%

2%

$20,000,000

0

2

1998

1999

2000

2001

2002

2003

10.1%

5.1%

5.0%

4.6%

3.1%

2.7%

$10,000,000

1998

1999

2000

2001

$19.6M

$26.6M

$34.1M

$43.6M

Forging the Passage

OPPORTUNITY INTERNATIONAL 2003 ANNUAL REPORT

Forging the Passage

P

eople existing in severe poverty use their Opportunity International microloans to open small enterprises or to strengthen existing ones. Their profits increase an average of 25 to 40 percent in the first year. On their journey to self-sufficiency, Opportunity clients gain hope for the future and leave behind hunger, preventable diseases, squalid shelters, child labor and illiteracy, oppression, and humiliation.

Opportunity prepares clients for the journey out of poverty by providing loans and repayment terms that are manageable for small businesses. Opportunity programs provide business training in areas such as basic accounting, inventory control, marketing, and responsible use of credit.

The vast majority or our clients have little or no assets.

For these clients, group-guaranteed loans are provided through Trust Banks, a grassroots lending method Opportunity pioneered and continues to refine. Trust Banks are groups of 15 to 40 people, mostly women, who meet weekly for training and mutual support. They elect their own leaders and decide which members are entitled to the loans they will all guarantee. They work together so that all may succeed.

The people served by Trust Banks were once considered too poor to benefit from microcredit. Opportunity continues to dispel that myth.

Often the first thing a mother will do with her increased income is to send her children to school. Mothers know that education can break the cycle of poverty and put their children on the path to a better life.

Teresa Ildefonso, mother of three, is a Trust Bank member in Lima, Peru. She had never borrowed or saved money, but is now strengthening her fruit and vegetable business with a $50 loan. She serves as volunteer president of the People’s Dining Room that feeds needy children and is the coordinator for similar programs in six other communities.

She says she appreciates her Trust Bank, especially because the group helps fellow members if they become ill and are unable to work.

Members of her Trust Bank have collectively saved about $300.

These small savings help with unexpected difficulties.

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Destination Mexico Destination Mexico

T

he World Bank estimates that 40 percent of the Mexican population lives in severe poverty.

Most of Mexico’s entrepreneurial poor must borrow their working capital from loan sharks. With usurious interest, these hardworking women and men can never get ahead.

In 2003, Opportunity International launched a new microfinance program to serve impoverished families in Tlaquepaque, in southeast Guadalajara. Here, as in other poor Mexican neighborhoods, lives are dominated by poverty.

Opportunity’s program in Mexico provides loans through Trust Bank groups so that hardworking women and men can earn an adequate living. Three branches will be established in and around the city of Guadalajara. These branches will lend $50 million over the next five years, which will help 25,000 families journey from poverty to self-sufficiency.

This Opportunity project will strengthen families and communities that struggle with relentless poverty and deprivation.

Eduwiges Diaz Huerta and her husband José started an in-home bakery ten years ago. Their sons, now 19 and 20, work in the business.

They use their kitchen oven for all of their

Eduwiges’ husband José heated their brick oven every morning by placing a burning torch in it. After an hour, the oven is heated for the day’s baking.

4

baking. Their “delivery van” is a rusty bicycle. Eduwiges joined the Experanza (Hope) Trust Bank in December of 2003 and received a $200 loan, which she invested in ingredients to increase and diversify their bakery products. Her family income rose from $45 a week to $73 a week, giving them confidence that they will continue to strengthen the business. Eduwiges plans to use her next loan to repair an old car so that they can travel faster and farther to serve more customers. As the business grows, she plans to renovate the house so one room can be dedicated entirely to the bakery.

Four months after her Trust Bank loan put the family business on a more solid foundation, José died, leaving Eduwiges bereft. “He was the teacher,” she says. “He taught us to make bread and how to sell it.” But she is determined to keep the family business growing.

She says that her Trust Bank is providing a great deal of emotional and practical support during her time of grief.

Eduwiges has increased her income with her Opportunity loan and offers her customers a wider selection of baked goods.

Destination the Philippines

OPPORTUNITY INTERNATIONAL 2003 ANNUAL REPORT

Destination the Philippines

O

pportunity International programs in the Philippines began in Manila in 1981 and currently manage a $17.5 million portfolio with nearly 260,000 clients.

Counting the clients, the client’s employees, and the clients’ and employees’ families (which average 7.5 children and adults), Opportunity is transforming the lives of 1.9 million people. This is about 7 percent of the 28 million Filipinos who are living below the poverty line.

Perla makes 100 baskets a week from packaging strips. Her weekly earnings of up to $86 have enabled her to keep her children in school.

In 2001, Opportunity opened a formal financial institution, Opportunity Microfinance Bank (OMB), in order to reach more impoverished families with loans and savings services. Together with other Opportunity programs in the Philippines, OMB will be serving a half million clients annually by 2007—providing solid hope for a better future to as many as 3.7 million Filipinos a year.

Every mother’s dream Opportunity Trust Bank member, Perla Alcantara, lives near one of Manila’s largest dumps. After her husband lost his job, she was desperate to earn money. She developed a livelihood by combing the dump for colorful packaging strips to weave into baskets. After joining a Trust Bank and receiving a loan, she bought new material to mix with scraps she retrieves from the dump. She is now repaying her seventh loan ($414). As her product improved, her income increased. She makes 100 baskets a week, which she sells on the street, and makes an average weekly profit of up to $86.

Across from the dump, Perla and her family live in a ravine on a concrete slab. Pieces of tin, wood, and cardboard form the walls and roof. She used some of her earnings for concrete and built steps to the street, which is 45 feet above her front door. She keeps her children in school, which is every Filipina mother’s dream.

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Destination Africa Destination Africa

I

n sub-Saharan Africa, half of the people live on less than $1 a day. Every day brings 8,000 more AIDS deaths and 14,000 new HIV infections, exacerbating the extreme poverty of African families. AIDS is expected to orphan 40 million children by 2010, approximately the number of children enrolled in U.S. public schools.

Giving orphans a chance Mbabazi Nalongo in Uganda looks after more than 30 children, some of them her own. The rest were orphaned by AIDS and war, and they had nowhere to go but the streets. To care for all these children, Mbabazi has developed three businesses with Opportunity Trust Bank loans of $53 and $106. She makes and sells samosas, a native dish; she also runs a butcher shop and a grocery shop.

Two-thirds of newly HIV-infected Africans are young women who are often additionally burdened with the care of other infected family members. Their poverty makes “My dream is to prepare these children for adulthood and them extremely vulnerable to risky relationships and to help them begin to care for themselves,” she said. sometimes powerless to protect themselves from infection even in marital relationships. Girls are especially vulnerable, She is preparing them by encouraging them to master because they are the first to be removed from school livelihood skills such as carpentry and tailoring. She also when family income drops. Desperate families marry is educating them in the facts about HIV/AIDS, and she young daughters to older men who are often HIV-positive stresses the importance of not contracting the virus that in exchange for food and money. Without an income, causes AIDS. impoverished women have few options for survival.

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Lending Hope to Africa

Over the past 12 years, Opportunity International has established microfinance programs in Ghana, Malawi, Uganda, Zambia, and Zimbabwe. In 2004, Opportunity will open a program in Mozambique. Small loans, basic business training, and HIV/AIDS education are proving to be viable, long-term tools for relieving poverty and easing the impact of AIDS on families.

In 2003, Opportunity launched a $25 million Lending Hope to Africa Campaign that will serve Africa’s most vulnerable people who are unemployed women, AIDS widows, and AIDS orphans. Through income generation, savings, basic business training, peer support, and HIV/AIDS education, the campaign will accomplish the following over the next five years: • establish 10,000 new Trust Banks in areas hardest-hit by AIDS • provide income opportunities and HIV/AIDS prevention training to 350,000 families • empower women economically to slow the rate of HIV infection among women • impede spiraling economic consequences of AIDS on families and communities • sustain 2.1 million poor women, men, and children, including 525,000 AIDS orphans

OPPORTUNITY INTERNATIONAL 2003 ANNUAL REPORT

Giving her children a future Angelina Namwazi was a widow with eight children when she became ill with AIDS-related illnesses. A year before her death, she was too ill and too poor to send her children to school. Her situation seemed hopeless until members of an Opportunity Trust Bank in her Ugandan village invited her to join their lending group.

Giving young people a livelihood Yaa Kwakyewaa lost her parents to AIDS. Her aunt was raising her, but her aunt died of AIDS as well. Like many Ghanaian orphans, Yaa had nowhere to go and no way to earn a living. Opportunity’s Youth Apprenticeship Program, designed for orphaned young people like Yaa, is giving her the chance she needed.

With a series of three small loans, Angelina built up her failing fish business. She earned enough money to buy her oldest son a moped so he could start a moped taxi business. She also bought two milk cows to supplement the family’s income and nutrition. With the support of her Trust Bank, she prepared to die in dignity.

Program funds brought her from her village to Kumasi.

She was housed with an Opportunity client and mentor to apprentices, Augustina Adjei. Augustina has a successful batik and screen-printing business. As an apprentice, Yaa is learning the trade. When she completes her training, she will be eligible for an Opportunity loan so she can start her own business. HIV/AIDS education provided by the Opportunity program is required and will help her protect herself from the disease that decimated her family.

Her legacy to her children is three thriving enterprises that should keep them from destitution and enable them to complete school.

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Highlights of 2003 Highlights of 2003 • More than $1 million was raised for key Opportunity projects.

Julie Hindmarsh

Co-Chair Women’s Opportunity Fund

• A Women’s Fund grant provided Opportunity International’s first Gender Excellence and Advancement Awards. These awards highlighted Opportunity’s focus on advancing women in leadership globally.

• The Mexico Trust Bank program received $300,000 in funding to build a program that serves poor women in Guadalajara.

• Trust Bank best practices and variations were analyzed and shared with our global programs.

Mary Beth Vogelzang

Co-Chair Women’s Opportunity Fund

• A program to secure crucial feedback from clients was piloted in Ghana, Russia, and the Philippines resulting in key changes to our Client Impact Monitoring System that will be rolled out globally in 2004. This is the most comprehensive client impact measurement system in microfinance.

Beth Houle

Director Women’s Opportunity Fund

The Women’s Opportunity Fund directs funding to programs that support the empowerment of women.

It raises more than $1 million annually for Opportunity International Network-approved priority projects.

The Women’s Opportunity Fund Committee of the Opportunity International–U.S. Board of Directors directs the allocation of these funds. www.womensopportunityfund.org

8

G

oing to the heart of why and how we serve women, the Women’s Opportunity Fund partnered with the Viva Network* to develop and pilot home-based childcare centers in Soacha, Colombia. Here, many of our women borrowers struggle to provide a safe, nurturing environment for their children while developing their businesses. Soacha is home to many displaced persons who are living in deep poverty with virtually no network of friends or relatives to turn to for support. For our women clients to succeed, they need access to reliable, low-cost childcare.

Some women must choose between providing food for their children and keeping their children safe and away from gangs and guerillas. As a result, some are able to work only one or two days a week—when they can find a trustworthy person to look after their children.

The pilot project’s findings have been consolidated into a document with a facilitator’s guide, which can be used to implement the program at low cost in other areas in and around Bogotá, Colombia. These areas have fewer displaced persons than Soacha and are more representative of other neighborhoods across Latin America, thereby increasing potential for Opportunity programs in other Latin American countries to replicate the project.

Opportunity and Viva are confident that the childcare centers, as a solution for gender constraints to small enterprise development, will be a continuing success story. *Viva is a global network that creates and sustains programs for children at risk

The lack of safe, reliable childcare keeps many impoverished mothers from earning the money they need to feed their families. The Women’s Opportunity Fund, in partnership with the Viva Network, piloted home-based childcare centers in a Colombian community. Here, refugees from the war-torn countryside are often isolated with no friends or family to turn to for help.

OPPORTUNITY INTERNATIONAL 2003 ANNUAL REPORT

Darko photo here

“

In Army intelligence, we believe that people must have an investment in their society to create an orderly civil society. Economic deprivation and hunger lead to lack of education and illiteracy, which leads to powerlessness and despair and social chaos. Doors open for radical leadership ready to take advantage of people who can be told what to think, because they have not been taught how to think. Education is the defense of the bullied from the bullies. But it is apparent to me that the prerequisite for a child’s education is the parents’ ability to earn the money needed to send the child to school.

”

Dr. Tony Campolo, professor emeritus of sociology, Eastern University, St. David’s, Pa.

The Reverend Dr. Kwabena Darko, founder and chairman of the board, Darko Farms & Co. Ltd., Ghana

I was in a village in Zimbabwe where the eldest person was eighteen years old. Every person older than that had died because of AIDS.

I’m living proof of what giving a little credit where credit is due can do.

“ “ ” “ ” You’ve got to create jobs at $40 and $50 apiece, which is what Opportunity International is doing...

A lot of programs are lending money and doing microeconomic development. None has as good a record as Opportunity International.

”

Kwabena Darko started as a microentrepreneur with a small loan to buy feed for his 900 chickens.

He now heads one of Ghana’s most successful private enterprises, Darko Farms & Co. Ltd. He is the principal stakeholder of the family enterprise, which produces more than 50 percent of Ghana’s day-old chicks and a large proportion of its table eggs and dressed chicken. Darko has advanced poultry science in Ghana, receiving numerous awards for his contribution to the field. He serves as an advisor to the president of Ghana, John Agyekum Kufuor.

Opportunity International endorsements from the podium

Lieutenant General Claudia J. Kennedy, U.S. Army (retired)

9

United Kingdom  Canada 

Germany 

United States 

Croatia 

Montenegro 

Mexico 

Egypt  Dominican Republic  Honduras 

Nicaragua  Ghana 

Colombia 

Zambia 

Peru 

COUNTRY Africa

Global Impact Global Impact CLIENTS SERVED

DOLLARS LOANED

487,105

$160,511,657

Egypt Ghana Malawi Mozambique Uganda Zambia Zimbabwe

CLIENTS SERVED

DOLLARS LOANED

3,218 41,803 186 2004 start-up 9,949 5,402 16,668

$ 1,615,005 6,992,916 126,078 2,968,699 557,281 2,870,129

Asia

China East Timor India Indonesia Philippines

2003 start-up 2,306 28,305 31,391 257,571

538,076 2,068,502 4,139,160 49,299,062

2,921 2,107 589 3,709 5,700 831 938 12,564 1,917

7,604,599 5,125,399 1,667,205 8,062,665 20,234,316 1,826,822 2,206,917 25,731,026 3,827,539

15,352 3,547 8,017 210 30,180 1,724

3,121,942 1,787,883 2,986,269 45,624 4,685,770 422,773

Eastern Europe

“

Opportunity provides a model of microfinance that not only improves the economic status of women and their families, but empowers women to help those around them—including AIDS orphans and extended family. As a result, entire communities benefit from the loans. The Samueli Foundation invests in this program because microenterprise plays a key role in the effort to contain and eradicate AIDS in the Third World.

Susan Samueli, Executive Director Samueli Foundation

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”

Albania Bulgaria Croatia Macedonia Montenegro Poland Romania Russia Serbia Latin America

Colombia Dominican Republic Honduras Mexico Nicaragua Peru

OPPORTUNITY INTERNATIONAL’S CORE VALUES: RESPECT •

Russia       China 



India 

Philippines 

Uganda  Indonesia  Malawi 

East Timor 

Zimbabwe  Mozambique  2004 Startup

Australia 

Programs in 27 countries 1 new program to open in 2004 5 Support Partners that market and raise program funds

< Don Ramon of Tlaquepaque, Mexico, was fired because of his age. At 57, he has been unable to secure another job. To support his four children, he began a business making objects out of metal scraps. He was earning just $45 a week until he joined an Opportunity Trust Bank.

With his Opportunity loans, which began at $200, he buys larger quantities of raw material at a lower cost.

He was able to increase his sales by lowering his prices.

Don has more than doubled his earnings and now makes $100 a week. This enterprising man makes many of his machines so he can diversify his products.

COMMITMENT TO THE POOR • INTEGRITY • STEWARDSHIP

11

Fulfilling Our Mission Fulfilling Our Mission

Where money goes (in millions)

$6.7

Loan Funds $160.5 million loaned and recycled 487,105 clients 709,191 loans

$6.3

Services to Programs

$6.7

transformation tools and research new partner development portfolio management systems

Services to Clients client business and leadership training loan officers reaching new clients

$3.2

Program Equity Ownership loan portfolio client services systems

$3.9

Pledges to be Received

Services to International Loan Program

$6.3

Support Partners

$0.2

administration fundraising

Working Capital Fund

Opportunity Internationalâ&#x20AC;&#x201C;US

Board Donations

$2.1

+

Other Individuals

$5.6

Where money comes from (in millions) 12

+

Foundations, Corporations, Churches

$5.5

+

U.S. Government Foreign Aid

$8.6

+

Foreign Support Partners

$11.5

=

Total New Revenue

$33.3

Highlights

OPPORTUNITY INTERNATIONAL 2003 ANNUAL REPORT

Highlights

Opportunity International–US 2003 Revenue Annual Fund Cornerstone Fund (working capital) Government grants Total Expenditures Program services Program equity ownership Fundraising and administration Total

2002

Percent change

$ 12,514,816 605,562 8,635,505

$

8,953,750 2,171,785 8,295,949

40% -72% 4%

$ 21,755,883

$ 19,421,484

12%

$ 10,681,757 3,208,425 3,854,671

$

9,467,787 2,943,500 3,802,381

13% 9% 1%

$ 17,744,853

$ 16,213,668

9%

Total Revenue (in millions) $25

Opportunity International–US’s fundraising and administration ratio to revenue in 2003 was 18%.

$20

$15

$10

$5

0

2000

2002

2003

Cornerstone Fund Annual Fund Government grants

13

2003 Opportunity International Network Support Partners Statement of Activities

for the year ended December 31, 2003 OI-US

Overseas

Total

$ 12,514,816 605,562 13,120,378 8,635,505

$ 5,833,637 â&#x20AC;&#x201D; 5,833,637 5,690,250

$ 18,348,453 605,562 18,954,015 14,325,755

21,755,883

11,523,887

6,414,044 4,267,713

6,969,611 2,060,894

13,383,655 6,328,607

Total program services

10,681,757

9,030,505

19,712,262

Program equity ownership Total services to the poor

3,208,425 13,890,182

â&#x20AC;&#x201D; 9,030,505

3,208,425 22,920,687

Supporting services Fundraising Management and general

2,638,041 1,216,630

1,408,246 1,049,215

4,046,287 2,265,845

Total supporting services

3,854,671

2,457,461

6,312,132 *

17,744,853

11,487,966

29,232,819

4,011,030 3,965,665

35,921 â&#x20AC;&#x201D;

4,046,951 3,965,665

Operating activities Revenue Private contributions Annual Fund Cornerstone Fund Total private contributions Government grants Total revenue Expenditures Program services Grants to partner organizations Development of partner organizations

Total expenditures Net from operating activities Non-cash pledges for future distribution Net cash from operating activities

$

45,365

$

35,921

33,279,770 *

$

81,286

Global Revenue

14

Private contributions

57%

Government grants

43%

* Global supporting services ratio to revenue was 19%.

Unaudited. Complete audited financial statements by KPMG are available upon request.

OPPORTUNITY INTERNATIONAL 2003 ANNUAL REPORT

2002 Opportunity International Network Support Partners Statement of Activities

for the year ended December 31, 2002 OI–US

Overseas

Total

$ 8,953,750 2,171,785 11,125,535 8,295,949

$ 4,788,812 — 4,788,812 7,775,901

$ 13,742,562 2,171,785 15,914,347 16,071,850

19,421,484

12,564,713

5,872,179 3,595,608

7,559,106 1,600,525

13,431,285 5,196,133

9,467,787

9,159,631

18,627,418

2,943,500 12,411,287

— 9,159,631

2,943,500 21,570,918

Supporting services Fundraising Management and general

2,307,769 1,494,612

1,682,374 637,999

3,990,143 2,132,611

Total supporting services

3,802,381

2,320,373

6,122,754 *

16,213,668

11,480,004

27,693,672

3,207,816 1,808,843

1,084,709 —

4,292,525 1,808,843

Net cash from operating activities

$ 1,398,973

$ 1,084,709

$ 2,483,682

Non-operating activities Funds repatriated Microfinance inst. equity ownership

$ 2,080,682 2,080,682

$

— —

$ 2,080,682 2,080,682

Total non-operating activities

$

$

—

$

Operating activities Revenue Private contributions Annual Fund Cornerstone Fund Total private contributions Government grants Total revenue Expenditures Program services Grants to partner organizations Development of partner organizations Total program services Program equity ownership Total services to the poor

Total expenditures Net from operating activities Non-cash pledges for future distribution

—

31,986,197 *

—

Global Revenue

Private contributions

50%

Government grants

50%

* Global supporting services ratio to revenue was 19%.

Unaudited. Complete audited financial statements by KPMG are available upon request.

15

Opportunity International Network Support Partners Statement of Financial Position December 31, 2003

Assets Current Cash and demand deposits Receivables Other current assets Total curent assets

Overseas

Total

Total

$ 11,756,887 4,550,600 2,894,690 19,202,177

$ 1,607,994 3,213,383 22,611 4,843,988

$ 13,364,881 7,763,983 2,917,301 24,046,165

$ 5,225,678 3,141,632 683,481 9,050,791

11,058,157 —

70,458 395,369

11,128,615 395,369

8,429,446 395,369

372,411 (330,144) 42,267 11,100,424

408,369 (269,282 ) 139,087 604,914

780,780 (599,426 ) 181,354 11,705,338

713,467 (554,453 ) 159,014 8,983,829

Long-Term Long-term investments – partners Long-term investments – other Property and equipment Cost Accumulated depreciation Net property and equipment Total long-term assets Total Assets Liabilities Current Short-term borrowings Accounts payable Other current liabilities Total current liabilities Long-Term Long-term debt Deferred revenue Total long-term liabilities Total Liabilities Net Assets Unrestricted net assets Restricted net assets Total Net Assets Total Liabiliites and Net Assets

Statement of Cash Flows

Change in net assets Other operating activities Funds provided by operations Investing activities Financing activities Change in cash balances 16

2002

OI-US

$ 30,302,601

$ 5,448,902

$ 35,751,503

$ 18,034,620

$

$

$

$

824,200 1,825,016 290,259 2,939,475

12,574 3,104,637 146,847 3,264,058

836,774 4,929,653 437,106 6,203,533

561,959 598,096 1,096,196 2,256,251

793,300 7,581,507 8,374,807

— 136,432 136,432

793,300 7,717,939 8,511,239

1,690,850 241,999 1,932,849

11,314,282

3,400,490

14,714,772

4,189,100

8,957,692 10,030,627

957,764 1,090,648

9,915,456 11,121,275

7,015,218 6,830,302

18,988,319

2,048,412

21,036,731

13,845,520

$ 30,302,601

$ 5,448,902

$ 35,751,503

$ 18,034,620

for the year ended December 31, 2003

2002

OI-US

Total

$ 7,020,371 5,063,665 12,084,036 (2,687,714) (614,850) $ 8,781,472

Overseas

Total

170,840 (793,767) (622,927) (11,456) (7,887) $ (642,270)

$ 7,191,211 4,269,898 11,461,109 (2,699,170) (622,737) $ 8,139,202

$

$ 9,316,708 (6,025,004 ) 3,291,704 (5,895,007 ) 4,435,231 $ 1,831,928

Unaudited. Complete audited financial statements by KPMG are available upon request.

OPPORTUNITY INTERNATIONAL 2003 ANNUAL REPORT

Opportunity International Network Implementing Partners Income Statement for the year ended December 31, 2003 Africa

Asia

Eastern Europe

Latin America Total Programs

MED Income and Expenses Financial income

$ 4,208,756

$ 10,912,853

$ 13,103,893

$ 5,094,928

$ 33,320,430

133,246

1,094,090

866,155

42,489

2,135,980

4,075,510

9,818,763

12,237,738

5,052,439

31,184,450

124,266

807,879

852,361

788,911

2,573,417

Net financial margin

3,951,244

9,010,884

11,385,377

4,263,528

28,611,033

Operating expenses

5,343,789

8,267,902

9,083,028

3,882,770

26,577,489

742,982

$ 2,302,349

380,758

$ 2,033,544

Financial expenses Gross financial margin Provision for loan losses

Net income

$ (1,392,545)

$

$

Balance Sheet December 31, 2003 Africa

Asia

Eastern Europe

Latin America Total Programs

Assets Current Cash Interest bearing deposits Net loan portfolio Other current assets Total current assets

$ 1,114,964 2,636,923 6,875,130 683,162 11,310,179

$ 3,908,351 3,541,155 20,041,833 2,288,834 29,780,173

$ 5,076,851 2,556,004 50,655,381 903,062 59,191,298

$ 1,380,622 1,003,865 6,989,463 390,301 9,764,251

$ 11,480,788 9,737,947 84,561,807 4,265,359 110,045,901

Long-Term Fixed & other L-T assets Total assets

2,677,226 $13,987,405

4,550,630 $ 34,330,803

3,018,498 $ 62,209,796

2,616,186 $12,380,437

12,862,540 $122,908,441

Liabilities & Net Assets/Equity Current Short-term debt $ 1,348,264 Loan client deposits 294,454 Other client deposits 564,389 Other current liabilities 435,002 Total current liabilities 2,642,109

$ 5,606,532 8,049,594 194,229 862,879 14,713,234

$ 2,530,646 315,971 4,420,441 1,390,759 8,657,817

$

820,661 775,313 â&#x20AC;&#x201D; 289,065 1,885,039

$ 10,306,103 9,435,332 5,179,059 2,977,705 27,898,199

2,352,224 4,994,333

4,512,705 19,225,939

14,366,572 23,024,389

2,680,406 4,565,445

23,911,907 51,810,106

8,993,073 $13,987,406

15,104,863 $ 34,330,802

39,185,407 $ 62,209,796

7,814,992 $12,380,437

71,098,335 $122,908,441

Long-Term Total L-T liabilities & debt Total liabilities Net Assets & Equity Total net assets & equity Total liabilities & net assets

Unaudited. Complete audited financial statements by KPMG are available upon request.

17

Management Discussion & Analysis of Financial Statements Highlights â&#x20AC;&#x201D; Opportunity International-US Opportunity International-US had a strong year in 2003.

Revenue increased 12% from 2002 to $21.7 million.

Strong results in 2003 reflected significantly higher private contributions as well as the continuation of the Cornerstone Fund, our working capital fund to strengthen our financial foundation.

Expenditures rose by 9% from 2002 to $17.7 million in 2003. The largest increase of 13% was in the program services category due to growth of new programs.

Supporting services spending declined slightly as higher fundraising costs were offset by lower management and general expenses.

Opportunity International Network Support Partners Total revenue for Opportunity International Network Support Partners grew 4% from 2002 to 2003 to $33.3 million. Total private contributions increased 19% to $19.0 million, primarily from OI-US. Government grants declined 11% to $14.3 million, principally from OI-UK. Total program services expenditures rose 6% to $19.7 million. Grants to partner organizations remained essentially flat as greater expenditures by OI-US were offset by reductions overseas. Spending for development of partner organizations grew at both OI-US and overseas.

Program equity ownership represents outlays for direct ownership positions in Implementing Partners funded

by OI-US and its subsidiary Opportunity Transformation Investments (OTI). This funding increased by 9% in 2003 compared to 2002.

Total supporting services increased 3% as a result of growth in private fundraising capactiy at all Support Partners. The fundraising and administration ratio compared to revenue was 19% for both 2002 and 2003.

Non-operating activities in 2002 related to funds repatriated from Montenegro for equity ownership in the new bank.

Opportunity International Network Implementing Partners As a whole, Network Implementing Partners in 2003 achieved 106.5% operational self-sufficiency. As shown on the Income Statement for Implementing Partners, revenue exceeded expenses on a global basis. This helps us achieve our strategic goal of sustainability for all global programs.

Notes to Financial Statements Financial Statement Presentation The financial information included on these pages was derived from the financial statements of independent organizations. The Support Partner statements reflect the results of operations, financial position, and cash flow of the combination of the five independent partners in developed countries, without regard to ownership positions in certain Implementing Partners. The Implementing Partner statements present a combination of the results of operations and financial position of the 42 indigenous Implementing Partners also without regard to ownership issues. These statements are unaudited.

Audited statements for the partners are available upon request.

Regulated Microfinance Institutions

18

On December 31, 2003, the following Implementing Partner organizations were for-profit, regulated microfinance institutions: PSHM in Albania; Opportunity International Savings and Loan (OI-SASL) in Ghana; Opportunity Microfinance India (OMI); Moznosti in Macedonia; Opportunity International Bank Malawi (OIBM); Oportunidad Microfinanzas (OM) in Mexico (not regulated);

Opportunity Bank Montenegro (OBM); Opportunity Microfinance Bank (OMB) in the Philippines; Opportunity Microfinance Romania (OMRO); Opportunity International Stock Savings Bank, Novi Sad, in Serbia; and Zambuko Trust Ltd. in Zimbabwe (not regulated). The only reason any of our organizations are for-profit is to achieve bank status, allowing us to provide many services, such as savings, that banks can offer to the poor. Local laws require banks to have a for-profit status. Any profits are returned to the program and used to help the poor.

Unrestricted Net Assets Support Partnersâ&#x20AC;&#x2122; total unrestricted net assets increased to $9.9 million at the end of 2003. The increase reflected equity ownership in Implementing Partners that converted to formal financial institutions.

Equity Ownership in Affiliates As referenced above, Opportunity International-US and OTI receive certain grants restricted for investment in microfinance institutions. Investments are currently held in all institutions except OMI and Moznosti.

Leadership

OPPORTUNITY INTERNATIONAL 2003 ANNUAL REPORT

Leadership Board of Advisors

Board of Directors

Dr. Raymond Bakke Executive Director International Urban Associates

Laura Allen Executive Director Adoption Advocacy Int’l.

Hinsdale, Ill.

Dr. Peter Berger Professor Emeritus Boston University Dr. Tony Campolo Professor & Author Eastern University Doris Christopher Founder & Chair The Pampered Chef Millard Fuller Founder Habitat for Humanity Rev. Theodore Hesburgh, C.S.C. President Emeritus University of Notre Dame Ambassador Swanee Hunt Director of Women & Public Policy Harvard University Jack Kemp Former Secretary of Housing & Urban Development

Stacey Barsema Volunteer/Foundation President Dennis & Stacey Barsema Foundation Monte Sereno, Calif.

Dennis Chorba Vice President (retired) Georgia Gulf Atlanta, Ga. Christopher A. Crane President & CEO Opportunity International–U.S. San Diego, Calif.

Peter S. Daley Chief Executive Officer Graymalkin, Inc. Purcellville, Va. Kwabena Darko Chief Executive Darko Farms & Co., Ltd. Kumasi, Ghana

Richard A. Hoefs Partner (retired) Arthur Andersen & Company Fitchburg, Wis.

Linda Valentine Sr. Vice President TenFold Corporation Hinsdale, Ill.

Richard U. Jelinek Consultant Wellesley, Mass.

Mary Beth Vogelzang Vogelzang & Associates (retired) Montecito, Calif.

Peter King Group CEO (retired) Van Leer Corp.

Sydney, Australia

Terrence A. Watson, Chair Executive Vice President Bank of America Charlotte, N.C.

Polly McCrea Long Lake, Minn.

Alfred A. Whittaker, Chair Emeritus President (retired) Bristol–Myers Int’l Corp.

Fort Myers, Fla.

Robert McCrea Consultant (retired) Lanscape Inc. Long Lake, Minn.

John McKay Executive Director SAJE Foundation Tustin, Calif.

Management Team

Jeffrey S. Meyer Vice President Baillie Lumber Co. Orchard Park, N.Y.

Susy Cheston Sr. Vice President, Policy

Gary Moore Founder Gary Moore & Co. Sarasota, Fla.

Lieutenant General Claudia J. Kennedy U.S. Army (retired)

E. Bruce Dunn Sr. VP & Principal (retired) Stein, Roe & Farnham Chicago, Ill.

Dr. Martin Marty Professor & Author University of Chicago

Dawn Parsons Feller Exhibiting Artist Hinsdale, Ill.

Theodore D. Moser Director Mercer Management Consulting Oakland, Calif.

The Honorable Fidel V. Ramos Former President Republic of the Philippines

Betsy Flint Program Director Samueli Foundation Corona del Mar, Calif.

Donald Palmer President Palmer Automotive Group Carmel, Ind.

James W. Hamilton Senior Counsel (retired) Paul, Hastings, Janofski & Walker Laguna Beach, Calif.

David L. Simms Partner The Bridgespan Group Newtown Square, Pa.

Craig Hammon Executive Vice President CURE International Essex, Mass.

Helen C. Smith Potomac, Maryland

Dr. Vinay Samuel The International Fellowship of Evangelical Mission Theologians Ambassador Clayton Yeutter Of Counsel Hogan & Hartson L.L.P. Paula Zahn Paula Zahn Now CNN

Dale Hanson Bourke President, PDI Chevy Chase, Md. Julie Hindmarsh Clinical Instructor Johns Hopkins School of Nursing Baltimore, Md.

Jill Dailey Smith Marketing Research & Planning Consultant River Forest, Ill.

Christopher A. Crane President & CEO

Mark Lutz Sr. Vice President, Marketing Dennis Ripley Sr. Vice President, Programs Char Caldwell Vice President, Marketing Beth Houle Director, Women’s Opportunity Fund Vice President, Marketing Strategy Rick John Chief Financial Officer Vice President Finance & Administration John Kamperschroer Vice President, Marketing Ken Koskela Vice President International Business Development Connie Stryjak Vice President, Human Resources

Nathaniel Sutton President Sutton Ford Matteson, Ill.

19

Thank you Thank you Board of Governors

Tim & Tara Clark Eden Prairie, Minn.

Vic & Karin Fontaine Boca Raton, Fla.

Robert Keller Madison, Wis.

Polly & Robert McCrea Long Lake, Minn.

Ben & Susan Anderson-Ray Atlanta, Ga.

Ross Clemenger Nanaimo, British Columbia

Victoria Gifford Kennedy Boston, Mass.

Alfred McDougal Chicago, Ill.

Dan & Jeanie Ardell Corona del Mar, Calif.

Jodie & Dennis Clements Seminole, Fla.

Elizabeth Foster & Michael Walsh Chicago, Ill.

Steve & Kendra Khoshabe Chicago, Ill.

Marc McIntosh Minneapolis, Minn.

Lynne M. Baab Seattle, Wash.

Douglas A. Cogswell South Barrington, Ill.

Marge Klee Covington, Ky.

Nancy McIntosh McLean, Va.

Clark & Tina Bain Edina, Minn.

Anne Collins Minneapolis, Minn.

Ben & Andrea Knoll Edina, Minn.

Bruce McLagan Hinsdale, Ill.

Stephen Barney North Palm Beach, Fla.

Miles & Nicole Cook Atlanta, Ga.

Terry Koch Scottsdale, Ariz.

Warren Beach Barrington, Ill.

Gary Cooper Sarasota, Fla.

Elizabeth McMeekin & Philip Moses Takoma Park, Md.

James Bergman Laguna Beach, Calif.

Anne Coughlan & Charles Jameson Wilmette, Ill.

Jim & Maryellen Betke Oak Park, Ill. Ron Birchall Wheaton, Ill. Elaine D. Birdsong Gray, Ga. Michael Bontrager Cochranville, Pa. Richard L. Brackett Wellington, Fla. James L. Bramlett Princeton, N.J. Bill & Karen Brown Eden Prairie, Minn.

Art & Manijeh Brueggeman Laguna Hills, Calif.

Scott Brueggeman Chicago, Ill. J. & Joanna Burnett Marietta, Ga. Char Caldwell San Diego, Calif.

Allan Camaisa La Jolla, Calif.

Michael Cardone III Philadelphia, Pa. Peter Carlson Plymouth, Minn.

Robert Carter Bethesda, Md. Joanne Case Wayzanta, Minn.

Dabbs & Mary Cavin Little Rock, Ark. Susy Cheston & Artie Harris Takoma Park, Md. Brian G. Clark Mahwah, N.J. Edward & Janet Clark Rockville, Md.

20

Cynthia Frost Barrington, R.I. Benjamin Garrett Flossmoor, Ill. Jill & Tim Geoffrion Deephaven, Minn.

Chris & Bonnie Gleeson Newtown Square, Pa. Terri L. & Rick L. Gunderson Champlin, Minn.

Robert & Martha Haley Paradise Valley, Ariz.

Timothy Krause Cypress, Calif.

James A. & Ellen M. Labrie Portsmouth, N.H. Jonathan Lach Westport, Conn.

Adrian & Jennifer Merryman N. Falmouth, Mass.

Ralph & Connie Meyer Indianapolis, Ind.

Wendy & Jim Cox Edina, Minn.

Julie & Parker Hall Winnetka, Ill.

Paul & Sheila Crone Chesterfield, Mo.

Bill & Mary Hall San Clemente, Calif.

Laurie Cunnington Bloomfield Hills, Mich.

Promod Haque Saratoga, Calif.

Janice D. Dailey Tequesta, Fla.

James D. Hardee Jr. Wilmette, Ill.

Ted & Jackie DeGroot Las Vegas, Nev.

Jan Long Harris & Paul Harris River Forest, Ill.

Suzanne & Steve Diamond Carmel, Calif.

Peg & Ed Harshaw Oxford, Pa.

Philip Faraci, M.D. & Pamella Leiter-Faraci Highland Park, Ill.

Lyn Dickey Northbrook, Ill.

Don Hayes Tampa, Fla.

Loida Nicolas Lewis New York, N.Y.

Hilton & Jean Neal Oconomowoc, Wis.

Charlie & Diane Dokmo Colorado Springs, Colo.

Randy & Patty Haykin Pleasanton, Calif.

Mark & Becky Linsz Charlotte, N.C.

Carol & Grant Nelson Hudson, Wis.

Keith & Amy Downey Edina, Minn.

Otis & Barbara Healy Laguna Beach, Calif.

Joe & Terry Littel Madison, Wis.

Mike & Jane Newton Philomath, Ore.

Peter & Kathy Drake Oakland, Calif.

Paul & Lois Heiss Mequon, Wis.

Karen & Ronnie Lott Cupertino, Calif.

Kathryn Nyquist Chicago, Ill.

Richard Driehaus Chicago, Ill.

Peter Herfurth Wayzata, Minn.

Lester & Doris Loucks York, Pa.

Richard Oâ&#x20AC;&#x2122;Donnell Houston, Texas

Lindsay Duff Kerrville, Texas

Dave & Lisa Hintermeister Richfield, Minn.

Vicki Love Hockessin, Del.

Julie Oswald Minneapolis, Minn.

James & Jeanie Duncan Easton, Md.

Wendall Hirschfeld Austin, Texas

Amanda Low Skillman, N.J.

Tom Oswald Edina, Minn.

Terry & Kathy Duryea Los Gatos, Calif.

Elizabeth E. Hogue, Esq. Burtonsville, Md.

Edward F. & Barbara Lukes Wolcott, Colo.

Ronnel Parker Sr. High Point, N.C.

Carter & Ragan Dye Carefree, Ariz.

Nancy Hughes Temecula, Calif.

Philip & Nancy Lundman Fredonia, Wis.

Betsy Perdue Oak Park, Ill.

Dan & Polly Dyer Germantown, Md.

Patricia Dorn Jaffray Wayzata, Minn.

Mark & Lise Lutz Glen Ellyn, Ill.

Robert Perry Houston, Texas

Don & Ruth Ebinger Fountain Hills, Ariz.

Ted & Marietta Johns San Diego, Calif.

David H. McAlpin Jr. Skillman, N.J.

Sara Pfaff Glencoe, Ill.

Karol Emmerich Edina, Minn.

James & Corrie Johnson Santa Ana, Calif.

Roger & Sally Post Carmel, Calif.

David & Ann Everitt Fort Collins, Colo.

Rebecca & Marshall Johnson Alpharetta, Ga.

Mary Ann McGuire McComber & Donald McComber Oakville, Calif.

Ann Field La Jolla, Calif.

Deepak & Christina Kamra Woodside, Calif.

David & Terri Fish Monument, Colo.

David & Jennifer Kearns Adairsville, Ga.

Russ & Linda Lair Apache Junction, Ariz.

Mary & Don Larson Cohasset, Mass.

Christian Lee New York, N.Y. Rick & Anita Leggott Edina, Minn.

Cole McCombs Inverness, Ill. Cyndi & David McCrane Angwin, Calif.

Lydia Miller Chicago, Ill. Nicole G. Moore Edina, Minn.

Owen Moran Northbrook, Ill. Raouf Morcos Florham Park, N.J. Janet Morrow Glenview, Ill. Alan Nash Houston, Texas

Karen Prudente New York, N.Y. Diana & Bruce Rauner Winnetka, Ill. Jonathan & Ashley Reckford Edina, Minn.

OPPORTUNITY INTERNATIONAL 2003 ANNUAL REPORT

William Reichardt East Syracuse, N.Y.

Verle Sutton Deer Park, Ill.

Organizations

First Presbyterian Church of Evanston

Peter & Elizabeth C. Tower Foundation

Ross Robbins Chicago, Ill.

Lois & Bill Swanson St. Helena, Calif.

All Stars Helping Kids

First Presbyterian Church of River Forest

Pipe Vine, Inc.

Mary Rodino & David Himelick Oak Park, Ill.

Mark & Kimberly Thompson Minnetonka, Minn.

William F. Roeder Jr. Vienna, Va.

Peter & Monique Thorrington Palos Verdes Estates, Calif.

Roy Rogers Los Altos Hills, Calif.

Charles Todd Columbia, Ill.

Leah Taylor-Roy & Peter Roy Cohasset, Mass.

Mark & Terri Trabucco Solvang, Calif.

Norman Rubash Evanston, Ill.

Kadita & Priscilla Tshibaka Ardsley, N.Y.

Michele Ruby San Jose, Calif.

Timothy Ubben Glencoe, Ill.

Jeffrey Ryan Hong Kong

Richard Van der Molen Oak Park, Ill.

John Sage Seattle, Wash.

Linda & Ken Vander Weele Vienna, Austria

Fred Sasser Park Ridge, Ill.

Mark & Kathy Vaselkiv Baltimore, M.D.

Steve & Allyson Schovee Englewood, Colo.

Searl Vetter Wassenaar, Netherlands

First Rate Investment Systems

Rancho Bernardo Community Presbyterian Church

Aristos Group

Foundation for Christian Stewardship

Richard H. Driehaus Foundation

Arthur Rock & Company

Gems of Hope

Author Author LLC

George Family Foundation

Robert & Margaret Thomas Foundation

Baillie Lumber Co. Inc.

Gochnauer Family Foundation

Baillie Properties LP

Gordon V. & Helen C. Smith Foundation

Altria Group Inc American Airlines

Bergman Family Foundation Bethany Presbyterian Church BetterWorld Together Foundation Calvary Lutheran Church of Brookfield, Wis. Cargill Caterpillar Foundation Charitable Gift Fund The Chester Foundation

SAJE Foundation The Samueli Foundation Saratoga Federated Church

Grace Presbyterian Church

Satrum Foundation

Grant & Jacqui Smith Foundation

Schwab Fund for Charitable Giving

Griffin, Kubik, Stephens & Thompson Inc.

Scottsdale Bible Church

Hardee Foundation The Helmerich Trust High Technology Solutions Inc. The Hoglund Foundation

The Sence Foundation SG Foundation Silverton Foundation Inc. Someone Cares Charitable

Household International

St. Andrew’s Presbyterian Church

International Foundation

St. Augustine Episcopal Church

James Huntington Foundation

Stewardship Foundation Stichting Opportunity International Nederland

Barbara & Walter Scott Northfield, Ill.

Ken & Karen Volpert St. David’s, Pa.

Christ Presbyterian Church

Pauline Selby Indianapolis, Ind.

Mary Sue Vorbrich Eden Prairie, Minn.

Church of the Holy Spirit

Charles Shepard Placitas, N.M.

Carol Waitte Los Gatos, Calif.

Church of the Latter Day Saints

John F. & Mary A. Geisse Foundation

Citigroup Foundation

JP Morgan Chase Foundation

Sutton Ford

Kenneth & Barbara Sibley Raleigh, N.C.

Kimberley P. Watson Charlotte, N.C.

The Coca-Cola Company

JP Morgan Private Bank

John & Jacque Weberg Scottsdale, Ariz.

Julia L. Hall Trust

T. Rowe Price Associates Foundation Inc.

Kimberly Simms Newtown Square, Pa.

Community Foundation Silicon Valley

Tom & Darla Skelton Raleigh, N.C.

Scott A. Weicht Edina, Minn.

Gregory Slayton Palo Alto, Calif.

Barbara K. & Frank H. Wheeler Lafayette, Ind.

Crown Mortgage Company

Carrie Slease Washington, D.C.

Laurence Whittemore Greenwich, Conn.

Dale & Edna May Walsh Foundation

Bruce G. Smith Falls Church, Va.

Robert Wieczorowski Washington, D.C.

Darnestown Presbyterian Women’s Association

Charlie & Cathy Snyder Edina, Minn.

Ken & Peggy Williams Irvine, Calif.

Angelo Spoto Rockford, Ill.

David Weekley Family Fund of the Greater Houston Community Foundation

Jay & Diane Wissink Minnetonka, Minn.

Debley Foundation Inc.

Lawrence & Mary Jane Stanley Colorado Springs, Colo.

Janet & Philip Yancey Evergreen, Colo.

Kim & Andy Stephens Hinsdale, Ill.

Ruth & Jim Youngsman Mt. Vernon, Wash.

Scott & Beth Stephenson Atlanta, Ga.

Jerry Zamzow Houston, Texas

Malcolm Street Fort Worth, Texas

Glenn & Emily Zimmerman Atlanta, Ga.

John S. Struck Old Greenwich, Conn.

Philip & Julie Styrlund Apple Valley, Minn.

Church of the Holy Nativity

Connemara Fund Crescent Porter Hale Foundation

The Kearny Alliance Lundman Family Foundation Inc. Mark Trabuco Investments

Tree of Life Foundation Trust United Methodist Church United States Agency for International Development

Maverick Productions Inc.

Vanguard Charitable Endowment Program

Memorial Drive Presbyterian Church

Vinatech Trading Limited

Mennonite Foundation Inc

The Waitte Foundation

myCFO Foundation

Warren Brown Family Foundation

Nelson G. & Vera C. Hicks Charitable Foundation

W.B. and Sue Turner Foundation

New Faith Baptist Church

Weberg Foundation

Nike Inc.

Westwood Endowment Inc.

Northern Trust Bank

William H. Hurt Foundation

Earle M. Combs & Virginia Combs Foundation

Orange County Community Foundation

World Bank, CGAP

Emelco Foundation

Orange County’s United Way

Emerson Charitable Trust

Oswald Family Foundation

Faith Presbyterian Church

Palmer Family Foundation Trust

Faith, Hope & Love Foundation

Paul F. & Lois K. Heiss Family Foundation Inc.

Don Shire Ministries Inc. Dorothy & Henry Hwang Foundation

The Zacchaeus Foundation Inc. The Zimmer Family Foundation

21 Editors: Laura Reilly, Carol Stigger • Designer: Sue Lundin • Printer: Graphix Products, Inc.

“The Lord secures justice for the poor...” PSALM 140:12 NIV

OPPORTUNITY INTERNATIONAL 2122 York Road, Suite 340, Oak Brook, IL 60523 800.793.9455 • www.opportunity.org