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.
6
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)
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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