Grameen Foundation : Resource Center : Annual Reports
Annual Reports
Report to Our Stakeholders
Each year Grameen Foundation releases an annual report. This is part of our bond with our partners, donors, other stakeholders and the microfinance community. You will find a summary of our audited financial statements accompanied by information on our accomplishments for the year. As strong advocates of transparency and accountability, we are pleased to invite you to learn more about our operations through our annual reports.
2006 Annual Report - 2006 Financial Statements - 990 IRS Tax Form
2005 Annual Report - 2005 Financial Statements - 990 IRS Tax Form
2004 Annual Report - 2004 Financial Statements
2003 Annual Report - 2003 Financial Statements
2006 Financial Highlights
We have changed the financial reporting period for the Foundation to a fiscal year which begins April 1 and concludes March 31. For this reason, our audit covers a 15 month period ending March 31, 2007. Our new fiscal year runs from April 1, 2007 to March 31, 2008. This change reflects our naturally occurring revenue cycle and will improve our annual planning process.
Grameen Foundation’s funding comes primarily from individuals and foundations and is efficiently procured with the use of less than 6 cents per dollar for fundraising. Over the past 15 months $9 million in program services from Grameen helped our partners serve families in need. We made an additional $34.3 million available to our partner MFIs through loans, Growth Guarantee Program and other credit facilities.
Pledges to the Growth Guarantee Program are retained by the guarantors even as they are put to work leveraging multiples of the value of the guarantees themselves for the benefit of our grassroots partners. For this reason, a standard accounting treatment does not allow us to include the guarantees deployed or the resources they leverage in our “programmatic activity” even though they are one of our highest impact programs.
As a result, our overhead rate looks misleadingly high (though still comparable to our peers and in the range considered appropriate for non-profit institutions). If one considers the value of the guarantees alone, and includes this in our programmatic activity, our overhead rate would be 14.54%. If one adds not the cash value of the guarantees but the amount leveraged, our overhead rate drops further to 8.08%.
The CPA firm of GELMAN, ROSENBERG & FREEDMAN has audited the financial records and statements of Grameen Foundation for the period that ended March 31, 2007 and expressed their unqualified opinion thereon. Complete financial statements in accordance with Generally Accepted Accounting Principles (GAAP) are also available for download.
Robert Knapp
Chief Financial Officer
Grameen Foundation : Resource Center : Annual Reports
Grameen Foundation uses microfinance and innovative technology to fight global poverty and bring opportunities to the world's poorest people. With tiny loans and financial services, we help the poor, mostly women, start businesses and escape poverty. Our global network of 55 microfinance institution (MFI) partners including our Growth Guarantee partners has touched more than 34 million people in 24 countries. In addition, we introduced and now sustain technology initiatives (Mifos and Village Phone) in Cameroon, Kenya, Rwanda, and Uganda, bringing our total country outreach to 28.
+1-202-628-3560 www.grameenfoundation.org
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