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