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.
2007-2008 Annual Report | 2007-2008 Financial Statements| 990 IRS Tax Form
2006 Annual Report | 2006-2007 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
2007-2008 Financial Highlights
The outstanding financial results for fiscal year 2008 (April 1, 2007 to March 31, 2008) illustrate only part of the exceptional year we have had at the Grameen Foundation.For the first time in our history, our revenue exceeded $20 million reaching a total of $21.9 million. As in prior years, our funding came primarily from individuals and foundations. Our focus on sustainable sources of revenue this year led to a 100 percent increase of our earned revenue to $2.5 million. We ended the year in a very strong financial position with our total cash and investments at $11.3 million and total net assets of $23.8 million.
As the organization has grown, we have leveraged our infrastructure allowing us to lower our overhead percentage to 15.9 percent. This percentage represents the overhead percentage from an accounting (GAAP) point of view and does not take into account the benefit of our Growth Guarantees and loans. Including those programs would lower our actual overhead to a world-class 7.5 percent*. Using $17.2 million in guarantees, the innovative Growth Guarantees Program generated an additional $90.5 million of loans to local microfinance institutions in FY08. With funds supported by Growth Guarantees, these institutions in turn provided over 500,000 new loans to the poor. Since the inception of the program in 2005, with a $31 million guarantee pool, we have generated $120.8 million of loans to the poor.
The CPA firm of Gelman, Rosenberg & Freedman has audited the financial records and statements of Grameen Foundation and expressed an unqualified opinion for the year that ended March 31, 2008. In addition they issued a Management Letter with no “material weaknesses” noted during the audit. You can find the complete audited financial statements at www.grameenfoundation.org. After a great year, the Grameen Foundation is in a very strong financial position and is ready to meet our mission “to enable the poor, especially the poorest, to create a world without poverty.”
Si White
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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