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«2013 ANNUAL REPORT Message from the President Reflecting on the past year, and my recent five-week trip to visit WMI loan hubs in all three countries ...»

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Financial Report

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Treasurer’s Report 2013 marked a transition year in WMI funding as increased individual giving (CFC, World Bank, IMF employee giving programs) and partner support reduced reliance on corporate and foundation support. Our new programs in Kenya and Tanzania are supported on a significant cost sharing basis with our NGO partners. Individual contributions provide 52% of revenues, foundations 30%, and partner support 18%. WMI continues to actively seek all forms of financial support.

Program Services increased dramatically (56%) as three new hubs started operations and the hubs that began in 2012 reached full ramp-up (2 new borrower groups added each quarter.) Of the $284,779 granted, $222,001 was allocated to hub loan funds, $7,570 to our Bank Guaranty Fund, $27,065 to Local Operations (Training and Oversight), $24,357 to meeting shelters and community buildings, and $6,785 (raised by Elissa Eva) to a special loan fund for borrowers to purchase water tanks in Ntumburi, Kenya. WMI began to draw down reserves it had set aside to fund the increased grant expense.

Management and General Expenses continue to run under 3% of expenses and Fundraising expense is less than 1%.

Deborah Smith Treasurer WMI Program Leadership US Leadership Team – Operations Committee Robyn Nietert, President Deborah Smith, Treasurer June Kyakobye, Board Member Kathryn Staudaher, Office Manager Country Specific Operations Support for US Leadership Team Sally Kelly – Western Kenya Elissa Eva – Central Kenya Judy Lane – Tanzania Anita Mpambara-Cox – Southwest Uganda Nick Smith - Southwest Uganda Hope Okeny – Northern Uganda Hannah Kahl – Northern Uganda John and Joyce Wanda – Eastern Uganda Barbara Wybar - Eastern Uganda WMI Buyobo Leadership – East Africa Operations Management Olive Wolimbwa, Program Director Jackline Nagudi Namonye, Assistant Local Director and Head Trainer Phoebe Irene Wetaka, Head Coordinator Program Leadership Uganda Evelyn Achieng - Karin Women's Group (Gulu) Sylvia Akello - Blessed Women’s Association (Atiak) Betty Bigala - Bududa Women's Development Group (Konokoya village, Bududa) Hope Kazahura - E. Lushaya Women's Group (Kabale) Jennifer Khawoya - Matuwa Micro Finance Women Group (Buputo) Winnie Kyakuha - Buseesa Community Development Centre (Buseesa village, Kibaale) Naomi Muganwa - Mayi Agiri Women's Economic Development Group (Bududa) Olive Wolimbwa - Buyobo Women’s Association (Buyobo) Program Leadership Kenya Felistus Amgun - Jelnarmah Self Help Group (Keveye) Mary Gakii - Wendo Self Help Group (Ntumburi) Pamela Naitetoi Kilua - Naibala N. N. Women Group (Ngarendare) Jennifer Musanga Miheso - Shikokho Chanuka Women’s C.B.O (Shikokho) Program Leadership Tanzania Ngali Kitmwas and Maria Johane Oloulu - Alaileli Maasai Sustainability Organization (Alaileli) Josephine Emanuel Sillo - Tloma Community Organization, (Karatu) WMI Fellows Liz Mooney and Melissa LaReau Interns Uganda: Ian White, Kristi Hill, Britta Burgis and 11 high school summer interns. Kenya: Susie Scanlon. Bethesda, MD: Tricia Woodcome, Alex Valentino, Chris Heagan, Tiffany Sun, Sienna Roman and Meghan Reynolds.

Board of Directors and Officers Robyn G. Nietert – President. For over 25 years, she was a member of the Washington, D.C. law firm of Brown, Nietert and Kaufman, which specialized in telecommunications law, with a focus on innovative wireless technologies.

Jane E. Erickson – First Vice President. She is an executive with a Washington, D.C. area global health care consulting firm.

Elizabeth Gordon – Vice President. She has been involved in the real estate finance/ development business (predominantly multifamily, seniors, low and moderate income housing) since 1985 and currently works for Fannie Mae in Washington, D.C.

Deborah W. Smith – Treasurer. She spent her career in corporate and personal finance, and was a Certified Financial Planner and registered securities representative.

Teresa Ciccotelli - Secretary. She is a retired corporate attorney with over 20 years’ experience in Fortune 100 companies, most recently with Saint-Gobain’s US offices in PA.

Beatrix Van der Vossen – Recording Secretary. A native of the Netherlands, she is Assistant to the Office of the Executive Director of the Netherlands Constituency to the IMF.

June Kyakobye – Special Advisor for Buyobo Project. She has been at the Pan American Health Organization/World Health Organization (PAHO/WHO) in Washington, D.C since 2001.

Advisory Board Lillian Hagen, attorney, SEC, Bethesda, MD Brenda Hanson, general counsel, Microvest Capital Management, Bethesda, MD Bonnie Holcomb, anthropologist, Bethesda, MD Robert Israelite, credit specialist, CUNA Mutual Group, Chicago, IL Denise Kalule, business manager, Kampala Uganda Sally Kelly, architect, Chevy Chase, MD Valerie McDonald, association fundraiser, Herndon, VA Archie Mears, microfinance expert, West Linton, Scottish Borders, UK Ainsley Morris, investment analyst, Washington, DC Olive Namutebi, managing internal auditor, PostBank, Kampala, Uganda Juliet Nyambisa, banker, K-Rep, Nairobi, Kenya Harris Recht, attorney, Ridgewood, NJ Thomas Richardson, IMF Representative, New Delhi, India Katherine Staudaher, occupational therapist, Bethesda, MD Montana Stevenson, international consultant, Abt Associates, Bethesda, MD Al Tetrault, professor, University of Maryland, Vienna, VA Beth Tomasello, attorney, The Women’s Heart Health Foundation, Bethesda, MD Christine Uzzell, information technology specialist, Bethesda, MD Thierry van Bastelaer, economist, Abt Associates, Bethesda, MD Carol Van Oudenaren, librarian, Bethesda, MD Jackie Vouthouris, financial modeler, New York, NY William Wilhelm, finance professor, University of Virginia, Charlottesville, VA Mona Yacoubian, foreign affairs consultant, Bethesda, MD For further information about Women’s Microfinance Initiative contact us at:

P.O. Box 485, Cabin John, MD 20818 Tel: 301/520-0865 www.wmionline.org

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