a passage from poverty - opportunity international · 2016-07-26 · small $100 business loans and...

A Passage from PovertyA Passage from PovertyOPPORTUNITY INTERNATIONAL

2003 Annual Report

Small $100 business loans and training are the fi rst 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

is to provide opportunities for

people in chronic poverty to

transform their lives.

Our strategy is to create jobs,

stimulate small businesses,

and strengthen communities

among the poor.

Our method is to work

through indigenous Partner

Organizations that provide

small business loans, training,

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.

Statement of intent regarding

poverty and women

Opportunity International–U.S.

strives to reach the world’s

poorest people through its

microenterprise development

programs. Recognizing that the

large majority of the world’s

poorest are women and that

they contribute decisively to

the well-being of their families,

Opportunity makes it a priority

to support programs that serve

the particular needs of women.

A Passage from PovertyA Passage from PovertyA Passage from Poverty

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 fi nancial 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 offi ces 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.

Polly McCreaChair Board of Governors

Christopher A. CranePresident & Chief Executive Offi cer

A Passage from PovertyA Passage from Poverty

Terry WatsonChair Board of Directors

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000

$80,000,000

$90,000,000

200320022001200019991998

$19.6M $26.6M $34.1M $43.6M $63.9M $87.7M

0

100,000

200,000

300,000

400,000

500,000

200320022001200019991998

In 27 developing countries, Opportunity’s microfi nance 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.

Number of loan clients at the end of the year ................................. 487,10535 percent compound annual growth over the last fi ve years

Clients who are Trust Bank members .......... 86%Continuing to reach the poorest of the entrepreneurial poor

Dollars loaned in 2003....................$160.5 millionMore than six times the value loaned in 1997

Average loan size (excluding Eastern Europe)......$126Declining since 1997, which indicates we are reaching people in deeper levels of poverty

Loans made to women ...................................... 87%Consistently impacting the poorest women

Loan repayment rate ......................................... 98%Maintained since 2000

Number of clients (as of year-end)

108,841 146,575 233,386 308,026 397,489 487,105

Value of loan portfolio (as of year-end)

0

2%

4%

6%

8%

10%

12%

12%

10%

8%

6%

4%

2%

200320022001200019991998

10.1% 5.1% 5.0% 4.6% 3.1% 2.7%

Arrears over 30 days

Highlights of 2003Highlights of 2003Highlights of 2003

Number of clients (as of year-end)

Highlights of 2003Highlights of 2003Opportunity International’s operational sustainability was 106.5 percent at the end of 2003! These profi ts are reinvested in the loan fund to help more poor entrepreneurs. Just as we expect our clients to become self-suffi cient, 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.

2

Forging the PassageOPPORTUNITY INTERNATIONAL 2003 ANNUAL REPORT

3

People existing in severe poverty use their Opportunity International microloans to open small enterprises

or to strengthen existing ones. Their profi ts increase an average of 25 to 40 percent in the fi rst year. On their journey to self-suffi ciency, 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.

Forging the PassageForging the Passage

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 diffi culties.

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 refi ne. 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 benefi t from microcredit. Opportunity continues to dispel that myth.

Often the fi rst 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.

The 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 microfi nance 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 fi ve years, which will help 25,000 families journey from poverty to self-suffi ciency. 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

Destination MexicoDestination MexicoDestination Mexico

4

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.

Eduwiges has increased her income with her Opportunity loan and offers her customers a wider selection of baked goods.

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 confi dence 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.

Destination the PhilippinesOpportunity 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.

In 2001, Opportunity opened a formal fi nancial institution, Opportunity Microfi nance 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 dreamOpportunity 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 profi t 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.

Destination the PhilippinesDestination the Philippines

5

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 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.

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 them extremely vulnerable to risky relationships and sometimes powerless to protect themselves from infection even in marital relationships. Girls are especially vulnerable, because they are the fi rst to be removed from school when family income drops. Desperate families marry young daughters to older men who are often HIV-positive in exchange for food and money. Without an income, impoverished women have few options for survival.

Over the past 12 years, Opportunity International has established microfi nance 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 fi ve 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

Destination AfricaDestination AfricaDestination Africa

6

Giving orphans a chanceMbabazi 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.

“My dream is to prepare these children for adulthood and to help them begin to care for themselves,” she said.

She is preparing them by encouraging them to master livelihood skills such as carpentry and tailoring. She also is educating them in the facts about HIV/AIDS, and she stresses the importance of not contracting the virus that causes AIDS.

Lend

ing H

ope t

o Afri

ca

Giving her children a futureAngelina 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.

With a series of three small loans, Angelina built up her failing fi sh 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.

Her legacy to her children is three thriving enterprises that should keep them from destitution and enable them to complete school.

7

Giving young people a livelihoodYaa 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.

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.


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

Highlights of 2003• More than $1 million was raised

for key Opportunity projects.

• A Women’s Fund grant provided Opportunity International’s fi rst 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.

• 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 microfi nance.

8

Highlights of 2003Highlights of 2003

Going 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 fi nd a trustworthy person to look after their children.

The pilot project’s fi ndings 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 confi dent 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.

Julie HindmarshCo-ChairWomen’s Opportunity Fund

Mary Beth VogelzangCo-ChairWomen’s Opportunity Fund

Beth HouleDirectorWomen’s Opportunity Fund

“ ”

”

“

9

Lieutenant General Claudia J. Kennedy, U.S. Army (retired)

In Army intelligence, we believe that “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. ”child to school. ”

Op

portu

nity In

ternation

al endorsem

ents from

the p

odium

”

“Dr. Tony Campolo, professor emeritus of sociology, Eastern University, St. David’s, Pa.

I was in a village in Zimbabwe where “I was in a village in Zimbabwe where “the eldest person was eighteen years old. Every person older than that had

”old. Every person older than that had

”died because of AIDS.”died because of AIDS.”You’ve got to create jobs at $40 “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.

”record as Opportunity International.

”

”“The Reverend Dr. Kwabena Darko, founder and chairman of the board, Darko Farms & Co. Ltd., Ghana

I’m living proof of what giving a little “I’m living proof of what giving a little “credit where credit is due can do.

”credit where credit is due can do.

”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 fi eld. He serves as an advisor to the president of Ghana, John Agyekum Kufuor.

Darko photo hereDarko photo here


CLIENTS SERVED DOLLARS LOANED

487,105 $160,511,657

Zambia

Ghana

Canada

United States

United Kingdom

Germany

Egypt

Honduras

Dominican Republic

Nicaragua

Peru

Colombia

Croatia

Montenegro

Mexico

Global ImpactGlobal ImpactGlobal Impact

COUNTRY CLIENTS DOLLARSSERVED LOANED

AfricaEgypt 3,218 $ 1,615,005Ghana 41,803 6,992,916Malawi 186 126,078Mozambique 2004 start-upUganda 9,949 2,968,699Zambia 5,402 557,281Zimbabwe 16,668 2,870,129

AsiaChina 2003 start-upEast Timor 2,306 538,076India 28,305 2,068,502Indonesia 31,391 4,139,160Philippines 257,571 49,299,062

Eastern EuropeAlbania 2,921 7,604,599Bulgaria 2,107 5,125,399Croatia 589 1,667,205Macedonia 3,709 8,062,665Montenegro 5,700 20,234,316Poland 831 1,826,822Romania 938 2,206,917Russia 12,564 25,731,026Serbia 1,917 3,827,539

Latin AmericaColombia 15,352 3,121,942Dominican Republic 3,547 1,787,883Honduras 8,017 2,986,269Mexico 210 45,624Nicaragua 30,180 4,685,770Peru 1,724 422,773

O P P O R T U N I T Y I N T E R N A T I O N A L ’ S C O R E V A L U E S : R E S P E C T • C O M M I T M E N T T O T H E P O O R • I N T E G R I T Y • S T E W A R D S H I P10

”“Opportunity provides a model of microfi nance that not only “Opportunity provides a model of microfi nance 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 benefi t 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.

”to contain and eradicate AIDS in the Third World.

”Susan Samueli, Executive DirectorSamueli Foundation

5 Support Partners that market and raise program funds

Programs in 27 countries

1 new program to open in 2004

Malawi

Uganda

Zimbabwe

Indonesia

Australia

India Philippines

East Timor

Russia

China

< Don Ramon of Tlaquepaque, Mexico, was fi red 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.

Mozambique 2004 Startup

11

O P P O R T U N I T Y I N T E R N A T I O N A L ’ S C O R E V A L U E S : R E S P E C T • C O M M I T M E N T T O T H E P O O R • I N T E G R I T Y • S T E W A R D S H I P

Fulfi lling Our Mission

12

Board Board Donations

$2.1

Other Individuals

$5.6

Foundations,Foundations,Corporations, Churches

$5.5

+ +

Where money comes from (in millions)Where money comes from(in millions)Where money comes from

Where money goesWhere money goes (in millions)Where money goes(in millions)Where money goes

$6.7$6.7$6.7$6.7Loan FundsLoan FundsLoan FundsLoan FundsLoan Funds$160.5 million loaned $160.5 million loaned $160.5 million loaned $160.5 million loaned $160.5 million loaned $160.5 million loaned $160.5 million loaned and recycled and recycled and recycled and recycled 487,105 clients487,105 clients487,105 clients487,105 clients487,105 clients487,105 clients709,191 loans709,191 loans709,191 loans709,191 loans

$6.3$6.3$6.3$6.3Services to ProgramsServices to ProgramsServices to ProgramsServices to ProgramsServices to ProgramsServices to ProgramsServices to ProgramsServices to Programstransformation tools and researchtransformation tools and researchtransformation tools and researchtransformation tools and researchtransformation tools and researchtransformation tools and researchtransformation tools and researchtransformation tools and researchtransformation tools and researchtransformation tools and researchnew partner developmentnew partner developmentnew partner developmentnew partner developmentnew partner developmentnew partner developmentnew partner developmentnew partner developmentportfolio management systemsportfolio management systemsportfolio management systemsportfolio management systemsportfolio management systemsportfolio management systemsportfolio management systemsportfolio management systems

$6.7$6.7$6.7$6.7Services to ClientsServices to ClientsServices to ClientsServices to ClientsServices to ClientsServices to ClientsServices to Clientsclient business and leadership trainingclient business and leadership trainingclient business and leadership trainingclient business and leadership trainingclient business and leadership trainingclient business and leadership trainingclient business and leadership trainingclient business and leadership trainingclient business and leadership trainingclient business and leadership trainingloan offi cersloan offi cersloan offi cersloan offi cersreaching new clientsreaching new clientsreaching new clientsreaching new clientsreaching new clients

Services to International Loan Program

$6.3$6.3$6.3Support PartnersSupport PartnersSupport PartnersSupport PartnersSupport PartnersSupport PartnersSupport PartnersSupport PartnersSupport Partnersadministrationadministrationadministrationadministrationfundraisingfundraisingfundraisingfundraisingfundraising

U.S. Government Foreign Aid

$8.6

+ Foreign Foreign SupportPartners

$11.5

= Total Total NewRevenue

$33.3

Opportunity International–US

+

$3.9$3.9$3.9$3.9$3.9Pledges Pledges Pledges Pledges Pledges Pledges Pledges to be to be to be to be to be ReceivedReceivedReceivedReceivedReceivedReceivedReceivedReceivedReceived

$3.2$3.2$3.2Program Equity OwnershipProgram Equity OwnershipProgram Equity OwnershipProgram Equity OwnershipProgram Equity OwnershipProgram Equity OwnershipProgram Equity OwnershipProgram Equity OwnershipProgram Equity OwnershipProgram Equity Ownershiploan portfolioloan portfolioloan portfolioloan portfolioloan portfolioclient servicesclient servicesclient servicesclient servicessystemssystemssystemssystems

Fulfi lling Our MissionFulfilling Our Mission

$0.2$0.2$0.2$0.2$0.2$0.2$0.2$0.2$0.2Working Working Working Working Working Working Working Working Working Working Working Working Capital FundCapital FundCapital FundCapital FundCapital FundCapital FundCapital FundCapital FundCapital FundCapital Fund

0

$5

$10

$15

$20

20032002

2000

$25

2003 2002 Percent change

Revenue Annual Fund $ 12,514,816 $ 8,953,750 40%Cornerstone Fund (working capital) 605,562 2,171,785 -72%Government grants 8,635,505 8,295,949 4%

Total $ 21,755,883 $ 19,421,484 12%

Expenditures Program services $ 10,681,757 $ 9,467,787 13%Program equity ownership 3,208,425 2,943,500 9%Fundraising and administration 3,854,671 3,802,381 1%

Total $ 17,744,853 $ 16,213,668 9%


13

HighlightsHighlightsHighlights

Total Revenue(in millions)

Cornerstone Fund

Annual Fund

Government grants

Opportunity International–US’s fundraising and administration ratio to revenue in 2003 was 18%.

Opportunity International–US

14

2003Opportunity International Network Support Partners

Statement of Activities

*

*

Global Revenue

Private contributions 57%

Government grants 43%

* Global supporting services ratio to revenue was 19%.

Unaudited. Complete audited fi nancial statements by KPMG are available upon request.

Statement of Activities Statement of Activities for the year ended December 31, 2003for the year ended December 31, 2003

OI-US Overseas Total

Operating activities Revenue Private contributions Private contributions Private contributions

Annual Fund $ 12,514,816 $ 5,833,637 $ 18,348,453 Cornerstone Fund 605,562 — 605,562 Total private contributions 13,120,378 5,833,637 18,954,015

Government grants 8,635,505 5,690,250 14,325,755 Total revenue 21,755,883 11,523,887 33,279,770 Expenditures Program services Program services Program services

Grants to partner organizations 6,414,044 6,969,611 13,383,655 Development of partner organizations 4,267,713 2,060,894 6,328,607

Total program services 10,681,757 9,030,505 19,712,262

Program equity ownership 3,208,425 — 3,208,425 Total services to the poor 13,890,182 9,030,505 22,920,687

Supporting services Supporting services Supporting services

Fundraising 2,638,041 1,408,246 4,046,287 Management and general 1,216,630 1,049,215 2,265,845

Total supporting services 3,854,671 2,457,461 6,312,132

Total expenditures 17,744,853 11,487,966 29,232,819 Net from operating activities 4,011,030 35,921 4,046,951

Non-cash pledges for future distribution 3,965,665 — 3,965,665 Net cash from operating activities $ 45,365 $ 35,921 $ 81,286

15

Opportunity International Network Support Partners

Statement of Activities

Private contributions 50%

Government grants 50%

for the year ended December 31, 2002for the year ended December 31, 2002for the year ended December 31, 2002for the year ended December 31, 2002

*

*

* Global supporting services ratio to revenue was 19%.



2002

Global Revenue

for the year ended December 31, 2002

for the year ended December 31, 2002for the year ended December 31, 2002


OI–US Overseas Total

Operating activitiesRevenue Private contributions

Annual Fund $ 8,953,750 $ 4,788,812 $ 13,742,562 Cornerstone Fund 2,171,785 — 2,171,785Total private contributions 11,125,535 4,788,812 15,914,347

Government grants 8,295,949 7,775,901 16,071,850

Total revenue 19,421,484 12,564,713 31,986,197

Expenditures Program services Program services Program services

Grants to partner organizations 5,872,179 7,559,106 13,431,285 Development of partner organizations 3,595,608 1,600,525 5,196,133

Total program services 9,467,787 9,159,631 18,627,418

Program equity ownership 2,943,500 — 2,943,500Total services to the poor 12,411,287 9,159,631 21,570,918

Supporting services Supporting services Supporting servicesFundraising 2,307,769 1,682,374 3,990,143 Management and general 1,494,612 637,999 2,132,611

Total supporting services 3,802,381 2,320,373 6,122,754

Total expenditures 16,213,668 11,480,004 27,693,672

Net from operating activities 3,207,816 1,084,709 4,292,525 Non-cash pledges for future distribution 1,808,843 — 1,808,843

Net cash from operating activities $ 1,398,973 $ 1,084,709 $ 2,483,682

Non-operating activitiesFunds repatriated $ 2,080,682 $ — $ 2,080,682 Microfi nance inst. equity ownership 2,080,682 — 2,080,682

Total non-operating activities $ — $ — $ — $ —

16Unaudited. Complete audited fi nancial statements by KPMG are available upon request.Unaudited. Complete audited fi nancial statements by KPMG are available upon request.

Opportunity International Network Support Partners

Statement of Financial Position

) ) ) )

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)

)

December 31, 2003 December 31, 2003 2002

OI-US Overseas Total Total

Assets Current

Cash and demand deposits $ 11,756,887 $ 1,607,994 $ 13,364,881 $ 5,225,678 Receivables 4,550,600 3,213,383 7,763,983 3,141,632 Other current assets 2,894,690 22,611 2,917,301 683,481 Total curent assets 19,202,177 4,843,988 24,046,165 9,050,791

Long-Term Long-term investments – partners 11,058,157 70,458 11,128,615 8,429,446 Long-term investments – other — 395,369 395,369 395,369 Property and equipment Cost 372,411 408,369 780,780 713,467 Accumulated depreciation (330,144 (269,282 (599,426 (554,453

Net property and equipment 42,267 139,087 181,354 159,014 Total long-term assets 11,100,424 604,914 11,705,338 8,983,829

Total Assets $ 30,302,601 $ 5,448,902 $ 35,751,503 $ 18,034,620 Liabilities

Current Short-term borrowings $ 824,200 $ 12,574 $ 836,774 $ 561,959 Accounts payable 1,825,016 3,104,637 4,929,653 598,096 Other current liabilities 290,259 146,847 437,106 1,096,196 Total current liabilities 2,939,475 3,264,058 6,203,533 2,256,251

Long-Term Long-term debt 793,300 — 793,300 1,690,850 Deferred revenue 7,581,507 136,432 7,717,939 241,999 Total long-term liabilities 8,374,807 136,432 8,511,239 1,932,849

Total Liabilities 11,314,282 3,400,490 14,714,772 4,189,100 Net Assets Unrestricted net assets 8,957,692 957,764 9,915,456 7,015,218 Restricted net assets 10,030,627 1,090,648 11,121,275 6,830,302

Total Net Assets 18,988,319 2,048,412 21,036,731 13,845,520

Total Liabiliites and Net Assets $ 30,302,601 $ 5,448,902 $ 35,751,503 $ 18,034,620

Statement of Cash Flows for the year ended December 31, 2003for the year ended December 31, 2003for the year ended December 31, 2003 2002

OI-US Overseas Total Total

Change in net assets $ 7,020,371 $ 170,840 $ 7,191,211 $ 9,316,708 Other operating activities 5,063,665 (793,767 4,269,898 (6,025,004Funds provided by operations 12,084,036 (622,927 11,461,109 3,291,704 Investing activities (2,687,714 (11,456 (2,699,170) (5,895,007Financing activities (614,850 (7,887 (622,737) 4,435,231 Change in cash balances $ 8,781,472 $ (642,270 $ 8,139,202 $ 1,831,928


17

Opportunity International Network Implementing Partners

Income Statement


Balance Sheet


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

Financial expenses 133,246 1,094,090 866,155 42,489 2,135,980

Gross fi nancial margin 4,075,510 9,818,763 12,237,738 5,052,439 31,184,450

Provision for loan losses 124,266 807,879 852,361 788,911 2,573,417

Net fi nancial 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

Net income $ (1,392,545) $ 742,982 $ 2,302,349 $ 380,758 $ 2,033,544 Balance Sheet Balance Sheet December 31, 2003

Africa Asia Eastern Europe Latin America Total Programs

Assets Current Current CurrentCash $ 1,114,964 $ 3,908,351 $ 5,076,851 $ 1,380,622 $ 11,480,788 Interest bearing deposits 2,636,923 3,541,155 2,556,004 1,003,865 9,737,947 Net loan portfolio 6,875,130 20,041,833 50,655,381 6,989,463 84,561,807 Other current assets 683,162 683,162 2,288,834 2,288,834 903,062 903,062 390,301 390,301 4,265,359 4,265,359 Total current assets 11,310,179 29,780,173 59,191,298 9,764,251 110,045,901

Long-Term Fixed & other L-T assets 2,677,226 2,677,226 4,550,630 4,550,630 3,018,498 3,018,498 2,616,186 2,616,186 12,862,540 12,862,540

Total assets $13,987,405 $ 34,330,803 $ 62,209,796 $12,380,437 $122,908,441 Liabilities & Net Assets/Equity

Current Current CurrentShort-term debt $ 1,348,264 $ 5,606,532 $ 2,530,646 $ 820,661 $ 10,306,103 Loan client deposits 294,454 8,049,594 315,971 775,313 9,435,332 Other client deposits 564,389 194,229 4,420,441 — 5,179,059 Other current liabilities 435,002 862,879 1,390,759 289,065 2,977,705 Total current liabilities 2,642,109 14,713,234 8,657,817 1,885,039 27,898,199

Long-Term Total L-T liabilities & debt 2,352,224 2,352,224 4,512,705 4,512,705 14,366,572 14,366,572 2,680,406 2,680,406 23,911,907 23,911,907

Total liabilities 4,994,333 19,225,939 23,024,389 4,565,445 51,810,106

Net Assets & Equity Net Assets & Equity Net Assets & EquityTotal net assets & equity 8,993,073 15,104,863 39,185,407 7,814,992 71,098,335 Total liabilities & net assets $13,987,406 $ 34,330,802 $ 62,209,796 $12,380,437 $122,908,441

18

Notes to Financial Statements

Management Discussion & Analysis of Financial Statements

Highlights — Opportunity International-USOpportunity International-US had a strong year in 2003. Revenue increased 12% from 2002 to $21.7 million. Strong results in 2003 refl ected signifi cantly higher private contributions as well as the continuation of the Cornerstone Fund, our working capital fund to strengthen our fi nancial 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 PartnersTotal 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 fl at 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 PartnersAs a whole, Network Implementing Partners in 2003 achieved 106.5% operational self-suffi ciency. 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.

Financial Statement PresentationThe fi nancial information included on these pages was derived from the fi nancial statements of independent organizations. The Support Partner statements refl ect the results of operations, fi nancial position, and cash fl ow of the combination of the fi ve 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 fi nancial 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 Microfi nance InstitutionsOn December 31, 2003, the following Implementing Partner organizations were for-profi t, regulated micro-fi nance institutions: PSHM in Albania; Opportunity International Savings and Loan (OI-SASL) in Ghana; Opportunity Microfi nance India (OMI); Moznosti in Macedonia; Opportunity International Bank Malawi (OIBM); Oportunidad Microfi nanzas (OM) in Mexico (not regulated);

Opportunity Bank Montenegro (OBM); Opportunity Microfi nance Bank (OMB) in the Philippines; Opportunity Microfi nance 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-profi t 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-profi t status. Any profi ts are returned to the program and used to help the poor.

Unrestricted Net AssetsSupport Partners’ total unrestricted net assets increased to $9.9 million at the end of 2003. The increase refl ected equity ownership in Implementing Partners that converted to formal fi nancial institutions.

Equity Ownership in Affi liatesAs referenced above, Opportunity International-US and OTI receive certain grants restricted for investment in microfi nance institutions. Investments are currently held in all institutions except OMI and Moznosti.

LeadershipOPPORTUNITY INTERNATIONAL 2003 ANNUAL REPORT

19

Board of Advisors

Dr. Raymond BakkeExecutive DirectorInternational Urban Associates

Dr. Peter BergerProfessor EmeritusBoston University

Dr. Tony CampoloProfessor & AuthorEastern University

Doris ChristopherFounder & ChairThe Pampered Chef

Millard FullerFounderHabitat for Humanity

Rev. Theodore Hesburgh, C.S.C.President EmeritusUniversity of Notre Dame

Ambassador Swanee HuntDirector of Women & Public PolicyHarvard University

Jack KempFormer Secretary of Housing & Urban Development

Lieutenant General Claudia J. KennedyU.S. Army (retired)

Dr. Martin MartyProfessor & AuthorUniversity of Chicago

The Honorable Fidel V. RamosFormer PresidentRepublic of the Philippines

Dr. Vinay SamuelThe International Fellowship of Evangelical Mission Theologians

Ambassador Clayton YeutterOf CounselHogan & Hartson L.L.P.

Paula ZahnPaula Zahn NowCNN

LeadershipLeadership

Board of Directors

Laura AllenExecutive DirectorAdoption Advocacy Int’l.Hinsdale, Ill.

Stacey BarsemaVolunteer/Foundation PresidentDennis & Stacey Barsema FoundationMonte Sereno, Calif.

Dennis ChorbaVice President (retired)Georgia GulfAtlanta, Ga.

Christopher A. CranePresident & CEOOpportunity International–U.S.San Diego, Calif.

Peter S. DaleyChief Executive Offi cerGraymalkin, Inc.Purcellville, Va.

Kwabena DarkoChief ExecutiveDarko Farms & Co., Ltd.Kumasi, Ghana

E. Bruce DunnSr. VP & Principal (retired)Stein, Roe & FarnhamChicago, Ill.

Dawn Parsons FellerExhibiting ArtistHinsdale, Ill.

Betsy FlintProgram DirectorSamueli FoundationCorona del Mar, Calif.

James W. HamiltonSenior Counsel (retired)Paul, Hastings, Janofski & WalkerLaguna Beach, Calif.

Craig HammonExecutive Vice PresidentCURE InternationalEssex, Mass.

Dale Hanson BourkePresident, PDIChevy Chase, Md.

Julie HindmarshClinical InstructorJohns Hopkins School of NursingBaltimore, Md.

Richard A. HoefsPartner (retired)Arthur Andersen & CompanyFitchburg, Wis.

Richard U. JelinekConsultantWellesley, Mass.

Peter KingGroup CEO (retired)Van Leer Corp.Sydney, Australia

Polly McCreaLong Lake, Minn.

Robert McCreaConsultant (retired)Lanscape Inc.Long Lake, Minn.

John McKayExecutive DirectorSAJE FoundationTustin, Calif.

Jeffrey S. MeyerVice PresidentBaillie Lumber Co.Orchard Park, N.Y.

Gary MooreFounderGary Moore & Co.Sarasota, Fla.

Theodore D. MoserDirectorMercer Management ConsultingOakland, Calif.

Donald PalmerPresidentPalmer Automotive GroupCarmel, Ind.

David L. SimmsPartnerThe Bridgespan GroupNewtown Square, Pa.

Helen C. SmithPotomac, Maryland

Jill Dailey SmithMarketing Research & Planning ConsultantRiver Forest, Ill.

Nathaniel SuttonPresidentSutton FordMatteson, Ill.

Linda ValentineSr. Vice PresidentTenFold CorporationHinsdale, Ill.

Mary Beth VogelzangVogelzang & Associates (retired)Montecito, Calif.

Terrence A. Watson, ChairExecutive Vice PresidentBank of AmericaCharlotte, N.C.

Alfred A. Whittaker, Chair EmeritusPresident (retired)Bristol–Myers Int’l Corp.Fort Myers, Fla.

Management Team

Christopher A. CranePresident & CEO

Susy ChestonSr. Vice President, Policy

Mark LutzSr. Vice President, Marketing

Dennis RipleySr. Vice President, Programs

Char CaldwellVice President, Marketing

Beth HouleDirector, Women’s Opportunity FundVice President, Marketing Strategy

Rick JohnChief Financial Offi cerVice President Finance & Administration

John KamperschroerVice President, Marketing

Ken KoskelaVice President International Business Development

Connie StryjakVice President, Human Resources

20

Board of Governors

Ben & Susan Anderson-Ray Atlanta, Ga.

Dan & Jeanie Ardell Corona del Mar, Calif.

Lynne M. BaabSeattle, Wash.

Clark & Tina Bain Edina, Minn.

Stephen Barney North Palm Beach, Fla.

Warren BeachBarrington, Ill.

James BergmanLaguna Beach, Calif.

Jim & Maryellen Betke Oak Park, Ill.

Ron Birchall Wheaton, Ill.

Elaine D. Birdsong Gray, Ga.

Michael Bontrager Cochranville, Pa.

Richard L. BrackettWellington, Fla.

James L. Bramlett Princeton, N.J.

Bill & Karen BrownEden Prairie, Minn.

Art & Manijeh BrueggemanLaguna 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 CarterBethesda, Md.

Joanne CaseWayzanta, Minn.

Dabbs & Mary CavinLittle Rock, Ark.

Susy Cheston & Artie HarrisTakoma Park, Md.

Brian G. Clark Mahwah, N.J.

Edward & Janet ClarkRockville, Md.

Tim & Tara ClarkEden Prairie, Minn.

Ross ClemengerNanaimo, British Columbia

Jodie & Dennis Clements Seminole, Fla.

Douglas A. Cogswell South Barrington, Ill.

Anne CollinsMinneapolis, Minn.

Miles & Nicole Cook Atlanta, Ga.

Gary CooperSarasota, Fla.

Anne Coughlan &Charles JamesonWilmette, Ill.

Wendy & Jim Cox Edina, Minn.

Paul & Sheila CroneChesterfi eld, Mo.

Laurie CunningtonBloomfi eld Hills, Mich.

Janice D. Dailey Tequesta, Fla.

Ted & Jackie DeGroot Las Vegas, Nev.

Suzanne & Steve Diamond Carmel, Calif.

Lyn DickeyNorthbrook, Ill.

Charlie & Diane DokmoColorado Springs, Colo.

Keith & Amy Downey Edina, Minn.

Peter & Kathy DrakeOakland, Calif.

Richard Driehaus Chicago, Ill.

Lindsay Duff Kerrville, Texas

James & Jeanie DuncanEaston, Md.

Terry & Kathy DuryeaLos Gatos, Calif.

Carter & Ragan DyeCarefree, Ariz.

Dan & Polly Dyer Germantown, Md.

Don & Ruth EbingerFountain Hills, Ariz.

Karol Emmerich Edina, Minn.

David & Ann Everitt Fort Collins, Colo.

Ann FieldLa Jolla, Calif.

David & Terri FishMonument, Colo.

Vic & Karin FontaineBoca Raton, Fla.

Elizabeth Foster & Michael WalshChicago, Ill.

Cynthia FrostBarrington, R.I.

Benjamin Garrett Flossmoor, Ill.

Jill & Tim GeoffrionDeephaven, Minn.

Chris & Bonnie GleesonNewtown Square, Pa.

Terri L. & Rick L. Gunderson Champlin, Minn.

Robert & Martha HaleyParadise Valley, Ariz.

Julie & Parker HallWinnetka, Ill.

Bill & Mary Hall San Clemente, Calif.

Promod Haque Saratoga, Calif.

James D. Hardee Jr. Wilmette, Ill.

Jan Long Harris & Paul Harris River Forest, Ill.

Peg & Ed Harshaw Oxford, Pa.

Don HayesTampa, Fla.

Randy & Patty HaykinPleasanton, Calif.

Otis & Barbara HealyLaguna Beach, Calif.

Paul & Lois Heiss Mequon, Wis.

Peter Herfurth Wayzata, Minn.

Dave & Lisa Hintermeister Richfi eld, Minn.

Wendall Hirschfeld Austin, Texas

Elizabeth E. Hogue, Esq. Burtonsville, Md.

Nancy Hughes Temecula, Calif.

Patricia Dorn Jaffray Wayzata, Minn.

Ted & Marietta Johns San Diego, Calif.

James & Corrie JohnsonSanta Ana, Calif.

Rebecca & Marshall JohnsonAlpharetta, Ga.

Deepak & Christina Kamra Woodside, Calif.

David & Jennifer KearnsAdairsville, Ga.

Robert Keller Madison, Wis.

Victoria Gifford KennedyBoston, Mass.

Steve & Kendra Khoshabe Chicago, Ill.

Marge KleeCovington, Ky.

Ben & Andrea Knoll Edina, Minn.

Terry KochScottsdale, Ariz.

Timothy Krause Cypress, Calif.

James A. & Ellen M. LabriePortsmouth, N.H.

Jonathan Lach Westport, Conn.

Russ & Linda LairApache Junction, Ariz.

Mary & Don Larson Cohasset, Mass.

Christian Lee New York, N.Y.

Rick & Anita Leggott Edina, Minn.

Philip Faraci, M.D. & Pamella Leiter-Faraci Highland Park, Ill.

Loida Nicolas Lewis New York, N.Y.

Mark & Becky Linsz Charlotte, N.C.

Joe & Terry LittelMadison, Wis.

Karen & Ronnie Lott Cupertino, Calif.

Lester & Doris LoucksYork, Pa.

Vicki LoveHockessin, Del.

Amanda Low Skillman, N.J.

Edward F. & Barbara LukesWolcott, Colo.

Philip & Nancy Lundman Fredonia, Wis.

Mark & Lise LutzGlen Ellyn, Ill.

David H. McAlpin Jr. Skillman, N.J.

Mary Ann McGuire McComber & Donald McComber Oakville, Calif.

Cole McCombsInverness, Ill.

Cyndi & David McCrane Angwin, Calif.

Polly & Robert McCrea Long Lake, Minn.

Alfred McDougalChicago, Ill.

Marc McIntoshMinneapolis, Minn.

Nancy McIntosh McLean, Va.

Bruce McLagan Hinsdale, Ill.

Elizabeth McMeekin & Philip Moses Takoma Park, Md.

Adrian & Jennifer MerrymanN. Falmouth, Mass.

Ralph & Connie Meyer Indianapolis, Ind.

Lydia MillerChicago, Ill.

Nicole G. MooreEdina, Minn.

Owen MoranNorthbrook, Ill.

Raouf Morcos Florham Park, N.J.

Janet MorrowGlenview, Ill.

Alan NashHouston, Texas

Hilton & Jean NealOconomowoc, Wis.

Carol & Grant Nelson Hudson, Wis.

Mike & Jane NewtonPhilomath, Ore.

Kathryn Nyquist Chicago, Ill.

Richard O’Donnell Houston, Texas

Julie OswaldMinneapolis, Minn.

Tom Oswald Edina, Minn.

Ronnel Parker Sr. High Point, N.C.

Betsy Perdue Oak Park, Ill.

Robert PerryHouston, Texas

Sara Pfaff Glencoe, Ill.

Roger & Sally PostCarmel, Calif.

Karen PrudenteNew York, N.Y.

Diana & Bruce Rauner Winnetka, Ill.

Jonathan & Ashley ReckfordEdina, Minn.

Thank youThank youThank you

21

William Reichardt East Syracuse, N.Y.

Ross RobbinsChicago, Ill.

Mary Rodino & David HimelickOak Park, Ill.

William F. Roeder Jr. Vienna, Va.

Roy Rogers Los Altos Hills, Calif.

Leah Taylor-Roy & Peter Roy Cohasset, Mass.

Norman RubashEvanston, Ill.

Michele Ruby San Jose, Calif.

Jeffrey Ryan Hong Kong

John SageSeattle, Wash.

Fred Sasser Park Ridge, Ill.

Steve & Allyson Schovee Englewood, Colo.

Barbara & Walter Scott Northfi eld, Ill.

Pauline Selby Indianapolis, Ind.

Charles ShepardPlacitas, N.M.

Kenneth & Barbara Sibley Raleigh, N.C.

Kimberly Simms Newtown Square, Pa.

Tom & Darla SkeltonRaleigh, N.C.

Gregory SlaytonPalo Alto, Calif.

Carrie Slease Washington, D.C.

Bruce G. SmithFalls Church, Va.

Charlie & Cathy Snyder Edina, Minn.

Angelo Spoto Rockford, Ill.

Lawrence & Mary Jane StanleyColorado Springs, Colo.

Kim & Andy Stephens Hinsdale, Ill.

Scott & Beth StephensonAtlanta, Ga.

Malcolm StreetFort Worth, Texas

John S. Struck Old Greenwich, Conn.

Philip & Julie StyrlundApple Valley, Minn.

Verle SuttonDeer Park, Ill.

Lois & Bill SwansonSt. Helena, Calif.

Mark & Kimberly ThompsonMinnetonka, Minn.

Peter & Monique ThorringtonPalos Verdes Estates, Calif.

Charles Todd Columbia, Ill.

Mark & Terri TrabuccoSolvang, Calif.

Kadita & Priscilla Tshibaka Ardsley, N.Y.

Timothy UbbenGlencoe, Ill.

Richard Van der Molen Oak Park, Ill.

Linda & Ken Vander Weele Vienna, Austria

Mark & Kathy Vaselkiv Baltimore, M.D.

Searl Vetter Wassenaar, Netherlands

Ken & Karen VolpertSt. David’s, Pa.

Mary Sue VorbrichEden Prairie, Minn.

Carol WaitteLos Gatos, Calif.

Kimberley P. Watson Charlotte, N.C.

John & Jacque Weberg Scottsdale, Ariz.

Scott A. Weicht Edina, Minn.

Barbara K. & Frank H. Wheeler Lafayette, Ind.

Laurence WhittemoreGreenwich, Conn.

Robert WieczorowskiWashington, D.C.

Ken & Peggy WilliamsIrvine, Calif.

Jay & Diane Wissink Minnetonka, Minn.

Janet & Philip YanceyEvergreen, Colo.

Ruth & Jim Youngsman Mt. Vernon, Wash.

Jerry Zamzow Houston, Texas

Glenn & Emily ZimmermanAtlanta, Ga.

Organizations

All Stars Helping Kids

Altria Group Inc

American Airlines

Aristos Group

Arthur Rock & Company

Author Author LLC

Baillie Lumber Co. Inc.

Baillie Properties LP

Bergman Family Foundation

Bethany Presbyterian Church

BetterWorld Together Foundation

Calvary Lutheran Church of Brookfi eld, Wis.

Cargill

Caterpillar Foundation

Charitable Gift Fund

The Chester Foundation

Christ Presbyterian Church

Church of the Holy Nativity

Church of the Holy Spirit

Church of the Latter Day Saints

Citigroup Foundation

The Coca-Cola Company

Community Foundation Silicon Valley

Connemara Fund

Crescent Porter Hale Foundation

Crown Mortgage Company

Dale & Edna May Walsh Foundation

Darnestown Presbyterian Women’s Association

David Weekley Family Fund of the Greater Houston Community Foundation

Debley Foundation Inc.

Don Shire Ministries Inc.

Dorothy & Henry Hwang Foundation

Earle M. Combs & Virginia Combs Foundation

Emelco Foundation

Emerson Charitable Trust

Faith Presbyterian Church

Faith, Hope & Love Foundation

First Presbyterian Church of Evanston

First Presbyterian Church of River Forest

First Rate Investment Systems

Foundation for Christian Stewardship

Gems of Hope

George Family Foundation

Gochnauer Family Foundation

Gordon V. & Helen C. Smith Foundation

Grace Presbyterian Church

Grant & Jacqui Smith Foundation

Griffi n, Kubik, Stephens & Thompson Inc.

Hardee Foundation

The Helmerich Trust

High Technology Solutions Inc.

The Hoglund Foundation

Household International

International Foundation

James Huntington Foundation

John F. & Mary A. Geisse Foundation

JP Morgan Chase Foundation

JP Morgan Private Bank

Julia L. Hall Trust

The Kearny Alliance

Lundman Family Foundation Inc.

Mark Trabuco Investments

Maverick Productions Inc.

Memorial Drive Presbyterian Church

Mennonite Foundation Inc

myCFO Foundation

Nelson G. & Vera C. Hicks Charitable Foundation

New Faith Baptist Church

Nike Inc.

Northern Trust Bank

Orange County Community Foundation

Orange County’s United Way

Oswald Family Foundation

Palmer Family Foundation Trust

Paul F. & Lois K. Heiss Family Foundation Inc.


Peter & Elizabeth C. Tower Foundation

Pipe Vine, Inc.

Rancho Bernardo Community Presbyterian Church

Richard H. Driehaus Foundation

Robert & Margaret Thomas Foundation

SAJE Foundation

The Samueli Foundation

Saratoga Federated Church

Satrum Foundation

Schwab Fund for Charitable Giving

Scottsdale Bible Church

The Sence Foundation

SG Foundation

Silverton Foundation Inc.

Someone Cares Charitable

St. Andrew’s Presbyterian Church

St. Augustine Episcopal Church

Stewardship Foundation

Stichting Opportunity International Nederland

Sutton Ford

T. Rowe Price Associates Foundation Inc.

Tree of Life Foundation Trust

United Methodist Church

United States Agency for International Development

Vanguard Charitable Endowment Program

Vinatech Trading Limited

The Waitte Foundation

Warren Brown Family Foundation

W.B. and Sue Turner Foundation

Weberg Foundation

Westwood Endowment Inc.

William H. Hurt Foundation

World Bank, CGAP

The Zacchaeus Foundation Inc.

The Zimmer Family Foundation

Editors: Laura Reilly, Carol Stigger • Designer: Sue Lundin • Printer: Graphix Products, Inc.

2122 York Road, Suite 340, Oak Brook, IL 60523800.793.9455 • www.opportunity.org

OPPORTUNITY INTERNATIONAL 2122 York Road, Suite 340, Oak Brook, IL 60523800.793.9455 • www.opportunity.org

OPPORTUNITY INTERNATIONAL

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