Fonkoze USA
Meets Standards
Standards For Charity Accountability
Governance
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Board Oversight
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Board Size
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Board Meetings
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Board Compensation
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Conflict of Interest
Measuring Effectiveness
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Effectiveness Policy
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Effectiveness Report
Finances
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Program Expenses
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Fundraising Expenses
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Accumulating Funds
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Audit Report
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Detailed Expense Breakdown
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Accurate Expense Reporting
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Budget Plan
Fundraising & Info
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Truthful Materials
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Annual Report
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Website Disclosures
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Donor Privacy
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Cause Marketing Disclosures
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Complaints
Fonkoze USA meets the 20 Standards for Charity Accountability.
Stated Purpose:
"to provide the financial and non-financial services to empower Haitians - primarily women - to lift their families out of poverty."
Year, State Incorporated:
1997, NY
Fonkoze USA is dedicated to securing financial and technical support for its Haitian partners: Fondayson Kole Zepol (the Foundation) and Sevis Finansye Fonkoze (microfinance institution). The organization educates the American public about Fonkoze's work in Haiti, facilitates technical assistance for the two Haitian entities, and raises money to support Fonkoze's programs. Fonkoze USA also acts as a channel for socially responsible investors who want to invest in Fonkoze's loan fund by lending their money at subsidized interest rates. The organization reports that hundreds of thousands of poor and disenfranchised Haitians across the country are being equipped with tools, resources, and support needed to break the cycle of poverty, including: access to financial and health services, and education; literacy, life, and business skills training; ultra-poverty alleviation support; and disaster preparedness resources and training.
For the year ended December 31, 2021, Fonkoze USA's program expenses were:
Grants: $1,442,833
Education: $290,097
Technical assistance: $660,998
Total Program Expenses: $2,393,928
Chief Executive
Erlantz Hyppolite, Executive Director
Chair of the Board
Lawrence Arbuthnott
Chair's Profession / Business Affiliation
Senior Director, CapitalOne
Board Size
11
Paid Staff Size
9
Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Note: Dr. Hyppolite was hired in 2023, and his compensation information is not yet available. The former Executive Director, Mabel Valdivia-Diaz, received compensation totaling $164,000 in 2021.
Method(s) Used:
Direct mail appeals, Grant proposals, Internet, Direct mail appeals, Radio
Fundraising costs were 7% of related contributions. (Related contributions, which totaled $2,996,259, are donations received as a result of fundraising activities.)
This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
The following information is based on Fonkoze USA's audited financial statements for the year ended December 31, 2021.
Source of Funds
| Contributions and grants | $2,792,074 |
| Investment income | $130,673 |
| Contracts income | $98,280 |
| Paycheck Protection Program loan forgiveness | $204,185 |
| Interest on loan receivable, related party | $73,109 |
| Other income | $2,156 |
| Total Income | $3,300,477 |
Programs: 83% Fundraising: 8% Administrative: 9%
| Total Income | $3,300,477 |
| Total expenses: | $2,869,110 |
| Program expenses | $2,393,928 |
| Fundraising expenses | $224,270 |
| Administrative expenses | $250,912 |
| Other expenses | $0 |
| Income in Excess of Expenses | $431,367 |
| Beginning Net Assets | $1,645,067 |
| Other Changes In Net Assets | $0 |
| Ending Net Assets | $2,076,434 |
| Total Liabilities | $3,598,232 |
| Total Assets | $5,674,666 |
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Review in Progress
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Report completed by:
BBB Wise Giving Alliance