care usa 2009 annual report: signs of change

ANNUAL REPORT

CARE USA

CARE’s work spans the globe and touches someone’s life in one way or another at every single moment of the day. Our story can be told as many different ways as there are people to tell it. But we need a common language, something with universal meaning:

p. 2 • CARE Annual Report 2009

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CARE Annual Report 2009 • p. 3

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Facts | p.20 Thank you | p.22 Map | p.24 President’s Letter/Board of Directors | p.26 Financials | p.28

10 Creating Changepag

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06 Investing in Women and Girls

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04 Why Equality Matterspag

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08 Making the Connection

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12 Sustaining Change

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14 The Value of Partnerships


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18 Reflecting on Our Work

If everyone started from the same place on the path out of poverty, CARE wouldn’t need to focus on women and girls. But that’s not the case. The societies that lag furthest behind are those where laws and traditions hinder women’s empowerment.

ADD ALL THIS UP, AND IT’S CLEAR: Women and girls are the largest group facing systematic discrimination and marginalization in the world. We cannot advance as a planet and a people when half of us are treated as inferior, kept from reaching our potential and denied the opportunity to contribute to society.

CARE WORKS TO LIFT THE WEIGHT OF INEQUALITY SO THAT EVERYONE CAN LIVE UP TO HIS OR HER POTENTIAL.

“The most important determinant

of a country’s competitiveness

is its human talent – the skills,

education and productivity of its

workforce. And women account

for one-half of the potential

talent base throughout the world.

To maximize its competitiveness

and development potential, each

country should strive for gender

equality – that is, to give women

the same rights, responsibilities

and opportunities as men.” — World Economic Forum Global

Gender Gap Report, 2009

1. United Nations Development Programme. 2. UNESCO Institute for Statistics. 3. UNESCO Priority Gender Equality Action Plan, 2008-2013. 4. UNESCO Education for All Global Monitoring Report 2009.


= percent of the world’s women who cannot get bank loans.

= percent of the world’s children out of school who are girls.

percent of the world’s poorest people who are female.=

= percent of the world’s illiterate adults who are women.

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2

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When women and girls are doing well, those around them are too. So when CARE focuses on women and girls, it’s not to the exclusion of men and boys– it’s a strategy to accomplish more with our work in a community.

PATHWAY TOEMPOWERMENT

Girls are powerful, both for what they contribute to their families in their youth, and for their unlimited potential as mature women. Our plan, Pathway to Empowerment, reaches girls and women at three crucial turning points in their lives: when acquiring skills and knowledge in the classroom, when pregnant or nurturing an infant, and when earning their own living.


POWER WITHINIt starts with education. An educated girl is more

likely to earn a greater income and be infl uential in

her community. Her self-confi dence grows and she

believes that, by her actions, she can help shape her

own destiny and that of others. She also is more likely

to raise a smaller family, have healthier children and

send those children to school. CARE helps vulnerable

girls stay in school and build their leadership skills.

Girls truly have the power to change our world, and

girls’ education provides perhaps the single highest

return on investment in the developing world.

MOTHERS MATTERToday’s girl is tomorrow’s mother. Far too often,

however, what should be a joyful event – the birth

of a child – becomes a tragedy. More than half a million

women needlessly die each year from complications

related to pregnancy and childbirth. In most

industrialized nations, the lifetime risk of a woman

dying in childbirth is 1 in 10,000. That risk for women

in sub-Saharan Africa and parts of Asia can be as high

as 1 in 7. It is time to recognize that we will not make

progress against poverty as long as women are dying

in their most productive years of life.

ACCESS AFRICAIn many developing countries, a woman can work

from sunrise to sunset and still not earn enough to

meet the basic needs of her family. But what can she

do? In countries with little or no industry, private

sector jobs are exceedingly scarce. So she must create

her own opportunity – and that requires both money

and support. CARE works with communities to help

them form their own savings and loan associations,

where members can borrow money and learn skills to

start or expand their businesses. The result? Millions

of women gain the means to lift themselves, their

families and their communities out of poverty.

CARE’s substantial, long-term programs and partnerships address critical factors in the lives of girls and women that affect their ability to learn, raise healthy children, and support themselves and their families. In this way, we help girls and women become even greater than they would be otherwise.

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The conjunction “and” represents the holistic nature of CARE’s work. We understand the connection between education & food, income & the environment. We also understand the relationships between men & women, parents & children, citizens & policymakers. Our programs work to make the most of these vital connections.

As CARE works to empower women and girls, we also must help them provide for their most basic and urgent needs,

and cope with their ever-shifting surroundings. Girls must have adequate food if they are to learn and lead. Pregnant

women and new mothers require special support in the aftermath of earthquakes, floods and other disasters. Women

farmers need help adapting to the effects of climate change. With those realities in mind, CARE makes it a priority to

help women and their communities cope with climate change, hunger and emergencies.

CLIMATE CHANGEA woman’s hard work can ultimately be fruitless

if her livestock is killed by drought or her crop

is ruined in a fl ood. Poor communities need help

adapting to new and harsher climate conditions

– conditions that were caused in large part by

developed countries. CARE is advocating for a

comprehensive global effort to reduce emissions

and help vulnerable communities – especially

women – cope with climate shocks. Women

shoulder the greatest burdens of climate change

and are best positioned to help their families adapt.

FOOD SECURITYWomen and children make up the majority of

the world’s chronically hungry people. In many

undernourished populations, men eat fi rst – while

women and children eat smaller amounts or are

left with the least nutritious food. CARE works to

alleviate hunger for all people by implementing

programs that address the root causes of hunger

and food insecurity. Whenever possible, we source

food locally, which saves time and transportation

costs. So girls – and boys – have the energy they

need for school, and women – and men – can

continue working to lift themselves out of poverty.

EMERGENCIESEmergencies disproportionately affect poor

communities, where people tend to live in

unprotected coastal regions, steep hillsides,

poorly built urban neighborhoods or other

susceptible areas. The vast majority of natural

disaster deaths occur in developing countries.

Climate change, population growth and

environmental degradation will likely only

intensify the devastation. CARE’s emergency

response and preparedness programs place an

emphasis on the special needs of girls and women,

including pregnant women and new mothers.

CARE isn’t a single issue organization, because people don’t live single-issue lives.We work alongside communities as they tackle diverse but related threats, such as climate change, hunger and emergencies. Over the years, we have cometo understand how one problem exacerbates another, and how one response can resolve a host of related issues.


MAKING THECONNECTION

“EVERY GREAT DREAM BEGINS W

ITH A DREAMER. ALW

AYS REMEM

BER, YOU HAVE WITHIN YOU THE STRENGTH, THE PATIENCE AND THE PASSION TO REACH FOR THE STARS TO CHANGE THE W

ORLD.” — HARRIET TUBM

AN


Change presents both opportunity and uncertainty. CARE’s goal is to help communities create change in ways that unlock the benefi ts for all.

In CARE’s six decades of experience, we have come to see how the well-being of girls and women is the foundation for vibrant, healthy societies. Even seemingly small changes can have a profound impact on a woman’s or a girl’s ability to help herself, her family and her community.

Mangombe lives in Luguba village in Tanzania, where CARE has put into place our fl agship village savings and loan groups. Members pool their modest savings, then individuals borrow funds to start or sustain small businesses. Money is also set aside in a community or social fund, providing a much-needed safety net for their neighbors. Even though they have so little themselves, these groups are reaching out to help the poorest of the poor – families who are caring for someone with a disability or illness or, like Mangombe, have lost a breadwinner.

Mangombe takes care of 11 children, two of whom are her grandchildren. Her husband died six years ago, and money is always tight. In the past, she struggled to feed and clothe her large family. Now she receives aid from her savings and loan group, and also borrows money to generate a bit of income.

“During hard times, I am able to access loans,” she said. “I borrow 10,000 shillings (about $8.00) to buy fi sh. I fry it, sell it and make a profi t of 3,000 shillings ($2.50). I borrow often but repay it as soon as I can so that I can access money again and again.”

These groups are virtually the only way women such as Mangombe can access loans because rural villages in Tanzania have no formal fi nancial or banking structures. CARE has found that the answer in many parts of Africa is not necessarily to bring banks or microfi nance institutions to poor communities, but instead enable people to form their own, sustainable savings circles.

Savings and loan groups are run by participants based on rules they draw up themselves. Members give the groups names such as Urafi ki, meaning “friendship” in Swahili, or Mwanzo Mgumu, which translates as “diffi cult beginning,” refl ecting how hard it is to start saving when you are just scraping by. Women are the fi rst to reap the benefi ts. They can participate even if they cannot read or write. Collateral is not required and members tend to be their friends and neighbors. As primary members of the village savings and loan groups, women receive training, enjoy support from other members, earn their own income and invest in what matters most to them. And the advantages spread throughout the community as increased family income leads to improvements in areas of health and education.

Members of the savings and loan group in Luguba village contribute the equivalent of 35 cents a month, and once a year they organize a village-wide fundraiser, raising as much as $550 at one time. The social funds are available to anyone in the community – not just members of the savings groups. Says the chairman of the Luguba group: “We see this as a way of being merciful to others who are in need. Life is a gift and it is our responsibility to share this gift with those who are less fortunate than us.”


Here’s how it works for Mihayo Mangombe, one of more than 1.6 million people in Africa who benefi t from CARE’s savings-led approach to microfi nance.


CARE unites. We convene. Build bridges. Bring people to the table. Because the power of the movement grows exponentially when we work as a group, speak with one voice and combine our strengths. Together, we can be a force for change.

We know that the causes and consequences of poverty are numerous, complex and intertwined. That’s why CARE takes a multifaceted approach to help create lasting change in poor communities. Our work shapes public opinion and infl uences the practices of entire nations, including the United States.

Last year was a year to think big – and we did. With a new administration in the White House and many new members of Congress, CARE and our supporters were deeply engaged in infl uencing policy on many of our priority issues, including maternal health, economic development, global hunger, violence against women and climate change.

We are proud of our accomplishments this year. Members of Congress, the media and peer organizations visited CARE’s work around the globe as part of our efforts to strengthen support for improved policies and increased funding for maternal health in the developing world.

CARE’s report, “Microfi nance in Africa: Bringing Financial Services to Africa’s Poor,” showed that at a time when many are reeling from the worldwide economic crisis, there still is a path forward for the poor. We shared CARE’s new “Knowledge on Fire” report on the critical role of girls’ education in Afghanistan with key members of Congress and the administration.


A record number of dedicated advocates joined together at the 2009 National Conference and Celebration in Washington, D.C., in May. Well over 500 participants spent a day on Capitol Hill, where they educated their members of Congress about CARE’s work and steps the United States could take to make signifi cant gains in the fi ght against global poverty.

We advanced the development of a far-reaching food-security policy by bringing our experience and knowledge gained in the fi eld to the halls of Congress. Our suggestions were incorporated in a landmark

document from the U.S. Department of State, marking the fi rst time the U.S. government has laid out a comprehensive approach to address the underlying causes of hunger and undernutrition.

Whether we’re working to improve maternal health care or remove barriers to girls’ education, or voicing the concerns of poor and marginalized people and their communities, CARE is a critical partner, making progress and supporting an agenda of empowerment for all.

At CARE, we are on a path that extends far beyond traditional corporate philanthropy because we believe that effective partnerships within the private sector are an essential part of fi nding solutions to complex global challenges.

What do we mean? Beyond their philanthropy, multi-national corporations have the ability to develop pro-poor business models. We believe that by working with corporations, CARE can infl uence and enhance socially responsible behavior in businesses that operate in countries where we work. In this way, our corporate partners help build a world where all people live in dignity and security.

This year, we traveled new distances with our corporate partners as they engaged their customers and employees, applied their technical expertise, and used their infl uential voices to make a positive impact in developing countries around the world. Cargill continues as a premiere Alliance-level partner, creating new business and educational opportunities for rural communities in seven countries. Walmart is helping us increase business opportunities for young women in India, Peru and Bangladesh and rallying the support of their domestic and international employees. General Mills extended their international philanthropy into the hearts and homes of U.S. women with the launch of Join My Village, an online community that connects women in the U.S. with women and families in Malawi to make real change through small actions. The Coca-Cola Company is helping us provide access to water and sanitation services in eight countries across Africa and Latin America. Gap Inc. is working with CARE and other partners through its Gap Inc. P.A.C.E. program, which provides female garment workers in Asia with life, literacy and leadership skills.

The Nike Foundation and partners are bringing nuanced fi eld research techniques to measure the social impacts of investing in adolescent girls in Burundi. Oracle is supporting science, math and technology


When we merge our strengths with those of our partners, we can make great progress. There’s an African proverb that captures the essence of CARE’s approach to partnerships: “If you want to go fast, go alone. But if you want to go far, go together.”

education in India and Brazil through the use of Internet platforms and employee volunteers. UPS is contributing the time and expertise of its senior logistics experts to innovate the mechanisms behind CARE’s emergency responses, enabling us to better deliver aid. Credit Suisse is partnering with CARE through its Global Education Initiative to improve the quality of education for marginalized girls in the Andes region of Peru and pastoralist communities in Tanzania. Meredith Corporation amplifi es our voice by sharing CARE’s message of empowerment with millions of their readers through creative partnerships with publications like More Magazine, Ladies’ Home Journal and Parents. And, through innovative programs with corporate women’s leadership groups, and partnerships with national women’s organizations, CARE has demonstrated the power of creating a global woman-to-woman connection.

CARE also is increasing the impact of our corporate partnerships through alliances with the U.S. government and strategic engagement with multilateral development banks. The convening power, policy infl uence and expertise of the U.S. government and multilateral development banks complement the market-based approaches of our corporate partners. Together, they enhance CARE’s capacity to tackle the underlying causes of poverty. For example, through the Power to Lead Alliance, CARE, United States Agency for International Development, Cargill, Oracle and the Vodafone Foundation are promoting leadership among girls aged 10-14 in vulnerable communities in Egypt, Honduras, India, Malawi, Tanzania and Yemen.

Additionally, as climate change and the food crisis threaten livelihoods around the globe, CARE and the World Wildlife Fund have formed a strategic alliance to break the linkage between poverty and ecosystem degradation. Our collective expertise, global reach and advocacy links pro-poor, women-centered development to sustainable, just and equitable resource use.

CARE is not alone in our quest to develop innovative and extensive partnerships. We are pushing past the traditional approaches to corporate philanthropy and donor funding to look far down the road at the signifi cant results that we know are within reach.


We see signs of a brightertomorrow. Join us at care.org


we ask ourselves, how can we do our work better? We know we are helping millions of people live better lives. But we won’t be satisfi ed unless we know those improvements will stand the test of time.

“LIFE’S MOST PERSISTEN

T AND

URGENT QUESTION

IS: WHAT ARE YOU D

OING FOR OTHERS?” – M

ARTIN LUTHER KIN

G JR

The fact is, no one has solved the planet’s big problems. Yet. That’s why CARE keeps asking the tough questions and pushing ourselves to learn from our experience, sharing knowledge with others and testing new ideas for creating sustainable change.


Yes, we work with women and girls. They are at the heart of our strategy, and we intentionally design our programs to involve and benefi t them. But empowerment is so much more than this. How can we ensure that the work we’re doing is truly creating long-term change in their lives and in the lives of their families?

CARE staff in Nepal debated this question for hours, examining a project focused on the economic and political empowerment of rural indigenous women and girls. Such questions and conversations are echoed around the world as CARE’s staff and partners refl ect on our work and identify ways to improve it.

We are challenging ourselves to ask diffi cult questions such as: How are issues of social justice and power dynamics being addressed? Did the most marginalized and excluded people benefi t from our work? Will our efforts be sustainable? These are not easy questions, but they capture the heart of our work and allow us to critically examine the quality as well as the results.

In Mali, answers to such questions have directly improved individual projects, broader programs and overall country strategy. Staff found that their empowerment strategies are a key strength and identifi ed ways to leverage this to create greater coherence across all their programming. They also decided to focus on partnership as a priority for the coming year and have developed new ideas to foster collaboration. What works in Mali will be shared with other countries in West Africa and used globally to inform discussions about our approach to partnerships.

CARE takes very seriously the responsibility that comes with the trust placed in us by donors, partners and communities. We believe that the people we work with deserve nothing less than a commitment to excellence, and we know that critically refl ecting on all aspects of our work is essential to helping us achieve greater impact in the fi ght to eradicate poverty and social injustice.


CARE’S PROGRAMS BY ACTIVITY

Emergency and Rehabilitation

Lasting Solutions to Poverty

VISIONWe seek a world of hope, tolerance and social justice, where poverty has been overcome and people live in dignity and security. CARE will be a global force and a partner of choice within a worldwide movement dedicated to ending poverty. We will be known everywhere for our unshakable commitment to the dignity of people.

PROGRAMMING PRINCIPLES• Promote empowerment • Work with partners • Ensure accountability and promote responsibility• Address discrimination • Promote the nonviolent resolution of confl icts• Seek sustainable results

MISSIONCARE’s mission is to serve individuals and families in the poorest communities in the world. Drawing strength from our global diversity, resources and experience, we promote innovative solutions and are advocates for global responsibility.

We facilitate lasting change by: strengthening capacity for self-help; providing economic opportunity; delivering relief in emergencies; infl uencing policy decisions at all levels; addressing discrimination in all its forms.

Guided by the aspirations of local communities, we pursue our mission with both excellence and compassion, because the people we serve deserve nothing less.

CORE VALUESRespect: We affi rm the dignity, potential and contribution of participants, donors, partners and staff.

Integrity: We act consistently with CARE’s mission, being honest and transparent in what we do and say, and accept responsibility for our collective and individual actions.

Commitment: We work together effectively to serve the larger community.

Excellence: We constantly challenge ourselves to the highest levels of learning and performance to achieve greater impact.

HOW CARE’S EXPENSES ARE ALLOCATEDSupport Services

and Fundraising

Program Expenses

Centuries ago, Italian merchants used the @ sign as a measure of capacity. More recently, it has come to symbolize Internet communications and connectedness. At CARE, our strength comes from our capacity as one of the world’s largest humanitarian organizations and our strong connections to our supporters and the people we serve.


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10 million5

Together with our partners, we reached more than 30 million people with information and services to improve their health, including familyplanning, maternal and newborn care.

Almost 10 million people improved crop production, adapted to climate changes, increased household income and promoted the sustainable use of natural resources.

9 million

CARE provided almost 7 million people with improved access to school and better quality education.

CARE supported more than 800 poverty-fi ghting projects in 72 countries to reach more than 59 million people in fiscal year 2009.

Through health and social services, CARE and our partners helped more than 10 million people protect themselves from HIV, reduce stigma associated with the illness, and mitigate its negative economic impact.

CARE’s water and sanitation projects increased access to safe water and improved health and hygiene practices for over 5 million people.

Our emergency response and preparedness programs reached 10 million people, with special emphasis on the needs of the most vulnerable: women,children and the elderly.

More than 9 million people gained access to credit, acquired skills to start or expand businesses and improved their income through CARE’s economic development programs.

THIRTY

Bill & Melinda Gates FoundationCargillELMA Philanthropies Services (U.S.), Inc.Howard G. Buffett Foundation

Oak FoundationSall Family FoundationSaperlipopetteThe Vanguard Charitable Endowment Program

Catholic Relief ServicesCredit Suisse FoundationFidelity Charitable Gift FundGap, Inc.General Mills FoundationGlobal ImpactThe Jordan Family

Michael and Susan Dell FoundationNIKE FoundationNot On Our WatchOracle CorporationSheila C. Johnson Foundation, Inc.Starbucks Coffee CompanyTOSA Foundation

$500,000-$999,999

FY09 Gifts of $1 Million and Above

Adelia Russell Charitable FoundationBaume & MercierConrad N. Hilton FoundationMs. Susan Crown The Ford FoundationGE FoundationGoogle Inc. Charitable Giving Fund, Tides Foundation

Kraft FoodsThe Peierls FoundationThe Pine Tree FoundationRichard and Rhoda Goldman Fund Mr. and Mrs. Ben RussellMr. Douglas TildenThe Trehan FoundationThe UPS FoundationMs. Deidra J. Wager

$250,000-$499,999

Each day,

CARE strives

to put into action

the compassion

and generosity

represented by

your gifts.

And we see this

gratitude paid

forward by

individuals and

communities who,

in turn, help their

neighbors build

brighter futures.


AES CorporationAlliance for a Green Revolution in Africa (AGRA) Mrs. Nancy K. AndersonThe Andrew W. Mellon FoundationAnita M. McCullough Living TrustThe Annenberg FoundationAnonymous (7)The Atlantic FoundationThe Baxter International FoundationBill & Melinda Gates FoundationThe Boeing CompanyBristol-Myers Squibb FoundationCargillThe Charles Schwab FoundationCharles Stewart Mott FoundationThe Church of Jesus Christ of Latter-day SaintsThe Coca-Cola CompanyEstate of Priscilla B. CollinsConrad N. Hilton FoundationCredit Suisse The David and Lucile Packard FoundationDavid R. and Patricia D. Atkinson FoundationDelphi Asset ManagementDelta Air LinesMr. Joseph H. Ellis and Mrs. Barbara I. EllisELMA Philanthropies Services (U.S.), Inc.Fidelity Charitable Gift FundFidelity Charitable Gift Fund - Randall Charitable FundThe Ford FoundationGap, Inc.GE FoundationGlobal ImpactHarold Simmons FoundationHoward G. Buffett Foundation JPMorgan Chase Foundation The Joseph and Bonnie Kies EndowmentThe Jordan FamilyDean and Elizabeth KehlerThe Kresge FoundationThe LeBrun FoundationLloyd A. Fry FoundationLoren A. Jahn Private Charitable Foundation

Dr. Elizabeth Mary LutasThe John D. and Catherine T. MacArthur FoundationThe Marshall-Reynolds FoundationThe MathWorks, Inc.Michael and Susan Dell FoundationMicrosoft CorporationMicrosoft Giving CampaignThe Morgridge Family FoundationOak FoundationOracle CorporationThe Panaphil FoundationThe Peierls FoundationPenzance FoundationPew Charitable TrustsPfi zer, Inc.Randell Charitable FundRobert T. Rolfs FoundationThe Robert W. Woodruff FoundationAdelia Russell Charitable FoundationMr. and Mrs. Ben RussellSall Family FoundationSaperlipopetteSchultz Family FoundationSheila C. Johnson and The Sheila C. Johnson FoundationSony Music Entertainment, Inc./Pearl JamMr. and Mrs. StanleyStarbucks Coffee CompanyThe Starr FoundationMr. Daniel M. TellepThe Thomas Lyle Williams Charitable TrustTOSA FoundationTower Research Capital, LLCUnocal CorporationUPS FoundationVanguard Charitable Endowment ProgramW.K. Kellogg FoundationWeyerhaeuser Company FoundationWilliam and Flora Hewlett FoundationMr. A. Morris Williams, Jr. and Mrs. Ruth A. WilliamsWisconsin Evangelical Lutheran Synod

Lifetime Cumulative Gifts of $1 Million and Above

We can’t emphasize it enough: Without you, nothing we do would be possible. Your support enables us to bring life-saving and life-changing programs to millions of people. Without you, we wouldn’t be working every day to address the underlying causes of poverty. Thank you!

Gaby and Genevieve AjramDr. Ursula AlletagMehrdad and Sholeh AmanatMr. Craig G. AndersonMrs. Nancy K. AndersonMr. John E. Andrus IIIMr. and Mrs. James BalaDonald and Elizabeth BallardBaltimore Community FoundationPaul and Mary Jan BancroftMr. Dennis M. BarryFarid and Ann BehfarMr. Jean Jacques BelyVidya and Sally BobbaMrs. Markley C. CameronJuan Carrillo and Dominique MielleMr. and Mrs. Henry ChaplinMs. Virginia F. ColemanCommunity Foundation of Greater Chattanooga, Inc.Mr. John CookCorn Products International, Inc.Mr. W. H. H. CranmerMrs. Jane DanielsSaul and Consuelo DiazDigitas, LLCMary Pohli DrakeElixir Medical CorporationMr. Richard A. Ely and Mrs. Linda M. ElyErnest and Rose Samuels FoundationMr. Brandon EvansMr. and Mrs. W. Neil EvansFederated Garden Clubs of New York State, Inc.Fidelity InvestmentsMr. Vincent Florentino and Mrs. Ruth E. FlorentinoMr. Otto L. ForchheimerMr. Russell Frackman and Myrna MorgansternBrian Friedman and Vanessa Slinger-FriedmanMr. and Mrs. Edward M. Friend IIIDr. Marcel P.J. GaudreauJim Fullarton and Natalie GauthierGeneral Federation of Women’s ClubsDeirdre Giblin and David DuBardGive With LibertyJohn and Stella GravesThe Greater Kansas City Community Foundation Grosvenor Building Services, Inc.

Mr. Clifford HansenMs. Olivia HansenHealth Empowering HumanityMr. Mark HeisingHewlett-PackardMr. Robert Horowitz and Mrs. Julie HorowitzMr. Wentworth HubbardJ.T. Tai & Co. Foundation, Inc.The Jay and Rose Phillips Family FoundationMr. Allen Jedlicka Mr. and Mrs. Richard J. JessupJewish Communal FundJohnson & Johnson Family of CompaniesMs. Debora L. JonesJourney Charitable FoundationThe Joyce & Gary Wenglowski FoundationDr. Nancy and Mr. Michael KaehrMr. Peter H. Kaskell and Mrs. Joan M. KaskellDr. Kevin KellyKenneth Douglass FoundationMr. Philip KentMr. Steven Kessel and Ms. Sibyl FrankenburgMr. Arthur KiefferMr. Kurt N. Kimber and Mrs. Angela WyattThe Kindergarten UnitMr. and Mrs. Chris A. KindredMs. Janine KrivokapichMs. Susan LaingMr. Jared Levy Louis H. Gross FoundationMrs. Marcia T. MacKinnonThomas E. Mallouk and Gael G. MalloukManagement 360Joe and Linda MantheiyMr. Richard MarinMr. Gordon A. McLeanMerle and Ellen Morgan Gift FundMr. Karl D. and Lynette A. MillerMr. Rohinton MobedDr. Gordon E. MooreThe Morgridge Family FoundationMs. Jutta MosseDr. Edward T. MulhernNational Philanthropic TrustNordstrom

Mr. Matthew P. O’LoughlinOprah’s Angel NetworkPamphalon Foundation Mr. John Glenn PitcairnMr. and Mrs. Randall E. PondSkylar PoolePremiere Sports Productions, LLCMr. and Mrs. John RakoskeMr. Larry D. RexrodeThe Ritchey Family Community PropertySaks IncorporatedMr. Jonathan Mark and Ms. Donna SaksonThe San Diego FoundationSandy Hill FoundationSealift, Inc.Select Equity GroupDr. Andrew M. SesslerMr. and Mrs. W.C. ShanleyDr. and Mrs. Carl B. ShorySide By Side Foundation CustodySimmons Family FoundationMrs. Lorraine C. SnellMr. Walter SnodellMr. Jonathan Solovy and Ms. Stacey FisherChristine SpillaneRichard K. and Harriet SquireSean T. StricklandSundaresanWilliam and Joyce Thibodeauxtimetospa.comThe Tolleson Family FoundationUnitedHealth GroupJanet M. VasiliusVerite, Inc.Dr. Jonathon Vitsky and Dr. Grace LeeRosemary WaddenMr. and Mrs. Mark J. WalkerThe Walmart FoundationWells FargoWestern Union FoundationThe William and May D. Norris FoundationThe William J. and Jane F. Napier Charitable Lead TrustMr. Duncan E. WilliamsMs. Jane WillitsDr. Paul L. WinterDr. Susan Yarian

The Alice Tully FoundationMr. Richard D. and Mrs. Ruth B. Armold Mr. and Mrs. E. T. BaldridgeDr. and Mrs. J. Gregory BallentineMr. and Mrs. Martin BalserDr. and Mrs. Jonathan B. BarnesMr. Joseph BattatBernard van Leer FoundationMr. Don Blenko Jr. and Mrs. Marcia W. BlenkoScott and Roxanne BokThe Boston FoundationMr. David BrandKenneth and Cheryl BransonThe Brook Family FoundationMr. and Mrs. John Steven Cafl ischMrs. Nancy S. CalcagniniThe California Community FoundationMr. Walter C. D. Carlson and Ms. Deborah de HoyosCervantes Capital, LLCChinese International School (Hong Kong)Chung-Wei Ng and Carl T. KelleyCiti Global Impact Funding Trust, Inc.Darbali Air Conditioning & RefrigerationMs. Barbara A. DawkinsDewey & LeBoeuf, LLPThe Ellis Foundation, Inc.Mr. and Mrs. Scott C. Evans

Todd and Dorothy EvansForen Family FoundationMr. and Mrs. Robert W. GalvinGoldman Sachs Philanthropy FundMr. Robert J. GreenMr. and Mrs. Douglas HamiltonMrs. Arloene Young HawleyMr. Raeburne Heimbeck Mr. Mark HerlacheMr. Paul A. HigginsJerry and Patsy HubbardDr. and Mrs. Carl C. Hug Jr.The Human Fund IBM Employee Services CenterIrene E. and George A. Davis FoundationJDD Holdings, LLCMr. Eric JorgensenPaul and Jasveer KavanaghMs. Carol KearneyMrs. Susan KinzieLavalette Holdings Corp.The Les Oiseaux FoundationThe Litterman Family FoundationLouise Blackman Tollefson Family FoundationMr. Joseph Mancino and Mrs. Laurel A. MancinoThe Marks Family FoundationMr. Eugene MarkusMr. and Mrs. Frank MarsMr. John A. McNeice Jr. and Mrs. Margarete E. McNeiceMerkle

Merrill Lynch Trust CompanyThe Mosakowski Family FoundationMultiple District 19 LionsMrs. Anna B. MunchMr. and Mrs. Pandurang NayakThe New York Community TrustNorth Dakota Farmers UnionMaureen O’Hara and David EasleyPfi zer FoundationPfi zer, Inc.Rainbow World FundMr. Bradley ReidMr. and Mrs. Jack ReisMr. Kyle S. RhoadesRobert J. Frisby Foundation, Inc.Lucinda Roy and Larry JacksonThe Saban Family FoundationMr. Thomas and Mrs. Ulrike Schlafl yMr. Benjamin T. ShawMr. Frank J. SnopkoSociété Générale Mrs. Peggy SomozaSoros Fund Charitable FoundationBrien and Cynthia StaffordMs. Jane StamperStarbucks Coffee CompanyVirginia Wellington Cabot FoundationMarissa Wesely and Fred HamermanWest Foundation, Inc.What is Your Self-Worth? FoundationMr. Allen WisniewskiDr. Lowell L. WoodJulie Zelinski and Matthias Vaska

$15,000-$24,999

Ms. Edith AllenAnthony R. Abraham Foundation, Inc.The Barstow FoundationMr. and Mrs. Robert BartelsThe Baxter International FoundationBeyond the 11th FoundationBinnacle Family FoundationMs. Charlotte T. BordeauxThe Boston Note CompanyMr. and Mrs. David A. BoutwellThe Cable CompanyCARE AlabamaMr. Charles C. Cahn Jr.The Capital Group Companies Charitable FoundationThe Cedars FoundationCharles Lamar Family FoundationCitibank, NACitigroup Preferred Custody ServicesClipper Ship Foundation, Inc.The Community Foundation for the National Capital RegionConAgra CorporationCornell University FoundationMr. Glen A. CunninghamThe Danellie FoundationThe Davee FoundationMr. James DevaneyDouglas B. Marshall Jr. Family FoundationFifth Third BankFirmenich, Inc.Mrs. Janet A. Fisher

Dr. Brian FryMr. and Mrs. James P. GlaserMs. Jill Rosenblatt GordonHaley & Aldrich, Inc.Harold Simmons FoundationHelen S. CrowderMrs. Marjorie Y. HiuraSister Julia HuiskampAlan and Glen HusakThe Hyde FoundationMr. and Mrs. Loren A. JahnMr. Alan K. JenningsChandra Jessee and Julius GaudioJanet and Howard KaganMr. Tim Kerr and Ms. Cynthia WellsMr. Jeffrey L. Kofsky and Mrs. Linda KofskyMs. Ronni S. LacrouteThe Lawrence FoundationMr. Elliot LehmanThe Lutheran Church Missouri Synod FoundationMac’s Shell Service, Inc.Mary Catherine Bunting FoundationThe Medtronic FoundationMr. Harold C. MeissnerThe Merck Company FoundationMicrosoft CorporationMillennium Water AllianceThe Minneapolis FoundationMrs. Albert J. MoormanMrs. Elizabeth R. MoranNetwork for GoodMr. and Mrs. David R. Peeler

Ms. Charlotte PerretMary and Myron PetersonPharmaceutical Research and Manufacturers of America (PhRMA)Ping Y. Tai Foundation, Inc.Quixote FoundationThe Reilly FamilyThe Robert and Loek C. Neimeth Family Foundation, Inc.Rock Paper Scissors FoundationMrs. Ardath H. RodaleMr. Russell G. Ross, Sr.The Saint Paul FoundationMark and Cindy SchoeppnerMr. Jonathan J. SeagleShaker Family Charitable FoundationSigma PartnersSilicon Valley Community FoundationStephen and Tabitha King FoundationSymantec CorporationThe T. Rowe Price Program for Charitable GivingTeavanaRichard and Elaine TinbergTroutman SandersUnited Way InternationalWal-Mart Stores, Inc.Mr. Douglas J. Weckstein and Mrs. Tara T. WecksteinMr. Wade and Mrs. Brenda Woodson Mr. Jason Yim

$100,000-$249,000

3M FoundationAbbott Laboratories & CorporationJean K. and David T. AkersAlbert and Elaine Borchard Foundation, Inc.Almeida Family FoundationApogee ElectronicsPamela T. and C. Hunter BollThe Bryan & Christina Cressey FoundationMrs. Judith Buechner and Rev. C. Frederick BuechnerCogan Family FoundationCommunity Foundation for Monterey CountyAnthony and Lawrie DeanThe Donald G. Goodwin Family Foundation, Inc.

Mr. and Mrs. Joseph H. EllisMr. Bert and Mrs. Candace ForbesMr. and Mrs. John H. FordGlobal Water ChallengeHurvis Charitable FoundationGregory and Anne JordanKellcie FundThe Marshall-Reynolds FoundationMerck & Co., Inc.Microsoft Giving CampaignMixThis!Moet Hennessy USAMr. & Mrs. Paul MurphyMrs. Rita Murphy-CarfagnaThe Northern Trust Co.Mr. Thomas D. PooleMr. Allan P. Scholl

Gregg and Kim SciabicaThe Seattle FoundationShareGift USATucker and Janet ShortMr. David Smith and Mrs. Nancy SmithUnited Way of San Luis Obispo County, Inc.Weyerhaeuser Company FoundationThe Willow Springs FoundationThe Women’s ConferenceWorld Wings International, Inc.Mr. and Mrs. Simon YinDr. Robert Zufall and Mrs. Kathryn Zufall

$50,000-$99,999


$10,000-$14,999

$25,000-$49,999

ACE Charitable FoundationAcorn Media Group, Inc.Boeing CompanyMr. Peter J. BraamThe Charles Schwab FoundationCharles Stewart Mott FoundationMr. Thomas E. ClaugusCommunity Foundation of Greater MemphisCovance, Inc.Credit Suisse Americas FoundationThe David and Lucile Packard Foundation

The David R. & Patricia D. Atkinson FoundationThe Dietrich W. Botstiber FoundationEverett/O’Connor Charitable TrustGenetech FoundationMr. Justin S. HuscherIpswitch, Inc.JPMorgan Chase Foundation Dean and Elizabeth KehlerMr. Michael L. KeiserLevi Strauss FoundationLloyd A. Fry FoundationLuke and Elizabeth MorrowThe Osprey Foundation The Panaphil Foundation

The Pentecost Family The Robert Wood Johnson Foundation Mr. Daniel SchmidtMr. Steve SchneiderThe Starr Foundation Stemcor USA, Inc.Stupski Family Fund of the San Francisco FoundationDavid A. TepperTutator FoundationMr. William D. UngerThe Warburg Pincus FoundationMs. Tiffany WeakleyMr. and Mrs. Michael E. WilesThe World Bank CommunityYouth Hope Foundation


CARE International members

A. AustraliaB. Austria sub-offi ces in Hungary and Czech Republic

C. CanadaD. DenmarkE. FranceF. Germany / LuxemburgG. JapanH. NetherlandsI. NorwayJ. ThailandK. United KingdomL. United States

CARE International Secretariat

Geneva, SwitzerlandBrussels, BelgiumNew York, United States

CARE International Member

Countries with CARE Programming in FY09

C

L

7

5

44

16

4018

22

2423

70

14

K

E

36

35

46

12

32

21

57

48

To coordinate operations, one member of CARE International is designated “lead member” for each country. CARE USA is lead member for countries printed in italics. CARE International jointly manages countries in the Middle East and Eastern Europe.

When used in footnotes, an asterisk tells you where to nd something. You’ll nd CARE in 72 countries, working to remove barriers to education, provide life-saving maternal health care, increase access to basic nancial services and support hundreds more poverty- ghting initiatives.


1. Afghanistan 2. Angola 3. Bangladesh 4. Benin 5. Bolivia 6. Bosnia and Herzegovina 7. Brazil 8. Burundi 9. Cambodia10. Cameroon limited presence

11. Chad 12. Cote d’Ivoire13. Croatia

14. Cuba 15. Democratic Republic of Congo16. Ecuador17. Egypt 18. El Salvador19. Ethiopia20. Georgia 21. Ghana 22. Guatemala 23. Haiti24. Honduras 25. India

26. Indonesia27. Jordan 28. Kenya 29. Kosovo 30. Laos31. Lesotho 32. Liberia 33. Madagascar 34. Malawi 35. Mali36. Morocco limited presence

37. Mozambique38. Myanmar

39. Nepal40. Nicaragua 41. Niger42. Pakistan43. Papua New Guinea 44. Peru 45. Rwanda46. Senegal47. Serbia 48. Sierra Leone49. Somalia50. South Africa 51. Sri Lanka

52. Sudan 53. Tajikistan54. Tanzania55. Thailand56. Timor Leste57. Togo58. Uganda 59. Vanuatu limited presence

60. Vietnam61. West Bank/Gaza62. Yemen 63. Zambia 64. Zimbabwe

65. Armenia 66. Bulgaria 67. Montenegro 68. Philippines 69. Romania 70. Argentina71. Mongolia72. Russia

Countries with CARE programming in FY09 Countries where CARE worked or is working through partners:

F

B

DH

I

69

6647

2967

6

13

4

10

4111

52

15

19

492858

54

45

34

8

2

63

64

50

31

33

37

62

17

72

71

27

61

65

1

42

53

39

25

51

2643

338

55

9

J30

60

G

20

56

A

59

68

Helene D. Gayle President and CEO

Steve HollingworthChief Operating Officer and

Executive Vice President

Global Operations

Joseph J. IarocciChief of Staff

Cathy WoolardExecutive Vice President

Global Advocacy and External Relations

Patrick SolomonSenior Vice President

Global Support Services

Vickie Barrow-KleinSenior Vice President

Finance, and Chief Financial Officer

Jean-Michel VigreuxSenior Vice President

Program Quality and Impact

Steve HollChief Operatin

Executive Vice

Global Operat

Joseph J. Chief of Staff

Cathy WooExecutive Vice

Global Advoca

Patrick SoSenior Vice Pr

Global Suppor

Vickie BarSenior Vice Pr

Finance, and

Jean-MichSenior Vice Pr

Program Qual

Letter from President and Board Chair

The theme of this year’s annual report is “Signs of Change.” We see signs of change everywhere we look.

In the saltpans of Gujarat, India, I have seen how a CARE-built school afforded Pooja, a 16-year-old girl,

the opportunity to learn the metal work trade, breaking her migrant family’s vicious cycle of poverty. In the

farming village of Korimasilaya, Sierra Leone, I have witnessed how members of CARE’s village savings and

loan program did more than generate extra income. They compounded their gains by using some of their

savings to create a social fund to support pregnant women in need of emergency medical help.

A cycle is broken. A dedicated group comes together. We celebrate these signs of change.

For CARE, a critical catalyst of change is the empowerment of girls and women. When girls and women are

empowered to fulfill their potential, they invest in their families and bring lasting change for the whole

community. We directly help girls, women and their communities in a wide variety of ways – through

education, health services, microenterprise and other important means.

But we don’t stop there. Forces of social exclusion and institutional injustice often keep people from

realizing their basic human rights. Accordingly, our program and advocacy work has become an increasingly

powerful tool in addressing these underlying causes of poverty. When we succeed at multiple levels, we

bring sustainable change for girls, women, boys and men.

Each of our supporters is an agent for change. We appreciate your donations of time, effort and resources.

Thank you for helping to create the signs of change we see.

Helene D. Gayle, MD, MPH W. Bowman Cutter

President and CEO Chair

HeHelelenene DD.. GaGaylyle,e, M MD,D, M MPHPH

OFFICERS

W. Bowman CutterChair

Helene D. GaylePresident and CEO

Doris MeissnerVice Chair

Dean C. KehlerTreasurer

Carol HudsonSecretary

Peter D. BellPhilip JohnstonPresident Emeriti

MEMBERS

Richard J. AlmeidaRetired Chairman and CEO

Heller Financial

K.Y. AmoakoPresident

African Center for

Economic Transformation

Gilles ConcordelPresident and Founder

Tutator Foundation

Eduardo Castro-Wright

Vice Chairman of Walmart

Susan CrownVice President

Henry Crown & Company

W. Bowman CutterDirector, 21st Century Economy Project

Roosevelt Institute

Katharin S. DyerChief Talent & Transformation Offi cer

VivaKi

Maria EchavestePrincipal

Nueva Vista Group LLC

Helene D. GaylePresident and CEO

CARE

Lynn Walker Huntley on leave

President

Southern Education Foundation

Paul J. JansenDirector Emeritus

McKinsey & Company

Dean C. KehlerManaging Partner

Trimaran Capital Partners

Kenneth LehmanManaging Partner

KKP Group LLC

Richard A. MarinExecutive Chairman

Africa Israel Investments USA

Doris MeissnerSenior Fellow

Migration Policy Institute

Afaf I. MeleisMargaret Bond Simon Dean of Nursing

University of Pennsylvania

John P. MorgridgeChairman Emeritus

Cisco Systems

Randall E. PondExecutive Vice President

Cisco Systems

Virginia SallCo Founder

Sall Family Foundation

Ranvir K. TrehanVice Chairman

Apptis Holdings

Bruce C. TullyManaging Director

Beehive Ventures LLC

William D. UngerPartner Emeritus

Mayfi eld Fund

Monica VachherPresident

The Astor Group

Deidra WagerOwner

DJW LLC

As of October 2009

BOARD OF DIRECTORS


Report from ManagementDespite the downturn in the global economy, CARE received nearly $701 million in fi scal year 2009 – almost even with 2008. Those resources, multiplied by the talent of our staff, provide exponential value as we work to empower women, families and communities in the fi ght against poverty.The diffi cult economy makes it more important than ever that we manage our resources effi ciently and effectively. CARE’s management is always mindful that we must deliver the maximum value to our donors, partners and those we serve. Nearly 91 percent of the money we raised this year went to program activities. Using Forbes magazine calculation, our fundraising effi ciency is 89.5 percent, meaning that just over 10 cents is spent to raise one dollar of private support.CARE faced many challenges in fi scal year 2009. Individual donors were more selective with their giving, and have increasingly restricted gifts to specifi c programs, limiting the amount available for administering those programs. Secondly, our investments were adversely impacted by the markets, reducing the reserves that otherwise would have protected us at a time when we were experiencing signifi cant changes in our donations.

CARE received over $240 million in private support and nearly $460 million in support from governments and other sources to reach nearly 59 million people, all of whom subsist on less than $2 a day. Nearly half (48 percent, or $308 million) of our spending went to services and partnerships in Africa, with the rest ($335 million) going to Asia, Latin America and the Caribbean, Eastern Europe and the Middle East and multi-regional programs.

The consolidated fi nancial statements that follow demonstrate our organizational fi scal health through our net asset balances for restricted purposes of $231 million and $66 million to use where the need is greatest. CARE’s management knows that prudent fi nancial stewardship is critical to ensuring that we can continue to serve the world’s poor and understands that it is equally important to our donors, partners and those we serve.

Vickie J. Barrow-KleinChief Financial Offi cer


At CARE, we work hard to make sure that every donation yields multiple benefits for women, girls, communities and societies. We strive to make the most of our resources by focusing on programs and partnerships that will create lasting change.

CARE USA Consolidated Financial Statements


CARE USA Balance Sheets(Restated to exclude Anukul)

As of June 30, 2009 and Restated 2008

In Thousands

CARE USA Balance Sheets

2009

Restated 2008

Assets

Cash and cash equivalents $ 70,115 $ 110,346

Investments, at fair value 160,072 202,654

Receivables, net 17,092 29,564

Loans receivable, net 214,245 167,497

Inventory 11,889 17,801

Deposits and other assets 56,136 68,500

Property and equipment, net 25,504 24,250

Trusts held by third parties 89,286 112,056

Total Assets $ 644,339 $ 732,668

Liabilities and Net Assets

Liabilities

Accounts payable and accrued expenses $ 50,066 $ 60,195

Program advances 66,312 122,854

Liability for split interest agreements 19,565 22,362

Benefi ts accrued for employees 29,137 31,288

Subsidiary loans payable 173,178 132,210

Minority interest in subsidiary 8,591 6,996

Total Liabilities 346,849 375,905

Commitments and contingencies

Net Assets

Unrestricted 65,799 77,810

Temporarily restricted 124,362 146,861

Permanently restricted 107,329 132,092

Total Net Assets 297,490 356,763

Total Liabilities and Net Assets $ 644,339 $ 732,668

CARE USA Consolidated Financial Statements continued


UnrestrictedTemporarilyRestricted

PermanentlyRestricted

Total2009

RestatedSummarized

2008

Support

Private support

Contributions $ 62,344 $ 44,116 $ 220 $ 106,680 $ 139,934

CARE International 133,934 - - 133,934 147,643

Total Private Support 196,278 44,116 220 240,614 287,577

Government and other support

U.S. government 274,867 - - 274,867 267,177

Host governments 20,729 - - 20,729 25,008

Others 145,731 - - 145,731 104,639

Total Government and other support 441,327 - - 441,327 396,824

Other Revenue

Interest and dividends 8,905 3,111 - 12,016 17,325

Rent and miscellaneous 6,541 134 - 6,675 5,421

Total other revenue 15,446 3,245 - 18,691 22,746

Net assets released from restrictions

Satisfaction of program restrictions 59,097 (59,097) - - -

Revision of donor restrictions - 2,000 (2,000) - -

Total net assets released from restrictions 59,097 (57,097) (2,000) - -

Total Operating support and revenue 712,148 (9,736) (1,780) 700,632 707,147

Expenses

Program

Emergency 108,793 108,793 106,260

Rehabilitation 29,934 29,934 17,940

Development 503,765 503,765 484,032

Public information 9,100 9,100 8,519

Supporting Activities

Fund raising 24,169 24,169 28,023

Management and general 32,625 32,625 28,434

Total operating expenses 708,386 - - 708,386 673,208

Operating Support and Revenue over Expenses 3,762 (9,736) (1,780) (7,754) 33,939

Other Nonoperating Changes in Net Assets

Minority interest in subsidiary income (1,937) - - (1,937) (4,725)

Foreign exchange (loss)/gain (2,075) - - (2,075) 2,068

Interest and dividends on gift annuity investments

941 - - 941 976

Actuarial loss on annuity obligations (281) - - (281) (2,037)

Actuarial (loss)/gain on split interest agreements

160 349 - 509 (77)

Net realized and unrealized loss on investments (12,396) (13,112) - (25,508) (13,155)

Decrease in value of trusts held by third parties - - (22,983) (22,983) (14,586)

Total Changes in Net Assets before change in pension liability (11,826) (22,499) (24,763) (59,088) 2,403

Net change in pension liability (185) - - (185) 413

Change in net assets (12,011) (22,499) (24,763) (59,273) 2,816

Net Assets, beginning of year as previously reported 77,810 146,861 132,092 356,763 351,547

Correction of prior year error - - - - 8,023

Change in reporting entity - - - - (5,623)

Net Assets, beginning of year as restated 77,810 146,861 132,092 356,763 353,947

Net Assets, end of year $ 65,799 $ 124,362 $ 107,329 $ 297,490 $356,763

CARE USA Statements of ActivitiesFor the year ended June 30, 2009

In Thousands

CARE USA Statements of Activities


CARE USA Statements of Functional ExpensesFor the years June 30, 2009 and Restated 2008

In Thousands

Program Activities Supporting Activities

Emergency Rehabilitation Development Public

information TotalFund

raisingManagement

& general2009Total

2008Total

Personnel costs $ 22,818 $ 8,766 $117,054 $5,662 $154,300 $ 7,230 $18,214 $179,744 $175,300

Professional services 1,682 853 20,298 1,551 24,384 1,808 5,321 31,513 28,267

Equipment 1,759 534 6,015 218 8,526 63 1,242 9,831 10,049

Materials and services 41,746 9,133 78,567 1,141 130,587 12,997 1,885 145,469 140,094

Travel and transportation 6,007 2,482 34,266 343 43,098 490 2,123 45,711 47,897

Occupancy 2,885 1,330 14,087 110 18,412 547 1,595 20,554 19,320

Financing/Depn/Misc. 584 1,427 54,662 43 56,716 985 482 58,183 48,347

Grants/Subgrants 5,998 5,409 106,394 10 117,811 46 10 117,867 128,803

AgCommodities/CIKs 25,314 - 72,422 22 97,758 3 1,753 99,514 75,131

Total Operating Expenses for 2009 $108,793 $29,934 $503,765 $9,100 $651,592 $24,169 $32,625 $708,386 $673,208

CARE USA Statements of Functional Expenses

CARE USA Statements of Cash FlowFor the years June 30, 2009 and Restated 2008

In Thousands

CARE USA Statements of Cash Flow

2009Restated

2008

Cash Flows From Operating Activities:

Changes in net assets $(59,273) $ 2,816

Adjustments to reconcile change in net assets to net cash (used in) provided by operating activities

Depreciation and amortization 5,496 3,100

Contributions restricted for investment in endowment (220) -

Provision for subsidiary microcredit loan losses 3,654 754

Unrealized loss on derivative contracts 2,575 -

Net realized and unrealized loss on investments 25,508 13,155

Actuarial loss on annuity obligations 281 2,037

Actuarial (gain)/loss on split interest agreements (509) 77

Decrease in value of trusts held by third parties 22,983 14,586

Changes in assets and liabilities

Decrease/(Increase) in receivables 12,472 (1,847)

Decrease in inventory 5,912 33,031

Decrease/(Increase) in deposits and other assets 12,364 (7,348)

(Decrease)/Increase in accounts payable and accrued expenses (12,704) 13,672

Decrease in program advances (56,542) (9,594)

(Decrease)/Increase in benefi ts accrued for employees (2,151) 842

Net cash (used in) provided by operating activities (40,154) 65,281

Cash Flows Used For Investing Activites:

Purchases of investments (110,003) (212,097)

Proceeds from sales of investments 127,077 213,153

Purchases of property and equipment (7,053) (15,174)

Proceeds from sales of property and equipment 303 245

Net cash provided by (used in) investing activities 10,324 (13,873)

Cash Flows From Financing Activities:

Proceeds from contributions restricted for investment in endowment 220 -

Increase in loans receivable (50,402) (66,357)

Increase in subsidiary loans payable 40,968 42,360

Increase in minority interest in subsidiary 1,595 4,246

Payments to gift annuitants (2,445) (2,523)

(Decrease)/Increase in liability for split interest agreements (337) 800

Net cash and cash equivalents (used in) fi nancing activities (10,401) (21,474)

Net Change in Cash and Cash Equivalents (40,231) 29,934

Cash and Cash Equivalents, beginning of year 110,346 80,412

Cash and Cash Equivalents, end of year $ 70,115 $ 110,346

Noncash Contributions $ 8,402 $ 22,199

Cash paid for interest $ 14,979 $ 10,130


care.org

CARE is an Equal Opportunity Employer and Affi rmative Action Employer (AA/M/F/D/V) dedicated to workplace diversity. CARE® and CARE Package® are registered marks of CARE. Copyright ©2010 by Cooperative for Assistance and Relief Everywhere, Inc. (CARE). All rights reserved. Unless otherwise indicated, all photos ©CARE. CARE®, CARE Package®, I Am Powerful®, She Has The Power To Change Her World. You Have the Power to Help Her Do It.® and Defending Dignity. Fighting Poverty.® are registered marks of CARE.

Printed on recycled paper.

FRONT COVER: ©2006 Jessica Wunderlich/CARE; BACK COVER: Barbara Kinney/CARE; Page 4, ©2009 Chas Underwood; Page 6 & 9, ©2004 Phil Borges; Page 7, from left ©2007 Valenda Campbell, ©2008 Carol Meyer/CARE, Nicole Cappello/CARE; Page 10-11 Shaw McCutcheon/CARE; Page 14-15, ©2006 Josh Estey/CARE; Page 16-17 (photo) ©2006 Nicky Lewin; Page 18, Allen Clinton/CARE; Page 19, from left 1st row: ©2005 Phil Borges, ©2006 Erin Lubin, ©2006 Jason Sangster/CARE; 2nd row: ©2005 Phil Borges, ©2006

Josh Estey/CARE, ©2006 Jessica Wunderlich/CARE; 3rd row: ©2006 Kirsten Luce/CARE, Allen Clinton/CARE, ©2006 Josh Estey/CARE; 4th row: ©2006 Kate Holt, ©2005 Josh Estey/CARE, ©2006 Ilan Godfrey; 5th row: Erin Lubin/CARE, © 2006 Georgina Cranston, ©2006 Ilan Godfrey; PAGES 26-27, Caroline Joe/CARE; Page 28, (photo) Phil Borges/CARE, (graphic enhancements).

Photo Credits:

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care usa 2009 annual report: signs of change

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