2009 Q4 Board Book (Staff)

The December 10, 2009, Board Meeting included a review of the 2009 Foundation goals and results which highlighted the commitment of $26.9 million towards microfinance programs (with 37% allocated to youth microfinance) and the completion of research to develop a youth learning strategy. The Board also reviewed the proposed 2010 goals which included a commitment of $85 million, with a focus on expanding microfinance programs, launching youth learning programs and supporting programs at the intersection of microfinance and youth learning.

The meeting also covered new program approvals for Plan Canada, Grameen Foundation USA, and Equity Group Foundation of Kenya. Plan Canada was approved for a program to scale up youth savings and loan groups, providing financial literacy and life skills training. Grameen Foundation USA received approval to deploy Mifos, an open-source management information system for microfinance, across four MFIs. Equity Group Foundation was approved for two programs: a scholarship program for secondary students, and a financial education program for youth and women.

The meeting also addressed administrative and financial matters, including a review of the plan to sell MasterCard shares to fund programs starting in May 2010, and the 2010 budget and work plan. The Board also discussed the need to focus on the microfinance-youth learning nexus and refine the geographic focus of programs and acknowledged the importance of innovation, gender equity, youth engagement, and technology in program priorities.