The global financial crisis has proven to be what economists projected: the worst since the Great Depression. Marked by high unemployment, low growth and a shortage of financing for developing countries, stability risks remain high due to weak global economic recovery.
At the Global Fund for Women, we know that the crisis has a gendered impact: placing a disproportionate burden on the health and well being of women and children. We understand that during economic downturns like this, we must do more to support women’s human rights groups and sustain women’s movements.
And we are. The Global Fund managed to keep grant making levels the same as previous years. In fiscal year 2009-2010, we awarded over 650 grants totaling more than $8.5 million. Though the Global Fund’s endowment declined earlier in the fiscal year, we are pleased to report that through sound stewardship and management of our progressive and socially responsible investment policy, we more than recovered losses and our endowment remains healthy.
The Global Fund’s financial position remained strong with a net asset balance of $17.5 million at fiscal year end. We recorded $12.8 million in support and revenues, while expenses at $14.8 million remained relatively flat compared to last fiscal year. The difference between support and revenues, and expenses were due to funds that were raised in previous fiscal years that were spent in fiscal year 2009-2010. The Global Fund for Women continues to have strong expense ratios with program expenses representing 78% of total expenses.
Good stewardship and scrupulous management of financial resources are paramount regardless of the state of the economy. We understand the high standards of accounting and fiscal prudence expected of us by our donors. We also feel the responsibility to steadily grow resources for women all over the world to realize a more just and equitable world for everyone.
Thanks to our dedicated supporters, the Global Fund remains the largest grant-making foundation exclusively supporting women’s human rights. Since our inception 23 years ago, the Global Fund has awarded over $80 million to more than 4,200 women’s groups in 171 countries.
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