2017 Annual Report

OneAcreFund.org i Before enrolling, we were living in poverty. “It wasn’t only poverty of the home, but it was poverty of the mind. I could only think about food, and I put all of my energy into making sure my children had something to eat.

— FARMER PHELESIA NYARANGA,

FRONT COVER: Gaudence Nzomukunda, ii 2017 Annual Report Purpose We serve smallholder farmers. In everything we do, we place Farmers First. We measure success in our ability to make more farmers more prosperous. We envision a future in which every farm family has the knowledge and means to achieve big harvests, support healthy families, and cultivate rich soil.

Values Humble Service Hard Work Continual Growth We meet farmers in We work hard every We improve every their fields, and we day. We execute with season. We work get our shoes muddy. world-class profes- with determination to Farmers are our cus- sionalism and business meet our goals, and tomers, and we serve excellence. Farmers then stretch ourselves them with humility. deserve nothing less. by raising the bar even higher.

Dreaming Big Family of Leaders Integrity We envision serving We bring together the We do what we say, millions of farm best leaders and build and our words match families. We build long-term careers. our values. for scale with every We care for team idea and solution. members like family. TABLE OF CONTENTS

2 Opening Letter

3 What We Do

4 in 2017

6 Impact Deep Dive

10 The Power of Investment

16 Cultivating Career Passion

19 Meet the Team

20 Potential Buried in the Soil

MALAWI 23 Acknowledgments Opening Letter

Greetings from One Acre Fund!

’m happy to share with you our 2017 was a milestone year I2017 Annual Report, which de- for One Acre Fund because for tails our progress over the past year the first time ever, we directly served more than 600,000 farm- and highlights some of the work ers. This is good progress, but we we’re most excited about. know there is still a lot of work to be done. At this stage in our 2017 Governing Board Members growth, it’s more important than ever to ensure that we’re using our resources productively and creating the maximum impact for farmers. In order to do this, we’re concentrating even harder on increasing our “social return on investment” Joel Ackerman (SROI), a metric that measures farmer income against the cost it took to Chief Financial Officer DaVita Inc. achieve that impact. SROI matters because it looks at the efficiency of resources deployed, not just the total impact created. As we continue to increase our Matt Forti scale, we see huge benefits to improving our productivity, and our aspiration Managing Director is to become one of the most cost-effective solutions to poverty in Africa. One Acre Fund USA In 2017, our primary services in Africa attained an SROI of 4.7—meaning Karl Hofmann that farmers saw $4.70 of additional income for every $1 in donor funding we President & CEO invested. While this is already a strong achievement, we’re going to be doubling Population Services down in the upcoming year, with the goal of growing our SROI to over $7 International in farmer impact for every donor dollar spent. This is a bold target, but we’re James Mwangi already making great strides by rapidly scaling our most efficient operations, Executive Director particularly in Kenya, our largest and most mature operating country. We should The Dalberg Group have some exciting news to share about this progress in upcoming reports. As we move closer to serving more than 1 million farming families in 2020, Fred Ogana SROI will be a central part of our long-term strategy, helping us strengthen Managing Partner East Africa Market our foundation and shape our organization more deliberately as we grow. Our Development goals are ambitious, but we know how much is at stake. Hunger and poverty Associates Ltd remain huge problems, but by working together and dreaming big, we’ll keep endeavoring to end them both in our lifetimes. Rebecca Onie Co-founder and CEO Health Leads Farmers First, Founder & Chief Executive Agrolay Ventures ANDREW YOUN Andrew Youn Executive Director, One Acre Fund Senior Partner/ Executive Director/ Co-founder One Acre Fund

2 2017 Annual Report What We Do

It’s a bitter irony that the majority of the world’s hungriest people grow food for a living. Millions of smallholder farmers don’t harvest enough to feed and support their families simply because they lack access to the basic tools, training, and financing they need. One Acre Fund is working to eliminate hunger and build pathways to prosperity by supplying a bundle of goods and services on credit, delivered to the rural villages where farmers live. Providing all of these services together generates the greatest possible impact.

FERTILIZER

SEED

FINANCING DISTRIBUTION TRAINING MARKET FACILITATION for seed and fertilizer of farm inputs on agricultural techniques to maximize harvest profits

Other Areas of Work

Government Services Partnerships Impact Ventures We’re working with governments We’re building partnerships with We’re experimenting with new, across Eastern and Southern other like-minded organizations to rapidly scalable channels to reach Africa to create impact that increase support for smallholders farmers with impactful products often goes beyond the farmers worldwide. In the and services, including short-term we serve directly. In , for industry, we’re a founding campaigns to adopt trees and instance, we’ve partnered with the member of Propagate, a coalition hybrid seed, and new technologies government to train agricultural that’s encouraging financial such as solar home systems that extension agents who are delivering service providers to offer more use pay-as-you-go technology. services across the country. and better services to farmers.

PHOTO: NTUWENI LEXA MADEYA AND CHILD, OneAcreFund.org 3 One Acre Fund in 2017

2017 was a year full of milestones, opportunities, challenges, and successes. Here are just a few of our highlights from the previous year.

6 1 4 , 8 0 0

CROSSING THE HALF MILLION MARK: One Acre Fund served 614,800 farmers.

6 9 2 5

WE’RE HIRING! DID YOU KNOW?

We employed 6,925 staff. We delivered 30,700 metric tons of life-changing products to farmers.

ILLUSTRATIONS BY Shaw Nielsen

INCREASING IMPACT FINANCIAL SUSTAINABILITY

$171 $434 69% 98% $263

Control One Acre Fund Field Sustainability Farmer Repayment 4 2017 Annual ReportFarmer Profit Farmer Profit On Supported Activities DID YOU KNOW?

HEALTHY FAMILIES CHALLENGES & 60% 40% OPPORTUNITIES We’re working to improve the health 60% of One Acre Fund and nutrition of farmers and their While many farmers had to clients are women (based on training attendance) families. This includes offering contend with fall armyworms trainings on healthy diets and hygiene, in 2017, One Acre Fund quickly trialing nutrition supplements for mobilized, rolling out trainings pregnant women, and encouraging and products to combat this farmers to produce and consume more invasive pest. healthy foods including vegetables and animal proteins.

The average household size per farmer is 6

1acre GOING DIGITAL MICROFINANCE ACCESS Average farm size of a One Acre Fund farmer After rolling out mobile We launched operational repayment in Kenya, we’re pilots with microfinance now running trials in Rwanda, institutions in Burundi, and . and Tanzania. $ PLANTING TREES “ONE THOUSAND HILLS, 65 THREE MILLION TREES” Average loan size CAMPAIGN per farmer 3,000,000 8,600,000 seedlings distributed trees planted in 2017 across Rwanda OneAcreFund.org 5 IMPACT DEEP DIVE

ONE ACRE FUND farmers saw strong increases in their incomes in 2017. Here’s a detailed look at our impact and how we’re reevaluating our measurement approach.

6 2017 Annual Report JOEL HAMENYIMANA, RWANDA Absolute Dollar Impact

$171 “Annual” Impact

“Asset” Impact $135 ne Acre Fund farmers experienced strong Oharvests and dollar impacts in 2017. Overall, weather patterns were much improved, as many $221 $218 regions recovered from severe droughts in 2016. $184

We also made several adjustments to our services ’16 ’17 and trainings that ultimately contributed to $140 Average $111 higher harvest outcomes, including introducing $100 $100 $82 $82 more one-on-one training sessions with farmers $72 $71 $63 $68 and encouraging them to apply One Acre Fund practices to a greater portion of their land.

To determine our impact, we physically weigh and value ’16 ’17 ’16 ’17 ’16 ’17 ’16 ’17 ’16 ’17 ’16 ’17 ’17 3 randomly selected harvest samples from thousands of One Kenya Rwanda Burundi Tanzania Malawi Acre Fund farmers and subtract all input costs. We then compare this data to farmers who do not work with One Acre Percent Increase Dollar Impact Fund, controlling for differences such as education and wealth. After collecting this information, we examine our impact in 2016 67% 65% three ways. Absolute dollar impact is the dollar difference 2017 between a One Acre Fund farmer’s profit, on average, and a comparable non-enrolled farmer. We only measure profits on activities that we support. Percent gain in dollar impact measures the percentage increase in average profit, compared Whole 145% Program with non-enrolled farmers, on One Acre Fund-supported activities. And finally, farmer return on investment (ROI) is a 103% measurement of the extra profit that a One Acre Fund farmer 84% 76% 80% makes, relative to a comparison farmer, for every dollar she 71% 73% % 63% spends on our services. 55% 60 57% Here’s how 2017 fared, by each of these measurements: 39% 30% 1. Absolute dollar impact: Strong program performance allowed for an overall profit impact of $171 per farmer 1 ($107 in annual impact and $64 in asset impact ). The results Kenya Rwanda Burundi Tanzania Uganda Malawi Zambia3 were a marked improvement from 2016 and exceeded our goals. Tanzania in particular saw sizable improvements Return on Investment (ROI) because of very strong agronomic conditions, which had an outsized effect because farmers there grow crops on 2016 larger areas of land. 1100% 2017 2. Percent gain in farmer dollar impact: 249% In 2017, we 207% increased farmer profit by 65 percent across our operations, which met our goal. To be clear, this percentage gain only represents the impact of products and services farmers Average received through One Acre Fund, not on their total household incomes. 299% 270%259% 198% 231% 148% 1 See “We’ve Changed How We Measure Impact” on page 9 for further explanation. 116% 91% 98% 58% 62% We have applied the same methodology to 2016 figures. 21% 2 Burundi’s ROI is quite high due to the relatively low program costs. OneAcreFund.org 7 3 Pilot Country Kenya Rwanda Burundi2 Tanzania Uganda Malawi Zambia3 Scale

One Acre Fund served 614,800 farming families in 2017, topping half a million for the first time ever and increasing 3. Farmer return on investment (ROI): A 100 percent 38 percent year-on-year. Kenya operations grew 18 percent ROI means that our clients received $1 of extra income to 233,700 farmers, a slower pace than in recent years, for every $1 of cost invested. In 2017, we achieved a very likely because of the lingering effects of the 2016 drought. strong 249 percent ROI—more than $2 in income for We don’t expect this to be a long-term trend, as we’ve seen every $1 invested. strong gains in Kenya enrollment for 2018. Burundi saw the fastest growth of all our operating BUILDING OUR EVIDENCE BASE countries, increasing by 93 percent to 93,200 farmers In 2017, we partnered with 3ie and Emilia Tjernström of as we expanded into several new districts. Rwanda also the University of Wisconsin to conduct our largest and most experienced sizable growth, increasing 35 percent year- rigorous randomized controlled trial (RCT) assessing impact. on-year to reach 221,800 farmers. Tanzania grew to 39,000 RCTs are considered the “gold standard” in evaluation because farmers, Malawi rose to 13,000, and Uganda reached they produce the most unbiased estimates. Our trial, which 6,900. For the first time, we’re also including Zambia in was conducted in Kenya’s Teso District, randomly assigned a our organization-wide scale totals, because the size of our select number of farmers to receive our services from within pilot grew significantly to 7,200 farmers. a larger pool of participants who had signed up. The esultsr showed that One Acre Fund farmers produced KENYA RWANDA between 300 and 370 kilograms more maize than non- 233,700 221,800 participant farmers, translating to $60-$90 of extra profit per farmer. These results were highly statistically significant (greater than 95 percent confidence) in all models and generally similar to what we’ve found in our internal monitoring and UG KE evaluation surveys. While we have a large degree of faith in RW BU our internal monitoring and evaluation impact assessments, TZ which cover a much more diverse programmatic area, this finding gives us the highest proof to date of the effectiveness of One Acre Fund’s model. MW ZM UNDERSTANDING RESILIENCE In 2017, we also completed our most comprehensive work to date on understanding farmer resilience. We assessed resilience UGANDA 6,900 BURUNDI in two ways. First, we examined farmers’ preparedness for 93,200 severe shocks, such as drought and illness, by creating an index ZAMBIA MALAWI TANZANIA of factors that drew from others’ work as well as discussions 7,200 13,000 39,000 with One Acre Fund farmers. Secondly, we asked farmers how well they were able to bounce back from these shocks after they occurred. Sustainability Our results showed that One Acre Fund farmers are overall much better prepared to face shocks than comparison We measure our financial sustainability by calculating farmers, particularly due to their increased food security and, the percentage of our direct service model and agrodealer a bit unexpectedly, their larger social networks, which appear program costs covered by farmer repayments. In 2017, to expand after program participation. However, we did not our sustainability was 69 percent. This was down from 73 detect an impact on farmers’ ability to endure shocks when percent the prior year because of higher costs associated they actually did occur. Only a very limited number of farmers with shifting government regulations in Rwanda and Burundi, reported experiencing a shock in the past year, and so the as well as increased investment in expansion in Kenya. Our small sample size may have complicated our ability to detect farmer repayment rate was 98 percent, slightly lower than a statistically meaningful result. More details about the RCT the previous year because of a mid-season operational and our investigation into farmer resiliency will be available interruption in Burundi. in the Insights Library section of our website. 8 2017 Annual Report FLORENCE MUGAYA, UGANDA

We’ve Changed How We Measure Impact This year, we have altered how we quantify and communicate farmers gained this year, and “asset impact,” which reflects the magnitude of our impact, to better take into account the the lifetime impact of the products that farmers adopt. To be long-term benefits of some of the products we offer, such as transparent, this method results in an increase to our dollar trees and solar lights. Previously, when these initiatives were impact per family. However, we have adjusted our 2016 estimates new, we were not particularly confident in our ability to forecast so that we have comparable year-on-year numbers to understand their multi-year impacts. Accordingly, we gave ourselves little trends. “impact credit” for a tree successfully planted or a solar light To estimate “annual impact,” we collect detailed data on purchased, for example. farming inputs including labor, plowing, fertilizer, and seeds, Now that we have more than five years of operating history and subtract these costs from physically measured and mone- with these products, we feel more confident in assuming their tized harvests. We compare One Acre Fund farmers’ profits to total lifetime value. We feel it is important to capture and similar neighbors who are subject to the same agroecological transparently report out this longer-term impact because we conditions, and we statistically control for other differences, believe that eradicating poverty is about both: (1) day-to-day such as education and wealth. In 2017, we conducted nearly income impact to alleviate the immediate harmful effects of 20,000 physical harvest measurements across six countries and poverty, such as hunger; and (2) long-term asset accumulation five different crops. To estimate “asset impact,” we do individual that presents more opportunity to rise out of poverty. studies on all products, discounting future benefits and account- Therefore, we are now presenting our impact figures in terms ing for depreciation. We then multiply the lifetime impact by of “annual impact,” which reflects the additional profit the adoption rate.

OneAcreFund.org 9 The POWER of INVESTMENT

ARMING IS AN EXERCISE IN HARD WORK AND INGENUITY. F Smallholders have to adapt to difficult conditions—resources are limited, weather is volatile, and necessary tools can be impossible to reach. Families make do with what’s available and stretch what little they have as far as it will go. One Acre Fund is working to support farmers so that their work can become profitable. Often, the impact of new income can be compounded by investment. When farmers have access to resources, they can put their ingenuity into action, building new businesses to support their communi- ties and accelerate progress toward prosperity.

10 2017 Annual Report MANGALENA’S DAUGHTER, CISSY BUUZA, UGANDA Meet

Cissy Buuza and Mangalena Nsaiga

he walls of Cissy Buuza’s pharmacy and medical clinic T in Iziru, Uganda, are lined with items to treat almost any ailment. There are menthol tablets for sore throats, vitamins, and children’s cough syrup. In a glass display case, she keeps menstruation products, pain medication, and treatments for the flu. Even more inventory is packed in boxes in the back, in a small room where she also sleeps. In a MANGALENA NSAIGA, UGANDA drawer, she keeps her stethoscope to examine patients, who at busy times line up in a row of chairs just inside the door. Cissy, who has a nursing degree and is just 26 years old, is the only female practitioner in Iziru. She’s proud of this accomplishment—women patients LIVES IN: Kisozi Village, Uganda like to visit her because she’s easy to talk to and discreet. Cissy is also proud of her mother, Mangalena Nsaiga, a smallholder farmer who helped her YEAR ENROLLED: 2015 achieve this once impossible dream. ACRES FARMED: ~3 Acres Cissy grew up in a nearby village, the oldest of Mangalena’s four children. Harvests were small, and the family often rationed food to one meal a day. Cissy managed to put herself through nursing school but had trouble find- ing work after she graduated. For a while, she was an assistant in another pharmacy, but business was bad and her employer didn’t pay her regularly. HOW MANGALENA HAS USED Then in 2015, Mangalena heard about One Acre Fund. She was skeptical at ADDITIONAL INCOME first, so she only purchased a small amount of seed and fertilizer. She followed the planting instructions exactly as taught during training sessions. Soon, to her surprise, her maize was growing healthier and stronger than ever before. The next two seasons, Mangalena bought more inputs so she could apply One Acre Fund practices on a larger portion of her farm. Her harvest kept Helped Daughter Bought More Food climbing, finally reaching 10 bags of maize on just a half-acre plot, the most Open Up a Goat for Family a Pharmacy she’d ever seen. For the first time, the family had enough to eat and income left over. Mangalena knew exactly how to spend it. She gave the money from her harvest to Cissy, who used it to open her pharmacy.

“It was difficult for me to open this shop because I didn’t have money, FUTURE ASPIRATIONS but my mother paid the rent,” says Cissy, who had dreamed of being a nurse since primary school. “Now people admire me because I’m a young woman Mangalena would like to and I have my own shop. I feel good. I’m unique.” own cattle some day.

“Everyone admires me here because I have my own shop. It isn’t common for a woman.” “ OneAcreFund.org— Cissy 11 Meet

Wycklyfe Mwanje

ycklyfe Mwanje’s posho mill sounds a lot like a W lawnmower—its loud, mechanical chugging rever- berates against the mud walls of the small shed where he keeps it. The machine, used for grinding maize, sputters a bit in the beginning, but it works surprisingly fast. The tiny kernels of grain poured into one side of the machine are soon streaming out as flour through a pipe on the other side. Many farmers from the area surrounding Wycklyfe’s village of Munzakula, in western Kenya, pay him for the use of his machine. It’s much easier than grinding grain by hand to make ugali, the traditional maize flour dish that’s a staple food in Kenya. His prices are also reasonable, and cheaper than most of his competitors. LIVES IN: Munzakula Village, Kenya Wycklyfe, 40, is an astute businessman, and the posho mill isn’t his only project. He also buys and sells livestock, and last year opened a butcher YEAR ENROLLED: 2012 shop in nearby Kakamega to take advantage of the town’s large population ACRES FARMED: 2 Acres of students, who are eager customers. To run all his businesses, Wycklyfe employs three full-time staff, in addition to a number of casual laborers who do various jobs around his farm, depending on the season. Not long ago, Wycklyfe’s life looked drastically different. His only source of income was from his farm, which is about two acres in size. The land was fertile, but he didn’t use good planting techniques or improved seeds and HOW WYCKLYFE HAS USED fertilizer. As a result, he usually harvested around eight bags of maize a year, ADDITIONAL INCOME enough to pay school fees for his five children but with little income left over. During the leanest times of year, the family would often run short of food and ration meals to get by until the next harvest. Then in2012, Wycklyfe heard about One Acre Fund. The organization Bought Built a Bought supplied him with hybrid seeds and fertilizer and taught him how to space Additional New House Pigs his crops and plant in rows. The increase in his harvest was astounding. Now, Land he regularly produces 50–60 bags of grain a year, more than enough to feed his family, pay school fees, and make improvements on his home. Wycklyfe soon began looking for ways to invest his income, and his ideas for creating new businesses started to develop. Bought Started a Bought “Everything here started from One Acre Fund,” Wycklyfe says of his Cattle Butchery a Milling growing prosperity. “With dedication and hard work, it is possible to be Business Machine very successful.”

“Because of One Acre Fund, we were able to eliminate hunger from our home.” — Wycklyfe 12“ 2017 Annual Report WYCKLYFE MWANJE, KENYA OneAcreFund.org 13 14 2017 Annual ReportReport ANDRIA MUKAMAZIMPAKA, RWANDA Meet

Andria Mukamazimpaka

ndria Mukamazimpaka spreads thousands of tiny A grains of sorghum in an even layer across a giant tarp, crawling on her hands and knees to reach the farthest corner. She spent the last three days soaking the grains in water until they sprouted and turned black, and now they’re drying in the heat of the Rwandan sun. There are three large tarps covered in sprouted sorghum lying on the hillside road in front of Andria’s house—luckily, not much traffic comes this way. By tomorrow, the grain will be dry enough to take to the market to be sold as malt. Malt-making is good business for Andria, who has several loyal custom- ers who buy the sprouted grains to make ikigage, a local type of beer, and LIVES IN: Mubuga Village, Rwanda ubushera, a traditional Rwandan drink that’s non-alcoholic. After buying sorghum from local suppliers and reselling it as malt, she usually makes YEAR ENROLLED: 2014 around 45,000 Rwandan francs (about $50) a week. ACRES FARMED: < 1 Acre In previous years, that sort of money would have been unheard of for 52-year-old Andria. She used to support the family growing beans and maize on a small farm, less than an acre in size, and by taking out loans to run her malt business, which cut into her profits. Then in 2014, Andria heard about One Acre Fund. After enrolling in the organization, she received HOW ANDRIA HAS USED high-quality seeds and used fertilizer for the first time. Her harvest more ADDITIONAL INCOME than quadrupled. Andria invested her new income into expanding her malt business. Now she’s buying and selling about three times more grain than before. She no longer has to take out loans to buy raw materials, which means she gets to keep more of her profits. Over time, the family has become more Buys Sorghum Installed Installed prosperous. They’ve installed electricity and running water in their house, to Make Malt Electricity Running Water and Andria was able to pay for driving lessons so that her 25-year-old son, Vedaste, could get his license. Vedaste started out driving a motorbike for another person’s taxi company, but now he has his own bike and a business of his own. “I will keep working hard for my family,” says Andria, who hopes her More Food Paid for Driving youngest son, who’s 9, will go to university. “I hope my children will have for Family Lessons for more than I had.” Her Son

“Now instead of going to the market to buy food, we are going there to sell.” — Andria “ OneAcreFund.org 15 CULTIVATING Career Passion

ROWING UP IN BURUNDI’S URBAN CAPITAL, AURÉLIEN G Sasagara developed an unexpected passion for farm- ing. Now, he’s putting his agricultural knowledge to use on One Acre Fund’s product innovations team, researching new ways for farmers to increase their harvests in the country’s rough and rugged terrain.

16 2017 Annual Report Aurélien Sasagara talks with smallholder Lazzare Hakizimana in his field to learn about how his trial plots are performing.

Aurélien Sasagara stands between two garden-sized plots of land they help us decide what products and trainings to offer farmers. on Lazzare Hakizimana’s farm in Burundi, quizzing the farmer We want to ensure that all our services have the highest impact about which side looks best. possible and that farmers will readily adopt our recommendations. On the right, Lazzare has planted using the local method, In Burundi, most One Acre Fund clients use the monoculture mixing several crops together with multiple seeds in every hole. method of planting different crops in separate fields. The results Several weeks later, it’s a tangle of greenery, with a few maize stalks of Aurélien’s trial may determine whether we provide more fighting through the dense carpet below. On the trainings on intercropping, which can benefit the left, Lazzare has planted more neatly—two rows soil and potentially increase crop yields. of beans alternating with a row of maize. It’s still Aurélien, who has a master’s degree in too early to know exactly how the harvest will It is inconceivable agro-environmental sciences, is an expert at run- turn out, but Aurélien expects the outcome to be ning trials like this. He also has a friendly, easy-go- how a“ country like significantly better for the plot on the left, because ing way about him, cracking jokes with Lazzare ours can have a the plants aren’t competing for nutrients, water, as he conducts his interview, so the farmer is at and sunlight. population living in ease and answers questions openly. Aurélien, a specialist on One Acre Fund’s a famine. So it was product innovations team, wants to determine if always my passion to AN UNEXPECTED PATH Lazzare would be likely to change his long-held work with farmers and It’s easy to see that Aurélien feels at home on the planting practices. Was it hard to plant this way? share my knowledge. farm, even though he grew up in Burundi’s capital he asks. Which one will better enable you to feed city, Bujumbura. When he was in school, few young your family? Nearby, there are two more test areas people from the city were interested in agriculture. with maize and beans growing in separate plots, But Aurélien developed a passion for farming and Aurélien asks how those are doing. In addition to gathering at a young age while visiting his aunts in the countryside near Lazzare’s opinions, Aurélien is trying to find out if monocultures Muramvya, where One Acre Fund has its Burundi headquarters. or intercropped fields will lead to larger production. Aurélien’s aunts were smallholders, and as a boy, he would spend “The objective is about the harvest,” Aurélien says. “We want vacations with them, tending to the fields by hand. He remembers to see which one will have higher yields." being amazed by how much food could grow from a single seed. Trials like Aurélien’s are important to One Acre Fund because After finishing high school, Aurélien decided to study

OneAcreFund.org 17 agriculture at university. This was something that his friends and exciting to show them that this isn’t theoretical. There are real, neighbors in the city found strange, and many encouraged him simple ways to achieve better harvests.” to pursue a different profession, such as economics or computer Aurélien decided to join One Acre Fund in 2016, after starting science. But Aurélien was strong in his resolve—he considered his career at another nonprofit, because it gave him the opportu- agriculture as a calling, and he knew it was the best way for him nity to work directly with farmers. He was also impressed with to make a difference. the organization’s impact. One Acre Fund clients in Burundi saw “People did not understand how someone in the capital could a 39 percent increase in income in 2017, relative to non-client have such a passion for agriculture,” Aurélien says, laughing at the comparison farmers. memory. “It was said to be purely a sector for peasants, or an area for people who have not studied. But I never thought that at all.” BENEFITING THE ENVIRONMENT Burundi is a country of farmers—the majority of the pop- Now, Aurélien is working on several innovations trials, in ulation lives in rural areas, and 90 percent of people depend on addition to researching intercropping and monocultures. One agriculture for their livelihood, according to the World Bank. exciting new project is evaluating how clients can prevent erosion. Burundi is also one of the top five poorest countries in the world, Burundi has a rugged landscape, and many farmers plant on steep with up to 58 percent of people chronically malnourished. Its hillsides at risk of landslides. Aurélien is conducting small-scale mountainous terrain and high population density make agriculture trials building progressive terraces. The trials involve shaping difficult, and farmers generally cultivate very small plots of land. the land into a series of stairsteps, slopes, and ditches, and then planting alternating strips of trees, grasses, and crops that absorb OPPORTUNITIES IN AGRICULTURE rainwater and slow its movement downhill. Burundi needs more educated people to take up professions in It’s still early in the process, but if the trial is successful, it agricultural development, Aurélien says. He draws inspiration could have a permanent, positive impact on both harvests and from the challenges his country faces—since so many people are climate change resiliency. Aurélien is excited to tackle this new employed in agriculture, working to improve the sector is the challenge, but whatever the outcome, he knows that he’s already best way to impact the entire economy. The country also has a making a difference. lot of good things going for it, with a tropical climate and two “I have been lucky that One Acre Fund gave me this rainy seasons that allow farmers to harvest crops twice per year. opportunity to work with farmers and improve their standard “It is inconceivable how a country like ours can have a of living,” he says. “If we keep intervening in this sector, farmers population living in a famine,” Aurélien says. “So it was always will eventually have better harvests, enough to eat, and surpluses my passion to work with farmers and share my knowledge. It is to sell on the market.”

Aurélien Sasagara greets Consolate Mudasigana during a visit to her farm in Bitare, Burundi.

18 2017 Annual Report Meet the Team

We are all here to serve smallholder farmers and help families not have to choose between buying food and sending their “children to school. SIEGLINDER MGHENYI >> Internal Consulting Team, Kenya

I love how the organization “Working with One Acre Fund has has an exciting and vibrant been a great experience. For the “culture and promotes a lot of months that I have been working creative thinking. here, I see my career growing every day. Trainings, reviews, and feed- SITHEMBILE MKANDAWIRE back on my skills are really helpful.” Field Operations, Malawi DORCAS TINGA Communications, Tanzania

“One Acre Fund I LOVE has mentored ONE ACRE me in so many “FUND BECAUSE ways. I joined as a farmer, IT SERVES but I have been FARMERS, able to rise to PEOPLE WHO the position that I’m in right ARE OFTEN now because NEGLECTED One Acre Fund “The opportunity to work on invested in IN BURUNDI. challenging projects that directly my career.” MELISSA impact the organization and serve GAPFASONI “ PHOEBE SIKETI farmers provides an extreme sense of Senior Field Director, Monitoring & accomplishment and joy. Kenya Evaluation, Burundi BRIAN WAMALA >> People Division, Uganda

OneAcreFund.org 19 POTENTIAL BURIED in the SOIL

WELCOME to the laboratory where One Acre Fund scientists are unlocking a wealth of knowledge hidden in farmers’ soils. t’s delivery day at One Acre Fund’s soil analytics laboratory in Kakamega, IKenya, and there’s a flurry of activity. A shipment of almost 3,000 soil samples has just arrived by bus from Rwanda, and the staff needs to process the order before another big batch arrives next week. There are nine or 10 lab assistants dressed in long blue coats, protective masks, hats, and rubber gloves working furiously in the yard and an adjacent outbuilding. The place has the look of a crime scene or the opening shots of a disaster movie. There is, in fact, a quar- Step 1 antine sign on the outside gate, but it’s meant to protect the soil samples from Dry the soil being contaminated by visitors, and not the other way around.

All of the soil samples from Rwanda have arrived healthy soils and find out more about how farm- in separate, sealed paper bags, each labeled with the ing can impact the land. We are in the process of name and location of the individual farm where conducting a longitudinal study to evaluate the it came from. The technicians at the laboratory effects of our operations on soil health. We’re will first dry the soil, crush it into a powder, and also running a number of trials on potentially Step 2 run it through a sieve to remove any foreign par- impactful soil-health products, and using lab- Crush into powder ticles. After that, a portion of each sample will be oratory results to guide us. One successful trial placed into a petri dish for analysis. Eventually, the product that we started offering at full scale to samples will be taken inside and run Kenyan farmers in 2017 is agri- through a mid-infrared spectrometer, cultural lime, a soil additive often an instrument that can determine the made from pulverized limestone exact makeup of the soil, down to a When farmers or chalk. Soils in many parts of single element. “ East Africa are severely degraded get the right With this data, we can evaluate and highly acidic, and lime is one Step 3 information Run through a sieve One Acre Fund’s impact on clients’ soil solution to help make farmland health. In the future, we also hope to and do the right more productive. tailor recommendations for individual things, they can We also offer a number of farmers, helping them determine the put enough food training programs to farmers on best seed varieties, fertilizer mixes, how to care for soils, including on the table. and agronomic practices for their sessions on composting, crop land. Ultimately, these high-precision rotation, and planting trees. recommendations should lead to additional increases Samwel Wanjala, who farms one and a half Step 4 Place in a petri dish in food production and incomes. acres of land with his wife Rosemary near “The science we’re doing here helps us know Sango village in Western Kenya, says these exactly what is in the soil,” says Chrispinus Shibachi, techniques have made his soil healthier and a supervisor who’s trained in analytical chemistry better able to hold water, even in dry periods and has been working at the laboratory since shortly such as the 2016 drought. Since enrolling, after it opened in late 2015. “When farmers get the Samwel’s harvest has more than doubled, and right information and do the right things, they can he’s cut fertilizer use in half, thanks to training put enough food on the table.” on how to apply fertilizer in smaller microdoses. Step 5 Healthy soil is one of the most crucial elements “Every year since we joined One Acre Run through a mid- infrared spectrometer to needed for agriculture, and sustainable farming is Fund, including this year, we have had determine soil make up impossible without it. The work at One Acre Fund’s enough food,” Samwel says. “There is no laboratory is part of a larger initiative to promote more hunger in our home.”

OneAcreFund.org 21 22 2017 Annual Report ROSE NIMBONA, BURUNDI Top Donors and Honorary Board

FELLOW FARMERS The Peery Fund Sean and Sandra Bogda Patricia Carlini ($500,000+) Sall Family Foundation Tommaso Breschi William Chen Anonymous (3) Small Foundation Rita Bustamante Matthew Craighead Bill & Melinda Gates Foundation Stichting af Jochnick Foundation Laura and Tyler Criste Susan and David Diamond Cartier Charitable Foundation Swedish PostCode Foundation Dave and Jodi Dent Family Fund of Jeffrey Dow Children’s Investment Fund Foundation Syngenta Foundation for The Minneapolis Foundation Ferrara Candy Company Dutch Ministry for Foreign Affairs, Sustainable Agriculture Steve DeHaan Ryan Fiftal Department for International Whole Planet Foundation, a Whole Deloitte Finnegan Family Foundation Cooperation Foods Market Foundation Janet and Craig Duchossois First Dollar Foundation Global Innovation Fund World We Want Foundation Steven Florsheim Kimberly and Leo Flynn IKEA Foundation Dmitry and Ida Gorenburg Jerry Folz and Stacie Boney Steve and Karla Jurvetson HONORARY Grace and Emilio Foundation Matthew Garman and Shanti Garman Knight Family Foundation ADVISORY BOARD Harvey Family Foundation Gail A Graham The Levy Family ($25,000–$99,999) Gordon and Christine Hilbun Melissa Hilton MasterCard Foundation Agricultural Transformation Agency Roxanne Hori and Robert Felsenthal Hoban Family Charitable Foundation The Nick and Leslie Hanauer Anonymous (3) John Wiley & Sons, Inc. R. David and Suzanne A. Hoover Foundation Aon Katherine and Keith Sachs Yi-An and Kristen Huang The Page Family Foundation The Berkshire Foundation Charitable Foundation Joseph Barnett Paul Charitable The Pershing Square Foundation Ken and Cheryl Branson Mr. Miles H. Lasater and Organization Inc. Ray and Tye Noorda Foundation Casten Family Foundation Dr. G. Elizabeth Lasater Kaufman Family Foundation Silicon Valley Community Foundation Keech Combe Shetty and Akshay Leading Eye Executive Forum (LEEF) James Klosty Skoll Foundation Shetty Martha Locke Allen and Rebecca Kutchins USAID Cubit Family Foundation Marquette Associates Kutchins, Robbins & Diamond, Ltd. The Valhalla Charitable Foundation Paul Goodrich and Shannon Sperry Steven and Maureen Meyer Charles and Susan Kwon Virgin Unite Morris Family Foundation Mary Mueller Matthew Lesniak Wal-Mart Foundation Northwestern University Ben and Kim Olds Longfield Family Charitable Foundation Stephen Wilson and Susan Wilson Rob and Brooke O’Dea The Perry Family Foundation Lord, Abbett & Co. LLC Ribbink Foundation Robert K. Underberg Memorial Amy Markham and Ben Markham PARTNERS Rock Paper Scissors Foundation Maureen and Mark Rossi Rebecca and E Davison Massey ($100,000–$499,000) Ryan Cooper Family Foundation Evan Schwartz McKinsey and Co., Inc. Achmea Foundation Satter Foundation Walter and Barbara Scott Christopher and Robin Miller Anonymous (4) Stichting AKBHHH Donell Tallackson Laura and Daniel More BlackRock Stronger by Science Texas Christian University David and Joanne Mullen Bohemian Foundation Stephen and Rebecca Waddell Jon and Beverly Warner Robert and Mimi Murley CF Industries The Wasily Family Foundation James Wesner and Steve Alessandro The ONE WORLD Fund The Combe Family Paul and Rosemary Wormley Frances Woodroffe Christopher Painter DAK Foundation The Zall Family Fund Zurich American Insurance Company Parametric Portfolio Associates David Weekley Family Foundation Dev and Suhani Patel Focusing Philanthropy LEADERSHIP CIRCLE MAJOR SUPPORTERS Massimiliano Poletto and Kara O’Keefe Fossil Foundation ($10,000–$24,999) ($5,000–$9,999) Linda Regel Foundation to Promote Open Society Nicholas and Marcie Alexos BDT & Company Alex and Polly Ryerson Four Acre Trust Hans Anderson ABS Investment Management Stephen and Terry Schwartz Horace W. Goldsmith Foundation Mike and Carol Anderson Mahmoud Al-Qudsi Robin and Jill Selati Jackson Kemper Foundation The Andersons Inc. Charitable Anne R. Dow Family Foundation Richard R. Storck Jasmine Charitable Trust Foundation Anonymous (2) Timothy and Susanne Sullivan Melih and Zeynep Keyman The Appletree Fund Arbor Rouge Foundation UBS Asset Management LDS Charities Archer Daniels Midland Company Mike Balkin Elizabeth Vadas and Paulos Strike Dr. Lisa Minsky-Primus and Tom and Analisa Barrett BDT& Company Lawson E. Whitesides, Jr. and Jane Dr. Yaron Minsky Susan Bernstein John W. Bloom Whitesides Montpelier Foundation Rick and Diane Betts Hal and Kimberly Burch James and Cheryl Wormley Mulago Foundation The Bill Nygren Foundation Peter Butrite Robert W. Zeuner Kristov Paulus Sally Blount Carrie Byles

OneAcreFund.org 23 Special Thanks Thank you to the following people who have graciously given their time to One Acre Fund.

NETHERLANDS BOARD Dev Patel Amy Hsiao Dean Sally Blount and Robert Amelung Elizabeth Vadas Kirsten Hull the Kellogg Community Cor Oudes James Wesner (Gala Chairman) Jason Maga Greg Casagrande Casten Family Femke Rotteveel Paul Wormley Josh Neiman Ceniarth Ben Olds Echoing Green UK BOARD CHICAGO GALA HOST Akshay Shetty (Co-chair) The ELMA Growth Foundation Sonny Bardhan COMMITTEE Jordan Shields Energising Development Suveer Kothari Carol Anderson Dave Tomback Cody and Deborah Engle Pooja Mall Bill Bennett Stephen Waddell Willy Foote Steve Wiggins The Combe Family Paul Wormley Sarah, Emily and Ben Forti Roxanne Hori Global Health Corps ADVISORY BOARD Barry Merkin PEOPLE ADVISORY Margaux Hall Chris Addy Walter Scott COUNCIL Mahri Holt J. Brian Atwood Kristin Brennan MCE Social Capital Bo Cutter NEXT TEN: KELLOGG Alison Lawrence Netri Foundation Martin Fisher STEERING COMMITTEE Monica Marcel I Do Foundation Nicole Gardner Chris Ashley Barry Marshall Pati, Oliver, Evan and Alden Kalm Bruce McNamer Bill Bennett Danit Schleman Kiva Matthew Paull Ben Bove Randall Stieghorst Melih and Zeynep Keyman Paul Polak Keech Combe Shetty (Co-chair) Vaishnavi Tekumalla Harry and Julie Kraemer Josh Copenhaver Carol and Larry Levy Family CHICAGO GALA Simi Dhillon SPECIAL The Life You Can Save PLANNING COMMITTEE Matt Forti (Co-chair) ACKNOWLEDGMENTS Mercy Corps Susan Diamond Taira Hall A to Z Foundation Carol Oken Overseas Private Investment Corporation (OPIC) IN MEMORIAM Rick Passov Wally Scott Joel Segre President Morty Shapiro and the Walter Scott, long-time adviser and friend of One Acre Fund, passed away on Feb. Northwestern Community 8, 2018, at the age of 86. Wally was a former banker, businessman, and professor Sidley Austin LLP at Northwestern University’s Kellogg School of Management. The members of Skoll Foundation our leadership team who were lucky enough to be his students benefited greatly Chuck Slaughter from his experience, and the wisdom he shared helped make our organization Roger Thurow what it is today. Vitol Foundation Wally was a generous spirit who supported One Acre Fund over many years—he Ryah Whalen was a member of our governing board and introduced us to countless people and Steve and Sue Wilson institutions that fueled our growth. He was also an anchor presence at our gala in Jeanne Wussler Chicago, helping plan the event every year. Joseph, Paul and Teresa Youn Although Wally technically retired from Kellogg a few years ago, he never slowed down. He contributed to many charitable causes, and remained a mentor to generations of former students. We’d like to extend our warmest sympathies to Wally’s family, and especially Barbara Scott, his wife of 56 years. Wally’s sense of humor, intelligence, and optimism will be greatly missed.

24 2017 Annual Report Investment Council Investment council members donated at least $240 in 2017.

A Better World Fund Jason Beyer Kathryn Cavallin Susan Custer Janet Abraham David Bialski Elizabeth Cawrey Michael Cuthbert Maria Acevedo and Larry Revelle Daniele Bianchi Jeffrey Chadwick Talal Daair Chris Adams Peter Bibler Chuan Chai Patrick Dacey Denny and Therese Addis John and Laura Bilson Antonios Chalkiopoulos Bradley Dahl Chris Addy Nancy Binder Nicholas Challen The Dailey Family Mary Ellen Addy Mary Rose Birch Theresa Chao Joe Danon Swati Agarwal Paul Birdsong Yvonne Chao Linda Darragh Deborah Agbottah Donald Blair Heather Chapman Brad Davids Kim Agostino Erin Blake Shandee Chapman Anne Davidson Jose Aguayo Tyler Blake Stephen Chapman Eric Davidson Michael Albert Dave Blanchard Mitchell Charap Michael and Ellen Davin Perry Alexander Jonathan Bliss Lee and Duncan Charlton Andrew Davis Tessa Alexanian Keith Bloomfield Piyush and Geeta Chaudhari Lexi Davis Lucy Almers and Sean Rhea Alfred and Jason Boeckli James and Thresia Chemp Stephanie Davis AmazonSmile Foundation Thelma Boeder Haipeng Chen Sara Davison Cameron Amstater Patricia Bogovich Sam Childs John De Planque Caitlin and Colin Anderson Katie and Brian Boland Elizabeth Choe Jeaneen M. Dean Judith Anderson Marie Bolchazy Brent Christensen Megan Deem Mark Anderson Brent Bolton Jennifer Christensen Roberta Deihl Paul and Karen Anderson Marisa Bolton Christopher B. Galvin Family Foundation Barbara Deines Marine Andraud Jessica Bonjorni Frances Chronister Steven DeLalio Seth Andrews Vivian Bookouut Beverley Chua Matthew Demchyk Dan Aneiros Wes Bordeaux Fann Chua Korcan Demirok Kevin Angelini Neal and Marcia Bosshardt Benjamin J. Chuba Lawrence Detmer Susan Anthony Alan Bouknight Andrew Chung Joel Diamond Robert Appleby Lucas Boulding Ed Chung Peter Diao Justin Arch Brian Bourgeois Jaeil Chung Rhonda Dickinson Danilo Bize Arias Matthew Bowring Leonard Chung Joe Dickman James Armstrong and Linda Fischer Jared Boyce Matt Churchill Randolph Diemar Arthur and Elaine Aron Christopher D. Boyer Aine Cleary Coral Dirks Jose Pablo Arrieta Navarro Gene Boys Josh Cleveland DiSabatino Family Foundation Arzbaecher Foundation Michael Bozicas Nancy Cliff Barry Dittus Chris Ashley Adrienne Brady Trevor Clinkenbeard Patricia Doege Nancy Atherton Dan Braga Kimberly Coday Lawrence Domael Brian Atkinson James Brainard Eric Cody Eoin Donaghy Andrei Badoiu Wolfgang Braun Luke Coffey Joe Donegan James Bailey Jason and Kathryn Bregman Gerald Cohen David Dranove Lynda Bangham Bob Bridges Deborah and David Cole Brandon Drew Lauren Barbieri Scott Bridgman Michelle Cole Stephen Drew Nicole Barrett Diane Brown Sonja Cole Paula M. Driessen and Derek Beaty Noah Brown Nathan Coleman James P. Driessen Andrew and Jennifer Beckmann Buffett Institute for Global Studies Jay Colingham Cheryl Dunn Jim Beckwith Norma Buida James Colten Craig Dunn Kenneth Behar Joyce Buonfiglio Jason Conley Blake Durtsche Marcel Belhomme Brett Burgess David Cook Robin Duska Lily Bell Burgoyne Roberts Family Fund Jennifer Cook Jeremy Dwyer Ximena Bellido Hoekfen Margaret Busse Jesse Cool Ellen Dykstra Karen Beltz Charles Buzzard Corbin Capital Partners Tom Eddins Erik Bengtsson Carole Cahill Kristal Correa Nicholas Edelman William Bennett Donna Callaghan Michael Cotogno David Edens Brandon A Benson Anthony Calvelage Pride Coyle Mark Edwards Judi Benson Greg Campbell Terrence Coyne Sandy and Mark Ehlert Greg Benz Patrick Campbell Susan Crabtree Duane and Subarna Eisaman John Berg Jodi Caro Renée Craig Roni Elchahal David and Nicole Berger Michael and Carol Carr Ken Crea Taylor Ellison Robert Bergstrom Christine Carter Autumn Creagh Jeremy Elsener Louisa Berky Cynthia Carter Kathleen Creech End World Hunger 2030 Cliff Berman Joan and Wes Carter Patricia Crisafulli Damien Engelhardt Lucy Berman Natividad and Anthony Carter Robert Crooks Entrust Capital Management LP Bermil Foundation Barbara Case Barbara and Alan Cuneo-Kesselhaut Shifra Erez Pablo and Tiffany Bernal Gillian Casten John Curley Clair Esch

OneAcreFund.org 25 Investment Council

Dorothy Espy Mark Glukhovsky Axel Hoogland Anne and Steve Knight Nicholas Etzel Sarah Goddin Daniel J. Hosler and Shilpa B. Hosler Knight Charitable Account Joan and David Evans Adam Goldberg Matthew Hosler Craig Koester John Evans Norman and Norma Goldberger Beth Howard Uri Kogan Carol Everetts Susan Goldman Kara Howard Claudia Kolton Faith Presbyterian Church Godelieve Gomperts Lilian Hsu Ken Koonce Craig Samuel Falls and Jose Gonzalez Katherine Huang Robert Korajczyk Allison Cromwell Marcia Goodstein Hudnut Family Fund of the John Kraemer Michael Fang Josh Goralski Community Foundation Hadar Kramer Tim and Ellie Feddersen Grant Gordon Ken Hudson Deborah Kraus Ellen Feldman Andrew and Ann Gore Kirsten and Kevin Hull Simon Krauss Matt Feldman Lee Gorman Nancy and Ed Hull Paul Kreiner Hannah Feldmann Samuel Gorman Myoung Hwan and Hye Sook Kim Wendy Kritt Jean Ferner Tyler and Tamara Graham Carol Hyde and Sanjay Correa William Kroemer Tom Fielder Sid and Jackie Greenbaum Daniel Hylden Venetia Kudrle April Figueroa Marianna Grenadier Rachel Ilan Donna S Kuehn Lauren Filogamo Kim Grill Income Research & Management Kevin Kuppens Anne Finestone Grosvenor Capital Management, L.P. Peggy Ingram Kevin Kuruc Justin Fister Samuel Grote William Ingram Adi Kuruganti Stephen Fitzell Andrew and Sara Guertler Brian and Shannon Irwin Hannah Lakin Robert Flatow Joanna Guhl J M Lazarus Foundation Ashish and Serena Lal Hamadicku Fluffy Susan Guiraudet Greta Jacobsen Adil Lalani Andrew Fogg Simin Gul Matt James Benjamin Lambert Caitlin Folchman-Wagner William Haas Larry Janousek Brian Landers Andrea Folds Taira Hall and Omer Atesmen Czarek Jarzabek and Gosia Nancy Lane and Michael Postula William Fong John Halluska Bobrowska-Jarzabek Charles Lang Jim Forbes Joshua Hamilton Lucille Jenner Robert Langewisch Robert Forgette Karen Hammill Michael Jensen Kathleen Lau-Peverini Eric and Robin Forti Brian Hammons Alexander Jodidio Gregory S. Lauer and Mai-Tram D. Lauer Matt and Sarah Forti Matthew Hamory Rachel Johansson Paul Lauer Stephanie Forti Yaju Han Karen Johnsen Amy Lawrence The Frank Pernell Foundation Christopher Hans Andrea Johnson Ashley Lawrence Erica Frantz Brian Hanson Susan and Huey Johnson Janine Learmont Camille Freeman John Hardie Benjamin Jones Angela Lee Joseph Friedman Thomas and Karen Harper Maitland Jones Gregory Lee William Friedman Christina Harris Patsy J. Jones Huey Lee James Friesen Grayce Hartman Sameer Kale Raphael Lee Froelich Family Foundation Alison Hatch Richard Kalich Raymond and Dottie Lee Kipp Frohlich Christopher Haverly Keith Karcher Rhys Lehmann Bert Frost Peter and Kathy Hawkins Megan Kashner Margaret Leinbach Joanna Fuller Vivienne Hay Anne Marie Kearns Joe and Karen Leonard Fuller Family Foundation Maurice R. Hearne Elizabeth and Dennis Keenan Jaron Leung Maria Clara Galindo Gail Heckemeyer Kellogg School of Management, Bruce Levine Jessica Gamburg Brian and Amy Heese Northwestern University Kendra Levine Kelly Gamlin David Heider Martin Kelly and Martha Kearsley Kathy Lewis Ryan Gamperl Elizabeth Heimerl Eric Kenley Batya Lewton Ann-Marie Gardner Susan Held James Kercheville Hui Li Rupeshwari Gardner William Helwig John Kershner Michelle Li Ross Garlick Pamela Hericks Carla Kessler Tiffany Liao Lynn Garrett Therese and Joe Hernandez Megan Ketchum Laurence Liddell Dona Gartrell Andrew Herr Sarah Ketchum Margarete Liebstaedter Sandra Garvin Kerry Hess Marie Kieronski Trevor Lillywhite Colleen Garza Matthew Hess Hillary Kieser Helen Lindberg Deborah Geeseman Daniel Himmelberger Adam Kim Ellen Lindgren Paul Gempler Thomas and Linda Hines Alexander Kim Ellen Lipsmeyer Jordan Genut Richard C. Hirsch Miroo Kim Matthew Littell Kelly Gettig Sue and Peter Hitler Namsik Kim Solomon Liu Nick Geyman Jean-Michel Hivon Robert Kim Rica Lorenzo Jeremy Gilbert Jannie Ho Thomas Kim Ruthmary Lovitt Nancy Gilbert Ronald Hoch Maria and Colton King Nathan Lucht and Mistie Lucht Jarryd Gillen Scott J. Hodor Gordon Kinne Andrew Ludke Giving Game Fund Karl Hofmann Lewis Kinship Candace Lugo Michael Glenn James Hogan Kirk and Kate Kramer Charitable Fund Zachary Lulloff Alex Gleser Carol Hollenshead Donald Kitson James Lund Amy Glick Jack Holliday Lawrence and Karen Klee Caroline Lundberg Global Resort Homes Barrett Holmgren Christie Klimas James Lundberg Gerhard Glomm Deborah Holtz Kline Family Foundation Ansari Ma

26 2017 Annual Report Investment Council

JANE KOLZAALA, UGANDA

Matthew Maas Heather A McQueen William Moss Brian O’Malley Anne Marie Macari Robert McQuinn Corrie Mueller Steve Ober Lisa MacDougall Metop Md Jessie Mueller James Obloy Devin Mackie Jennifer Mehlman Nathan Mull Jay Oh Gregory Macri Bobbi Meier Matthew Murphy Linda Ohlinger Laurent Magnier Marty Melchi Peter Murphy Carol and Stuart Oken Charles Mahoney Barbara Melendez Jack and Nancy Murrin Michael Olabisi Chris Malcolm Trevor Mendez Mystic River Watershed Association Jon Oleson Abha Malpani Gail and Ronald Meneley National Association for Andrew Oleszczuk Jon Mangschou Julia Menez Temple Administration Wendy and Patrick O’Meara Jared Mansfield Kristi Merritt Julia Navarre Martha Itulya Omollo David Marble Robert B. Mersky and Mary S. Mersky Jesus Nebot Tarek Omran Ned Marcus Drew Meyer Nedrow Fund Rebecca Onie Milder Christopher Marinelli Leslie Meyer Joshua Neiman Peter and Susi Orbanowski Angela Marshall Robert Meyer II Joanne Nelson George and Mary Otto Alexander Martin Raj Midha John Nelson Jeannie and Justin Pae Kathy Martin Tomas Mikuckis Keith Nelson Kara Palamountain Kitty Martin Andrew Miller Douglas Newlin William B. and Paula Palamountain Benjamin Mathes Jill Miller Lisa Newlin Anton Palmqvist Chester and Kathryn Matthews Michael Miller Naomi Newman Ralph Pamperin Suzan Mazor Peter Miller Sam Newman Michael Pankratz Mike Mazzeo Viola Miller Catherine Chambers Nicholas Maria Pape Mark and Kathryn McCarville Serena Minikes Alanna Nielsen Yongsup Park David McCune Nicholas Minot Claus Nielsen Tom Patrick John and Judith McDaniel Courtney Mirera Kai-Lung Nien Tom Pattle RJ McDaniel Paul Misniak Hilary Nindorf Stephen Pawelski Hugh McDermott Peter Mitchell Alexander Nitsch Matt Pawlak Kieran McGrath Yuko Mizuma Jesse Noar Jeffrey Peart Susan McGrath Jonathan Mokrauer Thomas Norrie Bob and Kristin Peckman Scott McKinney Scott Montgomery Victoria Novoselski Luke Peng Trent McKnight Stephanie Montgomery Nicholas S. Noyes Juan Perilla Shawn and Susan McMahon Kevin Moran Gregory Nuckols Rayven Perkins Clayton McNeel Edmund Morgan Ann Nunn Mitchell Petersen Joan McNutt Patrick Moroz Hugh O’Connor Kathryn Peterson Andrew McOlash Catherine Morris Brad O’Dell Kelly Pfeifer

OneAcreFund.org 27 Investment Council

Patti Phears Caroline Salisbury Ameet Soni C. Lynn VanderBerg John Phillips Marcos Salles Tamim Sookoor Zubin Vandrevala Sean Pinegar Phillip and Christiane Salvador Angela Sosdian Jeannine Vender Jorge David Piza Nancy Sammon Christopher Soto Thomas Viele John Platt Kurt Sanftleben Michael Spence Gustavo Vitti Geoffrey Platta Daniel Sarfati Michael Spicer Rick Waddell Wendy Pohlmann Christopher Sauls John Sprankling Deborah S. and James A. Wafer The Point House Fund Marcin Sawicki Sally Spritz Melinda Wagner Carlo Polacco Haakon Saxberg Linda Stabler-Talty Heidi Wailand Corey Portell Thomas Schill Daniel Stafford John Wait Andrew Posner Cecelia Schmieder Rebekah Stathakis Jeff Wallace Graham Poulter Katie Schmiedicke James Steele Dan Walsh Vijay Prabhakaran Julian Schnitzlein Ron Stenger Lynn Walters Gabriel Presler Louise Schoggen John and Margot Stephens Emily Wang Kevin Tyler Price and Maria C. Price Vivian Schouten Eric Sternbach John L. and Gail Ward Daniel Prima Todd Schrade Daniel Sternberg Tammy Warloe Gareth Protheroe Clara Schüler Mike and Florence Stickney Ben Weaver Julia Pruitt Diane Schultz Emily and Ryan Stoner Julien Weber Joshua Pucci Kelly Schultz David and Janis Studer Mark Weber Leonard Pysh Rachel Schultz Stull Family Foundation Megan Webster Terry Quinalty Scott Schweinfurth Jolene Su Webster University Bill Quinn and Kimi Quinn David Schwickerath Luke and Katie Sullivan Leonard Wee James E. and Maureen J. Quinn Gordon and Anne Scott Lisa Summers Michael and Galen C. Weiser Melvin Raff Owen Scott Ann-Kristin Sundell and Amanda Weitman Bradley Rager Erin Scronce Eric T. Christensen Ryan Welby John Ragsdale Marta Sedillo Duminda Suraweera Pamela Wellumson Paula Rahman C Wade Sellers Cory Surdam Paul Welvang and Susan Kantor Marty Rahn Niranjan Selvarajah Babu Suryadevara Dylan Westfall Alastair Raich Stephen Senna Michael Swaintek Douglas White Bryan Ransom Heweon Seo Shankar Swamy Jediah White Geralynn Ransom Evangeline Severyn Syngenta Seeds B.V. B.S. Bakker-v Zanen Johnny Wiedower Tim Rayl Mary K Sexton Lisa Szuter Bruce Wilkens Michelle Read Rajiv Shah Heather and Paul Tammelleo Amelia Williams Matthew Rehmann Roshan Shankar Adam Tan John Williams Reuben Reich Michael Shapiro Eric Tarnowski Gabriel Wilmoth and Catherine Walsh James Reichert Dennis and Virginia Shaughnessy Jessica Taul Janet Wilson Megan Rentas Terrence and Noreen Shaughnessy Daniel Temple Winchester United Methodist Church Jess Rhodes Hambleton Shepperd Allen Thach Steve Windfeldt Diane Richard Hugh Shields Mike and Lois Thom Deborah and Jeffrey Winton Joe Riehle Jordan Shields and Sarah Donovan Galen C. Thomas Joel B. Wittenberg and Mary Ann Ek Alicja Ritz Clinton and Candace Shock Paul Thomas John Wolak Robert and Joyce Oberkotter Scott Short Brian Thome Wonderful Giving Family Foundation John Shreves Ann and James Thompson Thomas Wong Peter Robinson Kathleen Sides Sarah Thompson Jean Wright Pilot Robert Rodriguez Judy and Barry Siegal Kathryn and John Thorndike Melissa Wright Ron and Linda McGimpsey Foundation Carlos Silveira Catherine Tinker Simon Wright Andrew Rose Ben Simon Albert Tiong Peter Yadlowsky Mary Sue Rose Karen Simpson Austin Titus Seda Yakamercan Matthew Rosecan Catherine Singer Marina and Michael Todd Yoshi Yamada Frederick Roses Arunesh Sinha Mary Tomasko Jane Yang Brent Rossen Rish Sinha David Tomback Steve Yang Michael Rosskamm Ron Skantz Kristen Tonga Choong-Sihn and Heekyung Youn William Rothmann Kathleen Skelton Alissa Torchia Lex Zaharoff and Karen Krupnik Douglas and Katie Rouse Patrick Skipworth Hirotaka Torii Bowen Zhang Rouse Family Foundation George Slaton Jess Torre Dustin Zieg Chris Rozman Brooke Smith Louise A. Town David Zielinski Jack Ru Carl and Jane Smith Elizabeth Tozer Nathaniel Zimmer Edward and Sharon Rubin Dan Smith Isaac Truelson Bonnie Zimmerman Linda Ruff Daniel Smith Patty Tushie-Lessard Steven Zoellick Robert Ruijssenaars Isaac Smith Joshua Twilley Alex Zweber James and Janet Runkle Justin Smith Kathryn Urbonya Matthew Runkle Sandi Smith Peter Vachon David Ruppert Tim Smith Renee Valois Robert Ryan Abby Cohen Smutny Kendra Van Boxtel Anna Beth Rynders Amanda Solomon Vien Van Seth Saeugling Bill and Marney Solomon Koen van Besien Linda Safir Ram Soma Chad Vance

28 2017 Annual Report After enrolling, because of the trainings I “received, I began to open my mind. I began to understand that I could keep my maize until later in the year and make more money for it then. It’s been with this expanded way of thinking that I decided to start investing my money in projects that return money and in buying and reselling maize.

— FARMER PHELESIA NYARANGA, KENYA

OneAcreFund.org 29 Farmers First 30 2017 Annual Report