2014 ANNUAL REPORT TABLE of CONTENTS

ANNUAL REPORT

2014 CLOCKWISE, FROM TOP LEFT: Alain Bangirinama and Dalia Ndinduruvugo, Burundi; Jenrose Wanjala, Kenya; Frodouard Dusabimana and his wife, Rwanda; Farida Balama, Tanzania

Since I started working with One Acre Fund, my life has changed. “My family now has porridge every morning with sugar. I also have extended my house from seven to ten meters and opened a bank account where I save my money.” — FRODOUARD DUSABIMANA, RWANDA BOTTOM RIGHT PHOTO BY: FRANCOISE UMARISHAVU FRANCOISE BY: RIGHT PHOTO BOTTOM PURPOSE We supply smallholder farmers with the financing and training they need to grow their way out of hunger and poverty. Instead of giving handouts, we invest in farmers to generate a permanent gain in farm income. We provide a complete service bundle of seeds and fertilizer, financing, training, and market facilitation— and we deliver these services within walking distance of the 200,000 rural farmers we serve. We measure success in our ability to make farmers more prosperous, and we always put Farmers First.

VALUES

HUMBLE SERVICE HARD WORK CONTINUAL GROWTH We meet farmers in their fields, We work hard every day. We We improve every season. We work and we get our shoes muddy. execute with world-class profes- with determination to meet our Farmers are our customers, and sionalism and business excellence. goals, and then stretch ourselves we serve them with humility. Farmers deserve nothing less. by raising the bar even higher.

FAMILY OF LEADERS DREAMING BIG INTEGRITY We bring together the best leaders We envision serving millions of We do what we say, and our and build long-term careers. We farm families. We build for scale words match our values. care for team members like family. with every idea and solution.

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RWANDA

4 Opening Letter 10 Scale 19 Management Discussion

5 Program Model 12 200,000 Clients 22 Innovations

6 Year in Review 14 New Country Expansion 24 Feature Farmer Story

8 By the Numbers 15 Impact 29 Leadership & Acknowledgments 9 Core Program 18 Sustainability

FRONT COVER: Monica Ngaga, Tanzania

ONEACREFUND.ORG / 3 OPENING LETTER

GREETINGS FROM ONE ACRE FUND! We are excited to share with you our 2014 Annual Report, which details last year’s progress, shares our future strategies and priorities, and most importantly, shares stories of some of the hard-working smallholder farmers who inspire us every day. 2014 was, in many ways, a milestone year for One Acre Fund. In our core program, we served our 200,000th farm family, and 1 millionth person within our client families. For the first time, we achieved 100% repayment in two full countries, including Kenya, our largest country operation. We also reached 500,000 farm families in our government partnerships unit, which began two years ago as an effort to implement large-scale agriculture programs with African governments. And we launched One Acre Fund Insights, a living library of white papers that share our learnings on topics including agriculture innovation, social enterprise, and 2014 GOVERNING farm finance (there is even a section on what we have learned from our failures). BOARD MEMBERS Though 2014 was an exciting year at One Acre Fund, we are humbled when we think about the scale of the problem we are tackling. There are 50 million hungry Joel Ackerman farm families in Africa alone that we believe could benefit from our work. We CEO remain laser-focused on our goal of reaching 1 million smallholder farm families Champions Oncology by 2020. But we recognize we need to think bigger given the magnitude of the Matthew Forti problem we face. We are now investing in other pathways to scale, such as gov- Managing Director ernment partnerships and field building, to benefit the millions of farmers we do One Acre Fund USA not directly reach. Inside this report you will find the story of Consolata Sirengo, a Kenyan farmer Karl Hofmann who is the primary provider for her family of eight. Since joining One Acre Fund President and CEO in 2010, Consolata and her family have thrived. “My family looks healthy now, Population Services International and I always joke to my children that they are growing fat with One Acre Fund!” she says. Tony Kalm This report is a celebration of Consolata’s success, but it is also a reminder Deputy Head that there are tens of millions of farmers who deserve the opportunity to start CGIAR on the path to prosperity. From our newest field officer in rural Tanzania to our Fred Ogana longest-standing board members and donors all over the world, we are united in Managing Partner our purpose to make smallholder farmers more prosperous. We will keep dreaming East Africa Market big, and we encourage you to dream big with us! Development Associates Ltd. Farmers First, Rebecca Onie Co-founder and CEO Health Leads

Andrew Youn Andrew Youn Matthew Forti Executive Director Executive Director, One Acre Fund Managing Director, One Acre Fund USA One Acre Fund

4 / 2014 ANNUAL REPORT PROGRAM MODEL

BY LISTENING TO OUR BOSS—the smallholder farmer—we have developed a complete solution that enables her to significantly increase farm income and grow her own way out of hunger and poverty. We offer each farmer we serve a complete service bundle, delivered to the rural village where she lives.

FERTILIZER

SEED

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

All of these services must be provided together. Without financing, seed and fertilizer are unaffordable. Without training and market facilitation, farmers do not maximize yields or farm profits. And without delivery, these services may as well be on the moon.

FINANCING BLANTINA KIBURUNGWA, TANZANIA DISTRIBUTION MATHEW MULAKO, KENYA

TRAINING CAROLINE ATIENO, KENYA MARKET FACILITATION VERONICA KIKULA, TANZANIA ONEACREFUND.ORG / 5 I N year review 2014

DAVID SIMIYU & ZIPPORAH NAFULA, KENYA MARCH JUNE One Acre Fund Delivers 72,910 Solar Lights One Acre Fund Burundi Achieves for 2014 Season 100% Client Repayment

2014

MAY JULY

“The model is simple, but the impact is huge.” — Fast Company

APRIL Fast Company Top 10 Most Innovative Companies in Africa

One Acre Fund Farmer Marie Mukarukaka Featured EVANS JUMA, KENYA in National Geographic Kenyan Farmers Successfully Plant 2 Million Trees

6 / 2014 ANNUAL REPORT OWINO KELVIN BY: TREE PHOTO SEPTEMBER Whole Planet Foundation Becomes Our First Funder to Support All Four Country Operations

BERNARD NGIRIMANA, RWANDA SEPTEMBER One Acre Fund Rwanda Delivers 35,480 Banana Plantlets

NOVEMBER One Acre Fund Enrolls 200,000 Clients

2015

SEPTEMBER

DECEMBER

BURUNDI

OCTOBER Burundi Agriculture Ministry Awards One Acre Fund Farmer for Farming Excellence

One Acre Fund Kenya Launched One Acre Fund Insights, Achieves 100% Client New Online Resource Library Repayment

BANANA PLANTLET PHOTO BY: EVARISTE BAGAMBIKI EVARISTE BY: PLANTLET PHOTO BANANA ONEACREFUND.ORG / 7 H E BY T NUMBERS

SCALE

FARM FAMILIES SERVED FULL TIME STAFF ACRES CULTIVATED

2,343 203,600 123,482 121,009 1,900 91,084 135,000 130,400 1,300 63,056 78,100 700

2011 2012 2013 2014 2011 2012 2013 2014 2011 2012 2013 2014

IMPACT SUSTAINABILITY

$ GAIN IN FARM INCOME 1 FARMER REPAYMENT & FIELD SUSTAINABILITY

99% 100%

$155

$135 90% $128 $121

80% 74%

70%

60%

50% 2011 2012 2013 2014 2011 2012 2013 2014

Farmer Repayment Field Sustainability

1 Includes "add-on" products from 2012 onwards.

8 / 2014 ANNUAL REPORT ESINA MIKISI, KENYA improve theservices we deliver to clients. evolve our core program over time and continuously works andwhat doesnot.This evidence allows usto our successes andfailures inorder to learnwhat core program. We carefully measure and evaluate sustainable. We strive to accomplish thisthrough our for smallholder farmers in a way that is scalable and AT ONE ACRE FUND, OUR GOAL Core Program is to

ONEACREFUND.ORG / generate impact

CORE PROGRAM CORE PROGRAM CORE

INPUT DELIVERY IN RWANDA

SCALE

IN 2013, ONE ACRE FUND REACHED 130,400 FARM FAMILIES. FARM FAMILIES SERVED Our goal for 2014 was to reach 202,600 farmers. By the end of the year, we surpassed this goal, reaching 203,600 farmers. 2014 was a year of unprecedented growth in the number of farm families we served. Since launching operations in Tanzania in 2013, we have built 2013 2014 a reputation among the farmers in the areas where we work. As 130,400 203,600 a result, we were able to enroll more than twice as many clients as our first year. We expect to see strong growth in Tanzania as our reputation continues to grow. Burundi also saw immense growth; we expanded operations into a new district and added new farmers in our existing district. New marketing strategies KENYA RWANDA BURUNDI TANZANIA PILOTS1 and increased enrollment efforts also helped us reach our highest '13: 60,500 '13: 54,000 '13: 9,600 '13: 4,300 '13: 2,000 '14: 80,400 '14: 86,650 '14: 27,400 '14: 9,150 enrollment numbers to date for Rwanda. In Kenya, where two seasons ago a devastating maize disease 32.89%h 60.46%h 185.41%h 112.79%h caused near-total crop loss in certain districts, our core program 1 Due to the highly variable nature of pilot programs, we have excluded the number grew by 32 percent in 2014. To mitigate risk from the disease in of farmers served by pilot programs in 2014 figures and beyond.

10 / 2014 ANNUAL REPORT CORE PROGRAM CORE

FIELD OFFICER AYUB SHANGO ENROLLS FARMERS ON A TABLET AS PART OF A SCALE INNOVATIONS TRIAL.

Scale Innovations 2013 and 2014, One Acre Fund offered a MEET ONE ACRE FUND’S NEWEST TEAM diverse package of crops, including millet, sorghum, and other non-maize varieties to One Acre Fund is an organization that believes in experimenting. This means Kenyan farmers. our model is continuously being refined and improved. One of the areas we are Maize is a very popular crop in Kenya, constantly seeking to improve is scale. We regularly ask ourselves: how can we and offering alternative crops led to a dip serve even more farmers? in farmer enrollment in 2013. However, To answer this question, One Acre Fund launched scale innovations teams millet and sorghum harvests in 2013 were in Kenya, Rwanda, and Tanzania that have now been operating for one year. The strong, and farmers are increasingly aware teams explore ways to increase client density in the districts where we work and of the benefits of crop diversification. Our ways to increase the number of farmers that each of our field officers serves strong 2014 enrollment numbers suggest (without compromising the quality of those services). The projects they work on are wide-ranging, but they usually include four stages: that this decision protected farmers and Understand the challenges. Our scale innovations teams run research proj- ensured scalability in the long run. ects to better understand what is holding back growth. They build organizational Looking ahead to 2015, we anticipate knowledge by analyzing quantitative data, surveying senior field staff, and incor- growing by 50 percent, reaching approxi- porating human-centered design tenets into field operations. Our staff members mately 305,000 farm families in our core live in the rural areas where our clients reside and this provides frequent oppor- program. Most of this growth will come tunities to listen to farmers and directly observe their challenges. from our Kenya and Rwanda operations, Design program innovations. Once we understand the challenges, we turn where we will both “grow in” (increase our focus to designing ways to overcome them. The scale innovations team might the number of farmers served in districts propose changes to our repayment model, new approaches to marketing, or even where we currently work) and “grow out” advocate for the adoption of new technology. These ideas often combine the experience and creativity of our team with industry best practices and findings (serve farmers in new districts). We are from behavioral economics research. also exploring additional opportunities Trial the innovation. We test the best of our ideas in carefully controlled to scale through new country pilots and trials. These trials usually involve the participation of five to ten field staff and through government partnerships in the 500 to 2,000 farmers. By checking the results of these trials against comparable countries where we operate. With an es- One Acre Fund sites, we can assess how effective an idea is. timated 50 million African farm families Scale up. When an innovation is successful, we put it to the test in a trial with that could immediately benefit from our 10,000 farmers. If that trial is successful, we will eventually implement it across program, we are laser-focused on scaling our entire program. This process involves collaboration with our field teams to our life-improving model to one million share findings, as well as collaboration with our tech and finance teams to build farm families by 2020. the internal infrastructure necessary to support scaling.

ONEACREFUND.ORG / 11 200,000 CLIENT MILESTONE!

In 2014, One Acre Fund crossed the threshold of serving more than 200,000 clients, jumping from 130,400 farmers in 2013 to 203,600 by the end of 2014. In honor of reaching this milestone, we wanted to introduce two farmers. The first is one of our newest farmers from our youngest country of operation: Calvin Chalale from Kilolo, Tanzania. The other is one of our original Kenyan farmers from our 2006 launch: Robai Wanyonyi from Bungoma, Kenya.

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CALVIN CHALALE ROBAI WANYONYI

ABOUT CALVIN: Calvin start- ABOUT ROBAI: In 2006, Robai ed farming his own land after was one of 38 farmers who AGE AGE he finished secondary school enrolled with One Acre Fund 22 three years ago. His mother, 32 during its first season of offi- who can no longer work be- cial operation. Robai and her COUNTRY cause of health complications, COUNTRY husband have five children and Tanzania could not afford to send him to Kenya have also cared for her broth- university. He began farming er’s son for the last nine years. TIME WITH in order to provide for himself TIME WITH When Robai joined One ONE ACRE FUND ONE ACRE FUND and his siblings. Acre Fund, she and her hus- 9 months In Calvin’s first year out of 9 years band relied solely on their school, he apprenticed under a land to provide for their fam- teacher who ran a small video ily. Robai recalls attending a rental shop. With the money Calvin made apprenticing, he meeting back in 2006, where a young man named Andrew paid rent for a small stall at the village market and bought Youn told her she could buy maize seed from him without some DVDs to start selling and renting on his own. paying in cash. She says she signed on immediately, and has not regretted it since. WHY DID YOU DECIDE TO ENROLL WITH ONE ACRE FUND? I was impressed by what I heard about One Acre Fund. WHAT IS THE BIGGEST CHANGE YOU HAVE SEEN SINCE Compared to other organizations, it has very easy conditions YOU JOINED ONE ACRE FUND? I have seen so many changes for loan repayment. Before One Acre Fund, I needed to since I joined One Acre Fund. Every year, there are new have cash on hand before I could buy my planting supplies. crops, new techniques, and new methods. Personally, I have One Acre Fund provides planting supplies on credit, so I really improved ever since I joined One Acre Fund. My can get them right when I need them, without having to children do not go hungry, and they now have clothes to worry about having the cash. I was also impressed by the wear. I have also bought two cows—a dairy cow and a bull. agriculture trainings, especially those for planting maize. I have been able to educate my brother’s son, who is now in college. One Acre Fund has also created employment WHAT ARE YOUR HOPES FOR THIS YEAR? I dream about opportunities for us. I became a One Acre Fund field of- getting eight bags from the half-acre I’ve enrolled with One ficer last year in June, and it’s the greatest thing that has Acre Fund. If I can achieve that, I’ll be able to put away happened to me! enough food for my family, and still have maize left over to expand my video rental business and the services I can offer. WHAT DO YOU HOPE ONE ACRE FUND WILL BE DOING TEN YEARS FROM NOW? I hope in ten years I can buy a car to WHAT ARE YOUR HOPES FOR THE NEXT FEW YEARS IF YOUR be able to transport my harvest to the market. I know One FARMING BECOMES MORE PRODUCTIVE? As a young person, Acre Fund is already a big organization, and that’s why I I have a lot of goals to accomplish. With two acres, I think know it will be even bigger and better. They also have offered I could build my own house and begin my life as an adult. several improved versions of solar lamps—perhaps in ten Building a house is the next step. years, they will be able to bring us electricity!

ONEACREFUND.ORG / 13 CORE PROGRAM CORE

NEW COUNTRY EXPANSION

ONE OF ONE ACRE FUND’S MOST POWERFUL TOOLS FOR MALAWI growth is our New Country Expansion Department, which rig- Our pilot program in southern Malawi’s Zomba orously trials the viability of our program in new geographies. To District began with 71 farmers in 2014. This initial explore new markets, this department identifies high-potential pilot achieved a remarkable 100 percent repayment countries for future program launches, and then conducts a careful, rate, with all clients repaying their loans in full and multistage process to evaluate local conditions and to determine ahead of schedule. This was a positive indication of farmer demand. We are currently conducting pilots in two coun- customer appreciation for our services, and a prom- tries: Uganda and Malawi. ising sign for future client engagement in Malawi. Malawi represents a new agriculture context for UGANDA One Acre Fund. Although maize is the dominant crop, Our pilot program in eastern Uganda recently concluded its first farmers plant different crops (such as pigeon peas) using year of operation, where we served 151 farm families in Kamuli different practices (such as ridge planting) than we have District. Our clients there achieved a significant increase in yield encountered elsewhere. As such, much of our efforts over the by planting with One Acre Fund products and methods. On last year have focused on conducting rigorous agriculture trials to average, farmers generated more than $70 USD in incremental determine how we can maximize harvests for Malawian farmers. profit, a level of impact on par with our mature country operations. Our current crop bundle, a flexible package of high-quality maize Our high impact in this trial is primarily due to two factors. inputs, has already proven popular with farmers, but we are eager First, the agriculture context of Uganda is very similar to that of to expand our future offerings. neighboring Kenya, our longest-running country of operation. We are now conducting a second-year trial in Malawi, following Our familiarity with Uganda’s crop mix and rain patterns enabled our successful enrollment of 939 farm families. Enrollment with us to quickly develop and offer a targeted bundle of high-impact One Acre Fund has proven to be a critical safety net against products and trainings. Second, we have found that the proportion Malawi’s recent extensive flooding: We replaced rain-damaged of Ugandan farmers who use fertilizer, or are familiar with its seed for the 10 percent of our clients whose fields were affected, benefits, is very low. Since proper fertilizer application is a critical and excess rainfall triggered our weather insurance provider to give a step to increasing yields, providing fertilizer, along with trainings modest compensatory payout to all clients. Demand for our services on its usage and importance, has transformed the profitability of in Malawi continues to grow, as more smallholders learn that they our clients’ harvests. can both increase and protect their harvests by working with us. In the second year of our pilot program in Uganda, we are serving 1,043 clients. Each farmer will receive high-quality THE NEW COUNTRY EXPANSION DEPARTMENT IS A CRITICAL seed and fertilizer for one half-acre of maize production. They driver of One Acre Fund’s growth. By 2020, we project that new will also have the option to add one of two clients in countries we do not operate in today will constitute solar light models to their loan: the higher- 20 percent of our total client base. The final results of our cur- output Sun King Pro II, or the lower-cost rent pilots will enable us to make an informed decision about Sun King Mobile. By offering this package whether to continue further trials, implement a full program to a larger number of clients, we expect to launch, or scale back operations. For now, we are cautiously op- increase our overall impact on Uganda’s timistic about our ability to impactfully serve the smallholders smallholders in the year ahead. of Malawi and Uganda.

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ELIAS NDINDUYUBWO AND FAMILY, RWANDA

IMPACT

IMPACT IS OUR NORTH STAR. We seek to generate transformative impact in the lives of the farmers • We standardized the manner in which we calculate impact. we serve. That is why it is critically important that we measure the We also included a wider range of farming costs and more impact of everything we do. Measuring impact enables us to priori- robust comparison groups. This gives us a higher degree of tize programs with the highest impact, to dispense with low-impact confidence in our data and makes the data more comparable programs, and to constantly learn from data to improve our model. across countries and over time. • We systematized data quality controls. This included re-asking MOVING FORWARD ON OUR PLEDGE. questions from 10 percent of all surveys, and double-entering In last year’s annual report, we pledged to increase both the trans- data from paper surveys to reconcile any mistakes. parency and rigor of our impact results. Rigor and transparency are • We conducted experiments to better understand how to interrelated. The more rigor we apply to our impact assessment, obtain more rigorous comparison groups. This included the more confident we are in the utility of sharing our results. In matching comparison farmers and One Acre Fund farmers 2014, we made strides with both. on key characteristics—a statistical technique referred to as Rigor. As in prior years, we physically weighed the harvests from “propensity score matching.” thousands of randomly selected client plots. We then compared • We verified existing measurement methods. We conducted these weights with the harvest weights of similar non-One Acre a small, randomized control trial (RCT) in Kenya in which Fund farmers who farm in the same area, in order to understand we randomly selected enrolled farmers to receive our program. the true program impact on crop yields. Combining this infor- We then compared the yield and profit outcomes our clients mation with cost and land size data to calculate farm profit, we saw compared to other interested farmers who were randomly were able to assess the extra profit our clients gained from being a excluded from the program. The results from this study are in part of our program. Additionally, we took some important steps line with our annual impact results and add to our confidence to further improve our rigor: in those findings.

ONEACREFUND.ORG / 15 Transparency. With these improvements in rigor, we are now RETHINKING IMPACT AS OUR PROGRAM EVOLVES confident enough to share country-level impact data. We have While we remain committed to assessing the impact of our core added a detailed report on country-level impact to our website, program in a consistent and rigorous way, the expanding scope

CORE PROGRAM CORE and we will introduce a new Impact section in One Acre Fund of our work has forced us to reconsider how best to assess the Insights, our online library, which will house white papers that impact of what we do in aggregate. For instance, as detailed in highlight what we have learned about measurement. this report’s Management Discussion, we are now partnering with African governments to co-implement agriculture programs in 2014 RESULTS: OUR IMPACT REMAINS STRONG

We look at our impact on farmer income (profit) in three main ways: 1 1 % GAIN IN FARM INCOME (PER FARMER) 1. Percent gain in farm income (per farmer) : This is the percent increase in an average One Acre Fund farmer’s farm income, compared to a non-One Acre Fund farmer’s farm income. We 99% % measure income for both groups on all products and services we 70 67% 65% 57% offer, including 'add-on' products such as solar lights. In 2014, 47% 40% 43% we increased farm income by 57 percent across our program, 25% 18% just over our expected impact of 50 percent.

2. Absolute dollar gain in farm income: This is the average dollar OVERALL KENYA RWANDA BURUNDI TANZANIA TOTAL 2 amount of increased income comparing a One Acre Fund 2013 2014 farmer’s income to that of a non-One Acre Fund farmer. Our current goal is $130 USD per farmer per year, and in 2014, $ GAIN IN FARM INCOME 3 our absolute dollar impact per farmer averaged $128 USD. 3. Farmer return on investment (ROI): This is the extra income a One Acre Fund farmer makes (relative to a comparison $178 $170 farmer) for every extra dollar she invests in our program. A $135 $128 $108 100 percent ROI (our goal) means that our client received $1 $99 $102 $99 $67 of extra income (profit) for every $1 of extra cost invested. In 2014, we surpassed this goal, achieving a 201 percent ROI. $21

OVERALL KENYA RWANDA BURUNDI TANZANIA UNDERSTANDING 2014 IMPACT TOTAL 2 2013 2014 Overall, our impact in 2014 remained strong relative to 2013. Some of the slight decline in dollar impact from 2013 to 2014 could be FARMER RETURN ON INVESTMENT (ROI) explained by our changes in methodology, as we included more 726% agriculture costs, such as interest on loans and labor. In addition, as agricultural impact is highly susceptible to external factors, the maize disease MLND continued to hurt our impact in some areas of Kenya and Rwanda. In spite of this, our results show a 304% 201% 196% 213% 179% 158% relatively consistent and significant impact for clients. With a 124% 131% typical African farm family spending 80 percent of their time

and resources obtaining food, an extra $128 USD not only ends OVERALL KENYA RWANDA BURUNDI TANZANIA4 TOTAL 2 the family’s chronic hunger, but also provides surplus funds to 2013 2014 invest (with children’s school fees being a common expenditure). We are now focusing our reporting on “per farmer” measures, rather than “per acre” measures The variation of impact among countries can be explained by shared previously. We believe “per farmer” estimates are a fairer reflection of impact: they include looking at the context in which each program operates. Countries benefits of planting more land with a wider range of crops because of our credit program, and the income from add-on products such as solar lights. In 2014, we achieved a $183 agricultural like Kenya, which have low fertilizer use among comparison farmers, impact per acre, representing a 43% increase in farm income. high dependency on maize (a crop with a high fertilizer response), 1 Income is measured on all products and services offered by One Acre Fund, including core and that include an improved seed component, see higher dollar agricultural products and 'add-on' products such as solar lights. impacts. In countries like Burundi, where we do not offer improved 2 The overall total is a weighted average of the country results. We weigh by acres planted for percent gain and absolute dollar impact per farmer, and by loan size for farmer ROI. seed, in which fertilizer is subsidized and widely used, and where 3 2013 impact has been restated (from $139 to $135, and from 52% to 47%) to reflect some farmers are less dependent on maize, we see lower overall impact. impact methodology changes in 2014 that we retroactively applied to 2013. 4 Tanzania’s farmer ROI is not directly interpretable, as farmers had cost savings relative to In fact, Burundi’s impact is almost entirely due to our trainings, comparison farmers, meaning they underinvested inputs in non-One Acre Fund land. This which makes its impact numbers even more impressive. implies the One Acre Fund program was an infinitely better investment than alternatives.

16 / 2014 ANNUAL REPORT areas like extension and farm input distribution—areas in which HOW ONE ACRE FUND BURUNDI we have deep expertise. MORE THAN DOUBLED THEIR Each of these efforts produces some quantifiable dollar impact IMPACT PER FARMER

per farmer. Our government partnership work is reaching more PROGRAM CORE farmers than our core program work, but at a lower dollar impact per farmer. In 2014, we designed a custom impact measurement In 2014, One Acre Fund Burundi more than doubled the approach for each of our government partnerships, identifying a 2013 dollar amount that the average farmer gains by comparison group of non-participating farmers and an accurate joining our program. On average in 2014, each smallholder farmer that enrolled with One Acre Fund in Burundi way to measure adoption and impact of the practices or products earned $67 more in total income than farmers who did that were offered. In 2015, we will begin measuring our dollar not. That is more than double the additional income they impact in these partnerships to ensure they are achieving mean- earned in 2013. Our team says several factors are driving ingful gains (albeit likely lower than our more comprehensive this increased impact: core program) for farmers. Improved Planting Practices: This year’s improved trainings included compost application, appropriate EXPANDING OUR DEFINITION OF “IMPACT” fertilizer usage, and proper spacing. The trainings helped Understanding the changes in farmers’ quality of life. While we farmers improve their output without increasing their feel it is most important to measure and understand One Acre cost. On average, farmers we work with in Burundi spend Fund’s income impact for farmers, we also want to have a better nearly the same amount on fertilizer as comparable Burundian farmers and slightly less on seed. understanding of how we are impacting other facets of our clients’ On-time Planting: In both planting seasons of 2014, lives, from nutrition to educational attainment and investments farmers reported that accessing fertilizer on time, and they make with their extra profits. A deeper understanding of therefore being able to plant with the earliest rains, these impacts will allow us to improve the existing products allowed them to maximize their harvest. One Acre Fund’s and services we offer, and to innovate new ones. In 2015 we will careful attention to planning and executing fertilizer embark on a rigorous longitudinal study to understand and assess delivery creates real impact on the ground. our impact on farmers’ lives more holistically. Growing Spillover Impact: In 2014 we began mea- Understanding our impact on the soil. Soil is the foundation suring impact beyond the land directly enrolled with One upon which farmers build their livelihoods. It is where farmers Acre Fund. While many of our farmers use our inputs on only a subset of their land, our surveys show that sow their seeds, apply their fertilizer, and spend long days la- our training techniques are spilling over to other parts boring. Healthy soil holds hope for a more prosperous season of their land. Better methods for compost production, to come. Given the crucial role of soil in farmers’ futures, it is fertilizer application, seed selection, and erosion control imperative that we understand the long-term viability of the mean that farmers will benefit from higher yields across soils they farm, and that we plan now for continued soil health all of their land. Capturing this additional impact gives into the future. In 2014, we began an in-depth study of soils, us a fuller picture of what participation in One Acre Fund taking thousands of soil samples from farmers’ fields. With this means for farm families in Burundi. study, we hope to accomplish two goals: (1) to compare One Acre Fund farmers’ soil health to that of non-One Acre Fund farmers $67 USD can go a long way in Burundi. to understand if we are improving soil health with our products What does this mean for Some examples of things our farmers can and techniques (and at a minimum, “doing no harm”); (2) to farmers? do if they convert their harvest into cash. obtain more detailed soil composition information to inform more specific fertilizer recommendations. We look forward to sharing the results of this study.

CONTINUOUS IMPROVEMENT Buy an adolescent Purchase supplies Pay tuition and buy Measurement is our primary mechanism for ensuring continu- animal. $36 USD to prepare for uniforms. Primary per animal. childbirth. $25 USD school: $10 USD ous improvement, and for holding ourselves accountable to the for birthing kit. Secondary school: farmers we serve. We are excited to leverage the stronger measure- $20 USD ment methodology we now have to further our goal of making smallholder farmers more prosperous. At the same time, we are deeply committed to continuously improving the rigor, breadth, Purchase a plot of land in a Make improvements to home. and depth of our measurement. We look forward to sharing our naturally irrigated valley. 11x11 Retiling roof: $20 USD. Adding results in future annual reports. yard plot: $75–$150 USD. additional room: $100 USD.

ONEACREFUND.ORG / 17 CORE PROGRAM CORE

REPAYMENT IN KENYA

SUSTAINABILITY

SUSTAINABILITY IS AN INDICATOR OF THE expenses, and as a result, staffing indicators are efficiency of our program and our long-term ability important metrics for operational efficiency and fi- to support our operations independent of outside nancial sustainability. Specifically, we are focused on funding. A key indicator of sustainability is the 74% the ratio of clients to field officers (the ground-level percentage of field operating costs covered by farm- staff who provide direct services to clients). Training er repayments. Being sustainable means keeping and developing our 1,300+ field officers to serve operating costs low and repayment rates high. 74% OF FIELD EXPENSES even more farmers is one of our core competencies. COVERED BY LOAN Because Kenya and Rwanda are our largest field REPAYMENTS IN 2014 In 2015 we will have about 180 clients per field operations, their progress on financial sustainabil- officer—a significant jump from 148 in 2014. We ity has a greater overall impact on the organization. Financial believe we can continue to increase this ratio even further while sustainability in Kenya took a dip in 2013, due in large part to a maintaining a high level of customer service. To achieve this in devastating maize disease that hit the country that year, but we Kenya, our largest country of operation, we are trialing a number are now back on track and expect to see continued improvement of new operational ideas: through 2015. Organization-wide, we were able to increase our • New marketing and sales methods to increase enrollment for financial sustainability from 73 percent in 2013 to 74 percent every field officer. in 2014. • Farmer mobile repayment, which limits the time field officers Staffing costs constitute a large portion of our field operating need to spend collecting farmer money, and reduces the need for bookkeepers to record repayments manually. TOTAL FARMER LOAN REPAYMENTS, IN USD • Changing repayment deadlines to make it easier for farmers 2011 2012 2013 2014 2015 to repay their loans and join or rejoin the program. 15M 13.7M 14.4M 19.7M 30.5M If these ideas are successful in Kenya, we will implement them in other countries where One Acre Fund works.

18 / 2014 ANNUAL REPORT MANAGEMENT

Management Discussion

ONE ACRE FUND REMAINS laser-focused on improving the scale, impact, and sustainability of our core program, which offers a high, proven return on investment for a smallholder farm family. We are also beginning to invest in two other areas of work: government partnerships and field building. We believe these two areas will enable us to reach millions of farmers beyond our core program by leveraging the operational knowledge and credibility we have developed to foster improvements on a much larger scale.

ONE ACRE FUND WAREHOUSE, KENYA ONEACREFUND.ORG / 19 MANAGEMENT

DR. DAVID OKEYO, HOMABAY COUNTY MINISTER FOR AGRICULTURE, HELPS DISTRIBUTE SEED AND FERTILIZER TO FARMERS IN KAJULU, HOMABAY.

GOVERNMENT PARTNERSHIPS AND FIELD BUILDING

PARTNERSHIPS WITH AFRICAN GOVERNMENTS have developed strong competencies from our core program: input African governments already reach millions of hungry farm distribution partnerships (focused on building rural distribution families in Sub-Saharan Africa through efforts like fertilizer networks for seed and fertilizer); training and extension part- subsidy programs, input distribution networks, and farmer train- nerships (focused on design and implementation of improved ing networks. The breadth of these programs is staggering; they training materials); and market stimulation partnerships (focused employ tens of thousands of full-time staff, and often extend to on building farmer knowledge of and demand for improved inputs every corner of a country. One Acre Fund sees an exciting op- and corresponding supply chains). We prioritize partnerships portunity to partner with African governments to improve the where government partners can eventually sustain success and implementation—and the impact—of government programs that replicate efforts at a broader scale. reach millions of farm families. This unit is off to a strong start. In 2014, we engaged in part- In 2014, One Acre Fund formally launched a Government nerships in four countries, reaching a total of 500,000 additional Services Unit, initially focused on three service areas where we farm families not served through our core program. In 2015, we OWINO KELVIN BY: PHOTO

20 / 2014 ANNUAL REPORT will scale this work, while implementing customized measurement strategies to ensure each partnership is tangibly increasing farm yields and incomes for adopting farmers. If a partnership is not

generating impact, we will discontinue it. Through careful focus MANAGEMENT on scaling what works, we believe this unit can one day serve millions of additional farm families.

FIELD BUILDING In an effort to raise the global development community’s aware- ness that supporting smallholder farmers is the most impactful way to reduce global poverty, we are investing in three areas of field building: • Building a movement for rural farm finance: Microfinance organizations have reached hundreds of millions of people in urban and peri-urban areas. But they have largely ignored rural areas. We are working to coalesce an association of farm finance practitioners, with the goal of persuading more microfinance organizations to offer finance and other support to rural farmers. We have good initial traction and will build on this work to explore a variety of operational partnership models in the years ahead. • Disseminating agricultural research: There are many existing agriculture technologies that have not been successfully adopted by smallholder farmers. Knowledge is lacking on how to adopt these technologies for smallholders, and how RWANDA TRAINING PARTNERSHIP to distribute them. We aim to share our operational learnings Rwanda’s Ministry of Agriculture (MINAGRI) has built with the global agriculture research community to drive in- an agriculture extension network that reaches every creased technology adoption among smallholder farmers. In village in the country. Their innovative model empowers 2014, we launched One Acre Fund Insights, an online library volunteer “farmer promoters” to be frontline extension that includes research and development findings from One agents. Promoters receive valuable trainings to improve Acre Fund agriculture research trials, to fuel greater global their own farm productivity in exchange for formally adoption of agriculture innovations that have proven impact training their peers on best farming techniques. Collec- with smallholder farmers. tively, they comprise a powerful, nationwide “train the • Policy and thought leadership: We aim to harness the col- trainers” network. lective voice of the smallholder farmers that we serve, and use As a result of our core program performance in it to influence agriculture policy in their favor, both in the Rwanda, One Acre Fund was invited to partner with MINAGRI in 2013 to co-design training materials to be countries where we operate and in key donor countries. We use disseminated through the farmer promoter network. the strong relationship networks established by our government These materials include planting guides on Rwanda’s relations team in East Africa to provide targeted policy input core crops (maize, beans, Irish potatoes, wheat, cassava, at key moments. In the United States and Europe, we seek and rice), a comprehensive checklist to prompt pro- to educate policymakers about the importance of investing in moters to deliver specific trainings at targeted points smallholder-led agriculture development. throughout the season, and an educational handout Our core program has grown steadily in scale since we started on fertilizer impact and proper use. In 2014, Rwanda’s in 2006, and it remains our top priority. We will directly serve 1 14,000 farmer promoters received targeted trainings on million farmers by 2020. However, there are hundreds of millions these materials, and we estimate 75,000+ peer farmers adopted the techniques transmitted by farmer promot- of farmers who could benefit from One Acre Fund’s services. ers. We will continue our partnership with MINAGRI Knowing this, we are challenging ourselves to step back and in 2015, as we seek to further increase the number consider how we can use partnerships or field building to extend of farmers trained by promoters, and to help farmers our impact. Through partnerships and field building with other achieve higher yields and incomes as a result. global actors, we can dream about helping to end hunger for a PHOTO BY: EVARISTE BAGAMBIKI EVARISTE BY: PHOTO far larger number of Africa’s farm families.

ONEACREFUND.ORG / 21 INNOVATIONS

Innovations

TO ACHIEVE OUR GOAL OF serving 1,000,000 smallholder farmers by 2020, we recognize the need to relentlessly search for better and broader ways to serve our clients—and so we do. Our product innovations team is dedicated to exploring how we can fine-tune products we already offer, and to determining what new products and services we should make accessible to rural families.

22 / 2014 ANNUAL REPORT INNOVATIONS PRODUCT INNOVATIONS

THE TECHNOLOGIES NEEDED TO HELP SMALLHOLDER FARMERS increase their incomes and feed their families already exist. The BUCUMI BUGENIYA, BURUNDI challenge lies in successfully adapting and distributing those technologies to extremely rural smallholder farmers. At One Acre Innovations Highlight Fund, our innovations team is tasked with ensuring that even the most remote farm family can benefit from the latest advances in LIVESTOCK CARE PACKAGE farming supplies, training, storage, and new technologies such as clean energy and health interventions. One of the first purchases a smallholder farmer chooses After scouring the globe for new products that could poten- to make with her increased income is livestock. Approx- tially have transformative impact for the farm families we serve, imately 60 percent of our Kenyan farmers own a cow, and it is typically their most valuable asset. Finding a the innovations team deploys a rigorous, four-stage research and way to make this asset more productive presents a huge development process to determine whether these products are impact opportunity for each farm family. In 2014, we scaled across our network: trialed a livestock care package that included improved fodder crop seeds (to grow food for the cow), cow health # FARMERS PHASE TRIAL TYPE IN TRIAL care products, trainings on proper animal management, and artificial insemination to improve the breed of cows 1 0 Research Station/Product Testing over time. By combining products that enable farmers to raise healthier animals, One Acre Fund aims to make long-term impact on household incomes through in- 2 50–500 Small group to district level trial creased milk production and more profitable calves. In 2014, we successfully delivered our livestock care 3 1,000–20,000 Small-scale core program roll out package to 108 farmers. While customer satisfaction was high, our biggest challenge was adoption, as farmers 4 Full Scale Full-scale core program roll out were not familiar with the product, and the loan size was high relative to average farmer income. While data col- lection and analysis on our 2014 trial is not yet complete, We use four criteria to determine whether the new product should we are encouraged by the productivity improvements our “graduate” to the next stage (and eventually to full-scale rollout): farmers are reporting. • Impact: Can a product significantly improve a client’s income With our 2014 learnings in hand, we modified the or health? 2015 dairy cow care package by allowing farmers to purchase the services piecemeal, under the assumption • Adoptability: Are a significant number of clients willing to that farmers would be more inclined to adopt if they purchase this product? could select the products that they most need, rather • Simplicity: Is the product simple enough that all clients can than buying the full bundle. As a result, roughly 1,000 achieve a consistent result? farmers opted to purchase at least one component of • Operability: Can we scale the product with a minimal increase the dairy cow care bundle, representing a significant in operational complexity? increase in farmers buying dairy cow care products. We In 2014, One Acre Fund’s Product Innovations Department trialed will continue to carefully track our main impact variables more than 250 agricultural products in 7 research stations, and we in both trials as we seek to determine whether and how trialed 65 non-agricultural products organization-wide. to further scale this product.

ONEACREFUND.ORG / 23 CONSOLATA SIRENGO AND HER DAUGHTER ANN. the power of HOPE

CONSOLATA SIRENGO IS A POWER- As a smallholder farmer in Matisi, a FUL WOMAN. With a soft smile and rural village in Kenya just under 250 miles northwest of Nairobi, Conso- shy eyes, it is easy to miss at first. lata relies on one acre of land and a But to those who know her well, it simple hand hoe to feed her family. is undeniably true. She wakes ear- Her husband Zaddock works ly to walk to work and sometimes on-and-off as a carpenter. He shows great dedication when he is on a job, does not return home until after but finding work is difficult and his sunset. With the simplest tools at income is inconsistent. her disposal, she measures success “Zaddock’s carpentry income is in rows planted, kilos harvested, very small. We would depend on the little he earned for food, but some- and bellies filled. times he would return home with Consolata is the primary provid- no money after a long day at work,” er for her family of eight, and she Consolata says. “I worked hard on now has the income to feed her the farm to boost our income, but I was never able to produce enough.” children and pay for their school- Besides the challenge of sim- ing—giving them the power to ply feeding the family, five of the create a new future. children are now in school, which

ONEACREFUND.ORG / 25 CONSOLATA AND FAMILY AT HOME. CONSOLATA MILKING HER COW TO MAKE TEA.

CONSOLATA WORKING HER FIELD WITH A HAND HOE. "ANN ACRE FUND"

26 / 2014 ANNUAL REPORT PLAYTIME WITH ANN. ZADDOCK, CONSOLATA AND FIVE OF THEIR CHILDREN. costs the couple a total of 28,000 Kenyan shillings ($314 with my big family. My family looks healthy now, and I USD) every year. always joke to my children that they are growing fat with Consolata was tired of being forced to decide between One Acre Fund!” Consolata says. educating and feeding her children. She could only afford Since improving her harvests, Consolata has spent one. So in 2010, she made a choice that would change her the additional income on educating her children. She life forever. says she wants each child to That year, Consolata joined IN EARLY 2012, CONSOLATA complete, at minimum, a high One Acre Fund. She planted school education. Consolata half an acre of improved bean GAVE BIRTH TO A BABY GIRL. knows this means she needs seed that she bought from One THE COUPLE NAMED THE BABY money for years to come. Acre Fund on credit. Three “My parents took me to months later, she harvested ANN, AND FOR HER MIDDLE school even though I was a 500 pounds of beans—more NAME, THEY HAD SOMETHING girl, which was not very com- than five times as much as her SPECIAL IN MIND... mon in our area. I am going previous harvests. to make sure that Ann gets By 2012, she was purchas- WITHOUT ANY DEBATE, educated to whatever level she ing hybrid maize seed on cred- wants. I have enjoyed many it from One Acre Fund and CONSOLATA AND ZADDOCK benefits from the education harvesting 1,580 pounds of NAMED HER “ANN ACRE FUND.” that I received because of my maize every year. Previously, parents’ efforts, so I want the her half-acre of maize would same for Ann,” Consolata says. yield just under 400 pounds. Consolata says she secret- ly hopes to someday see Ann WITH HER FAMILY EATING REGULAR MEALS, AND become a nurse, or maybe a lawyer, “since she’s so bossy,” enough surplus to pay for school, Consolata felt relief. she adds with a smile. Whatever Ann becomes, Consolata In early 2012, she gave birth to a baby girl. Without the says she will feel proud knowing that Ann had options increased harvests, Consolata says she would have been to choose from. concerned about the baby’s future. Instead, she says she To help build savings for her children’s education, now enjoys imagining it. next year Consolata hopes to start a business buying and The couple named the baby Ann, and for her middle selling cereals. name, they had something special in mind. Without any “I want to become a business woman,” Consolata debate, Consolata and Zaddock chose “Acre Fund.” says. “I want to be buying beans and maize from farmers “We chose the name in commemoration of what One during the harvesting period. Then I will sell at a time Acre Fund has done for this community and for my fam- when the prices have skyrocketed, and I will make money ily,” Consolata says. “It has transformed our lives, and we I can save.” now have a reason to be happy. Ann is the source of my Consolata is a powerful woman. She can choose what inspiration. Seeing her every day gives me a reason to she wants and shape her family’s destiny. She is also a smile and farm my land.” happy woman. She is happy because she knows her hard In 2014, Consolata planted half an acre of maize and work is helping build a better future for her children. With a quarter acre of millet with One Acre Fund. She has strong harvests and big plans, Consolata has no trouble continued to see improvements in her yields. believing all of her children, including Ann Acre Fund, “I have managed to boost my food security, especially will know this power and happiness too.

ONEACREFUND.ORG / 27 28 / 2014 ANNUAL REPORT SYLVIE NGENDAKUMANA, BURUNDI TOP DONORS & HONORARY BOARD

FELLOW FARMERS Archer Daniels Midland Company Cooper’s Hawk Holding, LLC Hoban Family Charitable ($500,000+) Thomas and Analisa Barrett Susan and David Diamond Foundation Anonymous (2) Thomas Carter Russell Faucett Roxanne Hori and Robert Barr Foundation Casten Family Foundation Globalislocal Fund Felsenthal Bill & Melinda Gates Foundation CF Industries The Guardian Life Insurance Mike Kovar Stichting DOEN The Charitable Foundation Company of America Miles Lasater Fossil Foundation Conservation Food & Health Hackman Capital Partners, LLC LGT Venture Philanthropy Jasmine Social Investments Foundation The Hultquist Foundation Lifeline Vascular Access The MasterCard Foundation Kent and Elizabeth Dauten International Fertilizer Industry Linville Family Foundation The Pershing Square Foundation Evanta, Inc. Association Mostyn Foundation Inc. Syngenta Foundation for Clifford Frey and May Lim Kaufman Family Foundation David and Joanne Mullen Sustainable Agriculture Cathy and Larry Gilson Larry and Carol Levy Northwestern University USAID Dmitry and Ida Gorenburg Derek and Diana Lidow The O Foundation Fund Walmart Foundation International Raw Materials Marquette Associates James Perry Whole Planet Foundation, Jazi & Pymwymic Giving Circle Steven and Maureen Meyer Massimiliano Poletto a Whole Foods Market Harry and Julie Jansen Kraemer Ben and Kim Olds Morton and Mimi Schapiro Foundation Liberty Foundation Ozinga Bros., Inc. Christie and Michael Stephen and Susan Wilson Dr. Lisa Minsky-Primus and Dev and Suhani Amin Patel Shoemacher Dr. Yaron Minsky Ritesh and Priya Patel Mark Simril PARTNERS Montpelier Foundation Alex and Polly Ryerson Jane and Jeff Snowden ($100,000–$499,999) National Institute for the Ian and Lisa Schapiro Mark Thierer Anonymous (4) Clinical Application of Barbara and Walter Scott UBS Bohemian Foundation Behavioral Medicine Charitable Fund Elizabeth Vadas and Paolo Strike Child Relief International The Patron Spirits Company Keech and Akshay Shetty Jon and Beverly Warner Christopher and Courtney Ronald Rankin John and Ann Weissenbach Bruce and Alisa Weber Combe Ribbink Foundation James Wesner The Woodmark Group Cooper Foundation Rock Paper Scissors Foundation West Bend Mutual Insurance Children’s Circle of Care Cubit Family Foundation Satter Foundation Company Paul and Rosemary Wormley/ ELMA Growth Foundation Evan Schwartz James and Cheryl Wormley Hadley Capital Focusing Philanthropy Mr. and Mrs. Sheldon Stone Yum! Brands Foundation Horace W. Goldsmith Foundation Robert and Doralyn Underberg MAJOR SUPPORTERS The Zall Family Fund JHF Schopman The Wasily Family Foundation ($5,000–$9,999) Melih and Zeynep Keyman AMSCO Knight Family Foundation LEADERSHIP CIRCLE Arbor Rouge Foundation Mulago Foundation ($10,000–$24,999) Michael Bennett The Peery Fund Nicholas and Marcie Alexos William Bennett Segal Family Foundation American Association of Hip and David and Nicole Berger Swedish PostCode Lottery Knee Surgeons Walter Burke Vitol Charitable Foundation Mike and Carol Anderson Capex Consulting Group David Weekley Family Foundation The Andersons Inc. Charitable DaVita Total Renal Care Inc. World We Want Foundation Foundation Jodi and Dave Dent Anonymous Christine Doppman and Friends HONORARY Aon Foundation Deborah and Cody Engle ADVISORY BOARD Rick and Diane Betts Entrust Capital Management LP ($25,000–$99,999) Branson Family Foundation Finnegan Family Foundation Accenture Rita and Greg Bustamante Matthew and Sarah Forti Ackerman Charitable Fund Carolina International Culture Gram Foundation Stichting AKBHHH Council Anne Griffin

ONEACREFUND.ORG / 29 2014 ONE ACRE FUND LEADERSHIP

SENIOR FIELD DIRECTORS Franklin Mumelo Wasilwa, Kenya GENERAL PARTNERS Patrick Keya, Kenya Thierry Mizero, Rwanda Jake Goldberg, Finance Director Isaac Khaemba, Kenya Jacques Mudakikwa, Rwanda Jesse Goldfarb, Rwanda Impact Director Daniel Okongo, Kenya Witness Kimaro, Tanzania Nick Handler, Kenya Country Director Susan Omollo, Kenya Michael Hudson, New Country Expansion Alexander Opana, Kenya INNOVATIONS Director Benard Otech, Kenya Evans Matemwa Libeya, Kenya David Hylden, Tanzania Country Director Alfred Shava Shitendesa, Kenya Elizabeth Mateyi, Kenya Eric Pohlman, Rwanda Country Director Phoebe Siketi, Kenya Kelly Samson Maina Mwangi, Kenya Matthew Sabin, General Partner, Ethiopia Protus Wanguche, Kenya Joyce Nasimiyu Nyongesa, Kenya and Malawi Pauline Wanjala, Kenya Cetrique Odhiambo Ochieng, Kenya Kiette Tucker, Kenya Deputy Country Director Jean Baptiste Kagabo, Rwanda Judith Nelima Wekesa, Kenya Margaret Vernon, Burundi Country Director Gaudence Niyompatsi, Rwanda Andrew Wekunda, Kenya Isabel Vinton, Rwanda Deputy Country Director Marie Therese Uwingabiye, Rwanda Emmanuel Habineza, Rwanda Andrew Youn, Executive Director Eliya Mgalihya, Tanzania HQ MANAGERS & US LEADERSHIP COUNCIL DEPARTMENT DIRECTORS EXTERNAL RELATIONS Matt Forti, Managing Director FINANCE/AUDIT David Bizimana, Burundi Stephanie Hanson, Senior Vice President, Béatrice Ndayisenga, Burundi Eric Angadia Mmene, Kenya Policy and Partnerships Emmanuel Ndayizigamiye, Burundi Jacob Laurenz Oluoch Otieno, Kenya Barrett Prinz, Chief People Officer Jean Marie Vianney Nduwimana, Burundi Kelvin Oyiengo Owino, Kenya Nancy Tomkowicz, Chief Financial Officer Jimmy Odhiambo Akeno, Kenya Victor Ndatamahoro, Rwanda Tom Akal Khisa, Kenya Rogers Aurah Kweyu, Kenya INFORMATION TECHNOLOGY Isaac Maina Njenga, Kenya Victor Munialo, Kenya Susan Njoki Njuguna, Kenya Theogene Karekezi Bigenimana, Rwanda Sally Minayo Nyabera, Kenya Judith Kaveza Opiyo, Kenya HUMAN RESOURCES, PEOPLE Christine Ingabire, Rwanda OPERATIONS, & TRAINING Berthilde Kubwimana, Rwanda Médiatrice Nisabwe, Burundi Alexander Msamba, Tanzania Peter Veracity Aming'a, Kenya Nathan Mwakisambwe, Tanzania Beatrice Macksallah, Kenya Samuel Muraya, Kenya MONITORING & EVALUATION Godfrey Ochieno Wandera, Kenya Méthode Sindayizeruka, Burundi Christian Mvuyekure, Rwanda Charles Lennox Ogechi, Kenya Justin Ngoga, Rwanda Aaron Mundanikure, Rwanda Isack Makendi, Tanzania Antony Kagali, Tanzania Freedom Kishimbo, Tanzania FIELD OPERATIONS & Joyce Mgombele, Tanzania CUSTOMER ENGAGEMENT Rose Mpiluka, Tanzania Brian Musanga, Kenya Sebastian Mtweve, Tanzania Purity Malel Wambeti, Kenya Pacifique Muhire, Rwanda LOGISTICS & PROCUREMENT Emmanuel Ndayiragije, Burundi INFRASTRUCTURE John Sabwa, Kenya Serge Ntwari, Rwanda Andrew Agoi Wanyonyi, Kenya Emmanuel Nyrinkindi, Rwanda

30 / 2014 ANNUAL REPORT SPECIAL THANKS Thank you to the following people who have graciously given their time to One Acre Fund.

FUNDRAISING BOARD ADVISORY BOARD Willy Foote Chris Addy J. Brian Atwood Sarah, Emily, and Ben Forti Chris Ashley Bo Cutter Echoing Green Bill Bennett Martin Fisher Global Health Corps Susan Diamond Nicole Gardner Margaux Hall Taira Hall Bruce McNamer Mahri Holt Dev Patel Matthew Paull I Do Foundation Jennifer Splansky Paul Polak Pati, Oliver, and Evan Kalm David Tomback Kellogg Community Elizabeth Vadas CHICAGO GALA HOST COMMITTEE Melih Keyman James Wesner Carol and Mike Anderson Larry Levy Paul Wormley Bill Bennett Jeff and Linda Pohlman Combe Family Joel Segre NETHERLANDS BOARD Roxanne Hori and Robert Felsenthal Skoll Foundation Robert Amelung Barry Merkin Chuck Slaughter Cor Oudes Wally and Barbara Scott Ryah Whalen Femke Rotteveel Christie and Michael Schoemacher Steve and Sue Wilson Jeanne Wussler UK BOARD SPECIAL ACKNOWLEDGMENTS Joseph, Paul and Teresa Youn Sonny Bardhan Greg Casagrande Suveer Kothari Cody and Deborah Engle Pooja Mall Casten Family

INPUT DELIVERY IN RWANDA

ONEACREFUND.ORG / 31 32 / 2014 ANNUAL REPORT ANJELICA MUMEWA, TANZANIA INVESTMENT COUNCIL MEMBERS Investment council members donate at least $20 per month, or have given at least $240 in the past year.

79 Capital Securities, LLC Natasha Bentz Carole Cahill Carol Danner Faith Presbyterian Church A Better World Fund John Berg Teresa Campbell Joe Danon Rebecca Falik ACD Charitable Fund Ted Berghorst Bryan Campbell Linda Darragh Michael Fang Maria Acevedo and Larry Robert Bergstrom Greg Campbell Bradley Davids Raymond Fecteau Revelle Robert Berman Capex Consulting Group Natasha Davidson Tim Feddersen Denny Addis Judy Berman Corbin Capital Partners Julie Davies Wade Fetzer Mary Ellen Addy Pablo and Tiffany Bernal Neil Capps Sarah Jocelyn Davies Rod Feuer Chris Addy Jeff and Annie Bernard Katie and Tom Carey Susan Dawson Ryan Fiftal Denise Akason Thomas Berryman Carl E. Kessler Family Fred and Kay De Sam Kimberly and Leo Flynn Katherine Alaimo Elaine Besmer Foundation Lazaro Gerard Folz and Stacie Steven Alessandro David Bialski Michael and Carol Carr Sandra S. Deines Boney Lucy Almers and Sean Ian Blake Joan Carter Barbara Deines Jim Forbes Rhea Erin Blake Barbara Case Craig DeLaurier Robert Forgette John Anderson Mark and Diane Bleier Brian Casey Kimberly DeMaio Art Formento Mark Anderson Sally Blount Allie Cecich John De planque Stephanie Forti Paul and Karen Anderson Thelma Boeder Michael and Marna Elissa Densborn C. Carl Foundation Inc Colin Anderson Joost Boer Cessnun Celeste M. Descoteaux Samuel Frankel Ana Andueza Terry Boersma Yvonne Chao Lawrence Detmer Stephanie Franklin Dan and Christine Aneiros Marie Bolchazy Mitchell Charap Kathleen and Vincent Erica Frantz Patty Anfinson Jessica Bonjorni Duncan Charlton DiGiorno Simon Frewer Ann & Robert H. Lurie Peter Boone and Amanda Haipeng Chen Scott Dilloff Francis of Assisi Fund Children’s Hospital Cannell-Boone Stephanie Chen Patricia Doege of the Catholic of Chicago Karen Botjer BJ Chimenti Dollar Per Month Community Foundation Arbor Research Kristen and Robert Norman Chimenti Charitable Foundation Jenny Friedes Collaborative for Chase Bouchard Seehwa Cho Andrew Dorris Spenser Friel Health Brian Bourgeois Stephana Choong Ursula Dotson Richard Frohlich Arkes Family Foundation Bow and Curtsy Frances Chronister Barbara Ds'Autrechy Bert Frost James Armstrong Christopher Boyko Edward Chung Janet and Craig Fuel For Change Inc. Carolyn Ashley Norman Boys Leonard Chung Duchossois Ryan Fuller Joan Ashley Preston Bradford Kimberly Coday John Duffy Kathy Gallo Christopher Ashley Adrienne Brady Christine and Eric Cody Jeffrey Duncan Lorenzo Gallon AT&T David Brantley James and Mariah Collins Dennis Dunphy Matthew Galt Marc and Jane Averill Wolfgang Braun Jans and Susan Colten Blake Durtsche Renee Garcia Mr. and Mrs. James Avery David Brenner Cameron Combe Heather Ebert Ann-Marie Gardner Mary Azar Gray Brewster Julia Coolman Tom Eddins Nicole and David Gardner Maggie Baczkowski M. Brower Michael Cotogno Wendy Edlen Dona Gartrell Joe Bakhos Noah Brown Ty Cox James Egan Sandra Garvin Douglas Barnett Michael Brown and Thomas Coyle Daniel Elam David Gates Ryan Barrows Linda Brown Terry Coyne Rick and Valorie Erickson Angela Gaynor Christian Bartens Benjamin Brown Matthew Craighead Ernst & Young U.S. LLP Paul Gempler Derek Beaty Gloria Brusoski Mr. and Mrs. Irl Cramer George Ertel Fabrice Georis Alan Becker Christina Bryant Kenneth Crea Clair Esch Jean Gerstler Therese Belanger Michelle Buck Patricia Crisafulli Dorothy Espy Robert Gibson Enrico Benedetti Brett Burgess Mr. and Mrs. Mark Scott Evans Jeremy Gilbert Jane Bennett Burgoyne Roberts Family Criswell John Evans Nancy Gilbert Mike Bennett Fund Robert Crooks Thomas Evans Milton Gilmore Brandon Benson Margaret Busse Charles Cuny Carol Everetts Wade Glisson Judi Benson Charles Buzzard Michael Cuthbert Mark Everson Sarah Goddin

ONEACREFUND.ORG / 33 Kirk Goebel Phillip Hoffman Edith Katz Kathleen LaPorte Kay Mcbrearty Susan Goetz Karl Hofmann Larry Kaufmann Reid Lappin Shane McBride Roberto Gomperts James Hogan Craig Keillor Howard Lapsley Mark and Kathryn Linda Goncalves Cynthia Hogan Alex Keisner Gregory S. Lauer and McCarville Lee Gorman Ruth Hoglund Steve Keith Mai-Tram D. Lauer Susan McCloughan Great Plains United Lori Holdridge Patti and David Kelly Allison Laumann McCully Financial Group, Methodist Conference Carol Hollenshead Patricia Kennedy Ashley Lawrence LLC Ellen Greenwald Angela Holmes David Kessler Janine Learmont Peggy A. McGarry Andrea Greenwood Amy Holtsford Sarah Ketchum Leo Lee Kieran McGrath Charlotte Grodzki Lynn Horst Megan Ketchum Raphael Lee Peter Mchugh Yolanda Groeneveld Daniel Hosler Bobbie and Jack Raymond and Dottie Lee Scott McKinney Linda Grunow Elisabeth Howard Kettlewell Jeffrey Leidigh Devin McMahon Genevieve Gudebski Amy Hsiao Abdulla Khoory Margaret Leinbach Shawn and Sue McMahon Rachel Habbert Robert and Patricia Miroo Kim John Leonard Joan McNutt Todd Haberkost Huberty Thomas Kim Boris Leoro Heather A. McQueen Hadley Capital Phyllis Hudek Robert Kim Adam Levenson David and Susan Means Donald Haider Hudnut Family Fund Young Jeon Kim Mr. and Mrs. Richard B. Sandi Medeiros Sarah Halack Barbara Hudock Colton and Maria King Levin Gail Meneley Bryan Halama Courtney Hugger Ashley King-Bischof Kathy Lewis Julia Menn Richard Halderman Daniel Huggins Neil Kitchie Batya Lewton Jonathan and Nancy Menn Taira Hall Kirsten Hull Marjorie Klayman Anwei Li Mark Menne John Halluska Sewon Hur Ann Klefstad Margarete Liebstaedter Hollis Merritt John Hammerschlag Myoung Hwan and Hye Lynda Klein Helen A. Lindberg Robert and Mary Mersky Matthew Hamory Sook Kim Christie Klimas Ellen Lindgren Mesirow Financial Brian Hanson Janine Iamunno James Klosty Charles Linn Merton Messersmith Diane Hanson Income Research & Klover Family Foundation Erin Linville Emily Messersmith Tyler Hardrath Management Michael and Linda Ellen Lipsmeyer Raj Midha Lauren Hargraves Brian Irwin Knieper Matt Littell Jill Miller Thomas and Karen Kevin Irwin Kathryn Knight Audrey Liu Viola Miller Harper Allana Jackson Courtney Knudsen Thomas Lockwood Ann Miller Teresa Harrison Matthew James Craig Koester Mike Lovdal Andrew Miloslavich Grayce Hartman Larry Janousek William Kofron Deborah Lucas Serena Minikes Peter Hawkins Bree Januhowski Uri Kogan Mark Luciano Paul Misniak Gareth Hayes Mike Jensen Robert Korajczyk Candace Lugo Peter Mitchell Maurice R. Hearne Randy and Laura Jertberg Suveer Kothari Zachary Lulloff Edmund Morgan Gail Heckemeyer John P. McCaskey Kovler Family Foundation John Lund Robert Morgan David Heider Foundation Hadar Kramer Karin Luxon Timothy and Katherine Joerg Hell Karen Johnsen Kirk and Kate Kramer Megan Lyons Morland John Helmers Jonathan Jonas Charitable Fund Hilary MacLeod J. Emory Morris Anne Henochowicz Benjamin Jones Andee Krasner Karen MacMurdo Catherine Morris Pamela Hericks Maitland Jones Jr. Florian Krausbeck Jason Maga Bruce Morrison Adam Herling Dana Joseph William Kroemer Danielle Maniere David Morrison Joe Hernandez Tim and Nancy Joyce Zachary Krug Amy Markham Ashley Morse Kerry Hess Mary A. Jungmann Albert Kruger Rory Marsh Jennifer and Jon Mosle Courtney Higgins Jennifer Juster Donna S. Kuehn Thomas Martin Charles Mueller Gordon Hilbun Nathan Kadish Allen Kutchins Katherine Martin Jessie Mueller Roxanne Hill Jennifer and Cornelius Ron Kwak Kimberly Martin and Mary Mueller Hunter Hillenmeyer Kaestner Yilaap Lai Karen Frank Pat Murphy Douglas Hoadley Richard Kalich Hannah Lakin Regina Maruca Micah Murphy David Hobbet Antony and Patigul Kalm Ashish Lal Miyuki Maruping James Murray Ronald Hoch Michael A. Kaplan Adil Lalani Kathleen Mathers Muskin Commercial LLC. Scott Hodor Revocable Trust Bradley Lambert Benjamin Mathes Luke Namer Kathryn Hodsden Joseph Karkoski Mark Landwer Douglas Meyer Chantel Napier Frances Hoffman Laurie Katerberg Charlie Lang Bernadine McAulay Julia Navarre

34 / 2014 ANNUAL REPORT Joshua Neiman Mitchell Petersen Julie Rubessa Ameet Soni R. Gordon Vernon Keith Nelson Kathryn Peterson Robert Ruijssenaars Angela Sosdian Carol Vevea Katherine Nelson Ann and George Peterson Jim and Jan Runkle Souleles Family Thomas Viele Joanne Nelson Kathy Peverini Matthew Runkle Charitable Fund Clayton Virgil Warren Nelson Kevin Phillips Steven Russell Marjorie Spiegel and Phillip Virgo Douglas Newlin Andy Phipps Elizabeth Ryan Thomas Lesser Jeffrey and Patricia Alanna Nielsen Joel Pierson Anna Beth Rynders William D. Spring Vivalo Kai Lung Nien James Pitofsky Helen Sain Erin Springmeyer Adam Von Reyn Hilary Nindorf Peter Pitsker Douglas and Lois Sands Linda Stabler Talty Rebecca Waddell Walter Nirenberg Inara Platt Coleman Megan Starkey Stephen Waddell Jesse Noar Marian Platts Daniel Prima Sandy Rebekah Stathakis George Wadleigh Jean-Francois Nobert Anna Pohle Bauer Donald Steckler Melinda Wagner Thomas and Leslie Linda Pohlman John Sarwark Sarah Stein Jeri Waldman Norrie Carlo Polacco Jason Saul Catherine Stevens Melissa Walker Northern Trust Robert Pollock Sharon Schafer Amy Stewart Smith Justin Walklet Victoria Novoselski Nancy Pompeo Eileen Schjelderup Janet Stober Jordan Walter Lora Nugent-Glandorf Norval Poulson Erik Schmidt M. Jane Stoffer Lily, Teresa, and David Brad O'Dell Vijay Prabhakaran Vivian Schouten Ellen and David Walton Steve Ober Kelly Pratt Todd Schrade Struthers Tyson Ward Frank Oconnell Gabriel Presler Howard Schreier Stull Family Foundation John Watkins Gwynneth O'Donnell Stephen Prinn Alex Schroeder Julie Suderman Craig Weber Mike Oehler Melvin Raff Diane Schultz William Sugerman Mike Weil Fred Ogana Bradley Rager Kelly Schultz Michael Swaintek Michael Weiser Schubert Ogden Anita Rajeswaren Eric Schulz Shankar Swamy Claude Welch James Olver Alexandra Ramanathan Michelle Schumaker Luke Swarthout Pamela Wellumson Brian O'Malley James Raymond Steve and Terry Schwartz Christopher Swensen Paul Welvang Dan O'Malley Michelle Read David Schwickerath Daniel Swenson Richard and Nancy Wendy OMeara Raeschel Reed Christopher Sellers Jon and Anna Szafranski Wenkel Rebecca Onie Beth Reepmeyer Carrie and Tim Sellner Anna Taboada Dylan Westfall Kurt and Susi Orbanowski James Reichert Evangeline Severyn Roger Telschow Jediah White Susan Osborne Rene Renard Roshan Shankar Kanika Thakar Cynthia J. Wilde George and Mary Otto Jessica Reynolds Noreen Shaw Brian Thome Bruce Wilkens Jeannie Pae Margaret Rhiew Lisa Shaw Barbara Thompson Amelia Williams Christopher Painter Alastair Riach Delores Shelton Christopher Thompson Steve Windfeldt Kara Palamountain Lauren Richman and Joel Philip Sheridan James Thompson William Wolf William and Paula Trachtman Aneesha Shetty Marina Todd Kevin Worrell Palamountain Joe Riehle Jordan Shields Mary Tomasko Brendan Wright Ralph Pamperin Jeff and Ann Riso Clinton and Candace David Tomback Jill Yendriga Maria Pape Michael Ritter Shock Louise Town Benjamin York Glenn Pappalardo Brian Rixner Phil Shreves Peter D. Truog Choong-Sihn and Meredith Parfet Brad Roberts Judy Siegal Kurt Tsuo Heekyung Youn Emily Paris Susan Robinson Joshua Siegel Ronald Tucker Ryan Young Jungwee Park Edward Rodrigue Charles Slaughter and Fran Tuite Lenore Youngman Todd Paul Roger and Susan Stone Molly West Patty Tushie Ada Yung Kristov Paulus Family Foundation Lisa Slouffman Alice Tybout Todd Zafirovski Stephen Pawelski Cindy Rohde Daniel Smith Caroline Unger Matt Zafirovski Luke Peng Ron and Linda Dan Smith Renee Valois Kent and Kristin Zandstra Richard Penny McGimpsey Foundation Mike Smith Vien Van Mike Zarski The Frank Pernell Morgan Rosse Tara Smith Lyn Van Beek Bowen Zhang Foundation Michael Rosskamm Carl and Jane Smith Zubin Vandrevala Michael Zick Hanif Perry Miriam Rothstein Martin Smith and Betty Rajan Vatassery Bonnie Zimmerman David Perry Pina Rotonda Hamilton Jon and Shari Vegosen Steven Zoellick Rochelle and Paul Douglas Rouse Sandi Smith John and Susan Carol and Gabor Zsolnay Petefish Jack Ru Amanda Solomon Vendeland

ONEACREFUND.ORG / 35 PLANTING IN TANZANIA

PHOTOGRAPHY: Hailey Tucker DESIGN: Jessie Knuth Farmers First