In order to guarantee partners and donors the most effective use of their funding, PlaNet Finance established a variety of financial and legal controls to respond to the distinct needs of its departments.

FINANCIAL TRANSPARENCY: A HIGH PRIORITY FOR PLANET FINANCE

Within the organisation, a specific “project” administrative and monitoring department ensures that programmes are carried out properly and monitors the budgets for each project. Funding provided to PlaNet Finance by institutional actors, both public and private, is subject to strict regulation and monitoring.

2008 FINANCIAL STATEMENT

Excerpts from the 2008 policy and financial report:

“The fiscal year which closed 31/12/2008 lasted 12 months. In 2008, 13 branches make up the scope of the accounts, 4 creations (Colombia, Gabon, Egypt and South Africa) that are added to the 9 branches already registered on 31/12/2007 (Nepal, Madagascar, Indonesia-Philippines, Palestine, China, Benin, Senegal, Dubai and France).”

“This fiscal year is marked by remarkable development of the activity: The significant efforts of the PlaNet Finance network in order to reinforce its private financing and development means allowed the operating incomes to increase by more than EUR 3M (i.e. an increase of 49%) in comparison to the 2007 fiscal year to order reach EUR 9.4M.”

“Like the previous years, this growth is mainly drawn by the increase in technical assistance activities to microfinance institutions. The grants paid by public partners (EUR 4M, +120%) made it possible to compensate for the slight stagnation in technical assistance sold to microfinance institutions (1.2 million euros, down 7%). The European Commission, the Luxembourg Cooperation and the MCA remain the main public partners of PF.”

“The net results of PlaNet Finance for the 2008 fiscal year amount to EUR 280 374 (in 2007, the loss was EUR 329K) taking into account:

• The operating results of EUR 163K,
• Exchange gains linked to the appreciation of the dollar on the assets and revenues of the association (a positive impact of nearly EUR 111K); the euros / dollars foreign exchange position was greatly reduced over the 2008 fiscal year,
• The slight unfavourable evolution of the valuation of investments (EUR 21K in net allocations to provisions for depreciation);”

 The accounts were audited and certified by an external auditor. To see the Financial Statement: