A Message from the CFO
A Message from the CFO
Solid financial results from a strong fiscal year 2015 bode well for the life-changing, life-saving work CARE is doing in 95 countries. In FY15, thousands of supporters and many institutions contributed generously to finance CARE’s humanitarian and long-term development activities around the world. Total revenue — at approximately $530 million — was stable compared with the corresponding figure from 2014. We attribute that, in large part, to the trust both individual and large institutional donors place in our ability to deliver, including the U.S. government, which remains CARE’s single-largest donor, contributing $126 million in 2015, or about 24 percent of the total.
Our mission is to save lives, defeat poverty and achieve social justice, and in our dogged pursuit of that, we strive to maximize the proportion of funds that we invest in achieving our program goals. I am pleased to report that in 2015, 90.3 percent of our total expenditures were program related. In 2014, CARE began implementing a financial strategy to optimize our effectiveness and efficiency. That enabled us to lower management and general expenses by more than $2 million in FY15, while increasing program expenses by $8 million during the same timeframe.
The greatest concentration of CARE’s programs is in sub-Saharan Africa, which accounted for 47 percent of our program expenditures in FY15. The fastest-growing region for CARE, however, was the Middle East, where we almost doubled our activity over the past few years, providing much-needed humanitarian assistance, primarily to Syrian refugees. While emergency response represents only about 20 percent of our program expenditures, our support in this area is both effective and critical to addressing immediate needs, as our teams, made up primarily of local staff, are already on the ground in most emergency situations. They well understand the local context, and can quickly redeploy not only to provide immediate humanitarian assistance, but to support the longer-term reconstruction as well.
In closing I want to thank all CARE supporters for the resources they contribute to CARE. Each gift is an invaluable contribution, and we pride ourselves on using your contributions well as, together, we create real, lasting impact in people lives.
For a more detailed accounting, read our 2015 audited financial statements and notes.