2024-08-14T12:10:07-05:00 2023-09-30 991856619 GRANT THORNTON ADVISORS LLC 1000 WILSON BOULEVARD SUITE 1500 ARLINGTON VA 22209 990 2022-10-01 455008824 PACT GLOBAL MICROFINANCE FUND PACT 2024665666 1140 3RD STREET NE WASHINGTON DC 20002 JOANN THEYS INTERIM CFO 2024665666 2024-08-14 1 1 MARY TORRETTA P00847851 7038477500 2022 2024-08-08 14:25:15Z CAROLINE ANSTEY 1140 3RD STREET NE WASHINGTON DC 20002 37762927 0 X WWW.PACTWORLD.ORG/COUNTRY/PACT-GLOBAL-MICROFINANC X 2012 DE USING AN INTEGRATED APPROACH AND LOCAL PARTNERSHIPS, PACT GLOBAL MICROFINANCE FUND WORKS TO CREATE A WORLD WHERE THOSE WHO ARE POOR AND MARGINALIZED EXERCISE THEIR VOICE, BUILD THEIR OWN SOLUTIONS AND TAKE OWNERSHIP OF THEIR FUTURE. X 2 2 0 2 0 0 448 0 66166992 35008793 12181 329631 5723851 2334881 71903472 37673305 0 0 0 0 16326735 32919909 0 0 0 84503861 88754066 100830596 121673975 -28927124 -84000670 225283966 85027550 126467214 70211468 98816752 14816082 X PGMF'S MISSION IS FOR PEOPLE WITH LIMITED LIVELIHOOD CHOICES GAIN THE RESOURCES NEEDED TO BE INCOME SECURE. PGMF WILL BE THE HOME OF SERVICES, TOOLS, TECHNOLOGY, INNOVATION, PARTNERSHIPS, PRODUCTS AND FINANCIAL ASSETS THAT ACHIEVE EXCELLENCE IN SUSTAINABLE TRADITIONAL MICROFINANCE LENDING. 0 1 3129 0 37189172 AS A NON-PROFIT LENDER, PACT GLOBAL MICROFINANCE FUND IMPROVES THE LIVES OF POOR AND MARGINALIZED FAMILIES IN MYANMAR. BY PROVIDING LOANS AND TRAINING TO LAUNCH SMALL BUSINESSES, BUILD INCOME AND SAVE FOR THE FUTURE. MORE THAN 97 PERCENT OF RECIPIENTS ARE WOMEN. MOST LIVE IN RURAL AREAS WITH NO OTHER OPTIONS FOR OBTAINING CREDIT. IN THIS YEAR, THE NUMBER OF VILLAGES COVERED BY LOAN PROGRAMS INCREASED BY 5% TO 17,616. LOANS WERE EXTENDED TO PEOPLE FOR FARMING AND OTHER INCOME-GENERATING ACTIVITIES, EDUCATION AND EMERGENCY NEEDS. LOAN RECIPIENTS ALSO RECEIVED TRAINING TO BUILD THEIR BUSINESS DEVELOPMENT SKILLS, FINANCIAL LITERACY AND RESILIENCE IN THE FACE OF ECONOMIC SHOCKS AND DISASTERS. 3129 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 1 BM 0 0 0 0 0 0 0 0 0 0 X 2 2 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X X JOANN THEYS 2024665666 1140 3RD STREET NE WASHINGTON DC 20002 ELLEN VARNEY BOARD CHAIR 1.00 1.00 X 0 0 0 JAMES DONOVAN BOARD MEMBER 1.00 1.00 X 0 0 0 CAROLINE ANSTEY PRES & CEO 5.00 40.00 X 0 467310 28306 SAMANTHA BARBEE TREASURER 5.00 40.00 X 0 271111 37580 MARIA BARTON SECRETARY 5.00 40.00 X 0 258350 42267 JASON MEIKLE DEPUTY DIRECTOR, PGMF (THRU 6/23) 40.00 0.00 X 357324 0 12877 FAHMID KARIM BHUIYA MD COO, PGMF (THRU 6/23) 40.00 0.00 X 565967 0 12877 MAMUNUR RASHID FINANCE DIRECTOR, PGMF (THRU 6/23) 40.00 0.00 X 283596 0 12877 1206887 996771 146784 3 0 1 0 0 MICROFINANCE LOAN ACT. 522100 29372615 29372615 FEE INCOME ON LOAN ACT 522100 5636178 5636178 35008793 419253 89622 329631 329631 329631 AFFIL. ADMIN RECOVERY 900099 2002003 2002003 CANCELLATION OF DEBT 900099 176533 176533 OTHER REVENUE 900099 156345 1843 154502 2334881 37673305 37189172 0 484133 X 745296 745296 15357173 15357173 16817440 16817440 164471 164471 18606 18606 435097 435097 469643 469643 284196 284196 1537852 1537852 1046276 1046276 100010 100010 9690654 9690654 275543 275543 BAD DEBT EXPENSE 43867300 43867300 INVEST DUE TO UNDP 26086231 26086231 FOREIGN EX. REAL. LOSS 3929176 3129 3926047 IMPAIRMENT LOSS 511493 511493 337518 337518 121673975 3129 121670846 0 335679 5055694 41880075 79858949 313513 58163 580511 0 180858551 0 535742 54744 0 0 779895 0 225283966 85027550 9028345 682047 50119864 42846141 67319005 26683280 126467214 70211468 X 98816752 14816082 98816752 14816082 225283966 85027550 -84000670 0 X 0 1 X 1 0 X X X 1 PACT INC 132702768 7 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 DUE TO UN DEVELOPMENT PROGRAMME 26086231 NET RETURNS ON LOANS, REINVESTED EARNINGS 597049 26683280 X PART X, LINE 2: THE ORGANIZATION RECEIVES CONSOLIDATED FINANCIAL STATEMENTS WHICH CONTAIN THE FOLLOWING FOOTNOTE: PACT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. EAST ASIA AND THE PACIFIC 0 4 PROGRAM SERVICES MICROFINANCE LENDING 45789274 0 4 0 0 0 4 45789274 0 45789274 0 0 0 0 0 0 PART I, LINE 3: THE ORGANIZATION USES GAAP TO REPORT EXPENDITURES IN A FOREIGN REGION. PART III ACCOUNTING METHOD: X 1 0 0 0 0 0 0 0 0 1 0 FAHMID KARIM BHUIYA MD COO, PGMF (THRU 6/23) 476516 0 32972 0 56479 0 0 0 12877 0 578844 0 0 0 CAROLINE ANSTEY PRES & CEO 0 463500 0 0 0 3810 0 26840 0 1466 0 495616 0 0 JASON MEIKLE DEPUTY DIRECTOR, PGMF (THRU 6/23) 286649 0 19390 0 51285 0 0 0 12877 0 370201 0 0 0 SAMANTHA BARBEE TREASURER 0 270421 0 0 0 690 0 28687 0 8893 0 308691 0 0 MARIA BARTON SECRETARY 0 256370 0 0 0 1980 0 22946 0 19321 0 300617 0 0 MAMUNUR RASHID FINANCE DIRECTOR, PGMF (THRU 6/23) 233015 0 15888 0 34693 0 0 0 12877 0 296473 0 0 0 PART I, LINE 1: PGMF MAY PROVIDE A HOUSING ALLOWANCE TO ENSURE EXPATRIATE STAFF HAVE ACCESS TO MODEST HOUSING IN A SAFE ENVIRONMENT. THIS ALLOWANCE INCLUDES UTILITIES SUCH AS HEAT, ELECTRICITY, FUEL/GAS, AND WATER; MANDATORY TAXES, INSURANCE, AND FEES; AND OTHER ALLOWABLE AND APPROVED EXPENSES SUCH AS GENERATORS AND AIR CONDITIONERS. PGMF USES THE U.S. DEPARTMENT OF STATE STANDARD REGULATIONS TO DETERMINE REASONABLENESS FOR PURPOSES OF DETERMINING A BASELINE HOUSING ALLOWANCE FOR EACH COUNTRY IN WHICH QUALIFIED STAFF IS WORKING. PART I, LINE 3: COMPENSATION FOR THE CEO THAT WAS ESTABLISHED AND PAID BY PACT, INC. USED THE FOLLOWING TO ESTABLISH THE TOP MANAGEMENT OFFICIAL'S COMPENSATION: 1) COMPENSATION COMMITTEE; 2) COMPENSATION SURVEY OR STUDY; AND 3) APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE. PART I, LINE 7: IN OCTOBER 2022, THE EXECUTIVE STAFF WAS PAID A HARDSHIP BONUS. THE FINAL DETERMINATION OF THE BONUS AMOUNT IS DETERMINED AND APPROVED BY THE APPLICABLE BOARD AS PART OF THE OVERALL COMPENSATION REVIEW. WRITE-OFF MICRO FINANCE LOANS 2023-06-30 43364091 FMV WRITE-OFF EMPLOYEE ADVANCES 2023-06-30 503209 FMV IMPAIRMENT & LOSS OF VALUE OF FIXED ASSETS 2023-06-30 511493 FMV 0 0 0 0 PART II, LINE 1 AS OF SEPTEMBER 30, 2023, PGMF HAS CASH AND NOTES PAYABLES THAT HAVE BEEN CLASSIFIED AS CONTINUING OPERATIONS IN THE FINANCIAL STATEMENTS AS PACT INC. CONTINUES TO WORK WITH LENDERS TO REPAY LOANS WITHIN MYANMAR. PGMF AND THE UNITED NATIONS DEVELOPMENT PROGRAM (UNDP) AGREED UPON THE RETRANSFER OF RESTRICTED ASSETS UNDER THE UNDP TRANSFER AGREEMENT TO UNDP FOR USE IN MYANMAR. PACT'S GOAL IS TO HAVE THIS COMPLETED BY SEPTEMBER 30, 2025. FORM 990, PART III, LINE 3 UNDER THE MYANMAR COMPANIES LAW (THE PYIDAUNGSU HLUTTAW LAW NO. 29, 2017), PGMF WAS REQUIRED TO TRANSFORM FROM AN INTERNATIONAL NON-GOVERNMENTAL MICROFINANCE ORGANIZATION TO A PRIVATE COMPANY REGISTERED TO CONDUCT MICROFINANCE ACTIVITIES BY JUNE 30, 2023. FOLLOWING EXTENSIVE NEGOTIATIONS WITH THE SMALL-SCALE INDUSTRIES DEPARTMENT OF THE MINISTRY OF COOPERATIVE AND RURAL DEVELOPMENT ("SSID"), PGMF WAS NOT SUCCESSFUL IN SECURING APPROVAL TO TRANSFER ITS MICROFINANCE BUSINESS TO A NEW COMPANY. ADDITIONALLY, PGMF WAS NOT PERMITTED TO REGISTER OR REMAIN AS AN NGO MICROFINANCE INSTITUTION OPERATING MICROFINANCE ACTIVITY UNDER THE NEW ORGANIZATION REGISTRATION LAW - STATE ADMINISTRATION COUNCIL LAW NO. 45/2022. AS A CONSEQUENCE, PGMF WAS FORCED TO CEASE IT MICROFINANCE ACTIVITIES IN MYANMAR EFFECTIVE JUNE 30, 2023. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF GOVERNING BODY ARE SELECTED BY PACT INC. EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B ONCE PACT GLOBAL MICROFINANCE FUND'S FORM 990 IS COMPLETED BY THE TAX PREPARER, IT IS REVIEWED IN DETAIL BY THE CONTROLLER. ONCE THE CONTROLLER IS SATISFIED THAT THE RETURN IS COMPLETE AND ACCURATE, IT IS REVIEWED BY PGMF'S TREASURER. PGMF'S IRS FORM 990 IS SHARED WITH THE FINANCE AND AUDIT COMMITTEE IN DRAFT FORM AND IS ALSO PROVIDED TO ITS BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES, OFFICER AND DIRECTORS ARE REQUIRED TO SIGN A CONFLICT OF INTEREST POLICY UPON JOINING PGMF. IT IS THE DUTY OF PGMF DIRECTORS, OFFICERS, AND EMPLOYEES TO UPDATE AND RAISE ANY POTENTIAL CONFLICTS OF INTEREST DURING THEIR TENURE AT PGMF. PGMF DIRECTORS AND SENIOR MANAGEMENT MUST RAISE POTENTIAL CONFLICTS AND SUBMIT THEIR PGMF CONFLICT OF INTEREST DISCLOSURE FORM TO THE PACT GENERAL COUNSEL AND/OR BOARD SECRETARY, WHO THEN REVIEW TO DETERMINE IF A CONFLICT EXISTS. ALL OTHER EMPLOYEES RAISE POTENTIAL CONFLICTS WITH THE ETHICS AND COMPLIANCE OFFICE, WHO IN TURN DECIDES HOW TO ADDRESS ANY POTENTIAL CONFLICT. ANY PERSON WITH A CONFLICT WILL RECUSE HIM/HERSELF FROM DISCUSSION AND DECISION ON THE PERTINENT MATTER. FORM 990, PART VI, SECTION B, LINE 15 PACT GLOBAL MICROFINANCE FUND COMPENSATES 3 SENIOR MANAGERS SHOWN IN PART VII, COLUMN D OF THE FORM 990 AND SCHEDULE J, PART II DURING CALENDAR YEAR 2022. THE COMPENSATION SHOWN PART VII, COLUMN E AND F AND SCHEDULE J, PART II ARE PAID BY PACT, INC, THE ORGANIZATION'S RELATED ORGANIZATION. PACT GLOBAL MICROFINANCE FUND RELIES ON THE COMPENSATION DETERMINATION METHODOLOGY OF PACT, INC., PGMF'S RELATED ORGANIZATION, UNDER AN ADMINISTRATIVE SERVICES AGREEMENT. THE FOLLOWING IS THE COMPENSATION METHODOLOGY USED BY PACT, INC. PACT'S BYLAWS STATE THAT THE "SALARY OF THE PRESIDENT AND CHIEF EXECUTIVE OFFICER AND THE TERMS OF HIS OR HER EMPLOYMENT SHALL BE FIXED BY THE BOARD OF DIRECTORS. THE SALARIES OF ALL OTHER STAFF AND THE TERMS OF THEIR EMPLOYMENT SHALL BE FIXED BY THE PRESIDENT AND CHIEF EXECUTIVE OFFICER." CEO: THE EXECUTIVE COMMITTEE OF THE BOARD SETS THE CEO'S SALARY, TYPICALLY INFORMED BY INFORMATION PROVIDED BY THE SEARCH FIRM AT THE TIME OF HIRE. THE GOVERNANCE COMMITTEE CONDUCTS AN ANNUAL EVALUATION OF THE CEO AND AWARDS INCREASES AS DEEMED APPROPRIATE AND APPROVED BY THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE AND THE GOVERNANCE COMMITTEE ARE COMPRISED OF INDEPENDENT PERSONS AND MAINTAIN CONTEMPORANEOUS WRITTEN DOCUMENTATION OF ALL DECISIONS MADE. OTHER OFFICERS OR KEY EMPLOYEES: THE CEO IS RESPONSIBLE FOR THE COMPENSATION OF OTHER EMPLOYEES BUT IS DIRECTLY INVOLVED ONLY IN THE HIRING AND SALARY NEGOTIATIONS OF C-LEVEL POSITIONS. IN THESE CASES, WHERE PACT IS UTILIZING A SEARCH FIRM, THE FIRM PROVIDES MARKET INFORMATION TO ASSIST IN THE DETERMINATION OF APPROPRIATE COMPENSATION LEVELS. FOR KEY EMPLOYEES BEYOND THE C-SUITE, PACT'S CHIEF HUMAN CAPITAL OFFICER IS RESPONSIBLE FOR SALARY DETERMINATIONS. PACT USES A SERIES OF ANNUAL SALARY SURVEYS OF PEER ORGANIZATIONS, CONDUCTED BY AN INDUSTRY TRADE ASSOCIATION, TO INFORM SALARY LEVELS. ALL PACT EMPLOYEES ARE EVALUATED ON AN ANNUAL BASIS, AND MERIT-BASED INCREASES ARE DETERMINED AND AWARDED FROM AN APPROVED POOL, ADMINISTERED BY PACT'S CHIEF HUMAN CAPITAL OFFICER. FORM 990, PART VI, SECTION C, LINE 19 HOW DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC PGMF'S IRS DETERMINATION LETTER IS AVAILABLE UPON REQUEST. PGMF'S ANNUAL REPORTS, AUDITED FINANCIAL STATEMENTS AND 990S ARE AVAILABLE UPON REQUEST, AS WELL AS ON ITS WEBSITE. FORM 990, PART IX, LINE 11G, COLUMN (C): PACT GLOBAL MICROFINANCE FUND WAS ORGANIZED TO SUPPORT THE CHARITABLE AND EDUCATIONAL ACTIVITIES OF PACT, INC. AND TO CONTRIBUTE TO THE GROWTH OF CIVIL SOCIETY, STRENGTHEN THE COMMUNITY-FOCUSED NON-PROFIT SECTOR WORLDWIDE, AND IMPLEMENT INNOVATIVE PROGRAM INITIATIVES. PACT GLOBAL MICROFINANCE FUND AND PACT, INC. OPERATE IN A SHARED SERVICES ENVIRONMENT. AS SUCH, PACT GLOBAL MICROFINANCE FUND REIMBURSES PACT INC. FOR ITS SHARE OF EMPLOYEE COSTS BASED ON PERCENTAGE OF TIME DEVOTED TO PACT GLOBAL MICROFINANCE FUND PROJECTS AT COST. FORM 990, HEADER, SECTION J: WEBSITE: WWW.PACTWORLD.ORG/COUNTRY/PACT-GLOBAL-MICROFINANCE-FUND PACT MICROFINANCE HOLDING COMPANY 1140 3RD STREET NE WASHINGTON DC 20002 455008824 TO OPERATE MICROFINANCE PROGRAMS SN 0 0 PGMF PACT INC 1140 3RD STREET NE WASHINGTON DC 20002 132702768 BUILD EMPOWERED COMMUNITIES, EFFECTIVE GOV'S & RESPONSIBLE MKTS DC 501(C)(3) LINE 7 N/A 0 PACT GLOBAL (UK) CIO MERLIN PLACE MILTON ROAD CAMBRIDGE UK CB4 0DP UK NGO UK PACT INC 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0