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Message 2024Annual Report

Dear Friends & Partners Of Musana,As we reflect on this past year, we are filled with gratitude and awe at what has been accomplished. Musana continues to grow, impacting thousands through education, healthcare, and economic empowerment. This year, we launched construction of our third Musana Vocational High School (MVHS), opened our third hospital, and generated over $3.5M in revenue through 19 social enterprises—reinforcing the power of locally led sustainability. With growth comes incredible opportunity. The increasing demand for our services is a testament to the impact we are making, fueling our excitement to reach even more lives. We are energized by the challenge, inspired to push further, and committed to breaking cycles of dependency and poverty. Each step forward strengthens our resolve to innovate and expand, ensuring Musana’s impact continues to transform communities in profound ways. None of this would be possible without you—our donors, staff, and partners.Your generosity has enabled us to educate and train 8,700 women and children, provide over 1 million people access to quality healthcare (315,000 patient visits), and employ 680 dedicated staff members. You are part of this movement, and we are deeply grateful.Looking ahead, we envision 60 enterprises in 10 communities by 2032, educating 20,000 students, providing 3 million people access to quality healthcare, and employing 3,000+ staff members annually. We will continue expanding our model, bringing sustainable development to more communities and empowering lives for generations to come.As we step into another year, we invite you to walk alongside us in this journey of trans-formation, knowing our work is guided by a greater plan. ‘Now to him who is able to do immeasurably more than all we ask or imagine, according to his power that is at work within us.’ – Ephesians 3:20. This promise strengthens our faith and commitment to uplifting communities with dignity and self-reliance. Investing in impact, one business at a time, creates a ripple effect that changes generations.With heartfelt gratitude and hope,Haril and Andrea KazindraCo-Founders and Co-CEOs02 03 0405 06 07 08 09 101112 182025CONTENTSVISION, MISSION, & VALUESTHE NEED FOR MUSANAMUSANA’S MODELKEY ACHIEVEMENTSEDUCATION OUTCOMESHEALTHCARE OUTCOMESECONOMIC DEVELOPMENT OUTCOMESIMPACT OF REPLICATION SITESWHERE THE PROFITS GOMUSANA LEADERSHIP DEVELOPMENT PROGRAMFINANCIAL REPORTS2025 EXPANSIONRECOGNITION AND GRATITUDECONNECT & GET INVOLVED 1

Dear Friends & Partners Of Musana,As we reflect on this past year, we are filled with gratitude and awe at what has been accomplished. Musana continues to grow, impacting thousands through education, healthcare, and economic empowerment. This year, we launched construction of our third Musana Vocational High School (MVHS), opened our third hospital, and generated over $3.5M in revenue through 19 social enterprises—reinforcing the power of locally led sustainability. With growth comes incredible opportunity. The increasing demand for our services is a testament to the impact we are making, fueling our excitement to reach even more lives. We are energized by the challenge, inspired to push further, and committed to breaking cycles of dependency and poverty. Each step forward strengthens our resolve to innovate and expand, ensuring Musana’s impact continues to transform communities in profound ways. None of this would be possible without you—our donors, staff, and partners.Your generosity has enabled us to educate and train 8,700 women and children, provide over 1 million people access to quality healthcare (315,000 patient visits), and employ 680 dedicated staff members. You are part of this movement, and we are deeply grateful.Looking ahead, we envision 60 enterprises in 10 communities by 2032, educating 20,000 students, providing 3 million people access to quality healthcare, and employing 3,000+ staff members annually. We will continue expanding our model, bringing sustainable development to more communities and empowering lives for generations to come.As we step into another year, we invite you to walk alongside us in this journey of trans-formation, knowing our work is guided by a greater plan. ‘Now to him who is able to do immeasurably more than all we ask or imagine, according to his power that is at work within us.’ – Ephesians 3:20. This promise strengthens our faith and commitment to uplifting communities with dignity and self-reliance. Investing in impact, one business at a time, creates a ripple effect that changes generations.With heartfelt gratitude and hope,Haril and Andrea KazindraCo-Founders and Co-CEOs02 03 0405 06 07 08 09 101112 182025CONTENTSVISION, MISSION, & VALUESTHE NEED FOR MUSANAMUSANA’S MODELKEY ACHIEVEMENTSEDUCATION OUTCOMESHEALTHCARE OUTCOMESECONOMIC DEVELOPMENT OUTCOMESIMPACT OF REPLICATION SITESWHERE THE PROFITS GOMUSANA LEADERSHIP DEVELOPMENT PROGRAMFINANCIAL REPORTS2025 EXPANSIONRECOGNITION AND GRATITUDECONNECT & GET INVOLVED 1

To break cycles of dependency and poverty by investing in and operating faith-driven, locally-owned, sustainable social enterprises. LOCAL OWNERSHIPSUSTAINABILITY SOCIAL ENTREPRENEURSHIPACCOUNTABILITYFAITHTo see a world free of dependency & full of dignityThe Need for MusanaMUSANA’S MISSIONMUSANA’S VISIONCORE VALUESWhy Musana’s Model IS DIFFERENTA Musana social enterprise is a locally led, revenue-generating business—such as a school, hospital, or training center— that exists to solve critical community needs while reinvesting profits into programs that uplift the most vulnerable.100% LOCALLY LED – All of Musana’s leadership and staff in Uganda are local, driving sustainable development and social change.100% SUSTAINABLE – Once fully developed, a Musana community funds 100% of its operational expenses locally, with no reliance on foreign aid. LOCALLY FUNDED CHARITY – Musana enterprises generate revenue that directly supports scholarships, free healthcare, and special needs programs in their own communities.SOURCES: [1] Dead Aid, Dambisa Moyo, [2] World Bank, 2020, [3] The Africa Gap, The Economist Special Report, January 11, 2025The Problem with TRADITIONAL CHARITYTraditional charity models create long-term dependency, stifling local initiative and preventing sustainable development. Short-term aid fails to drive lasting economic transformation.$1.2 TRILLION+ in foreign aid has been funneled into Africa over the past 30 years, yet poverty rates remain stagnant.[1] 431 MILLION people are living in poverty in Africa today.[2]In 1960, AFRICA’S GDP per person was half the global average; today, it is only one-quarter.[3]32

To break cycles of dependency and poverty by investing in and operating faith-driven, locally-owned, sustainable social enterprises. LOCAL OWNERSHIPSUSTAINABILITY SOCIAL ENTREPRENEURSHIPACCOUNTABILITYFAITHTo see a world free of dependency & full of dignityThe Need for MusanaMUSANA’S MISSIONMUSANA’S VISIONCORE VALUESWhy Musana’s Model IS DIFFERENTA Musana social enterprise is a locally led, revenue-generating business—such as a school, hospital, or training center— that exists to solve critical community needs while reinvesting profits into programs that uplift the most vulnerable.100% LOCALLY LED – All of Musana’s leadership and staff in Uganda are local, driving sustainable development and social change.100% SUSTAINABLE – Once fully developed, a Musana community funds 100% of its operational expenses locally, with no reliance on foreign aid. LOCALLY FUNDED CHARITY – Musana enterprises generate revenue that directly supports scholarships, free healthcare, and special needs programs in their own communities.SOURCES: [1] Dead Aid, Dambisa Moyo, [2] World Bank, 2020, [3] The Africa Gap, The Economist Special Report, January 11, 2025The Problem with TRADITIONAL CHARITYTraditional charity models create long-term dependency, stifling local initiative and preventing sustainable development. Short-term aid fails to drive lasting economic transformation.$1.2 TRILLION+ in foreign aid has been funneled into Africa over the past 30 years, yet poverty rates remain stagnant.[1] 431 MILLION people are living in poverty in Africa today.[2]In 1960, AFRICA’S GDP per person was half the global average; today, it is only one-quarter.[3]32

LAUNCHED CONSTRUCTION OF MUSANA VOCATIONAL HIGH SCHOOL (MVHS) IN KAMULI: Set to open in January 2026, this school will empower 1,000+ young people annually with the education and skills they need to build brighter futures.ACQUIRED LAND IN BUDAKA AND MAYUGE: Setting the foundation for Musana’s 4th and 5th communities, expanding our reach and impact.OPENED OUR THIRD MUSANA HOSPITAL IN KAMULI: Providing essential healthcare services to 7,506 patients in the community.ESTABLISHED THE MUSANA EMPOWERMENT CENTER IN KALIRO: A transformative space where women are gaining skills to become job creators and support their families.EXPANDED GLOBALLY WITH A NEW FUNDING OFFICE IN THE UK: Broadening our international support base to sustain Musana’s growth.CELEBRATED MUSANA HOSPITAL IN IGANGA: Ranked #1 for excellence among health facilities across nine districts!Musana’s ModelKey ATTRIBUTESMusana’s model empowers communities to achieve self-reliance by combining sustainable enterprises, local leadership, and holistic services, breaking the cycle of dependency and fostering lasting impact.Donations are used to build enterprises such as schools, hospitals, production units, hotels, and restaurants, which serve the community while generating revenue for sustainability.Charitable Arm Profits fund Musana’s charitable arm, supporting scholarships, free healthcare, programs for students with special needs, and other initiatives that directly impact the most vulnerable in the community.Donor CONTRIBUTIONSCharitable Arm PROFITSSUSTAINABILITY THROUGH ENTERPRISE: Revenue-generating businesses fund essential servicesIn 2024, Musana touched the lives of over 250,000 PEOPLE— relecting the full reach of our services throughout the year.LOCALLY LED INITIATIVES: Empowering communities with leadership and ownershipINTEGRATED APPROACH: Addressing education, healthcare, and economic development holisticallyREPLICABILITY: Proven model for scaling into new communities20245,21948,9966856,152,712$3,109,876$3,583,710IMPACTSTUDENTSPATIENT VISITSFULL-TIME LOCAL EMPLOYEESMEALS PROVIDEDCAPITAL INVESTEDINCOME GENERATED LOCALLY2008-20248,798315,60568524,652,712$15,861,742$15,536,8582024 Key Achievements54

LAUNCHED CONSTRUCTION OF MUSANA VOCATIONAL HIGH SCHOOL (MVHS) IN KAMULI: Set to open in January 2026, this school will empower 1,000+ young people annually with the education and skills they need to build brighter futures.ACQUIRED LAND IN BUDAKA AND MAYUGE: Setting the foundation for Musana’s 4th and 5th communities, expanding our reach and impact.OPENED OUR THIRD MUSANA HOSPITAL IN KAMULI: Providing essential healthcare services to 7,506 patients in the community.ESTABLISHED THE MUSANA EMPOWERMENT CENTER IN KALIRO: A transformative space where women are gaining skills to become job creators and support their families.EXPANDED GLOBALLY WITH A NEW FUNDING OFFICE IN THE UK: Broadening our international support base to sustain Musana’s growth.CELEBRATED MUSANA HOSPITAL IN IGANGA: Ranked #1 for excellence among health facilities across nine districts!Musana’s ModelKey ATTRIBUTESMusana’s model empowers communities to achieve self-reliance by combining sustainable enterprises, local leadership, and holistic services, breaking the cycle of dependency and fostering lasting impact.Donations are used to build enterprises such as schools, hospitals, production units, hotels, and restaurants, which serve the community while generating revenue for sustainability.Charitable Arm Profits fund Musana’s charitable arm, supporting scholarships, free healthcare, programs for students with special needs, and other initiatives that directly impact the most vulnerable in the community.Donor CONTRIBUTIONSCharitable Arm PROFITSSUSTAINABILITY THROUGH ENTERPRISE: Revenue-generating businesses fund essential servicesIn 2024, Musana touched the lives of over 250,000 PEOPLE— relecting the full reach of our services throughout the year.LOCALLY LED INITIATIVES: Empowering communities with leadership and ownershipINTEGRATED APPROACH: Addressing education, healthcare, and economic development holisticallyREPLICABILITY: Proven model for scaling into new communities20245,21948,9966856,152,712$3,109,876$3,583,710IMPACTSTUDENTSPATIENT VISITSFULL-TIME LOCAL EMPLOYEESMEALS PROVIDEDCAPITAL INVESTEDINCOME GENERATED LOCALLY2008-20248,798315,60568524,652,712$15,861,742$15,536,8582024 Key Achievements54

18,635 FREE HEALTH SERVICES were providedNursery and Primary SchoolsVocational High SchoolsWomen’s Vocational SchoolsPatient VisitsRehabilitation Therapy VisitsMajor SurgeriesBabies Delivered42248,9962,8603146918 3SCHOOLS HOSPITALSEDUCATION HEALTHCARE5,219 STUDENTS 97% of 245 Primary 7 students scored in Divison 1 and 2 compared to 61% nationally100% of the 290 Senior 4 students who sat for national exams in Musana passed! MUSANA SCHOOLS ARE 55% MORE AFFORDABLE than competing schoolsMUSANA PRIMARY SCHOOLS RANKED #1 IN IGANGA & KAMULI, RANKED #2 IN KALIRO (out of hundreds of schools in each district)50% of students are female713 GRADUATES are moving on to the next level of education1,943 STUDENTS were provided scholarships in Musana schools and in tertiary schools MeetPatrickEdith’sStoryA baby born at a Musana hospital is 3.7 TIMES MORE LIKELY OF SURVIVING than at other facilitiesOVER 1 MILLION PEOPLE now have access to quality and affordable healthcare!76

18,635 FREE HEALTH SERVICES were providedNursery and Primary SchoolsVocational High SchoolsWomen’s Vocational SchoolsPatient VisitsRehabilitation Therapy VisitsMajor SurgeriesBabies Delivered42248,9962,8603146918 3SCHOOLS HOSPITALSEDUCATION HEALTHCARE5,219 STUDENTS 97% of 245 Primary 7 students scored in Divison 1 and 2 compared to 61% nationally100% of the 290 Senior 4 students who sat for national exams in Musana passed! MUSANA SCHOOLS ARE 55% MORE AFFORDABLE than competing schoolsMUSANA PRIMARY SCHOOLS RANKED #1 IN IGANGA & KAMULI, RANKED #2 IN KALIRO (out of hundreds of schools in each district)50% of students are female713 GRADUATES are moving on to the next level of education1,943 STUDENTS were provided scholarships in Musana schools and in tertiary schools MeetPatrickEdith’sStoryA baby born at a Musana hospital is 3.7 TIMES MORE LIKELY OF SURVIVING than at other facilitiesOVER 1 MILLION PEOPLE now have access to quality and affordable healthcare!76

2024 Annual Impact of Replication Sites: Iganga, Kaliro, & KamuliYear Construction StartedYear Fully OperationalTotal Capital Invested** (2008-2024)Enterprises in Operation (end of 2024)Students Educated (2024)Patients Served (2024)Staf Employed (2024)Total Revenue Generated (2024)Total Expenses (2024)Prots (2024)Total Sustainability (2024)IGANGA20082017$7,179,78893,16227,160358$2,379,386$1,838,018$541,368129%KALIRO20202023$4,638,02361,33314,330190$776,083$742,510$33,573105%KAMULI20222026$3,759,80147247,506120$428,241$435,857$(7,616)98%Ugandans Employed Full-Time685DISTRICT19ENTERPRISESECONOMIC DEVELOPMENTOVER 500 construction workers hired on different sitesA TOTAL OF 176,763 hotel and restaurant visits277 INTERNATIONAL VISITORS from the United States, United Kingdom, and China954 STUDENTS were trained in a vocational skillFred’sStory*Central oce staf, capital, overhead and outreach expenses are not included. | **Total capital invested does not include land purchased for Budaka and Mayuge in 2024, as those campuses are just beginning construction.98

2024 Annual Impact of Replication Sites: Iganga, Kaliro, & KamuliYear Construction StartedYear Fully OperationalTotal Capital Invested** (2008-2024)Enterprises in Operation (end of 2024)Students Educated (2024)Patients Served (2024)Staf Employed (2024)Total Revenue Generated (2024)Total Expenses (2024)Prots (2024)Total Sustainability (2024)IGANGA20082017$7,179,78893,16227,160358$2,379,386$1,838,018$541,368129%KALIRO20202023$4,638,02361,33314,330190$776,083$742,510$33,573105%KAMULI20222026$3,759,80147247,506120$428,241$435,857$(7,616)98%Ugandans Employed Full-Time685DISTRICT19ENTERPRISESECONOMIC DEVELOPMENTOVER 500 construction workers hired on different sitesA TOTAL OF 176,763 hotel and restaurant visits277 INTERNATIONAL VISITORS from the United States, United Kingdom, and China954 STUDENTS were trained in a vocational skillFred’sStory*Central oce staf, capital, overhead and outreach expenses are not included. | **Total capital invested does not include land purchased for Budaka and Mayuge in 2024, as those campuses are just beginning construction.98

SCHOLARSHIPS: 1,943 STUDENTS were provided scholarships in Musana schools and in tertiary schools SPECIAL NEEDS AND THERAPY SERVICES: SUPPORTED 349 CHILDREN with disabilities through therapy and tailored programsFREE HEALTH SERVICES: 18,635 FREE TREATMENTS at hospitals and in village health outreachesNEW HOMES: 2 HOMES WERE BUILT for vulnerable families by students from MVHSWhere theProts GoLOCALLY-FUNDED CHARITY MUSANA LEADERSHIP DEVELOPMENT PROGRAM (MLDP)DEVELOPING FUTURE LEADERS: Equips emerging Musana leaders with essential skills for sustainable impact.CORE TRAINING AREAS: Governance, ethical leadership, financial stewardship, and social entrepreneurshipHANDS-ON EXPERIENCE: Mentorship, real-world problem-solving, and innovation workshopsFAITH-CENTERED GROWTH: Leadership grounded in prayer and ethical values86 LEADERS TRAINED IN 2024—many now managing Musana schools, hospitals, and businessesLOCALLY-LED EXPANSION—ensuring future Musana campuses thrive under homegrown leadershipSUSTAINABLE COMMUNITY TRANSFORMATION— graduates are actively driving change in their communitiesImpact in 20241110

SCHOLARSHIPS: 1,943 STUDENTS were provided scholarships in Musana schools and in tertiary schools SPECIAL NEEDS AND THERAPY SERVICES: SUPPORTED 349 CHILDREN with disabilities through therapy and tailored programsFREE HEALTH SERVICES: 18,635 FREE TREATMENTS at hospitals and in village health outreachesNEW HOMES: 2 HOMES WERE BUILT for vulnerable families by students from MVHSWhere theProts GoLOCALLY-FUNDED CHARITY MUSANA LEADERSHIP DEVELOPMENT PROGRAM (MLDP)DEVELOPING FUTURE LEADERS: Equips emerging Musana leaders with essential skills for sustainable impact.CORE TRAINING AREAS: Governance, ethical leadership, financial stewardship, and social entrepreneurshipHANDS-ON EXPERIENCE: Mentorship, real-world problem-solving, and innovation workshopsFAITH-CENTERED GROWTH: Leadership grounded in prayer and ethical values86 LEADERS TRAINED IN 2024—many now managing Musana schools, hospitals, and businessesLOCALLY-LED EXPANSION—ensuring future Musana campuses thrive under homegrown leadershipSUSTAINABLE COMMUNITY TRANSFORMATION— graduates are actively driving change in their communitiesImpact in 20241110

WHEN YOU INVEST IN MUSANA, YOU EMPOWER THE LOCALS WITH QUALITY INFRASTRUCTURE THEY NEED TO MAKE CHANGE WITHIN THEIR OWN COMMUNITIES.Capital IMPACTCAPITAL INVESTED IN INFRASTRUCTURE IN 2024: $3,109,876Cumulative CAPITAL INVESTMENTFinancial BREAKDOWN$649,141 KALIRO COMMUNITY $315,669 IGANGA COMMUNITY $1,860,936 KAMULI COMMUNITY $150,843 BUDAKA COMMUNITY $133,287 MAYUGE COMMUNITY$12,000,000$14,000,000$16,000,000$10,000,000$8,000,000$6,000,000$4,000,000$2,000,000$0202420212016 20232018 20202015 20222017 201920141312

WHEN YOU INVEST IN MUSANA, YOU EMPOWER THE LOCALS WITH QUALITY INFRASTRUCTURE THEY NEED TO MAKE CHANGE WITHIN THEIR OWN COMMUNITIES.Capital IMPACTCAPITAL INVESTED IN INFRASTRUCTURE IN 2024: $3,109,876Cumulative CAPITAL INVESTMENTFinancial BREAKDOWN$649,141 KALIRO COMMUNITY $315,669 IGANGA COMMUNITY $1,860,936 KAMULI COMMUNITY $150,843 BUDAKA COMMUNITY $133,287 MAYUGE COMMUNITY$12,000,000$14,000,000$16,000,000$10,000,000$8,000,000$6,000,000$4,000,000$2,000,000$0202420212016 20232018 20202015 20222017 201920141312

SUSTAINABILITY of Uganda Operations $2,50$2,500,0,000000$2$2,0,00000,,000000$1,500$1,500,,000000$1$1,0,00000,,000000$50$500,0,000000$$IGANGA KALIRO KAMULI OUTREACH ADMINFinancial REPORTYear-Over-Year Growth in Revenue & ProtsWITH 2025 PROJECTIONS - 1,000, 000 2,000,000 3,000,000 4,00 0,000 5,000,000 6,000,0 00 2021audited 2022audited 2023audited 2024unaudited 2025proj ectedUgandan In Country Income & Profitsfrom Operations Ugandan income from operations Ugandan profits from operationsNote: central oce capital, overhead and outreach expenses are not included.Sustainability by LocationSustainability by SectorEDUCATION HEALTH HOSPITALITYMERCHPRODUCTIONOUTREACH ADMIN1514

SUSTAINABILITY of Uganda Operations $2,50$2,500,0,000000$2$2,0,00000,,000000$1,500$1,500,,000000$1$1,0,00000,,000000$50$500,0,000000$$IGANGA KALIRO KAMULI OUTREACH ADMINFinancial REPORTYear-Over-Year Growth in Revenue & ProtsWITH 2025 PROJECTIONS - 1,000, 000 2,000,000 3,000,000 4,00 0,000 5,000,000 6,000,0 00 2021audited 2022audited 2023audited 2024unaudited 2025proj ectedUgandan In Country Income & Profitsfrom Operations Ugandan income from operations Ugandan profits from operationsNote: central oce capital, overhead and outreach expenses are not included.Sustainability by LocationSustainability by SectorEDUCATION HEALTH HOSPITALITYMERCHPRODUCTIONOUTREACH ADMIN1514

Financial REPORTMusana is comprised of three separate legal entities that each maintain their own nancial records; in 2024 we added the third legal entity, Musana UK, recorded in British Pounds. Although there is some overlap, broadly speaking, program activities are run by the non-governmental organization (NGO) registered in Uganda, recorded in Ugandan Shillings. Administrative & General and Fundraising activities are recorded in the Colorado and Musana UK branches. The following nancial information is a consoli-dation of all entities unless otherwise specied. All amounts are in US dollars. Ugandan Shillings and British Pounds have been converted to US dollars at the exchange rate in efect at the end of each year. All entities are currently under audit for 2024. All 2024 nancial data is therefore unaudited. Charity Navigator has awarded Musana their highest honor, 4-Star Rating for Accountability & Finance.INFLOWASSETSLIABILITIES & NET ASSETSAS OF DECEMBER 31, 2024 | WITH COMPARATIVE TOTALS FOR 2023 FOR THE YEAR ENDED DECEMBER 31, 2024Uganda Program IncomeDonations Individual Businesses, Non-Profits, Church PartnersShine PartnersFundraisersOther IncomeSocial Impact Investing* TOTAL INFLOWCurrent AssetsCash and Cash EquivalentsInvestmentsDonations ReceivableAccounts ReceivablePrepaid ExpensesRight-of-use AssetInventoryProperty and Equipment TOTAL ASSETSLiabilitiesCurrent LiabilitiesAccounts PayableCurrent Portion of Long-Term Debt *Total Current LiabilitiesLong Term LiabilitiesSocial Impact Investing Loans and Lease Obligations *Operating Lease Liability Total LiabilitiesNet AssetsWithout Donor RestrictionsWith Donor RestrictionsTotal Net Assets TOTAL LIABILITIES & NET ASSETS$10,469,622$15,956,666$15,956,666$12,214,616$12,214,616$10,145,6093,583,7102,630,524442,939291,9201,439,7211,080,8081,000,000718,5051,072,316151,033262,157185,78843,139242,66313,281,065212,5884,566217,1543,251,52843,7023,512,38511,571,347872,93412,444,281100,8054,566105,3712,270,55943,7022,419,6329,187,063607,9219,794,984306,223787,69777,89896,62367,06143,139310,29310,525,682OUTFLOWProgram ExpensesGeneral & Administration ExpensesFundraising ExpensesCapital Development TOTAL OUTFLOW5,810,143472,276727,4633,135,727CONSOLIDATED statement of activities CONSOLIDATED statement of nancial position*Musana took on Social Impact Investing Loans in 2022 to be used for capital construction in Uganda. These loans are uncollateralized, low interest loans, which include nancial incentives to payof early and to perform to measurable standards. The Musana boards in the US and Uganda approved these loans as a way of increasing the speed of construction in both Kaliro and Kamuli, allowing both campuses to be completed approximately 2 to 3 years earlier than without the loans.2024202420232023Uganda Program Income 34%Donations 29%Fundraisers 14%Social Impact Investing 10%Other Income 10%Shine 3%Program Expense 57%Capital Development 31%Fundraising 7%General & Administration 5%1716

Financial REPORTMusana is comprised of three separate legal entities that each maintain their own nancial records; in 2024 we added the third legal entity, Musana UK, recorded in British Pounds. Although there is some overlap, broadly speaking, program activities are run by the non-governmental organization (NGO) registered in Uganda, recorded in Ugandan Shillings. Administrative & General and Fundraising activities are recorded in the Colorado and Musana UK branches. The following nancial information is a consoli-dation of all entities unless otherwise specied. All amounts are in US dollars. Ugandan Shillings and British Pounds have been converted to US dollars at the exchange rate in efect at the end of each year. All entities are currently under audit for 2024. All 2024 nancial data is therefore unaudited. Charity Navigator has awarded Musana their highest honor, 4-Star Rating for Accountability & Finance.INFLOWASSETSLIABILITIES & NET ASSETSAS OF DECEMBER 31, 2024 | WITH COMPARATIVE TOTALS FOR 2023 FOR THE YEAR ENDED DECEMBER 31, 2024Uganda Program IncomeDonations Individual Businesses, Non-Profits, Church PartnersShine PartnersFundraisersOther IncomeSocial Impact Investing* TOTAL INFLOWCurrent AssetsCash and Cash EquivalentsInvestmentsDonations ReceivableAccounts ReceivablePrepaid ExpensesRight-of-use AssetInventoryProperty and Equipment TOTAL ASSETSLiabilitiesCurrent LiabilitiesAccounts PayableCurrent Portion of Long-Term Debt *Total Current LiabilitiesLong Term LiabilitiesSocial Impact Investing Loans and Lease Obligations *Operating Lease Liability Total LiabilitiesNet AssetsWithout Donor RestrictionsWith Donor RestrictionsTotal Net Assets TOTAL LIABILITIES & NET ASSETS$10,469,622$15,956,666$15,956,666$12,214,616$12,214,616$10,145,6093,583,7102,630,524442,939291,9201,439,7211,080,8081,000,000718,5051,072,316151,033262,157185,78843,139242,66313,281,065212,5884,566217,1543,251,52843,7023,512,38511,571,347872,93412,444,281100,8054,566105,3712,270,55943,7022,419,6329,187,063607,9219,794,984306,223787,69777,89896,62367,06143,139310,29310,525,682OUTFLOWProgram ExpensesGeneral & Administration ExpensesFundraising ExpensesCapital Development TOTAL OUTFLOW5,810,143472,276727,4633,135,727CONSOLIDATED statement of activities CONSOLIDATED statement of nancial position*Musana took on Social Impact Investing Loans in 2022 to be used for capital construction in Uganda. These loans are uncollateralized, low interest loans, which include nancial incentives to payof early and to perform to measurable standards. The Musana boards in the US and Uganda approved these loans as a way of increasing the speed of construction in both Kaliro and Kamuli, allowing both campuses to be completed approximately 2 to 3 years earlier than without the loans.2024202420232023Uganda Program Income 34%Donations 29%Fundraisers 14%Social Impact Investing 10%Other Income 10%Shine 3%Program Expense 57%Capital Development 31%Fundraising 7%General & Administration 5%1716

Breaking Ground, Building FuturesFINALIZING OUR KAMULI REPLICATION: Musana Vocational High School is on track to open in 2026, equipping young people with the skills they need for successful futures. EXPANDING THE MUSANA EMPOWERMENT CENTER (MEC) & PRODUCTION UNITS IN KALIRO: More women and youth will gain access to training and employment opportunities, fostering financial independence.LAUNCHING OPERATIONS IN MAYUGE & BUDAKA: The construction of two new primary schools will mark the beginning of Musana’s presence in these communities, with accompanying social enterprises to follow.7-Year Vision: Transforming 10 Communities by 2032MUSANA’S PROJECTED IMPACT WILL EXTEND FURTHER THAN EVER BEFORE: 60 thriving enterprises fueling local economies 20,000 students empowered through education 3 million people given access to quality education 3,000 sta members driving change and innovation Over $20M in annual local revenue ($3M in local prot to use for locally funded charity)- when operat-ing at full capacityTHIS IS MORE THAN GROWTH—IT’S A MOVEMENT. We are proving that sustainable, locally led development is the future, and with your support, we are changing the narrative of aid. The future is bright, and Musana is leading the way.2025 Expansion:SCALING IMPACT, TRANSFORMING LIVESIn the year ahead we will continue our bold expansion, bringing education, healthcare, and economic development to even more communities.1918

Breaking Ground, Building FuturesFINALIZING OUR KAMULI REPLICATION: Musana Vocational High School is on track to open in 2026, equipping young people with the skills they need for successful futures. EXPANDING THE MUSANA EMPOWERMENT CENTER (MEC) & PRODUCTION UNITS IN KALIRO: More women and youth will gain access to training and employment opportunities, fostering financial independence.LAUNCHING OPERATIONS IN MAYUGE & BUDAKA: The construction of two new primary schools will mark the beginning of Musana’s presence in these communities, with accompanying social enterprises to follow.7-Year Vision: Transforming 10 Communities by 2032MUSANA’S PROJECTED IMPACT WILL EXTEND FURTHER THAN EVER BEFORE: 60 thriving enterprises fueling local economies 20,000 students empowered through education 3 million people given access to quality education 3,000 sta members driving change and innovation Over $20M in annual local revenue ($3M in local prot to use for locally funded charity)- when operat-ing at full capacityTHIS IS MORE THAN GROWTH—IT’S A MOVEMENT. We are proving that sustainable, locally led development is the future, and with your support, we are changing the narrative of aid. The future is bright, and Musana is leading the way.2025 Expansion:SCALING IMPACT, TRANSFORMING LIVESIn the year ahead we will continue our bold expansion, bringing education, healthcare, and economic development to even more communities.1918

1,071 EVENT ATTENDEES joined us at one or more of our events in the US and the UK 135 VOLUNTEERScontributed their time and resources to actively join the work God is doing through Musana 277 INTERNATIONAL TRAVELERSvisited Uganda to experience rsthand how Musana’s model transforms communities*These numbers relect combined numbers for the US and UK funding oces.Thank YouGRATITUDE FOR 2024We are so grateful for the donors, partners, staf, and community leaders who helped Musana grow in 2024!1,194494321 SUPPORTERS fueled Musana’s mission through generous giftsMONTHLY SUPPORTERS provided a stable source of capital throughout the year to drive long-term impactNEW SUPPORTERS joined our Musana family through rst-time donations2120

1,071 EVENT ATTENDEES joined us at one or more of our events in the US and the UK 135 VOLUNTEERScontributed their time and resources to actively join the work God is doing through Musana 277 INTERNATIONAL TRAVELERSvisited Uganda to experience rsthand how Musana’s model transforms communities*These numbers relect combined numbers for the US and UK funding oces.Thank YouGRATITUDE FOR 2024We are so grateful for the donors, partners, staf, and community leaders who helped Musana grow in 2024!1,194494321 SUPPORTERS fueled Musana’s mission through generous giftsMONTHLY SUPPORTERS provided a stable source of capital throughout the year to drive long-term impactNEW SUPPORTERS joined our Musana family through rst-time donations2120

UGANDA TEAMHead Oce Staf:John Mary Mungere – Financial ControllerSusan Akunu – Administrative ManagerOliver Kwagala – Human Resource ManagerDenelson Magumba – Procurement OcerNoah Waako – Estates OcerPhillip Aine – AccountantDoreen Nafuna – AccountantJuliet Achen – Accounts AssistantHosea Satati Uzziah – Head Spiritual Nurture AairsRonald Nantamu – Regional Coordinator- KaliroReagan Kusasira – Regional Coordinator- KamuliYona Ibanda – Public Relations OcerMariam Kagoya – Human Resource AssistantOutreach Department:Joash Paul Ndizaawa – Head Outreach Department & MECFlorence Nabaganzi – Social Worker- MEC-IgangaLydia Nangobi – Social Worker- MNPS-BuseiManjeri Kikazi – Social Worker- MNPS-BukonaHellen Birungi – Social Worker- MVHS-KaliroMary Moureen Achan – Social Worker- MVHS-IgangaEdward Maganda – Social Worker- MCHC-IgangaBrian Wamalwa – Social Worker- MCHC-KaliroVictor Mukooba – Social Worker- MCHC-KamuliApophia Muwanguzi – Social WorkerRogers Egesa – Occupational TherapistMusana Empowerment Center (MEC):Victoria Ahumuza – Administrator- IgangaSuzan Kitali – Accounts Assistant- IgangaFlorence Birungi – Administrator MEC & Guest House- KaliroHospitality:Hannington Kabbala – Manager- Solview Hotel-IgangaNoah Lutaaya – Manager- Solview-KamuliHarun Wansadha – Manager- Guest House Iganga & Head Chef Solview Hotel- IgangaJoseph Opolot – Guest Liaisons OcerMoses Nabajja – Assistant Guest Liaisons OcerSamuel Tumwebaze – Assistant Guest Liasons OcerLillian Namukose – Chef-Guest House- IgangaEducation – Primary Schools:Mike Nalugoda – Technical Manager- Primary SchoolsHenry Wayambuka – Deputy Head Teacher MNPS- KaliroEsther Agwang – Head Teacher- MNPS-KamuliMorris Odida – Deputy Head Teacher- MNPS-KamuliHenry Ngobi – Head Teacher- MNPS-BukonaMugoya Hamidu – Deputy Head Teacher- MNPS-BukonaJowel Mongoi – Head Teacher- MNPS-BuseiIvan Lugendo – Deputy Head Teacher- MNPS-BuseiIrene Nakagolo – Head Nursery Section- MNPS-BuseiUGANDA BOARD MEMBERSLoida Nambi – ChairpersonElizabeth Baleke – MemberBeatrice Tanaguza – MemberAndrea Pauline Kazindra – TreasurerEdward Kimalyo – MemberDavid Baxter Bakibinga – Member (Legal Advisor)Haril Kazindra – SecretaryPeter Frontile Kawanguzi – Member (Medical Advisor)US TEAMErin Moser – Chief Advancement OcerCory Wolven – Communications & Marketing DirectorTami Hall – Operations ManagerSusie Knight – Community Engagement & Volunteer CoordinatorNicole Unger – Events OcerMonique Garcia-Carson – Merchandise CoordinatorAmy Kirschke – Community Engagement CoordinatorHannah Hostetler – Development OcerEllen Conner – BookkeeperBrad Fischer – AccountantUS BOARD MEMBERSLeigh Dunn - PresidentTracy Pirnack - SecretarySeth Gunderson - TreasurerJason Groom Keith KastenJustin MihalcinKay MorrisonJohn SawyerUS BOARD ADVISORYDon Dolifka Bob Moser David MorrisonPat PaulineStew PirnackBob RensinkUK TEAMPaul Smith - UK DirectorZoe Carpenter - BookkeeperUK BOARD MEMBERS Andrea KazindraHaril KazindraJim WicksJenny WordleyDon DolifkaCO-FOUNDERS & CEOSOversee the Ugandan, UK, and US teams Andrea KazindraHaril KazindraEducational – Vocational High Schools:Raymond Raanga Owino – Technical Manager- MVHSAbdallah Mbubu – Deputy Head Teacher- AcademicsOliver Batale – Head Teacher- MVHS-KaliroPaul Bwana – Deputy Head Teacher- Administration-KaliroRonald Batabaire – Deputy Head Teacher Academics-KaliroIsimail Kasadha – Administrator/PRO-KaliroRacheal Mukyala – Deputy Head Teacher- Administration-IgangaMusana Community Hospitals:Carol Agasha – Technical ManagerJesse Naaya – Medical Ocer & Head ClinicianOnesmus Wakabi – Medical Ocer & Head Clinician-KaliroIvan Munigwa – Medical Ocer & Incharge MaternityFrancis Oneka – Medical Ocer & Head Clinician-KamuliNicholas Mandela – PhysiotherapistAnnet Kitonto – Hospital Administrator-KamuliPelinah Nyag – Hospital Administrator-KaliroSusan Kibodyo – Hospital Administrator-IgangaMusana’sTeam2322

UGANDA TEAMHead Oce Staf:John Mary Mungere – Financial ControllerSusan Akunu – Administrative ManagerOliver Kwagala – Human Resource ManagerDenelson Magumba – Procurement OcerNoah Waako – Estates OcerPhillip Aine – AccountantDoreen Nafuna – AccountantJuliet Achen – Accounts AssistantHosea Satati Uzziah – Head Spiritual Nurture AairsRonald Nantamu – Regional Coordinator- KaliroReagan Kusasira – Regional Coordinator- KamuliYona Ibanda – Public Relations OcerMariam Kagoya – Human Resource AssistantOutreach Department:Joash Paul Ndizaawa – Head Outreach Department & MECFlorence Nabaganzi – Social Worker- MEC-IgangaLydia Nangobi – Social Worker- MNPS-BuseiManjeri Kikazi – Social Worker- MNPS-BukonaHellen Birungi – Social Worker- MVHS-KaliroMary Moureen Achan – Social Worker- MVHS-IgangaEdward Maganda – Social Worker- MCHC-IgangaBrian Wamalwa – Social Worker- MCHC-KaliroVictor Mukooba – Social Worker- MCHC-KamuliApophia Muwanguzi – Social WorkerRogers Egesa – Occupational TherapistMusana Empowerment Center (MEC):Victoria Ahumuza – Administrator- IgangaSuzan Kitali – Accounts Assistant- IgangaFlorence Birungi – Administrator MEC & Guest House- KaliroHospitality:Hannington Kabbala – Manager- Solview Hotel-IgangaNoah Lutaaya – Manager- Solview-KamuliHarun Wansadha – Manager- Guest House Iganga & Head Chef Solview Hotel- IgangaJoseph Opolot – Guest Liaisons OcerMoses Nabajja – Assistant Guest Liaisons OcerSamuel Tumwebaze – Assistant Guest Liasons OcerLillian Namukose – Chef-Guest House- IgangaEducation – Primary Schools:Mike Nalugoda – Technical Manager- Primary SchoolsHenry Wayambuka – Deputy Head Teacher MNPS- KaliroEsther Agwang – Head Teacher- MNPS-KamuliMorris Odida – Deputy Head Teacher- MNPS-KamuliHenry Ngobi – Head Teacher- MNPS-BukonaMugoya Hamidu – Deputy Head Teacher- MNPS-BukonaJowel Mongoi – Head Teacher- MNPS-BuseiIvan Lugendo – Deputy Head Teacher- MNPS-BuseiIrene Nakagolo – Head Nursery Section- MNPS-BuseiUGANDA BOARD MEMBERSLoida Nambi – ChairpersonElizabeth Baleke – MemberBeatrice Tanaguza – MemberAndrea Pauline Kazindra – TreasurerEdward Kimalyo – MemberDavid Baxter Bakibinga – Member (Legal Advisor)Haril Kazindra – SecretaryPeter Frontile Kawanguzi – Member (Medical Advisor)US TEAMErin Moser – Chief Advancement OcerCory Wolven – Communications & Marketing DirectorTami Hall – Operations ManagerSusie Knight – Community Engagement & Volunteer CoordinatorNicole Unger – Events OcerMonique Garcia-Carson – Merchandise CoordinatorAmy Kirschke – Community Engagement CoordinatorHannah Hostetler – Development OcerEllen Conner – BookkeeperBrad Fischer – AccountantUS BOARD MEMBERSLeigh Dunn - PresidentTracy Pirnack - SecretarySeth Gunderson - TreasurerJason Groom Keith KastenJustin MihalcinKay MorrisonJohn SawyerUS BOARD ADVISORYDon Dolifka Bob Moser David MorrisonPat PaulineStew PirnackBob RensinkUK TEAMPaul Smith - UK DirectorZoe Carpenter - BookkeeperUK BOARD MEMBERS Andrea KazindraHaril KazindraJim WicksJenny WordleyDon DolifkaCO-FOUNDERS & CEOSOversee the Ugandan, UK, and US teams Andrea KazindraHaril KazindraEducational – Vocational High Schools:Raymond Raanga Owino – Technical Manager- MVHSAbdallah Mbubu – Deputy Head Teacher- AcademicsOliver Batale – Head Teacher- MVHS-KaliroPaul Bwana – Deputy Head Teacher- Administration-KaliroRonald Batabaire – Deputy Head Teacher Academics-KaliroIsimail Kasadha – Administrator/PRO-KaliroRacheal Mukyala – Deputy Head Teacher- Administration-IgangaMusana Community Hospitals:Carol Agasha – Technical ManagerJesse Naaya – Medical Ocer & Head ClinicianOnesmus Wakabi – Medical Ocer & Head Clinician-KaliroIvan Munigwa – Medical Ocer & Incharge MaternityFrancis Oneka – Medical Ocer & Head Clinician-KamuliNicholas Mandela – PhysiotherapistAnnet Kitonto – Hospital Administrator-KamuliPelinah Nyag – Hospital Administrator-KaliroSusan Kibodyo – Hospital Administrator-IgangaMusana’sTeam2322

DONATEReplication of our model relies on the generosity of people like you. Join us as we break the cycle of poverty and dependency in more communities! Support Musana today at MUSANA.ORG/DONATESPONSOR AN EVENTContact us for sponsorship opportunities at info@musana.orgVISIT MUSANATravel to Uganda with a team to experience Musana’s model rsthand! More info at MUSANA.ORG/TAKE-A-TRIPVOLUNTEERJoin us at MUSANA.ORG/VOLUNTEERGetInvolvedContact UsFOLLOW MUSANAMusana Community Development Organization WWW.MUSANA.ORG—U.S. Funding Ofce8100 E Arapahoe Rd., Suite 305, Centennial, CO 80112303-955-0380 | info@musana.org—UK Funding Ofce1 Knightswood View, Station Lane, Chandler’s Ford, SO53 4EN +44 7841 865442 | info.uk@musana.org2524

DONATEReplication of our model relies on the generosity of people like you. Join us as we break the cycle of poverty and dependency in more communities! Support Musana today at MUSANA.ORG/DONATESPONSOR AN EVENTContact us for sponsorship opportunities at info@musana.orgVISIT MUSANATravel to Uganda with a team to experience Musana’s model rsthand! More info at MUSANA.ORG/TAKE-A-TRIPVOLUNTEERJoin us at MUSANA.ORG/VOLUNTEERGetInvolvedContact UsFOLLOW MUSANAMusana Community Development Organization WWW.MUSANA.ORG—U.S. Funding Ofce8100 E Arapahoe Rd., Suite 305, Centennial, CO 80112303-955-0380 | info@musana.org—UK Funding Ofce1 Knightswood View, Station Lane, Chandler’s Ford, SO53 4EN +44 7841 865442 | info.uk@musana.org2524

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