Happy Holidays from the Chao Foundation and Transparent Fish Fund! We had such an exciting year and are so thankful for everyone who has supported our programs, especially Little Red Scarf, in 2011. We also have a lot of changes coming in 2012, so stay tuned! In the meantime, please enjoy our holiday newsletter.

Our Transparent Fish team in Beijing has been hard at work making donor books so that donors like you know exactly how your money is spent after you've given it. Now, they're finally available online! These books include exciting content like:

• Project photo and story updates
• Quarterly expense breakdowns
• Quarterly transparency grade
• Quarterly revenue reporting
• YTD donor and donation information

We pledge that 100% of your contributions go directly to program expenses, and now we can prove it. These books are just one of the ways we fulfill out commitment to you to remain financially transparent.

Click here to see a sample of what a donor book looks like. For more books, please visit the Transparent Fish Fund website.