This report summarizes 1992 activities of the Inter-American Foundation (IAF), an independent agency of the U.S. government. The IAF promotes equitable, responsive, and participatory approaches to sustainable development in Latin America and the Caribbean by awarding grants directly to local organizations. Funding is provided to grassroots organizations and small enterprises, as well as to larger organizations that provide local groups with credit, technical assistance, training, and marketing services. Of $22 million in new grants, 43 percent supported food production and agricultural projects; 19 percent funded education and training; 18 percent supported small enterprise development; and the remainder covered projects related to health, housing, research and dissemination, ecodevelopment, legal aid, and cultural expression. Educational activities included such areas as organizational development, craft production, marketing, job training, leadership training, citizenship and basic law, literacy, health promotion, soil conservation, agricultural education, bilingual education for indigenous populations, preschool education, vocational programs for dropouts and street youth, and school construction. This report provides: (1) brief descriptions of 168 new grants and 171 grant supplements awarded in 1992; (2) lengthier descriptions of four model development programs; (3) lists of foreign graduate students awarded fellowships to study in the United States; (4) lists of publications and videos about IAF and grantees; (5) financial and statistical information; and (6) information on how to apply for a grant. Includes many photographs and a map of IAF regional offices. (SV)