2015 Annual Report - Genesis Community Loan Fund

2015 Annual Report
Mission
The Genesis Community Loan Fund
provides innovative financing by soliciting investment loans from individuals,
churches, corporations, and foundations
and then re-lending the money at favorable terms to nonprofit organizations to
create affordable housing and community facilities throughout Maine.
The Genesis Fund helps some of
Maine’s most vulnerable populations:
single parents and their children, lowincome working families, the elderly,
homeless individuals and people with
disabilities. The Genesis Fund provides
professional technical assistance to
nonprofit organizations across the state
by helping them with organizational
development, project development and
access to funding to support their work.
The Genesis Fund is proud to be a
Certified Community Development
Financial Institution.
Learn more
www.genesisfund.org
Like us on Facebook/GenesisFund
Genesis Community Loan Fund is an
equal opportunity organization.
Helping Maine families thrive by providing the
financing Maine mobile home parks need to become
cooperatively owned.
“
Being able to call Brunswick Bay Cooperative our home
brings us great pride. We are able to pull together as a
community to make things happen! This community—
our neighbors—have become more like family to us and
our children, it’s a great thing!
Dawn Willett-Mitchell
Officer of the Board of Directors for Brunswick Bay Mobile Home Cooperative,
Intern for NEROC, President of Resident-Owned Neighborhood Association of
Maine, Stay-at-home mom
“
I’m excited by the growth we’ve been
experiencing, not only in size but in
reach. We’re working from North Haven to Farmington to the County. Our
partners have helped us grow at an annual rate of 18% during the past five
years, and our move to Brunswick will
enable us to serve even more communities across Maine.
Bill Floyd
“
Executive Director
After six years on the board and now
as board president, I remain impressed
with how incredibly organized, focused,
and dedicated the staff is. I am proud of
all the milestones we’ve accomplished
since I’ve been on the board—doubling
our total assets, increasing our impact
throughout Maine, and receiving a stellar rating from Aeris. The Genesis Fund’s
reputation for collaboration, innovation,
and effectiveness is well deserved and
I am proud to be a part of it.
A year of growth and change!
• The Genesis Fund reached close to
$14 million in total assets.
• To better serve our statewide partners, The Genesis Fund purchased
a building in Brunswick and began
renovations.
• Executive Director Bill Floyd joined
the New England Community Development Advisory Council for the
Federal Reserve Bank of Boston. This
council works to promote the effective use of community development
resources in New England.
• Deputy Director Liza Fleming-Ives
completed Citi Leadership Program
for Opportunity Finance.
• The Genesis Fund received our first
Aeris rating—AA+3. This rating
indicates that the Genesis Fund has a
clear alignment of mission and strategies, is an effective leader of policy
change and has satisfactory financial
strength.
Erin Cooperrider
Board President
1
Technical Assistance
971.5 hours of technical
assistance to 20 organizations
15,778.50 hours to 215
organizations since 1992
Bangor Housing Authority
The Center for Wisdom’s Women
Community Partners, Inc.
Cranberry Isles Realty Trust
Four Directions
Development Corporation
Grey Stone Mobile
Home Cooperative
Habitat for Humanity/
7 Rivers Maine
Home Start
Isle au Haut Community
Development Corp.
Islesboro Affordable Property
Knox County Homeless Coalition
Medomak Mobile Home Cooperative
Mobius, Inc.
North Haven Sustainable Housing
Penobscot Nation
Richmond Elder Care Coalition
St. Andre Home, Inc.
Tree Street Youth, Inc.
Western Maine Community Action
York County Shelter Programs, Inc.
Technical Assistance and Lending from the Genesis Fund helped Tree Street Youth create a forever home in downtown Lewiston.
2
Technical Assistance Impacts Maine Communities
Lewiston $400,000 to Tree Street
Veazie $5,000 to Grey Stone Mobile
Youth for the acquisition and renovation
of their existing leased facility.
Home Cooperative for the repair of their
failing sewer system.
Brunswick $110,000 to Habitat for
Humanity 7 Rivers Maine for the construction of four new affordable homes.
Waldoboro $5,000 to Medomak
Mobile Home Cooperative for infrastructure repair to continue expansion.
Bangor $100,000 to Bangor Housing Development Corp. for the creation
of 24 units of affordable apartments for
very low income and previously homeless families.
The Genesis Fund helped
six Maine non-profits
receive over $884,750 in
grant funds.
Greystone Mobile Home Cooperative receives a
grant to fix aging sewer system and protect wetlands in Veazie. Thank you Machias Savings!
Damariscotta $264,758 to Mobius,
Inc. for the purchase of a building to
house a new program.
When Mobius, Inc., a nonprofit serving people with disabilities in
Damariscotta, needed additional space to house a new program, the Genesis
Fund helped them receive a grant to buy our existing facility. Not only did
this help Mobius expand, it gave the Genesis Fund the opportunity to acquire
our new office in Brunswick to better serve our statewide partners. It’s the type
of innovative and collaborative solution the Genesis Fund is known for.
3
“
My grandmother, Elsie Morrison, lived
her entire life on North Haven.
It wasn’t until she was 92 that she
truly needed assistance with the
activities of daily life. With no easy
option to maintain her home and
keep her safe, our family made the
difficult decision to sell the house
she lived in for over 60 years and
move her to an independent living
facility on the mainland.
Heidi Small
4
Technical Assistance
Results for Maine people
Helping Maine’s elders stay
in the communities they
have always called home.
The Genesis Fund’s work to create
quality, affordable housing for Maine’s
elders is helping people statewide—
from year round island communities
to seniors in the most remote areas of
northern Maine. Collaborations with
Four Directions Development Corporation, Southern Harbor Eldercare
Services and Island Commons will
result in the safe, energy efficient and
affordable housing Maine seniors need
to stay in their community.
Innovative and Collaborative Lending
creates maximum impact
$2,648,631 in loans to 10
Maine nonprofits
$28,415,157 in loans to 197
Maine nonprofits since 1992
$11,397,676 leveraged for the
benefit of Maine Communities
$171,037,429 since 1992
“
The Genesis Fund successfully
leverages resources with its financing playing an important
role in filling gaps for affordable housing and community
facilities projects.
Aeris Ratings Report *
$10,000,000
$9,000,000
$8,000,000
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
The Genesis Fund’s technical assistance is
helping North Haven create the affordable,
safe housing people like Elsie need to stay
near their loved ones.
$0
Fiscal Year End2010 2011201220132014
Q3 2015
Habitat for Humanity
Home Loan Portfolio
Work Force and Family
Affordable Housing
Nonprofit Facilities
Supportive Housing and Services
for People with Disabilities
Mobile Home Cooperative
Community Development
Affordable Housing for Elders
5
Loans
Affordable Housing
Helping Maine people get the safe, stable,
affordable housing they need
South Portland Housing
Development Corporation
South Portland
$100,000 Preservation Loan
To preserve 10 units of affordable rental
housing for handicapped seniors.
Biddeford Housing Authority
Biddeford
$300,000 Acquisition Loan
To create 15 units of new housing
for seniors with a community center.
6
H.O.M.E., Inc.
East Orland
$50,000 Acquisition Loan
To purchase a single family home to rent
to a very-low income family working
toward credit repair.
Deer Ridge Mobile
Home Cooperative
Augusta
$61,000 Acquisition Loan
To park residents to purchase their
mobile home park and convert it to
cooperative ownership.
212 units of affordable
housing created and/or
retained.
Community Development
Helping Maine Communities thrive
Auburn Housing Development
Corporation
Auburn
$560,000 Acquisition Loan
To purchase a downtown Auburn site to
create a mixed-use development including commercial space and 30 units of
mixed-income housing.
Mayo Mill Holdings, Inc
Dover-Foxcroft
$504,000 Rehabilitation Loan
To rehabilitate the Mayo Mill complex
into a mixed- use development including
affordable housing for seniors, commercial space and the generation of renewable energy.
Maine’s Mobile Home Cooperatives gather in Jefferson for skill building sessions – helping create stronger leaders and sustain their communities.
Working Capital
Helping sustain Maine nonprofits
Community Facilities
Helping Maine nonprofits serve our
neighbors
Four Directions
Development Corporation
Tree Street Youth
Orono
$250,000 Working Capital Loan
To be dedicated as lending capital for
mortgages and home improvement
loans to benefit members of Maine’s
native tribes.
Lewiston
$350,000 Facilities Loan
To purchase and renovate their building
and expand programs for low-income
and immigrant youth and create a permanent home for the organization.
York County Shelter
Progams, Inc.
Alfred
$504,000 Working Capital Loan
To assess the feasibility of purchasing
and renovating their main campus and
to cover general operating expenses.
Innovative Lending for
Maximum Impact
Helping build affordable housing capacity
Habitat for Humanity of
Greater Portland
Portland
$223,631 Portfolio Purchase
To purchase ten home mortgages to provide the capital needed to increase the
number of homes they build each year.
More than 145 at-risk
kids helped.
Statewide Impact
The Genesis Fund helps Maine people
wherever the need is the greatest.
From Maine’s northern-most counties,
cities and rural areas to year round
island communities, the Genesis Fund
creates statewide impact.
Affordable housing for Maine’s
rural communities
Celena and Joshua Greenier, Mapleton
7
Donors
Support the Genesis Fund!
Your donation helps create tangible,
positive change for Maine people and
communities.
The Genesis Fund helps create
permanent, tangible change for
Maine people.
Here’s How:
Your donation makes it possible for the
Genesis Fund to provide low- or no-cost
technical assistance to Maine nonprofits
developing affordable housing or much
needed community facilities.
Your donation will bring in even more
funds to Maine as donations are often
matched by foundations and government grants.
Last year, donations helped us leverage over $11.3 million for the benefit of
Maine families.
For more than 23 years, the Genesis
Fund has provided high quality technical
assistance that has resulted in affordable
housing, health care centers, child care
centers and projects that help Maine
communities thrive.
In partnership with Four Directions Development Corporation, a Native American Community Development Financial Institution, the
Genesis Fund is addressing the housing needs of
Maine’s tribal communities. Many tribal members reside in the remote northern and eastern
parts of the state, Maine’s most economically
challenged areas. This collaboration will help
tribal communities create, preserve and sustain
appropriate housing options allowing them to
remain vibrant places to live.
8
Awendela Dana
Indian Island
Thank you Donors!
Individual Donors
Anonymous (4)
Thomas Archambault
Kyle and Stephen Atwell
Bruce and Karen
Bachelder
Sally Beaudette
Barbara M. Bensen
Gary and Rosie Bensen
Roger K. Berle
Teresa and Richard
Berman
Bill and Lucinda Bliss
Beth Boepple
Katey Branch
Emily Chase
Erin Cooperrider and
Michael Mayne
Thomas A. Davis
Brian and Meg Dietz
James Donovan
Robert and Nancy
Earnest Giving Fund
David and Judith Falk
Karen and Matt Filler
Liza Fleming-Ives and
Steven Hufnagel
Bill and Kathy Floyd
John and Pauline
Gallagher
Anne Gass and Richard
Leavitt
James Robertson Gaston
Robert and Karen George
Arch Gillies
Rhonda and Tom Gioia
Peter and Hariette Griffin
Keith Hansen
Mary S. Hart*
James Hatch and Patricia
Jennings
Ken and Dede Heath
Charlie and Suzanne
Hedrick
Helen Hemminger
Michael Herz and
Kate Josephs
John and Theresa Hodge
Deryl Holt
Elizabeth Howe
John and Jinx Hufnagel
Joseph and Bonnie
Hughes
Jane and Glenn Irish
Peter Ives and
Jenny Fleming
Robert and Phyllis Ives
Alex Jaegerman
Caroline Janover*
Mark and Pam Johnston
Samuel and Louisa
Kaymen
Debora Keller and
Doug Bertlesman
Ken and Katharina
Keoughan*
John and Cornelia
Kittredge
David Lakari
Carolyn Landau
David Lawlor
Jonathan LeVeen and
Mary McPherson
Karen MacDonald
Ann MacLaughlin
Bill and Paige Mangum
Carol Mantell*
T.J. Martzial
Martha Mason
Edith M. McCormick
Tim and Gina McMachen
Frazier and Susan Meade
Jennifer Meade
Peter and Leslie Merrill
Stephen Miller
Penelope Moodey
Michael Myatt and
Sarah Thibault
Nelson Family Fund
Richard and
Ann Nemrow
Maria and Nick Northcott
David and Julie Pease
Robert Petti and
Daisy Greene
Randy Phelps and
Pamela Daley
Mary W. Phillips*
Pierson Family Trust
Charlie Pingree
Hannah Pingree and
Jason Mann
Marianne Pinkham
Caroline Pryor and
David MacDonald
Gregg Raymond and
Jamien Jacobs
Dana and Martha Robes
Tom Rogers
Angela and Andy Russ
Scott Schnapp and
Heidi Almy
Cito and Cynthia Selinger
Bill and Karen Shanahan
Don and Susan Sharland
George and Anna Shaw
Bryan Shumway
Ann Slocum
Edna and Roger Smith
William and Patricia
Spock
Stephanie and Wendell
Stephenson
Michael and Mary
Stevens
Skip and Lucy Stinson*
Grace Stone**
Sheila and Rob Swanson
Mary Terry and
Derek Richner
Jonathan Thomas
Daniel and Arden
Thompson
Jean Tucker
Kimberly and Scott
Twitchell
Priscilla R. Ulin
Katrina Van Dusen and
John Gleason
Julie and Larry Wagoner
Allan Walker*
Lisa Wallace
Judith Warren
Mariellen Whelan*
Daria and Ed White
Richard and Bridget
Whiting
John Wilson
Godfrey Wood
Ian Yaffe
Rachel and Jay Zoller
Institutional
Donors
AmazonSmile
Anew Development, LLC
C&C Realty Management
Camden Affordable
Housing Organization
Credere Associates LLC
Diversified
Communications
Elizabeth Ann Leach
Charitable Trust
H.M. Payson & Company
MaineShare
Merlin Fund of the
Maine Community
Foundation
Nickerson & O’Day, Inc.
Northern New England
Housing Investment
Fund
Renewal Housing
Associates, LLC
St. Andrew’s Episcopal
Church, Newcastle
The Caleb Foundation
The Free Press, Inc.
The Reny Charitable
Foundation
Westbrook Housing
Bill and Patty
Zimmerman Fund at
the Maine Community
Foundation
Bank Donors
Bangor Savings Bank
Foundation
Machias Savings Bank
Norway Savings Bank
People’s United Bank
Sanford Institution for
Savings
* In memory of
Jane Kennedy
** In honor of
Beth McPherson
9
Our investors help keep Maine communities vibrant for all ages.
Together, we are creating the community centers we all need—
to provide health and child care, to house programs for the
oldest, youngest and newest members of our community, and
to gather as a community. Together, we are creating the
affordable housing people need to be a part of the community
they love. Our investors are true community builders—
please join us!
10
Thank You Investors!
Individuals
Anonymous (9)
Holly Antolini
James and Darcy Austin
Clients of The Sustainability Group
Clients of Trillium Asset Management
Robert and Nancy Earnest
Anne Gass and Richard Leavitt
Robert and Karen George
Andrew Gorrill
Elizabeth Howe
John Kaminski
Anne Kennedy
Elizabeth McPherson and Paul Kando
Caroline Pryor and David MacDonald
Jean Parker
Martha and Stephen Porter
Cathy Ramsdell
Gregg Raymond and Jamien Jacobs
George and Anna Shaw
Denise Soucy and Ned Steinberger
Jennifer Southard and Ed Suslovic
Stephanie and Wendell Stephenson
Robert and Andrea Summers
Julie Tamler
Jean Tucker
Mark Ward and Shannon Carr
Banks
Androscoggin Savings Bank
Bangor Savings Bank
Bank of America
Bar Harbor Bank & Trust
Bath Savings Institution
Biddeford Savings Bank
Camden National Bank
Deutsche Bank Americas Foundation
Franklin Savings Bank
Gorham Savings Bank
Kennebec Savings Bank
Machias Savings Bank
Norway Savings Bank
People’s United Bank
Saco & Biddeford Savings Institution
Sanford Institution For Savings
TD Bank
The First, N.A.
Faith Communitities
Adrian Dominican Sisters
Basilian Fathers of Toronto
Episcopal Diocese of Maine
Mercy Partnership Fund
St. Andrew’s Episcopal Church
St. Paul’s Episcopal Church
St. Philip’s Episcopal Church
Other
Atlantic Charitable Fund
Freeport Housing Trust, Inc.
Maine Women’s Fund
Northern New England Housing
Investment Fund
USDA Rural Development
“
The Genesis Fund has a
well-diversified group of
more than 70 investors,
with strong support from
banks, individuals, and
faith institutions. Many
investors have been long
standing supporters
with a history of increasing
investments.
Our investors help
Maine people today
and tomorrow!
Our investors sustain the future of Maine
communities and help secure the future of
Maine people.
An investment loan to the Genesis
Fund helps build our pool of lending
capital while you earn interest. Your
investment will help to:
• Create affordable housing for Maine
people statewide.
• Sustain Maine communities by
creating the facilities we all need like
health and child care centers.
The Genesis Fund is proud of our 23year history of 100% repayment to our
investors.
Please Join us today!
• Interest rates up to 3% for
individual investors
• Interest rates up to 2% for
institutions or organizations
• Minimum investment $1,000
• Minimum term 1 year
Call us today to learn more:
207-844-2035
Jane Irish
207-844-2035 or
[email protected]
Aeris Ratings Report *
Investments to the Genesis Fund are made in
the form of unsecured loans.
11
Statement of
Financial Position
FY 2015
FY 2014
ASSETS
Cash and Equivalents
Notes Receivable
Investments
Accounts Receivable
Net Fixed Assets
Total Assets
March 31, 2015
$3,333,906
9,352,438
547,245
1304
666,255
$13,901,148
March 31, 2014
$3,666,502
8,190,055
500
0
217,989
$12,075,046
LIABILITIES
Notes Payable
Other Payable
Long Term Liabilities
Total Liabilities
$3,063,658
157,647
7,745,923
$10,967,228
$2,799,259
130,121
6,115,972
$9,045,352
2,933,920
$2,933,920
3,029,694
$3,029,694
$13,901,148
$12,075,046
OPERATING REVENUES
Contributions and Grants
Interest on Loans
Interest on Investments
Technical Assistance Fees
Loan Origination Fees
Investment Income
Rental Income
Miscellaneous Income
Total Operating Revenues
$83,251
534,789
1,465
31,560
24,085
7,987
3,600
0
$686,737
$122,822
496,873
2,660
21,830
14,133
6,546
3,300
3,104
$671,268
OPERATING EXPENSES
Program
Administration and Management
Fundraising
Total Operating Expenses
633,834
119,724
28,953
$782,511
580,310
109,479
25,760
$715,549
($95,774)
($44,281)
NET ASSETS
Unrestricted
Total Net Assets
Total Liabilities and Net Assets
Statement of
Activity
Change in Net Assets from Operations
12
+
AA + 3
AA
IMPACT
PERFORMANCE
RATING
AAA (best) to B.
A CDFI in this group has clear alignment of mission, strategies, activities
and data that guides its programs and
planning. It accurately tracks appropriate output data that indicate that it is
using its resources effectively to benefit
its target populations or communities
in line with its mission. The CDFI uses
its data on an ongoing basis to adjust
strategies and activities in accordance
with its desired impact. It may track a
limited number of impact indicators as
well, but impact data tracking may not
be rigorous or consistent.
POLICY PLUS
Indicated by a “+”
Policy change is an integral part
of this CDFI’s strategies. The CDFI leads
initiatives to change government policy
to benefit the community development finance industry or disadvantaged
people and communities. The CDFI can
provide evidence of its leadership role
in recent policy changes that produced
benefits beyond additional resources for
the CDFI itself, and management can
clearly articulate the CDFI’s leadership
role in current policy activities.
We’ve moved!
In order to better serve our
partners statewide, the Genesis
Fund relocated our offices to
Brunswick. We are grateful to our
Lincoln County founders who
started this amazing journey and
are proud of all that’s been accomplished in the past 23 years.
3
FINANCIAL STRENGTH &
PERFORMANCE RATING
1 (best) to 5. 3 and above are
financially sound, while 4–5
are financially vulnerable.
The current financial strength and
recent performance of this CDFI is
satisfactory. It exhibits satisfactory
financial strength, performance, and
risk management practices relative to
its current situation. It is stable but less
capable of withstanding fluctuations in
its operating environment than a CDFI
rated 1 or 2. Generally, most FSP scores
for this CDFI are 2s and 3s, although the
CDFI may have received a 4.
Aeris quotes throughout this report are
taken from Aeris Ratings Report, issued
June 2015. The full report can be purchased at www.aerisinsight.com.
Please stop in and visit us!
22 Lincoln Street, Brunswick
Photo Credits
Johanna Anderson, Four Directions
Development Corp.
Erin Little Photography
Jason Mann
Kelly Marshall
Jessica Pooley, Resident Owned
Neighborhoods Association of Maine
Tree Street Youth
Bill Trevaskis,
Waterman’s Community Center
13
Presort Standard
U.S. Postage
PAID
Farmington, ME
Permit No. 30
22 Lincoln St
Brunswick, Maine 04011
www.genesisfund.org
www.facebook.com/GenesisFund
Board of Directors
Fiscal Year 2015
Erin Cooperrider, President
Community Housing of Maine
Greg Payne, Vice President
Avesta Housing
Julie Wagoner, Treasurer
Bath Savings Institution
Brian Dietz, Secretary
Portland Financial Planning Group
Elizabeth A. Boepple
Lambert Coffin
Deb Keller
Bath Housing
Karen MacDonald
Port Resources, Inc.
Tim McMachen
People’s United Bank
Mike Myatt
Bangor Housing Authority
Randy Phelps
Investor/Community Member
Kim Twitchell
NBT Bank
Welcome incoming
Board Members
Fiscal Year, 2016
Tim Boulette
Murray, Plumb & Murray
Bill Shanahan
No. New England Housing
Investment Fund
Staff
William Floyd, Executive Director
Elizabeth Fleming-Ives, Deputy Director
Jane Irish, Development Director
Mary Terry, Program Officer
Maria Northcott, Office Manager
Emily Chase, Accounting Coordinator
Genesis Fund Staff, May 2015