2015 Annual Report - Genesis Community Loan Fund
Transcription
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