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success
Calvert Foundation
| 2 00 3
AN N UAL REPORT
|
Can the success of an investment really be measured by financial return alone? At the Calvert Social
Investment Foundation (Calvert Foundation), our investment success results in increased affordable
housing, high-quality social services and robust economic opportunities. While many struggle to
define success, ours is calibrated to the leading indicators of a just and sustainable society.
In this year’s annual report, you will meet success, face to face. Look inside and you will see
success in the eyes of Susan Matthews Brown and her quest for entrepreneurship, or in the children’s
faces after a childcare center was constructed in a small New Hampshire town. Success is recorded
through the stories we hear from borrowers in towns as far and near as Ulanbataar, Mongolia,
Sisseton, South Dakota and Washington, DC.
In , Calvert Foundation measured success in terms of continued strong portfolio performance.
The loan portfolio increased by %, to more than $ million placed with over  local financial
intermediaries. Through a collaboration with Starbucks Coffee Company, Calvert Foundation successfully diversified into fair trade coffee, channeling supplier credit to thousands of small coffee farmers
so they too can provide their families with decent health and education.
Critical to this year’s success was a $ million equity equivalent investment from Washington
Mutual Bank and operating support from the Rockefeller Foundation and Kellogg Foundation, all of
which contributed to the Foundation’s sound financial operations.
Calvert Foundation’s success is grounded in multiple collaborations and partnerships—with one
success enabling another: National Rural Funders Collaborative, SEA Corp, Count-Me-In, Mennonite
Mutual Aid, Oikocredit, Vermont Community Foundation, Needmore Fund, Global Giving, Progressive
Asset Management, First Affirmative Financial Network and Clean Yield.
Most importantly, we thank all of our investors. With your support, in a few short years Calvert
Foundation has grown from an innovative experiment, to a new institution in the nonprofit landscape successfully changing the prospects for our inner cities and rural communities, one family,
one job, one life at a time.
Peace,
D. Wayne Silby,
John Guffey,
Shari Berenbach,
Co-chair, Board of Directors
Co-chair, Board of Directors
Executive Director
Calvert Foundation’s goal is to
maximize the flow
of capital to disadvantaged communities
in order to foster
a more equitable and sustainable society.
Empowering jobs that allow
one to live dream by
dream instead
of paycheck by paycheck.
| The Success of a Pillow |
CO L O R A D O E N T E R P R I S E F U N D
|
Back in , Susan Matthews Brown
trade show, which launched her company
approached Colorado Enterprise Fund (CEF)
into the national market after winning best-
with a new idea for a baby pillow and a loan
of-show. Susan’s baby pillow eventually took
request. CEF not only honored her request,
her from running a daycare center where she
but also provided much more. As Susan
first tested the product to a company with
explains, “Colorado Enterprise Fund may be
sales of $ million today. The uniquely
the only financing alternative available to
designed pillows won the “Best Product of
many, as it was to me. But it plays a bigger
the Year” award from the American Baby
role than just that of a lender to a small busi-
magazine in . It was also voted one of
ness. Their staff gives advice, helps establish
the top products “moms can’t live without.”
relationships that can lead to the next stage
Susan comments, “There could be no
of financing, and gives encouragement along
greater impact on one’s business than being
the emotionally and financially difficult road
the catalyst for its existence. If Colorado
to building a small business.”
Enterprise Fund had not given our company
CEF provided Susan with the working
loans when it needed them, it would have
capital necessary to attend the Juvenile
gone out of business, and never progressed to
Products Manufacturers Association (JPMA)
the $ million company it is today.”
There is nothing like the honesty of a child.
“My favorite thing is lots of things. I like
everything here,” said Starr, a three-year-old girl
at the Winchester Learning Center. “I like coloring
and painting. I know how to spell my name now.”
The Winchester Learning Center is a “grassroots miracle,” declares Executive Director,
Penny Vaine. In 1996, a small group of families
wanted to fill the huge gap of quality childcare
in their southwest New Hampshire town.
At the time, there were only three licensed home
care providers and no childcare centers in the
area, leaving many working families out in
the cold. Determined, the group stuck with it…
for five years.
“This group faced numerous challenges.
From scratch, they had to establish the nonprofit
child care organization, build an effective
board of directors, write a business plan, find
the right place for children and raise money
in one of the most distressed areas of New
Hampshire—an area in which 20% of children
live in poverty,” said Julie McConnell, the director
of the Loan Fund’s Childcare Program. “The
community of Winchester was engaged!”
By 2001, the doors of the Winchester
Learning Center opened. Today, 37 children
ranging in ages from two to five years old attend
the facility, with 12 other children on a waiting
list. Six paid positions have also been filled
there. “This is a good example of how a small
amount of money can make a huge amount of
difference,” said McConnell.
| The Success of Early Learning |
N E W H A M P S H I R E CO M M U N I T Y L OA N F U N D
|
Smashing through traditional
markets and financial
barriers to transform a
house into a home.
| The Success of Kenyon Street Cooperative |
I N ST I T U T E F O R CO M M U N I T Y E CO N O M I C S
Herbert Lane had resided at  Kenyon
|
With the help of the Institute of Community
Street in Washington DC for  years when,
Economics (ICE), the tenants were able to raise
one day, the walls literally came tumbling
$. million for refinancing and rehabilitation.
down. His landlord decided to sell the -unit
The dream of the tenants to become homeown-
building and, to motivate the tenants to leave,
ers had become reality.
removed the heating furnaces and partially
Upon completion, the land will be owned
demolished the building. “It was very
by a land trust. Coupled with fundraising, land
dismal…children and adults living through
trust ownership ensures permanent affordability
the DC winters with inadequate heat, in a
through the use of a ground lease. This ground
partially gutted building,” Mr. Lane described.
lease incorporates a resale formula designed to
The tenants were a multicultural, multi-
give the present owners a fair return on their
ethnic group linked by the desire to buy
investment, while giving future homebuyers
 Kenyon Street and remain there. They
access to affordable housing. In their Columbia
successfully purchased the building, but
Heights neighborhood, the cost of a single family
were unable to replace the heating system,
home has skyrocketed beyond the means of an
forcing the new owners to leave temporarily.
average working family. Thanks to the tenacity of
The abandoned apartments invited break-ins
the tenants, and financing from ICE,  Kenyon
and vandalism.
will always feature  affordable homes.
Calvert Foundation’s
products and services
deepen the community impact for the community-minded
investor and the financially-minded philanthropist.
Community Investment Notes
Community Investment Partners
The Community Investment Note offers
Through Community Investment Partners,
investors flexibility and impact while generating
Calvert Foundation serves as a dedicated com-
modest financial returns. Designed as a “fixed-
munity investment shop to strategic partners,
income” alternative investment, the full value
broadening participation in the community
of capital is placed with local community organi-
investment marketplace. Calvert Foundation
zations, and is available to be returned with
administers Count-Me-In’s Invest in Women
interest upon maturity. Nearly , investors
Notes, Oikocredit’s Global Community Notes and
participate in this path-breaking program that
the Sustained Excellence Alliance Corporation’s
allows them to select the term and rate of their
program related investment. The Foundation
note while targeting the region or sector where
provides separate account management and
their capital is deployed. Over $ million is
community investment administration for
placed among  community funds in the
clients as diverse as the National Peace Corps
US and abroad, where it is used to construct
Association, VanCity Credit Union, Progressive
homes, finance small business, and fund essen-
Asset Management, Clean Yield, the First
tial community services like daycare.
Affirmative Financial Network and dozens of
faith-based institutions. Calvert Foundation’s
comprehensive Community Investment Profile
Calvert Giving Fund
Database and Due Diligence services bring
Calvert Giving Fund, the socially responsible
transparency to this special market that
donor advised fund, offers the benefits of a
measures both social and financial return
“personal foundation” without legal complica-
on investment, considering homes built, jobs
tions and start-up expenses. The Calvert Giving
created and lives transformed.
Fund allows donor advisors to blend the positive
impact of social responsibility and community
investment, building homes and creating jobs,
with strategic giving over the years. Donor advisors may recommend grants to any (c)()
nonprofit and countless international charities,
Calvert Foundation invites your
fully tax deductible donation,
where % of your gift will
utilizing a web-based environment, while taking
advantage of philanthropic resources crafted
by expert grant-makers.
build tangible results in disadvantaged communities. Your
contributed capital catalyzes
twenty times its amount in
Community GiftShares
critical community investing,
Donations to the Community GiftShares finance
generating extreme leverage and
new, innovative community organizations, and
those reaching very vulnerable families. These
organizations take on much greater risk, to reach
communities in the greatest need, testing inno-
measurable success, inspiring the
engine of innovation in a quiet
investment revolution, changing
vations that would otherwise go unfunded. Once
the world… one community,
repaid, GiftShare capital is recycled to another
one family, one life at a time.
community-based borrower, establishing lasting
impact. Program participants can direct their gift
to benefit women, the environment, childcare,
affordable homes and microcredit.
INVESTMENTS COMMITTED AS OF DECEMBER ,  INCLUDE: ACCION INTERNATIONAL, BOSTON, MA
MA
■
ACENET VENTURES, ATHENS, OH
DAKAR-FANN, SENEGAL
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ADVANCE BANK, PHILADELPHIA, PA
■
ALBINA COMMUNITY BANK, PORTLAND, OR
ASIAN AMERICANS FOR EQUALITY, NEW YORK, NY
SOLIDARIO, QUITO, ECUADOR
SAN ANTONIO, TX
COMMUNITY LOAN FUND, ALBANY, NY
CENTRAL CITY CONCERN, PORTLAND, OR
BOLIVIA
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CENTRAL APPALACHIAN PEOPLES FEDERAL CU, BEREA, KY
■
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CENTRAL COMMUNITY HOUSING TRUST, MINNEAPOLIS, MN
CITY NATIONAL BANK OF NJ, NEWARK, NJ
COMMON GROUND COMMUNITY, H.D.F.C., NEW YORK, NY
COMMUNITY BANK OF LAWNDALE, CHICAGO, IL
■
MINNEAPOLIS, MN
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ASSISTANCE CORPORATION, CAMDEN, NJ
CORPORATION, DORCHESTER, MA
ECOLOGIC ENTERPRISE VENTURES, CAMBRIDGE, MA
CAMBODIA
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FREEDOM FROM HUNGER, DAVIS, CA
FUNDACION MUNDO MUJER, POPAYAN COLOMBIA
FOUNDATION, YONKERS, NY
WASHINGTON, DC
■
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LATINO COMMUNITY CREDIT UNION, DURHAM, NC
■
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LEGACY BANK, MILWAUKEE, WI
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MISSION COMMUNITY BANK, N.A., SAN LUIS OBISPO, CA
■
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SENECA, MO
■
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SUSTAINED EXCELLENCE ALLIANCE CORPORATION, WASHINGTON, DC
■
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BANK OF HOUSTON, HOUSTON, TX
VOXIVA, INC., WASHINGTON, DC
■
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NEW JERSEY
NORTHCOUNTRY COOPERATIVE
■
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OHIO COMMUNITY
PEOPLE’S BANK OF SENECA,
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PROGRAM
QUITMAN TRI-COUNTY
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SEATTLE ECONOMIC
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SELF HELP VENTURES FUND, DURHAM, NC
■
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SOCIETE D’INVESTISSEMENT ET
ST. AMBROSE HOUSING AID CENTER, BALTIMORE,
THE REINVESTMENT FUND, PHILADELPHIA, PA
■
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THE
UNION REGIONAL DE HUATUSCO, S. DE S.S., VERACRUZ,
URBAN HOMESTEADING ASSISTANCE BOARD, NEW YORK, NY
■
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SHOREBANK, CHICAGO, IL
UNITED BANK OF PHILADELPHIA, PHILADELPHIA, PA
■
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RURAL ELECTRIC ECONOMIC DEVELOPMENT FUND,
SHARED INTEREST, NEW YORK, NY
THE DANE FUND, MADISON, WI
WAINWRIGHT BANK AND TRUST COMPANY, BOSTON, MA
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NORTHEAST ENTREPRENEUR FUND, NORTH
SHOREBANK PACIFIC, ILWACO, WA
VERMONT COMMUNITY LOAN FUND, MONTPELIER, VT
WOMEN’S SELF EMPLOYMENT PROJECT, CHICAGO, IL
NATIONAL
STRUCTURED EMPLOYMENT ECONOMIC DEVELOPMENT CORPORATION, NEW YORK, NY
UNIVERSITY NATIONAL BANK, ST. PAUL, MN
■
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ROCKY MOUNTAIN MUTUAL HOUSING ASSOCIATION, DENVER, CO
TRIANGLE INTEREST FEDERAL CREDIT UNION, PHILADELPHIA, PA
FEDERAL CREDIT UNION, JOHNSTOWN, PA
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LOUISVILLE
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NEIGHBORHOOD CAPITAL
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PRO-MUJER, NEW YORK, NY
SELF HELP ENTERPRISES, VISALIA, CA
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INSTITUTE
MERCY LOAN FUND,
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SEARCH DEVELOPMENTAL CENTER, INC., CHICAGO, IL
UNITARIAN UNIVERSALIST AFFORDABLE HOUSING CORP., SILVER SPRING, MD
■
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SOUTH DAKOTA RURAL ENTERPRISE, INC., SIOUX FALLS, SD
ST. VINCENT DE PAUL SOCIETY OF LANE COUNTY, INC., EUGENE, OR
RESURRECTION PROJECT, CHICAGO, IL
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SHOREBANK – CLEVELAND, CLEVELAND, OH
DE DEVELOPPEMENT INTERNATIONAL, PARIS, FRANCE
MEXICO
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MCAULEY INSTITUTE, SILVER
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PPEP MICROBUSINESS AND HOUSING DEVELOPMENT CORPORATION, TUCSON, AZ
SHARE MICROFIN LIMITED, ANDHRA PRADESH, INDIA
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HOUSING ASSISTANCE COUNCIL,
OPPORTUNITY INTERNATIONAL, OAK BROOK, IL
RURAL COMMUNITY ASSISTANCE CORPORATION, SACRAMENTO, CA
SHOREBANK ENTERPRISE PACIFIC, ILWACO, WA
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GREYSTON
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MINNESOTA NONPROFITS ASSISTANCE FUND,
NONPROFIT FINANCE FUND, NEW YORK , NY
PROJECT FOR PRIDE IN LIVING, MINNEAPOLIS, MN
SELF HELP CREDIT UNION, DURHAM, NC
SERRV INTERNATIONAL, NEW WINDSOR, MD
MD
■
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NEW HAMPSHIRE COMMUNITY LOAN FUND, CONCORD, NH
■
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FOUNDATION FOR INT’L COMMUNITY
NORTHERN CALIFORNIA COMMUNITY LOAN FUND, SAN FRANCISCO, CA
SANTA CRUZ COMMUNITY CREDIT UNION, SANTA CRUZ, CA
DEVELOPMENT FUND, SEATTLE, WA
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RESOURCES FOR HUMAN DEVELOPMENT, PHILADELPHIA, PA
RUBICON PROGRAMS, INC., RICHMOND, CA
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NATIVE AMERICAN BANK, N.A., BROWNING, MT
OIKOCREDIT–USA , WASHINGTON, DC
PEOPLE’S SELF HELP HOUSING, SAN LUIS OBISPO, CA
FEDERAL CREDIT UNION, MARKS, MS
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NORTHCOUNTRY COOPERATIVE FEDERAL CREDIT UNION, MINNEAPOLIS, MN
FOR APPROPRIATE TECHNOLOGY IN HEALTH, SEATTLE, WA
MADISON, SD
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NEW MEXICO CDLF, ALBUQUERQUE, NM
NORTHEAST SD ECONOMIC CORP., SISSETON, SD
FIRST NATIONAL BANK OF
MONTANA COMMUNITY DEVELOPMENT CORPORATION, MISSOULA, MT
NEIGHBORHOOD NATIONAL BANK, SAN DIEGO, CA
DEVELOPMENT FINANCE FUND, COLUMBUS, OH
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MENNONITE ECONOMIC DEVELOPMENT ASSOCIATES, TORONTO, CANADA
FEDERATION OF COMMUNITY DEVELOPMENT CREDIT UNIONS, NEW YORK, NY
VIRGINIA, MN
FAMILY SAVINGS BANK, LOS
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MANNA INC., WASHINGTON, DC
MIDWEST MINNESOTA CDC, DETROIT LAKES, MN
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ETHIOPIAN COMMUNITY DEVELOPMENT
LIBERTY BANK AND TRUST COMPANY, NEW ORLEANS, LA
LOW INCOME INVESTMENT FUND, OAKLAND, CA
MICHIGAN HOUSING TRUST FUND, LANSING, MI
DEVELOPMENT FUND, MINNEAPOLIS, MN
E & CO., INC., BLOOMFIELD, NJ
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LATIN AMERICA CHALLENGE INVESTMENT FUND, LIMA,
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COMMUNITY LOAN FUND, TRENTON, NJ
COUNT-ME-IN,
INSTITUTE FOR COMMUNITY ECONOMICS, SPRINGFIELD, MA
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DENVER, CO
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GREATER NEW HAVEN COMMUNITY LOAN FUND, NEW HAVEN, CT
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HARBOR BANK OF MARYLAND, BALTIMORE, MD
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MEMPHIS FIRST COMMUNITY BANK, MEMPHIS, TN
CORPORATION, CLEVELAND, OH
COOPERATIVE BUSINESS
CORNERSTONE, INC., WASHINGTON, DC
DORCHESTER BAY ECONOMIC DEVELOPMENT
FONKOZE CAPITAL, LLC, NEW YORK, NY
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FONDO DE DESAROLLO LOCAL (NITLAPAN), MANAGUA, NICARAGUA
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COMMUNITY
ENNATIEN MOULETHAN TCHONNEHAT, PHNOM PENH,
SPRING, MD
MINNEAPOLIS , MN
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COMMUNITY REINVESTMENT FUND,
FIRST AMERICAN CREDIT UNION, WINDOW ROCK, AZ
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IMPACT SEVEN, ALMENA, WI
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F.F.P. PRODEM, S.A., LA PAZ, BOLIVIA
KANSAS CITY NEIGHBORHOOD ALLIANCE, KANSAS CITY, MO
COMMUNITY DEVELOPMENT BANK, LOUISVILLE, KY
COMMUNITY BANK OF THE BAY, OAKLAND, CA
EQUAL EXCHANGE, INC., CANTON, MA
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GRAMEEN FUND, NEW YORK, NY
ILLINOIS FACILITIES FUND, CHICAGO, IL
CITYFIRST BANK OF
FUNDACION MUNDIAL DE LA MUJER–BUCARAMANGA, BUCARAMANGA, COLOMBIA
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HABITAT FOR HUMANITY, WASHINGTON, DC
FOR LOCAL SELF-RELIANCE, WASHINGTON, DC
PERU
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COLORADO ENTERPRISE FUND, DENVER, CO
DRYADES SAVINGS BANK, F.S.B., NEW ORLEANS, LA
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FIRST STATE COMMUNITY LOAN FUND, WILMINGTON, DE
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CORLANDS, CHICAGO, IL
ELK HORN BANK & TRUST CO., ARKADELPHIA, AR
FONDO LATINOAMERICANO DE DESARROLLO (FOLADE), SAN JOSE, COSTA RICA
ASSISTANCE, WASHINGTON, DC
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CHICANOS POR LA CAUSA,
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COMMUNITY COMMERCE BANK, LOS ANGELES, CA
DELTA SOUTHERN BANK, RULEVILLE, MS
FEDERATION OF APPALACHIAN HOUSING ENTERPRISES, BEREA, KY
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CAPITAL DISTRICT
CORPORACION MUNDIAL DE LA MUJER–MEDELLIN, MEDELLIN, COLOMBIA
EVERGREEN DESTINATION HOLDINGS, LLC, SAN FRANCISCO, CA
PHILLIPS COUNTY, HELENA, AR
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CASHPOR, MIRZAPUR, INDIA
COMMUNITY VENTURES CORPORATION, LEXINGTON, KY
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ENVIRONMENTAL ENTERPRISE ASSISTANCE FUND, ARLINGTON, VA
COUNCIL, ARLINGTON, VA
ANGELES, CA
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CITIZENS SAVINGS BANK AND TRUST, NASHVILLE, TN
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BANCO
CENTRO DE FOMENTO A INICIATIVAS ECONOMICAS, LA PAZ,
COASTAL ENTERPRISES, INC., WISCASSET, ME
DOUGLASS NATIONAL BANK, KANSAS CITY, KS
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COOPERATIVE FUND OF NEW ENGLAND, HARTFORD, CT
DAKOTALAND FEDERAL CREDIT UNION, HURON, SD
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CENTRAL BANK OF KANSAS CITY, KANSAS CITY, MO
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COMMUNITY LOAN FUND OF SW PENNSYLVANIA, PITTSBURGH, PA
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BANCO SOL, LA PAZ, BOLIVIA
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CAJA LOS ANDES, LA PAZ, BOLIVIA
COMMUNITIES UNITED CREDIT UNION, WICHITA, KS
CORPORACION MUNDIAL DE LA MUJER–BOGOTA, BOGOTA, COLOMBIA
NEW YORK, NY
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COMMUNITY TRUST FEDERAL CREDIT UNION, APOPKA, FL
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ALTERNATIVES FEDERAL CREDIT UNION, ITHACA, NY
BEXAR COUNTY TEACHERS FEDERAL CREDIT UNION,
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ACCION USA, BOSTON,
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AFRICAP MICROFINANCE FUND,
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CHICAGO COMMUNITY LOAN FUND, CHICAGO, IL
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COMMUNITY CAPITAL BANK, BROOKLYN, NY
FINANCIAL RESOURCE CENTER, LOS ANGELES, CA
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CASCADIA REVOLVING LOAN FUND, SEATTLE, WA
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CHINATOWN COMMUNITY DEVELOPMENT CENTER, SAN FRANCISCO, CA
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DC, N.A., WASHINGTON, DC
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BANK, OKLAHOMA CITY, OK
BRIDGE HOUSING, SAN FRANCISCO, CA
CHARLESTON CITYWIDE LOCAL DEVELOPMENT CORP., CHARLESTON, SC
PHOENIX, AZ
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CARVER STATE BANK, SAVANNAH, GA
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CATHOLIC RELIEF SERVICES, BALTIMORE, MD
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ALTERFIN C.V.B.A., BRUSSELS, BELGIUM
BANK OF CHEROKEE COUNTY, PARK HILL, OK
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ACCION NEW YORK, BROOKLYN, NY
ASSOCIACAO NACIONAL DE COOPERACAO AGRICOLA, BRASILIA, BRAZIL
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BOSTON COMMUNITY LOAN FUND, BOSTON, MA
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AFFORDABLE HOUSING RESOURCES, NASHVILLE, TN
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UNITY NATIONAL
USSCO JOHNSTOWN
VERMONT DEVELOPMENT CREDIT UNION, BURLINGTON, VT
■
WISCONSIN COORDINATING COUNCIL ON NICARAGUA, MADISON, WI
WOMEN’S SOUTHWEST FEDERAL CREDIT UNION, DALLAS, TX ■ WOMEN’S WORLD BANKING–CALI, CALI, COLOMBIA
Calvert Foundation’s $55 million portfolio is
placed with 180 outstanding community funds, social enterprises,
and nonprofit community developers working tirelessly in virtually
every state and countless countries around the globe.
Financial Summary
Condensed Statement of Financial Position
Year Ended December ,


$,,
$,,
,
,,
Investments
,,
,,
Net Notes Receivable
,,
,,
,
,
$,,
$,,
,
,
,,
,,
,,
,,
$,,
$,,
Unrestricted Net Assets
,,
,,
Restricted Net Assets
,,
,,
,,
$,,
$,,
$,,
Assets
Cash and Equivalents
Grants and Other Receivable
Other
Total Assets
Liabilities
Accounts and Interest Payable
Calvert Community Investment Notes Payable
Subordinated Loans Payable
Total Liabilities
Net Assets
Total Net Assets
Total Liabilities and Net Assets
Track Record of Steady Growth
Dollars in Millions
$ 










Cumulative CCI Notes



Cumulative Net Portfolio


Cumulative Total Assets
Condensed Statement of Activities
Year Ended December ,


Support
$,,
$,,
Revenue
,,
,,
Net Assets Released from Restriction
,,
,,
$,,
$,,
Program Services
,,
,,
Support Services
,
,
Total Expenses
$,,
$,,
Increases in Unrestricted Net Assets
$,,
$,,
,,
,,
,
,
(,,)
(,,)
,
,
,
,
,,
,,
Changes in Unrestricted Net Assets
Total Support and Revenue
Expenses
Changes in Temporarily Restricted Net Assets
Contributions
Grants
Net Assets Released from Restriction
Increase in Temporarily Restricted Net Assets
Changes in Permanently Restricted Net Assets
Contributions
Increase in Net Assets
Net Assets at Beginning Period
Net Assets at End of Period
,,
,,
$,,
$,,
The Statement of Financial Position of Calvert Social Investment Foundation as of December ,  and
 and the related Statement of Activities and Changes in Net Assets and Cashflows for the years then
ended, were audited by Johnson Lambert & Co. The condensed financial statements have been derived from
the complete financial statements, available upon request to: Shari Berenbach, Executive Director, Calvert
Social Investment Foundation,  Montgomery Avenue, Suite N, Bethesda, Maryland .
Executive Director
Shari Berenbach
Board of Directors
D. Wayne Silby
Co-Chairman
John G. Guffey, Jr.
Co-Chairman,
Loan Committee
Co-Chair
Mary Houghton
Loan Committee
Co-Chair
Daniel M. Leibsohn
Loan Committee
Member
Rebecca L. Adamson
Margaret Clark
Greg Ratliff
Jed Emerson
Maurice Jones
Barbara J. Krumsiek
Terrence J. Mollner
Maria Otero
Kathy Stearns
Ivy Wafford Duke
Secretary and Counsel
Calvert Social Investment
Foundation
 Montgomery Ave.
Suite N
Bethesda, MD 
.. phone
.. fax
[email protected]
www.calvertfoundation.org
www.calvertgiving.org
Graphic Design: [ studio e ]
■
Photography: Cover by Geoff Forester for the New Hampshire Community Loan Fund; Jobs for the Colorado Enterprise Fund; Lives for the
New Hampshire Community Loan Fund; Homes by Jason Miccolo Johnson for the Institute for Community Economics; Products and Services by Robin Ratcliffe for ACCION
International; Lending Groups and back cover by Debra Lam for the Ethiopian Community Development Council