2011 Annual Report - Cooperative Fund of New England

Connecting Cooperatives
Since 1975
2011 Annual Report
Our Mission
C
FNE advances community-based, cooperative, and democratically owned
enterprises with preference to those that serve
low income communities through:
❖❖ provision of prompt financial assistance at
reasonable rates;
❖❖ provision of an investment opportunity that
promotes socially responsible enterprise; and
❖❖ development of a regional reservoir of
business skills with which to assist and
advise the above groups.
The Cooperative Fund of New England
(CFNE) was founded in 1975 by co-op activists
and social investors to provide financial and
technical assistance to food cooperatives.
Since then, the organization has expanded
its focus, offering development loans and
technical assistance to a wide range of co-ops
and nonprofit groups that share CFNE’s vision
of equality, justice, and social responsibility. A
“virtual” organization, CFNE serves the New
England region through an administrative office
in North Carolina and four outreach offices in
New England. CFNE is well rated by CARS TM
In its 36 years of operation, CFNE has
disbursed almost $26 million in over 600 loans
Cooperative Fund Board of Trustees
Donald Kreis, President
Jon Reske, Vice President
Phebe Quattrucci, Clerk
Susan Ellis, Treasurer
Margaret Atkinson
Erbin Crowell
Andrew Danforth
Rebecca Dunn
Linda Gallagher
Mary Hoyer
Claire Morduch
LJ Taylor
Staff & Consultants
Rebecca Dunn
Executive Director
Board of Advisors
John Abrams
William Casey, Jr.
Cory Greenberg
Glen Ohlund
Marc Reich
Tim Wingate
Maggie Cohn
Southeast New England
Loan and Outreach Officer
Cooperative Capital Fund
Board of Trustees
Cory Greenberg, President
Adam Trott, Vice President
Mary O’Hara, Clerk
Bruce Boardman, Treasurer
Jon Crystal
Andrew Danforth
Helen Scalia
Development Consultant
Mary Hoyer
Southwest New England
Loan and Outreach Officer
Betsy Black
Northwest New England
Loan and Outreach Officer
Gloria LaBrecque
Northeast New England
Loan and Outreach Officer
Regan Dumas, CPA
Finance Operations
Micha Josephy
Program Manager
Beverly Perry
Office Assistant
to co-ops and community organizations without
loss of any investor funds.
Cover photos: Midcoast Fishermen’s Co-op, Port Clyde, ME (photos by Jen
Litteral); Urban Oaks Organic farm in New Britain, CT; Green Mountain
Spinnery in Putney VT and Strolling of the Cheeses event participants in
Brattleboro, VT (photos by Paul Reinmann).
Cooperative Fund of New England
P.O. Box 3413 • Amherst, MA 01004
1-800-818-7833
[email protected] • www.coopfund.coop
This annual report was designed and printed by Red Sun Press
in Jamaica Plain, MA, a worker cooperative providing printing
services with a focus on the nonprofit sector, co-ops, and social
justice movements. www.redsunpress.coop
Dear Fellow Cooperators:
W
e have the honor of presenting to you our annual report for
Fiscal 2011 – a year of remarkable and inspiring success for the
Cooperative Fund of New England. Thanks to your commitment and
trust as social investors and visionary borrowers, we have now loaned
over $26 million to cooperatives and other organizations that are
committed to building communities and advancing the public good.
This report focuses on the theme of connecting cooperatives. As we
travel around New England meeting and working with cooperators,
we see great potential for advancing cooperative values and principles
through building active relationships among organizations in the
region that share these aspirations. Now that we are in the midst of the
International Year of Cooperatives, a global celebration proclaimed by
the United Nations, we are particularly encouraged by the prospect of
building solidarity in our sector of the economy. Together, we can spread
the word that cooperatives are part of a new sustainable economy.
Despite many challenges in 2011, our borrowers generally did
well as they created jobs, provided affordable housing, and brought
healthy food to their communities. We, too, did well in 2011. One
highlight being the receipt of a $1 million loan from the Small Business
Administration as, for the first time, worker and producer co-ops
qualified for SBA-backed lending. We also received $1.5 million from
the U.S .Treasury CDFI Fund for its lending program and $2 million for
its Healthy Food Financing program.
In 2011 loans made by CFNE resulted in retention or creation of
602 jobs and 247 units of affordable housing. In addition to existing
borrowers, four new cooperatives made us their lenders in 2011. By
the end of the year, social investment loans to CFNE exceeded $9.6
million and CFNE had worked with almost 600 co-ops, worker-owned
businesses, and community-based nonprofits since our founding,
providing the capital and assistance they needed to grow, serve their
communities, and contribute to a more just economy.
We encourage you to use this document to spread the word about
the important work of which we – borrowers, lenders, and friends alike
– are all a part. Thank you for the opportunity to serve New England’s
cooperative community.
What is a Cooperative?
Definition
A cooperative is an
autonomous association
of persons united
voluntarily to meet their
common economic, social,
and cultural needs and
aspirations through a jointly
owned and democratically
controlled enterprise.
Values
Cooperatives are based on
the values of self-help, selfresponsibility, democracy,
equality, equity, and
solidarity. They operate
with the ethical values of
openness, honesty, social
responsibility, and caring for
others.
You can scan this code
to visit our website:
www.coopfund.coop
Don Kreis President of the Board
Rebecca Dunn
Executive Director (celebrated 25
years with CFNE in 2011)
Connecting Cooperatives since 1975 1CFNE 1
Local Food Systems, Healthy Food Access
L
ocal Sprouts Cooperative, in Portland, ME, is
owned by its workers. It serves healthy delicious,
and largely locally-produced food seven days a week
through their café and a catering business. They pair
their food service work with a strong community
education program about the benefits and techniques
Honest Weight Co-op in Albany, NY
to preparing and eating local foods. Programs in
schools and community organizations allow Local
E
Sprouts to reach deeper into the community with their
have been pioneers in building local, democratic, and
how youth grow up in this world,” says worker-
sustainable food systems, from organic foods to Fair
owner Jonah Fertig.
veryone is talking about healthy food. From the
start, Cooperative Fund has been involved in
providing funding to food co-ops in our region that message of sustainable local food systems. “Teaching
about cooking— the flavors and cultures—impacts
Trade. CFNE has helped fund start up cooperatives
and existing co-ops in rural and urban areas that
provide healthy food in their communities. Our loans
have funded food producers, distributors, and retailers.
CFNE was awarded a $2 million grant from the US
Treasury to increase food access by financing food coops in communities with limited healthy food options.
2011 saw an expansion of CFNE’s promotion of
its Healthy Food Access project to increase access to
healthy food for those with limited means. CFNE is
connecting food cooperatives to compare methodology
with a project that supports collaboration among
food co-ops to engage and serve individuals and
Local Sprouts Co-op Cafe in Portland, ME
families with limited food budgets; and demonstrate
the capacity of food co-ops to increase access to
healthy food and business ownership for everyone.
CFNE is researching and promoting models that help
food co-ops better serve low-income communities
in partnership with Neighboring Food Co-op
Association. 2 CFNE Connecting Cooperatives since 1975
A farmer at Urban Oaks Organic Farm in New Britain, CT.
Local Food Systems, Healthy Food Access
T
he economy and culture of many of New
England’s coastal villages is rooted in fishing.
Like other industries comprised of many small
businesses, fishermen have come together, connecting
in cooperatives to cut out the middleman and
make the most of their work. Midcoast Fishermen’s
Cooperative in Port Clyde, ME was formed as a
cost sharing co-op to lease dock space and purchase
supplies. One marketing and distribution system
of the co-op is their Community Supported Fishery
(CSF) subscription program. Modeled on the
Midcoast Fishermen’s Co-op member in Port Clyde, ME
(photo by Jen Litteral)
successful Community Supported Agriculture
(CSA) programs across the country, CSF members
buy a share in the program up front, and are paid
back in fresh fish. CSF participating boats must
use conservation-minded gear, helping expand the
sustainable impact of this co-op.
Crop Circle Kitchen, a community kitchen in Boston, MA
Deep Root in Johnson, VT, one of the oldest organic vegetable cooperative in the
US sells to many food cooperatives (photo by Betsy Black).
Chatham Real Food Market in Chatham, NY (photo by Mary Hoyer)
Wow!...You are all doing and supporting great
work...Thanks!
Marcie Gardner, Chatham Real Food
Market Co-op
Connecting Cooperatives since 1975 CFNE
CFNE 33
Local Food Systems, Healthy Food Access
C
ooperative Capital Fund (CCF) is a source
of patient capital that may act as equity
without requiring co-ops to give up control over
management or pay high venture capital returns.
CCF has made seven investments to date
Brattleboro Food Co-op expansion construction in Brattleboro, VT
and approved an additional investment that is
awaiting disbursement. CCF investments include:
Rising Tide Community Market in Damariscotta,
ME; Brattleboro Food Co-op in Brattleboro, VT;
Local Sprouts Cooperative in Portland, ME; Elm
City Market in New Haven; CT, Stone Valley
Community Market in Poultney, VT; Brattleboro
Holistic Health Center in Brattleboro, VT; and
Warrenstreet Architects in Concord, NH. In
addition, funds have been committed to Honest
Weight Co-op in Albany, NY.
“Our cafe is a better business because of CFNE.
All Mary’s help certainly made us a much more
viable start-up. CFNE is probably the most fundamentalist in defining the cooperative model of
any entity we’ve worked with. Thanks!”
Photo by Mary Hoyer
Steam Punk Cafe,
Danielson, CT
4 CFNE Connecting Cooperatives since 1975
Rose and Felix at Elm City Market in New Haven, CT
(photo by Don Kreis)
JOBS
J
ob creation and job retention are a priority these days. The Cooperative Fund has helped finance existing as
well as start-up cooperatives that create employment in local communities. 2011 was a groundbreaking year for CFNE and the co-op movement: the Small Business Administration
awarded CFNE a $1 million low-cost, long-term loan to lend to producer and worker-owned cooperatives.
This marked the first time the SBA has recognized worker co-ops as eligible businesses. CFNE connected with
the National Cooperative Business Association, the U.S. Federation of Worker Cooperatives, and others to
encourage this new policy.
S
BA funds were used to fund loans to
Warrenstreet Architects, in Concord, NH,
the first employee owned architectural firm;
Pelham Auto, a worker-owned car repair shop
in Belchertown, MA; Energia, an energy services
company operating in Holyoke, MA with an
innovative cooperative business model allowing
for employment and ownership by its workers; and
Green Mountain Spinnery, a returning borrower
Green Mountain Spinnery worker owners in Putney, VT
that converted to worker ownership in 2006 after
twenty-five successful years of operation. While their
borrowing needs have varied, the seasonality of the
regional wool spinning industry remains constant.
CFNE finances the Spinnery’s working capital needs
during their slow season, allowing them to preserve
Thanks for your quick services to us and for your supportive mission toward cooperatives.”
Gail Haines, Green Mountain Spinnery,
Putney, VT
nine worker member jobs.
“Something really sound and healthy is happening
here! I admire the patience and hard work to develop
this institution. I tell everyone I know about CFNE.”
Karen Brady, Pioneer Valley Photovoltaics,
Greenfield, MA
Red Sun Press worker owner in Boston, MA
Connecting Cooperatives since 1975 CFNE 5
JOBS
W
hen the owners of Watercourse Way decided
they wanted to move on from their holistic
health center, the workers stepped up to buy the
business. Now known as the Brattleboro Holistic
Health Center, this worker-owned healthcare facility
converted to a co-op in July 2011 with technical
assistance help from CFNE, Valley Alliance of Worker
Co-ops, and the Vermont Employee Ownership
Center. While the practitioners formerly rented
space from the owner, now they collectively own
the business. Through the conversion, Brattleboro
Holistic Health Center saved 9 jobs and created 6 new
ones.
“ It is an amazing difference how well things are going after borrowing from CFNE and getting the technical assistance you insisted on. Before members were
leaving. Now we are paying our bills and we actually
paid our taxes on time.”
Brattleboro Holistic Health Center in Brattleboro, VT
“I appreciate your willingness to work with us and
really take a deep look at what we are doing. I assure
you the effects to the community are tremendous, and
we are so glad to be in our workplace, building a cooperative basis for good livelihoods.” Michael Giroux,
Fertile Underground Cooperative,
Providence, RI
6 CFNE Connecting Cooperatives since 1975
Sarah Pappenheimer,
Swift Water Artists Cooperative,
Willimantic, CT
HOUSING
Opportunities for Home Ownership and
affordable housing
I
n this economy, home ownership is at risk of being
out of reach for many people. Cooperatives creates
affordable opportunities for residents to control
their housing. CFNE is connecting with housing
cooperatives in Boston to support consistent financial
management of the co-ops.
In 2011, the Cooperative Fund helped residents
in communities such as the Boston Trailer Park
Sawyer Hill Cohousing playground in Berlin, MA
Cooperative acquire their land and to maintain a
fund for affordability. Loans were made to Brown
Association of Cooperative Housing (BACH) in
Providence, RI, and Oak Street Co-op in Bath, ME,
to fund building renovations. CFNE connected with
ROC-USA to make loans to Wamsutta Co-op in North
Attleboro, MA, and Homestead Co-op in St. Albans,
VT, two new manufactured housing cooperatives
whose acquisitions and repairs were financed in
partnership with ROC-USA.
CFNE also provided working capital funding
to Operation Hope in Fairfield, CT, and Franklin
County/DIAL SELF in Greenfield, MA, two
Franklin County DIAL SELF in Greenfield, MA
nonprofit organizations that offer housing services to
people at risk of homelessness.
“We will be forever grateful for all the help we received in this huge endeavor.”
Pauline McLaughlin, President,
Boston Trailer Park, West Roxbury, MA
Boston Trailer Park resident owners in Boston, MA (photo by Maggie Cohn)
Connecting Cooperatives since 1975 CFNE 7
Connecting Cooperatives since 1975 CFNE 7
Co-op Networks, International Year of Cooperatives
International Year of the Cooperative
I
n October 2011, the United Nations declared 2012
the International Year of Cooperatives, giving us
all the opportunity to promote co-ops as a model that
works to promote economic development including
the creation of jobs, housing and local food systems.
CFNE connecting at NFCA annual meeting
Cooperative Networks
A
core principle of the cooperative movement is
“cooperation among co-ops,” which recognizes
that “cooperatives serve their members most
effectively and strengthen the cooperative movement
by working together through local, national, regional,
and international structures.” The Cooperative Fund
has been working closely with co-ops in our region
to help them build networks for sharing ideas and
resources across sectors through strategic planning,
enterprise development, and technical support.
Some of our partners include:
“We here at Lucy Stone Co-op can attest that the
Cooperative Fund of New England is a great lender to
have a loan with! Plus the interest we pay goes back
into helping other co-ops get started or grow!”
Greg Buckland, Lucy Stone Co-op,
Roxbury, MA
❖❖ Neighboring Food Co-op Association
❖❖ Cooperative Maine
❖❖ Cooperative Development Institute
❖❖ Valley Cooperative Business Association
❖❖ Vermont Center for Employee Ownership
❖❖ Valley Alliance of Worker Co-ops
8 CFNE Connecting Cooperatives since 1975
Vermont Employee Ownership Center
Loans as of 12/31/11
Ark Housing Cooperative, Shutesbury, Massachusetts
A limited equity housing co-op; loan for first time home
ownership purchase.
Beacon Light Alternative Services, Inc., Hartford,
Connecticut
A nonprofit focused on the needs of families in distress; loan
for property renovation.
Belfast Cooperative Store, Belfast, Maine
A retail food cooperative; loans to fund roof and store repairs
and working capital.
Bethlehem Children’s School, Slingerlands, New York
A cooperative primary school; loan for purchase and
renovation of school building for school expansion.
Boston Building Materials Cooperative, Boston,
Massachusetts
A not-for-profit consumer co-op providing high quality
materials at a reasonable cost and teaching people how to
maintain and improve their homes; loan for working capital
and debt refinance.
Boston Community Cooperative, Boston, Massachusetts
A limited equity urban housing co-op; loans for property
purchase, refinance, and renovation.
Brattleboro Food Cooperative, Brattleboro, Vermont
A long-standing food cooperative; loan to enable member
participation loans for the cooperative expansion and
economic development project.
Broad Park Development Corporation, Hartford,
Connecticut
A nonprofit housing developer serving the local Latino
population; loan for predevelopment costs.
Brown Association for Cooperative Housing (BACH),
Providence, Rhode Island
A student cooperative housing association at Brown
University; loan for building renovations and mortgage
refinance.
Collective Copies, Amherst, Florence, and Belchertown,
Massachusetts
A worker cooperative copy store; loans for renovations,
expansion, relocation, and working capital.
Common Fire Foundation, Tivoli, New York
A nonprofit student housing cooperative; loan to build energy
efficient housing.
Community Economic Development Center of Southeast
Massachusetts, New Bedford, Massachusetts
Local community development corporation with programs
including business counseling, job training, job referral, and
fishermen support functions; loan to cover microenterprise
loan fund start up and cash flow needs.
Concord Cooperative Market, Concord, New Hampshire
A retail food cooperative; loan to expand retail space and
operations.
Burlington Cohousing Development, Burlington, Vermont
A cohousing development providing 33 new homes; loan for
predevelopment costs as well as solar installation.
Deep Root Organic Truck Farmers Cooperative, Johnson,
Vermont
A rural farmers co-op; seasonal line of credit for working
capital during growing season and a term loan to build a
warehouse.
Cambridge Cooperative Club, Cambridge, Massachusetts
An eleven member housing cooperative founded in 1963; loan
for building renovations.
Dollars & Sense, Boston, Massachusetts
A collective publisher of Dollars & Sense magazine; loan for
seasonal working capital.
Chatham Food Market, Chatham, New York
A retail food cooperative store; loan for start-up expenses,
working capital, and inventory purchase.
Energia, LLC., Holyoke, Massachusetts
A provider of energy efficiency services that creates
sustainable, living-wage jobs, career ladders, and equity for
workers; loan for start-up working capital.
Cold Pond Community Land Trust, Acworth, New
Hampshire
A community of families dedicated to conserving the land and
providing affordable homes; loan to purchase land.
Evergreen Cooperative, Warren, Massachusetts
A resident-owned cooperative; loan for property purchase and
infrastructure repairs.
Connecting Cooperatives since 1975 CFNE 9
Loans as of 12/31/11
Faire Bande a Part Housing Cooperative, Lewiston, Maine
A limited equity housing cooperative; loan for first time home
ownership property acquisition.
FEDCO Seeds, Waterville, Maine
A hybrid worker and consumer co-op offering seeds, trees,
and other farming and gardening supplies; loans to renovate
production facility and to purchase a new warehouse.
Fenway Studios, Boston, Massachusetts
A housing co-op for artists; loan for energy efficient renovation
of building.
Flynn Avenue Cooperative Homes, Burlington, Vermont
A limited equity housing cooperative; loan to renovate
common property.
Francis Small Heritage Trust, Limerick, Maine
A rural land trust; loan to purchase property for land
conservation.
Franklin County/DIAL SELF, Greenfield, Massachusetts
A nonprofit providing at-risk youth services; loan for
predevelopment costs and working capital.
Green Mountain Spinnery, Putney, Vermont
A worker cooperative that processes yarn; loan for seasonal
working capital.
Hampden Hampshire Housing Partnership (HAP, Inc.),
Springfield, Massachusetts
A nonprofit that provides a wide range of housing services
(home ownership, rental assistance, lead abatement, and
safe housing for domestic violence survivors) to low income
people in its area; loan for working capital.
Handwork, Inc. Ithaca, New York
A retail artisan cooperative; loan for building renovations and
member cooperative education.
Hartbeat Ensemble, Hartford, Connecticut
A nonprofit community theater group dedicated to social
change; loan to meet cash flow needs.
Institute for Environmental Awareness, Petersham,
Massachusetts
A small nonprofit that provides education on environmental
issues; loan for working capital.
Land for Good, Keene, New Hampshire
A small nonprofit that fosters sustainable land use and farm
succession; loan for working capital.
Littleton Consumer Cooperative Society, Littleton, New
Hampshire
A retail food cooperative; loan for start-up equipment
purchases.
Local Sprouts, Portland, Maine
A worker cooperative community kitchen and café; loan for
start-up and working capital.
10 CFNE Connecting Cooperatives since 1975
Lucy Stone Housing Cooperative, Roxbury, Massachusetts
A newly formed housing cooperative based in Unitarian
Universalist values; loan to facilitate purchase of a house in
the metro area of Boston, Massachusetts.
Midcoast Fishermans Cooperative, Port Clyde, Maine
A cooperative whose fishermen harvest their catch using
environmentally sustainable fishing methods that reduce bycatch, habitat impact and fossil-fuel consumption; loan for
working capital.
Oak Street Cooperative of Bath, Bath, Maine
A limited equity housing cooperative; loan for first time home
ownership property purchase.
Operation Hope, Fairfield, Connecticut
A nonprofit that provides support and services to those in
need of housing and food (a homeless shelter, daycare drop-in
center, community kitchen, and other support); loan for cash
flow.
Pelham Auto, Belchertown, Massachusetts
A worker co-op and car repair shop; loan to purchase land and
for working capital.
Pioneer Cooperative of Franklin County, Greenfield,
Massachusetts
A scattered-site limited equity affordable housing cooperative;
loan to facilitate cost effective improvements and to meet cash
flow needs.
Putney Consumers Cooperative, Putney, Vermont
Retail food cooperative; loan to expand store and cafe area.
Red Sun Press, Jamaica Plain, Massachusetts
A worker cooperative providing printing services with a focus
on the nonprofit sector, co-op, and social justice movements;
loan for equipment purchase.
ReNew Building Materials and Salvage, Brattleboro,
Vermont
A nonprofit that deconstructs buildings, provides job training,
and conserves resources by recycling and selling the materials;
loan for working capital.
Loans as of 12/31/11
Rising Tide Community Market, Damariscotta, Maine
A retail food cooperative; loans for move, expansion, and
inventory purchase.
River Valley Market, Northampton, Massachusetts
A retail food cooperative; loan for start-up and working
capital.
Sawyer Hill - Mosaic Commons and Camelot Cohousing,
Berlin, Massachusetts
A cohousing project providing 34 new units of housing; loan
for predevelopment funding.
Swift Waters Artisans’ Cooperative, Willimantic,
Connecticut
Small artisans’ cooperative; loan to relocate retail operation
and for working capital.
Turnpike Park Cooperative, Westborough, Massachusetts
A resident-owned cooperative; loan for property purchase and
infrastructure repairs.
Upper Valley Food Cooperative, White River Junction,
Vermont
A natural foods co-op serving the greater Upper Valley area
since 1976; loan to purchase their building.
Urban Oaks Organic Farm, New Britain, Connecticut
A nonprofit urban farm; loan for seasonal working capital.
Voluntown Peace Center, Voluntown, Connecticut
A cooperative of nonprofits that was formed to buy the
former Equity Trust property for a retreat center; loan for land
purchase.
OTHER LOANS PENDING, APPROVED, OR
RECENTLY REPAID
Boston Trailer Park, Boston, Massachusetts
A resident owned manufactured housing cooperative; loan for
rental subsidy sinking fund creation.
Boston Food Co-op d/b/a Harvest Food Co-op, Boston,
Massachusetts
A retail food cooperative; loan for expansion and additional
store construction.
Cleanscape/Ecotope, Inc., Providence, Rhode Island
A recycling and landscaping company planning to convert
to a worker cooperative; loans for start-up funding, working
capital, and equipment purchases.
Datasystems, Burlington, Vermont
A worker cooperative computer programming company; loan
to enable ownership share purchase for its newest owner.
Dedham Artist Cooperative, Dedham, Massachusetts
A start-up artists retail operation; loan for working capital.
Fertile Underground, Providence, Rhode Island
A retail food cooperative; loan for start-up expenses and
working capital.
Fiddleheads Food Cooperative, New London, Connecticut
A retail food cooperative; loan for start-up and equipment
purchases.
Intervale Center, Burlington, Vermont
The oldest nonprofit, community-supported agriculture (CSA)
farm in Vermont; loan for working capital, renovation, and
construction of composting operation.
Honest Weight Cooperative, Albany, New York
A large retail food cooperative; loan for move and expansion.
Pioneer Valley Photo Voltaics (PV2), Greenfield,
Massachusetts
A worker cooperative providing design and installation
services for solar, wind, and small hydroelectric generation;
loan for working capital.
Quabbin Sunrise Co-op, Ware, Massachusetts
A new manufactured housing co-op; loan for water system
repairs.
Troy Food Cooperative, Troy, New York
A start-up retail food cooperative store; loan for working
capital and inventory purchase.
Willimantic Food Co-op, Willimantic, Connecticut
A retail food cooperative; loan for move and expansion.
Some of our loan products offered:
❖❖ Term loans
❖❖ Lines of credit for working capital
❖❖ Hybrid lines of credit that allow for
amortization and redrawing
❖❖ Owner equity purchase loans
❖❖ Worker owner cooperative education loans
❖❖ Cooperative member loan pass through
program
Dedham Artist Co-op member in Dedham, MA (photo by Kerry Hawkins)
Connecting Cooperatives since 1975 CFNE 11
CFNE Progress Report
Investments Received
New investments in 2011 Total investments at 12/31/11 Average individual investment Number of individual investors Average institutional investment
Number of institutional investors Investor dollars lost since inception $2,441,600
$8,885,530
$16,318
128
$99,072
68
$0
Loans Made
2011 Since Inception
Loans made Dollars disbursed;
Loan loss:
Loans repaid:
Average loan in 2011
Smallest loan in 2011
Largest loan in 2011
45
$2,458,338 0
$1,370,825 $54,630
$1,500
$725,000
599
$25,945,240
.08%
99.2%
$46,414
$400
$750,000
Statement Of Financial Position
as of December 31, 2011
Consolidated CFNE and CCF
Assets
Cash and Investments Loans Receivable Loan Loss Reserve* Other Assets Total Assets $4,806,553
$9,651,254
($384,000)
$95,699
$13,978,108
Liabilities & Net Assets
Account Payable Social Investment Loans Total Liabilities Net Assets Total Liabilities & Net Assets $3,512
$8,885,530
$8,889,042
$5,089,066
$13,978,108
Statement Of Activities
year ended December 31, 2011
Consolidated CFNE and CCF
Total loans at 12/31/11 $9,651,254
Support and Revenue
Contributions and Grants**
Investment Income Loan Interest Other Program Income** Total Support and Revenue 3,587,738
$9,080
$587,756
$30,886
$4,215,460
Expenses
Personnel Interest Paid to Investors Loan Loss Expense* Other Expenses Total Expenses Change in Net Assets **
$262,535
$255,343
$75,000
$206,250
$719,128
3,496,332
* dollars set aside as a resource against possible loan losses
BORROWERS
INVESTORS
Trusts 5%
SBA 5%
Worker Co-ops 8%
Co-ops 8%
Cohousing 5%
Foundations 11%
Other Co-op
Businesses 9%
Mfg. Housing Co-ops 9%
Food Co-ops 32%
Faith-based 28%
Banks 7%
Co-op Housing 24%
Individuals 28%
Co-op Schools 2%
Nonprofits 8%
12 CFNE Connecting Cooperatives since 1975
Nonprofits 4%
CDCs 4%
Land Trusts 3%
CFNE investors and supporters include...
Adrian Dominican Sisters
American Communities Trust
Ascension Health /Daughters of Charity National Health System
Bank of America
Basilian Fathers of Toronto
Berkshire Co-op Market
Bowers Fund
Brattleboro Food Co-op
Cabot Creamery Cooperative
Catholic Health Initiative
Calvert Foundation
CDS Consulting Co-op
Christina Callan Charitable Trust
Citizens Bank
Citizens Bank Foundation
Circinus Financial Corporation
Collective Copies
Communities at Work Fund
Community Builders Cooperative
Community Foundation of Western Massachusetts
Cooperative Development Foundation
Cooperative Foundation
Cooperative Maine
Create Jobs for USA
Dance New England
Disabilities Opportunity Fund
Dominican Sisters of Hope
Dominican Sisters of Springfield
Episcopal Diocese of Connecticut
Equal Exchange
FEDCO Seeds, Inc.
Federal Street Advisors
First Congregational Church of Amherst
Frances Fund Foundation
Frances Small Heritage Trust
Franciscan Sisters of Mary
Gadfly Trust
Green Living Journal/Public Press, LLC
Green Mountain Mutual Aid
Green Mountain Spinnery Co-op
Handwork, Inc.
Hanover Consumer Cooperative Society
Haymarket Peoples Fund
Howard Bowers Fund
Hunger Mountain Food Co-op
Jewish Funds for Justice/Shefa Fund
Karuna Trust
Loring, Wolcott & Coolidge
Lydia B. Stokes Foundation
Mercy Partnership Loan Fund
Middlebury Natural Foods Co-op
Midwest Minnesota Community Development Corporation
Mission Hill Health Movement
Mission Hill Investment Club
Monarch Community Fund
Mount Holyoke College
NCB Capital Impact and NCB, FSB
Neighboring Food Co-op Association
NewAlliance Foundation
New England Yearly Meeting of Friends
New York City People’s Life Fund
Oberlin Student Cooperative Association
Onion River Co-op d/b/a City Market
Opportunity Finance Network
Partners for the Common Good
Pedal People
Pelham Fund
People’s United Bank
People’s United Community Foundation
Prospect Place Apartment
Putney Food Cooperative
Rockett Trust
Rose Trust
Seymour and Sylvia Rothchild Family Foundation
Sinsinawa Dominican Sisters
Sisters of Charity of Mount St. Joseph
Sisters of Charity of the Incarnate Word
Sisters of Charity of St. Elizabeth
Sisters of Charity of Cincinnati, Seton Enablement Fund
Sisters of Mercy of the Americas-Detroit
Sisters of St. Francis of Philadelphia
Solidago Foundation
South Mountain Company Foundation
South Royalton Food Cooperative, Inc.
Threshold Foundation
Trillium Asset Management
Troll Investment Management Trust
Twin Pines Cooperative Foundation
Twin Pines Housing Trust
Tzedec Economic Development Fund
Unitarian Universalist Congregation of Haverhill
Unitarian Universalist Congregation at Shelter Rock
Upper Valley Food Co-op
US Department of Treasury, CDFI Fund
US Small Business Administration
Valley Alliance of Worker Cooperatives
Vermont Community Foundation
Vote Boston
Wainwright Bank and Trust Company
Willimantic Food Co-op
White’s Forest Farm
Woodlands Investment Management
and more than 200 individuals, including:
Susan Bain
Andrew Bellak
Betsy Black
David Brandau
Elizabeth Coulter
Erbin Crowell
Valerie Dahl
Harrison Drinkwater
Susan Ellis
William N. Ellis
Eric Esse
Joseph Gainza
Hildegarde and Hunter Hannum
Richard Jarrett
Micha Josephy and Kelly McCoy
Andrea S. Knight
Carol Lanstaff
Joshua Lipkowitz
Patrick Malone
Enrico Massetti
Allan Matthews
Catherine Menard
Ronald Miller
Emily Park
Martha Rabinowitz
James Rooney
John Sniegocki
Lee and Bryon Stookey
Sawyer Stone
David Strozzi
David F. White
Please note that our policy is not to list the names of our individual investors
unless they specifically agree to it. Please notify us if we have inadvertently
omitted your name.
Connecting Cooperatives since 1975 CFNE 13
COOPERATIVE FUND of New England
Administrative office:
5533 Peden Point Rd.
Wilmington, NC 28409
NON PROFIT ORG
US POSTAGE
PAID
BOSTON MA
PERMIT NO 51544
Return Service Requested
36 Years Supporting the Co-op Economy...Together!
W
e’ve grown over the years with your
help and we still need your help to
build the cooperative economy. Join our
CFNE Growth 1975-2011
Millions
$10.0
$9.0
investors and borrowers!
$8.0
When you take a loan from the Cooperative
Fund of New England, you’re not just
growing your own co-op. You’re helping to
$7.0
$6.0
$5.0
$4.0
ensure that financial resources are available
$3.0
for the next generation of cooperators.
$2.0
$1.0
When you make a social investment loan
to the Cooperative Fund, you’re helping us
grow the co-op economy. We welcome your
$
1975
1980
1985
1990
Investments
investment or charitable contribution!
www.coopfund.coop
1995
2000
2005
Loans
2010
2011