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Slide 1: 2005 annual report
Slide 2: CFED is a nonprofit organization that expands economic opportunity. We work to ensure that every person can participate in, contribute to, and benefit from the economy by bringing together community practice, public policy, and private markets.We identify promising ideas, test and refine them in communities to find out what works, craft policies and products to help good ideas reach scale, and foster new markets to achieve greater economic impact. Established in 1979 as the Corporation for Enterprise Development, CFED works nationally and internationally through its offices in Washington, DC; Durham, North Carolina; and San Francisco, California. NATIONAL OFFICE 777 North Capitol Street, N.E., Suite 800 Washington, DC 20002 202.408.9788 I Fax: 202.408.9793 SOUTHERN OFFICE 123 West Main Street, Suite 210 Durham, NC 27701 919.688.6444 I Fax: 919.688.6580 WESTERN OFFICE 353 Folsom Street San Francisco, CA 94105 415.495.2333 I Fax: 415.495.7025 E-mail: info@cfed.org Website: www.cfed.org
Slide 3: 2005: expand i ng our s cope and impa c t LETTER FROM THE PRESIDENT Dear Friends, 2005 was a year of growth in staff capacity and ambition, program and policy impact, and partnerships. We see a growing movement arising from our 10 years of work to build assets for the poor as an enduring route out of poverty. Exciting new directions are also springing from our work over two decades on entrepreneurship as an economic development strategy. CFED is privileged to work with the Ford Foundation and a set of wonderful funders, and national and community partners on the Saving for Education, Entrepreneurship, and Downpayment (SEED) Policy and Practice Initiative. As we near the mid-point of this 10-year initiative, it is thrilling to see over 1,000 children and families saving for their futures. These pioneers are helping us to create the foundation for asset policies for millions of Americans, star ting at birth. CFED’s Assets and Opportunity Scorecard, the nation’s premiere assets benchmarking tool, shows there is still much work to do: nearly one in five American households owes more than it owns; for minority households, the number is one in four. Using the Scorecard, CFED created five state partnerships to advance policies to improve this picture for potentially millions of families. In 2005, CFED created an unprecedented partnership with the Federal Reserve System to host Innovations in Asset Building Policy, Products, and Programs, a series of forums across the country. The forums—continuing into 2006—bring together leaders in economic policy, community development, philanthropy, and the financial services industry to magnify and accelerate asset-building activities such as homeownership, business ownership, savings, and investment with expanded engagement by private markets. Working closely with the W.K. Kellogg Foundation, CFED is focusing on the implementation of emerging entrepreneurship development systems. We believe these systems are an innovative approach to expanding the pipeline of entrepreneurs while strengthening the performance of new and growing businesses. We continue to advance legislation supporting entrepreneurship in disadvantaged communities while investigating the role of the tax system in encouraging self-employed people to enter the mainstream economy. The launch of I’M HOME—Innovations in Manufactured Homes marks CFED’s commitment to ensure that the 10 million families who purchase manufactured homes reap benefits from their homeownership comparable to buyers of site-built homes.This multi-year initiative has the potential to build wealth for millions of low-income Americans through innovations in a sector that has long needed significant reform. We offer special thanks and appreciation to the many partners to whom we owe our success this year. Our mission of expanding economic opportunity is made possible only by working collaboratively with those who share our vision and commitments. All my best, Andrea Levere President CFED 1
Slide 4: 2005 : ex p a n d i n g o u r s c o p e an d i m pact LETTER FROM THE CHAIR OF THE BOARD Dear Colleagues, If there was one event in 2005 which, more than any other, underscored the need for our work and the urgency of our calling, it was Hurricane Katrina. When Katrina blew the roof off the Superdome, it also blew the roof off of the face of asset poverty in the region, and, indeed, in the country as a whole. The folks in that shelter, like the other tens of thousands abandoned in shelters across the region, were there because they lacked the transportation, savings, and financial and economic connections to escape. They were economically vulnerable, unable to make the most elementary investments in their own welfare and that of their children. And they were overwhelmingly people of color. Even before Katrina hit, the percentage of asset-poor people in the Delta region—those who couldn’t weather three months without a job before plunging into abject poverty—was among the highest in the nation, nearing a quarter of the population. Among minorities, asset poverty ran above 40%. Mississippi had the lowest number of households with savings accounts of any state in the nation; Alabama was the next worst and Louisiana ranked 44th. These states also had among the highest bankruptcy rates and the lowest levels of household net worth. Now, of course, the situation is worse; even those who had achieved a measure of economic security have lost their homes, businesses, savings, and communities. The ensuing months have not seen great progress on this front. But the fundamental truth is that before Katrina, in the Gulf and in this richest of nations, most households lacked adequate financial assets to invest in themselves and their children. The pre-existing weakness that doomed so many Gulf residents runs underneath most of America. Given that our Federal government invests nearly $440 billion annually in building personal assets, yet less than 5% of this sum serves the 60% of the population on the lower end of incomes, it is clear : we need a national solution. We remember Katrina. We rededicate ourselves to building the opportunity of Americans to invest in themselves and their children. Specifically, we recommit to creating real opportunities for saving, business, homeownership, and higher education to the 200-plus million Americans who do not share equitably in our national and state asset budgets and policies. We believe that these investments will not only enable the victims of Katrina to rise again, but also allow the rest of the country to rebuild on higher ground. Sincerely, Robert Friedman Chair of the Board CFED 2
Slide 5: 2005: expand i ng our s cope and impa c t PROGRAMS 2005: Expanding our scope and our impact CFED continues to strengthen its efforts to ensure that every person G iven the national spotlight on the importance of ownership, the CFED Assets and Opportunity Scorecard was released in 2005 out of a need to gain a can participate in, contribute to, and benefit from the economy. solid sense of where we stand.The second generation of 2002’s State Asset Development Report Card, the Scorecard measures the financial security of families in the United States.The report looks beyond issues of income to the broader picture of building ownership and protecting against financial setbacks. Among the Scorecard’s key findings: I Nearly one-in-five American households has zero or negative net worth, or “owes more than it owns.” The figure is one-in-three for minority-headed households. I For every dollar of net worth of a household headed by a male, female-headed households have less than 40 cents. Minority families have only one-sixteenth the net assets of white families. As part of the Scorecard launch, CFED collaborated with state-level advocacy organizations in Arkansas, California, Connecticut, Illinois, and Michigan to raise awareness of the asset-building challenges and achievements in their states and identify policy opportunities. C FED, in partnership with the Community Affairs offices of the Federal Reserve System, launched Innovations in Asset Building Policy, Products, and Programs—a new project to engage more Americans in building savings and ownership. Through forums held across the country, the series is bringing together leaders in economic policy, community development, philanthropy, and the financial services industry to advance their efforts to promote and support asset-building activities such as homeownership, business ownership, savings, and investment. The series kicked off on June 27 at the Federal Reserve Bank of San Francisco.This forum, which focused on state and local policies and programs, drew more than 100 leaders in the asset-building field, including San Francisco Mayor Gavin Newsom, who spoke about the city’s innovative Working Families Credit program. The second forum of the series was held on December 8 at the Federal Reserve Bank of New York, and focused on promising practices in the development and distribution of asset-building products and programs. Innovations in Asset Building Policy, Products, and Programs will continue into 2006 with forums in Kansas City and Atlanta, and with coordinated efforts to foster research, policy innovation, and effective financial products and services. 3
Slide 6: 2005 : ex p a n d i n g o u r s c o p e an d i m pact PROGRAMS Building Assets In 2005 CFED made great strides in its work to promote asset building for all Americans. Individual Development Accounts (or IDAs)—the matched savings accounts that enable low-income American families to save, build assets, and enter the financial mainstream—have been central to CFED’s asset-building strategy for more than a decade. SEED saver RaShanna Williams (right) makes a deposit to her account with Linda Williams of the First Bank of the Delta in Helena, Arkansas. T he Saving for Education, Entrepreneurship, and Downpayment (SEED) Policy and Practice Initiative continues to set the stage for universal, progressive American policy for asset building. Through this 10-year national initiative to develop, test, and impel matched savings accounts and financial education for children and youth, CFED brings together national and community partners to design, administer, and document specific aspects of children’s savings programs. By the end of the year, 1,262 SEED accounts were open across all 12 of the initiative’s community and experimental sites. CFED made strong headway in its work with community partners and the Center on Law and Social Policy to ensure that families with SEED accounts are protected from asset limits in state-administered public assistance programs such as Temporary Assistance for Needy Families (TANF), Food Stamps, and others. By year’s end, four states and one territory—Arkansas, Delaware, Illinois, Michigan, and Puerto Rico—had agreed to the removal of asset limits for SEED accountholders. 2005 also saw the creation of new policy coalitions with state-level advocates in Illinois, Kentucky, Michigan, and Oklahoma.These new SEED partners will work with CFED and its national partners and advisors to develop state policies to create or expand progressive savings opportunities for children. Included in this new effort are I The Sargent Shriver National Center on Poverty Law and Voices for Illinois Children, both based in Chicago; I Kentucky’s Cradle to College Commission; The Community Economic Development Association of Michigan; and I I The Community Action Project of Tulsa County, Oklahoma. I Left to right: Sarah Dewees (First Nations Development Institute), Barbara Roloff (Umatilla Housing Authority) and Jennifer Malkin (CFED) at the National American Indian Housing Council Annual Meeting, Anaheim, California. n launching Expanding Native Opportunity: Native IDA Initiative—a partnership with the Community Development Financial Institutions (CDFI) Fund of the U.S. Department of the Treasury, First Nations Development Institute, and First Nations Oweesta Corporation—CFED expanded the scope of its IDA work to significantly address the asset-building challenges unique to Native communities. The initiative is a comprehensive training and technical assistance program to help Native communities design and implement IDAs. 4
Slide 7: With eight regional training institutes planned through 2007, CFED and its partners have begun to help Native CDFIs, tribes, or Native groups start-up, implement, and sustain IDAs in their communities. Institute participants also have access to free, customized follow-up technical assistance to help implement IDAs in their communities. Behind the myth that all Indians have become rich from casinos is the stark reality that Native communities, particularly remote rural reservations, face the highest rates of persistent poverty and unemployment in the country. Led by a vibrant, emerging Native community development finance industry, numerous creative efforts are underway to reduce poverty and promote sustainable economic development across Indian country. In 2005, CFED worked, in partnership with key Native advocacy organizations, to nurture these efforts, raise the profile of Native entrepreneurship nationally, and promote financial education With Senators Rick Santorum (R-PA) and Joseph Lieberman (D-CT), and Representatives Joseph Pitts (RPA) and Stephanie Tubbs Jones (D-OH) leading the effort, the bills would reimburse financial institutions for the matching funds they provide up to $500 per account per year for four years.The bills also include funding to help support financial education for accountholders. President Bush has also proposed the creation of this tax credit for IDAs in his budget. Of particular note was the release of CFED’s groundbreaking research report on Native entrepreneurship in partnership with the National Congress of American Indians (NCAI) and the launch of our on-going Native IDA Initiative—a partnership with First Nations Development Institute, Oweesta Corporation, and the CDFI Fund—to expand the number of Native IDAs nationwide. CFED’s mission of ensuring that everyone can participate in and benefit from the economy goes unfulfilled without a strong investment in Indian country. and asset building for Native communities. Working for Change in Indian Country A dvocacy is key to CFED’s campaign to further the availability of matched savings accounts for low- income people. In 2005, CFED’s policy team worked to increase congressional support for the Savings for Working Families Act (S.922 and H.R. 4751 and also incorporated into The CARE Act of 2005 [S.1780])— which would make IDAs available to 900,000 citizens and legal residents of the U.S. between the ages of 18 and 60. 2006 Assets Learning Conference CFED has already begun planning the 2006 Assets Learning Conference—A Lifetime of Assets: Building Families, Communities & Economies. Formerly known as the IDA Learning Conference, the name change reflects the field’s expanded scope. Taking place in Phoenix, Arizona, September 19–21, 2006, the eighth biennial conference will explore an even broader vision of asset building that engages a larger, more diverse set of stakeholders from the public, private, and nonprofit sectors. The conference theme, A Lifetime of Assets, recognizes that assets are important at every stage of life. 5
Slide 8: 2005 : ex p a n d i n g o u r s c o p e an d i m pact PROGRAMS Expanding Opportunity CFED is always pursuing new ways to help families and communities forge pathways to financial security. I n January, CFED, together with a host of partners, launched I’M HOME—Innovations in Manufactured Homes, an initiative designed to help owners of manufactured homes, by some counts more than 10 million families in the United States.The initiative, with initial funding by the Ford Foundation, aims to give owners of manufactured homes the same opportunities to build wealth as those typically enjoyed by owners of site-built housing.The multi-year program will address market gaps and policy issues related to the ways the homes are sold, financed, and treated under the law. In 2005, CFED committed more than $1.5 million in I’M HOME grants and contracts to 15 community-level organizations around the country, working in rural, urban, and suburban settings.Their work seeks to demonstrate positive, responsible, and affordable uses of manufactured homes. CFED is also working with a growing array of partners who are developing new financing products, working on policy issues and consumer protections, and working for changes so that owners of these homes are given the same safeguards and opportunities as owners of other homes. A second round of I’M HOME grants will be awarded in 2006. I n 2005, the six grantees of the W.K. Kellogg Foundation Rural Entrepreneurship Development Systems (EDS) Initiative began their work in earnest under the management of CFED.These grantees, representing rural regions in Kentucky, Nebraska, New Mexico, North Carolina, Ohio, Oregon, South Dakota, West Virginia, and Wyoming, began working toward I Creating a pipeline of entrepreneurs by nurturing entrepreneurial aspirations in youth, identifying and supporting potential entrepreneurs, and fostering an environment friendly to small businesses that attracts entrepreneurs; I Implementing a system of support for all entrepreneurs; and Fostering a supportive policy and cultural environment of entrepreneurship within the public, private, and non-profit sectors. I The goal in implementing an EDS is the transformation of a region—transformation of both the culture and practice of community economic development to create a viable, sustainable rural region.The EDS becomes the mechanism for achieving this goal. CFED’s work on the W.K. Kellogg Foundation Rural EDS Initiative will continue through 2008. W 6 ith generous support from the Annie E. Casey Foundation, CFED launched the Self- Employment Tax Initiative (SETI) in 2005 to explore the relationship between self- employment and federal and state tax policies.Through our initial SETI research, CFED has already discovered that 4.4 million self-employed businesses—nearly 25% of all formal selfemployed businesses—received the Earned Income Tax Credit (EITC) in 2002.This
Slide 9: means the EITC program serves 25 times more self-employed households than the entire national network of microenterprise programs, making it the largest support currently available to microentrepreneurs. Plans for SETI include exploring new partnerships and products that would utilize the tax code as a delivery system. New partnerships could include working with the national network of communitybased free tax-preparation programs to help them better serve self-employed households. New product development may include working with microenterprise programs to adopt tax preparation as a portal product for attracting new startup self-employed businesses. I n 2005, CFED made awards to eight State Microenterprise Associations (SMAs)—in California, Maine, Michigan, Mississippi, Nebraska, New York, Oregon, and Vermont—to build their organizational development and policy advocacy capacity.The goal of CFED’s ongoing SMA work is to organize practitioners at the state level so that they can influence state microenterprise policy and raise the capacity of their member organizations to deliver effective microenterprise services. In addition to awarding funding, in partnership with the Association for Enterprise Opportunity, CFED continued to provide significant training, technical assistance, materials, and peer exchange opportunities to the full network of SMAs. Bill Schweke – Defender of Justice On October 27, the North Carolina Justice and Community Development Center named CFED Vice President Bill Schweke (below, center) its 2005 Defender of Justice in the area of Policy Research and Advocacy. He was one of five North Carolinians honored for their work to fight poverty on behalf of all state citizens. Bill’s work in 2005 reflects his continued commitment to North Carolina’s residents. As part of a blue-ribbon dislocated worker advisory committee, Bill and his colleagues released a 10-point action agenda called Gaining a Foothold: An Action Agenda to Aide North Carolina’s Dislocated Workers. Among other steps, the report called for the North Carolina General Assembly to expand access to worker training programs, increase support services for laid-off workers and their families, and simplify and improve access to those services currently available to workers. Additionally, Bill worked with North Carolina State Representative Jennifer Weiss to sponsor legislation that would require the North Carolina Department of Commerce to disclose the kind and amount of business incentives that they are awarding or negotiating. The bill became law in September. Bill Schweke (center) with CFED colleagues (left to right) Carl Rist, Liana Humphrey, Cecelia Cuthbert, and Will Lambe. 7
Slide 10: 2005 : ex p a n d i n g o u r s c o p e an d i m pact SUPPORTERS CFED expresses many grateful thanks to its supporters. Institutions: Annie E. Casey Foundation Appalachian Regional Commission Charles and Helen Schwab Foundation Charles Stewart Mott Foundation Citigroup Citigroup Foundation Clarity USA, Inc. Community Development Financial Institutions Fund Edwin Gould Foundation for Children Eleanor Friedman Fund of The San Francisco Foundation Enterprise Corporation of the Delta Evelyn and Walter Haas, Jr. Fund Ewing Marion Kauffman Foundation F.B. Heron Foundation Fannie Mae Foundation Faultline Foundation Ford Foundation Friedman Family Fund of The San Francisco Foundation Friedman-Cohen Fund of The Friedman Family Foundation Friedman/Kiehl Fund of The San Francisco Community Foundation Gerson and Barbara Bakar Philanthropic Fund of The Jewish Community Endowment Fund House Appropriations Committee, Commonwealth of Pennsylvania Jessie Ball duPont Fund Jim Casey Youth Opportunities Initiative Joanne and Peter Haas, Jr. Fund of The San Francisco Foundation John and Marcia Goldman Philanthropic Fund of The Jewish Community Endowment Fund John D. and Catherine T. MacArthur Foundation JPMorgan Chase Foundation Levi Strauss Foundation Lia Fund of Triangle Community Foundation National Community Capital Association North Carolina Rural Economic Development Center, Inc. Northwest Area Foundation Peninsula Community Foundation The Philanthropic Collaborative Richard and Rhoda Goldman Fund Schwab Fund for Charitable Giving The Sycamore Fund at Peninsula Community Foundation Theodore R. and Vivian M. Johnson Scholarship Foundation, Inc. United Way of America W.K. Kellogg Foundation Wachovia Foundation Walter and Elise Haas Fund Washington Area Women’s Foundation William Penn Foundation William Randolph Hearst Foundation Z. Smith Reynolds Foundation Individuals: Diane Aboulafia-D’Jaen Joseph Azrack Barbara and Gerson Bakar Victoria and Hank Bjorklund Michael Bodaken and Fran Bernstein William Coblentz Elizabeth Colton David Dodson Denise Durham Williams Roy and Elizabeth Haas Eisenhardt Wayne and Leslee Feinstein Daniel and Patricia Lowy Frank Eleanor Friedman and Jonathan Cohen Robert Friedman and Kristina Kiehl David Friedman and Paulette Meyer Phyllis Friedman Fred and Wendy Goldberg Ronald and Audrey Grzywinski Robert Haas Joanne and Peter E. Haas, Jr. Deborah Helfeld and Rich Coughlan Michael Hall Kieschnick Kevin Koebel Ellen Lazar Andrea Levere and Michael Mazerov Steven D. Levere and Patricia Sue Plumer Katharine McKee Maurice Lim Miller Nancy Meyer and Marc Weiss Kevin and Mary Murphy Torod Neptune Chris and Janet Page Chuck and Nancy Parrish Sally Paynter Karsten and Carol Rist Charles and Heather Muench Sandel Margaret Siegel Cheryl and Mark Silver Jill Storey and Richard Fisher Marilyn and Murray Waldman Stanley and Muriel Casper Weithorn Grace and Ronald Young 8
Slide 11: FINANCIALS Combined Schedule of Financial Position 2005 Statement of Activities as of December 31, 2005 Assets Sources of Funds Grants and Contributions Government Contracts and Service Fees Other Income Total Uses of Funds Applied Research and Innovation Field Development Policy SEED Total Programs Fundraising Management and General Total Expenses Change in Net Assets Net Assets, Beginning of Year Net Assets, End of Year 2,890,145 1,525,068 535,615 2,775,345 7,726,173 235,265 341,415 8,302,853 4,906,991 9,337,946 $ 14,244,937 $ 12,322,190 521,766 365,888 13,209,844 Cash and Cash Equivalents $ 9,746,455 Investments 4,822,861 Accounts Receivable 396,392 Grants Receivable 674,810 Prepaid Expenses 21,773 Fixed Assets, Net of Accumulated Depreciation 230,430 Deposit 2,242 Total Assets $ 15,894,963 Liabilities Accounts Payable and Accrued Expenses Grants Payable Incentives Payable Total Liabilities Net Assets Unrestricted Temporarily Restricted Permanently Restricted Total Net Assets Total Liabilities and Net Assets 1,588,104 10,656,833 2,000,000 14,244,937 $ 15,894,963 $ 475,866 631,620 542,540 1,650,026 Sources of Funds Uses of Funds 4% Government Contracts and Service Fees 93% Programs 3% Other Income 4% Management and General 93% Grants and Contributions 3% Fundraising A complete copy of the independent auditor’s report is available upon request. 9
Slide 12: 2005 : ex p a n d i n g o u r s c o p e an d i m pact S TA F F A N D B O A R D Left to right: Elsie Meeks, Executive Director, First Nations Oweesta Corporation; and Jennifer Malkin, Senior Program Manager, CFED. Left to right: Carl Rist, Director, SEED, CFED; Jemel Jones, SEED accountholder; Patricia Jones, Jemel’s mother; Liana Humphrey, Program Manager, CFED. 2005 Staff Listing (as of December 31, 2005) Fiona Adams, Senior Communications Manager Andre Alexander, CFO & COO Emily Appel, Program Associate Sam Bishop, Writer Jennifer Brooks, Policy Director Dave Buchholz, Director, Applied Research & Innovation Cecilia Cuthbert, Program Manager Robert Friedman, Chair Kathryn Goulding, Program Manager Meredith Graham, Director of Finance Liana Humphrey, Program Manager Janet Jones, Office Manager Kevin Keeley, Policy Associate Kristin Lawton, Communications Specialist Andrea Levere, President Anne Li, Development Director Michael Liburd, Budget/Financial Analyst Jennifer Malkin, Senior Program Manager Deborah Manley, Human Resources Manager Genevieve Melford, Program Associate Paul Newby, Systems Administrator Kim Pate, Director, Field Development Carl Rist, Director, SEED Julie Rochester, Executive Assistant Bill Schweke, Vice President, Learning and Innovation Kim Pate, Director, Field Development, CFED Left to right: Andrea Levere, President, CFED; with Beadsie Woo, Senior Economist, CFED. Anna Smith, Accounting Technician Michael Torrens, Senior Program Manager Jerome Uher, Director of Communications Rochelle Watson, Senior Program Manager Carol Wayman, Senior Legislative Director Kathryn Whitfield, Receptionist Beadsie Woo, Senior Economist Nicola Wood, Development Associate Michael Torrens, Senior Program Manager, CFED 10
Slide 13: Board of Directors (as of December 31, 2005, affiliation shown for identification only) AUDIT COMMITTEE Robert Friedman (Chair), General Counsel, CFED, San Francisco, California Angela Glover Blackwell, CEO, PolicyLink, Oakland, California David Dodson, President, MDC, Inc., Chapel Hill, North Carolina Denise Durham Williams, National Director, Community Relations, Citibank N.A., Long Island City, New York Fred Goldberg, Partner, Skadden, Arps, Slate, Meagher & Flom LLP, Washington, D.C. Ronald Grzywinski, Chairman, ShoreBank Corporation, Chicago, Illinois Ellen Lazar, Senior Vice President, Fannie Mae Foundation, Washington, D.C. Andrea Levere, President, CFED, Washington, D.C. Elsie Meeks, Executive Director, First Nations Oweesta Corporation, Rapid City, South Dakota Maurice Lim Miller, Director, Family Independence Initiative, Oakland, California Mary Mountcastle, President, Z. Smith Reynolds Foundation, Winston-Salem, North Carolina Torod Neptune, Senior Vice President, Waggener Edstrom Strategic Communications, Washington, D.C. Chris Page, Program Officer, Rockefeller Philanthropy Advisors, New York, New York Chuck Parrish, San Francisco, California Grace Young, President, CTC Public Benefit Corporation, Camden, South Carolina Kate McKee, (ex officio), Director of Microenterprise Development, U.S. Agency for International Development, Washington, D.C. Ronald Grzywinski Kate McKee COMMUNICATIONS & MARKETING COMMITTEE Torod Neptune (Chair) Andrea Levere Chuck Parrish Denise Durham Williams FINANCE COMMITTEE Ronald Grzywinski (Chair) Robert Friedman Andrea Levere Elsie Meeks Chuck Parrish HUMAN RESOURCES COMMITTEE Grace Young (Chair) Andrea Levere Kate McKee Mary Mountcastle RESOURCE DEVELOPMENT COMMITTEE Chris Page (Chair) David Dodson Robert Friedman Ellen Lazar Andrea Levere Mark Constantine* Margaret A. Siegel* * Not a CFED Board member 11
Slide 14: 2005 : ex p a n d i n g o u r s c o p e an d i m pact CREDITS Back row, from right: Andrea Levere (President, CFED), Carl Rist (Director, SEED, CFED), Frank DeGiovanni (Director of Economic Development, Ford Foundation), and Bob Friedman (Board Chair, CFED) in San Francisco with members from SEED community partner, Juma Ventures. EDITOR: PHOTOGRAPHY: Sam Bishop, CFED GTodd Photography (pages 1; 4, bottom left; 10, bottom); Will Kerner Photography (pages 2; 8, top left and top right; 11, top innermost left; 12, left); Mindy Maupin, Southern Good Faith Fund (page 4, top left); Jennifer Malkin, CFED (pages 5, top right; 11, top right); Manufactured Housing Institute (page 6, top left); Stewart Sarkozy-Banoczy, First Nations Oweesta Corporation (pages 7, top right photos; 8, bottom left); Jim Meeks (page 10, top); Fiona Adams, CFED (page 10, second from top); Kristin Lawton, CFED (page 10, second row from bottom, left and right); Jeremy Harris Photography (page 12, bottom right). Mike Heffner, 202design Peake | Delancey Printing DESIGN/PRODUCTION: PRINTING: 12
Slide 16: 777 North Capitol Street, N.E., Suite 800 Washington, DC 20002 202.408.9788 I Fax: 202.408.9793 www.cfed.org