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Slide 1: Corporation for Enterprise Development s s s 2001 annual report
Slide 2: cfed mission The Corporation for Enterprise Development fosters widely shared and sustainable economic well-being by promoting asset-building and economic opportunity strategies— primarily in low-income and distressed communities—that bring together community practice, public policy, and private markets in new and effective ways. cfed vision The Corporation for Enterprise Development envisions widely shared, sustainable economic well-being in an inclusive, productive economy where everyone is fully engaged and appropriately rewarded. cfed services Research & Demonstration Field Services Policy Analysis, Design, & Advocacy Communications
Slide 3: Those who don’t know us well may refer to CFED as a think tank. We, however, prefer to think of ourselves as a do tank, not only developing and advocating ideas, but testing them in the marketplace, building systems for applying these ideas, and looking for ways to bring them to scale. In the 80s we tested the concept of promoting and supporting microenterprise as a way to raise families out of poverty and stimulate local economies. In the 90s we demonstrated that asset building can break the cycle of poverty for low-income, low-wealth workers. And in 2002, CFED will begin to test our next big idea: seeded savings accounts for all American children to bring within their grasp the dreams of education, entrepreneurship, or homeownership. This report shares a few highlights of how CFED translates ideas into action to promote sound policies and practices that connect people, communities, and economies.
Slide 4: 2001 was the fourth year of the American Dream Demonstration (ADD), in which 13 community s recruited, trained, placed, and supported 63 AmeriCorps*VISTA volunteers to help both fledgling partners committed to a fiveyear research initiative with CFED. Designed to test the efficacy of the Individual Development Account (IDA) concept, ADD entered its final year with 2,378 accountholders—exceeding its original goal of 2,000. The study supplied a wealth of data on IDA savings and variation in programmatic models, providing crucial knowledge to inform the public policy development. To leverage that knowledge, CFED: s s s s and established IDA programs develop convened a task force to de- velop voluntary standards for IDA programs guided development of and advocacy for the Savings for Working Families Act (SWFA)— a powerful piece of federal legislation in support of IDAs coordinated financial institution input to help craft the future of the IDA field s disseminated lessons learned, best practices, and IDA tools engaged and convened leading thinkers from across the philo- through a variety of publications, workshops, and online networking sophical spectrum to debate issues of significance to the individual assets movement
Slide 5: asset building Using savings they amassed as participants in CFED’s American Dream Demonstration, the Triplett family was able to purchase its first home. About 55% of the individuals and families saving in Individual Development Accounts plan to use their savings to purchase homes.
Slide 6: The notion of microenterprise has s providing $160,000 and technical assistance in 16 grants to State Microenterprise Associations (SMAs) to support their policy advocacy and capacity building been maturing in the United States for some twenty-odd years, reshaping public opinion about the ability of low-income people to become successful entrepreneurs and build a lasting escape from poverty. In 2001, CFED worked to build a more cohesive microenterprise field by: s s disseminating models for effective microenterprise practice by launch- ing the Effective State Policy and Practice series s formalizing CFED’s National Fund for Enterprise Development as a community development financial institution (CDFI) that will invest $485,000 in state microenterprise intermediaries to attract new, otherwise unavailable, state-level funding for microenterprise s partnering with the Association for Enterprise Opportunity to further support growing SMAs through meetings, trainings, and conferences leading the Microenterprise AntiPoverty Policy Consortium—a coali- tion of national policy, research, and practitioner organizations— through the reauthorization of the PRIME Act and a $5 million federal microenterprise appropriation s s investing $100,000 to enable five state partners—in New York, California, Minnesota, Tennessee, and Virginia—to integrate microenterprise services into each state’s welfare infrastructure promoting rural entrepreneurship through presentations, conferences, and publications
Slide 7: enterprise Maria is an entrepreneur who launched her skin care and make-up consultation business in September 1998. CFED invested $330,000 in microenterprise programs that help microentrepreneurs like Maria start up businesses and escape from poverty.
Slide 8: As trends in conventional financial services continue toward consolidation and away s reaching out to more than 400 CDFIs to gather information on assets, equity, investments and more—essential data from the community, development finance groups are presented with more opportunities than ever before, and an increasingly savvy consumer base clamors for their services. Unfortunately, as CFED’s 1998 Counting on Local Capital project clearly illustrated, pockets of innovation in the development finance industry have a history of disconnection. In 2001, CFED focused its development finance work on information gathering, coalition building, research, development, and standardization to leverage power throughout the entire industry. s s in informing national policies to nurture the development finance field providing technical assistance to maturing Local Capital Markets Investment Fund (LCMIF) investments and initiating new investments, including financing to support a customer referral process between Nebraska’s commercial and micro/small-business lenders convening more than 50 innovators to exchange ideas, learn from each other’s experiences, and help guide future LCMIF investments CFED worked to strengthen the development finance field by: s s assessing market opportunities and shaping a strategic community development plan for Citigroup in Delaware bringing together the seven leading national development finance organizations and trade associations to create universal definitions for the development finance field s analyzing loan funds in South Dakota to assess their contribution to the state’s economic development
Slide 9: development finance Eddie Walker, a California banker who worked closely with CFED’s American Dream Demonstration, is representative of development officers at the more than 400 community development financial institutions that CFED polled to gather information on assets, equity, investments and more— powerful data that is essential in informing national policies that nurture the development finance field.
Slide 10: Policymakers, private sector leaders, and community activists should always measure the success or failure of economic development by the extent to which such efforts improve quality of life. Quality is not limited to the ready avail- s providing technical assistance to state fiscal centers in California and Texas regarding spending on business incentives and improved standards of accountability and cost effectiveness s ability of jobs. It also includes earnings, natural assets, community services, cultural opportunities, and a host of other important issues. In 2001, CFED sought to educate a wide variety of stakeholders about the complexity and interconnectedness of effective economic development. s contributing to resolutions on international trade policy by the U.S. National League of Cities, the Canadian Federation of Municipalities, and the Pacific Northwest Economic Development Region educating practitioners on budget accountability, business subsidy reform, and workforce issues through conference presentations CFED focused on changing the public debate about business climate by: s researching and analyzing 70 specific data points to publish online the 15th annual Development Report Card for the States, and publication of the monthly Accountability and Trade and Sustainable Development electronic newsletters s which attracted 9,000 visitors and garnered media attention throughout the year s expanding the Economic Development Fellowship Program (EDFP) to include Spain advising the California state legislature on and Portugal and coordinating four EDFP study tours to facilitate exchange of economic development strategies and ideas between the United States and Europe global policies of specific concern to the state and, in particular, its low-income communities
Slide 11: business climate CFED’s Economic Development Fellowship Program enables an exchange of economic development strategies between the United States and Europe. Here, Theodora Noncheva of Bulgaria visits the U.S. Department of Housing and Urban Development YouthBuild Site in Pittsburgh.
Slide 12: In striving to fulfill our mission of achieving widely shared and sustainable economic well-being, CFED potential stakeholders think about savings initiatives that begin for all American children at birth s is always looking for the next idea that shows some promise to create an enduring infrastructure to advance low-income communities. In 2001, we focused on exploring and cultivating two big ideas—that asset-building initiatives should begin for all American children at birth, and that the value of natural assets should be carefully stewarded and equally shared among all people. s designing a demonstration model that will mimic 18 years of deposits, interest, and financial education to test the efficacy of savings accounts for children formulating a program of work that asserts that natural resources should be treated as assets to be protected and managed rather than inventory to be liquidated and that the value derived from CFED cultivated these new ideas by: s these assets should be equally shared by all people s commissioning 12 research projects on various topics associated with families, children, and asset building in the United States, including but weighing in to Congress on the urgency of identifying effective and equitable global warming solutions that distribute revenues necessary to not limited to an analysis of inequality in child well-being; a review of options for financial literacy with children, youth, and families; and an audit of existing state college savings plans s retrain affected workers, provide energy and economic assistance to low- and moderateincome consumers, finance weatherization and energy conservation efforts, and promote economic development in energy-dependent communities conducting 13 focus groups in nine different areas of the United States to discern what policy- makers, the general public, parents, and other
Slide 13: idea cultivation In 2001, CFED focused on exploring and cultivating the idea that asset-building initiatives should begin for all American children at birth.
Slide 14: sss 2001 publications, conferences and training Publications 2001 Development Report Card for the States State Microenterprise Associations: Effective State Policy and Practice Trade and Sustainable Development: A Newsletter Accountability: The Newsletter of the Business Incentives Reform Clearinghouse Assets: A Quarterly Update for Innovators Building Assets: A Report on the Asset-Development and IDA Field Directory of State IDA Associations Economic Development Fellowship Program: Directory of Fellows Annual State Microenterprise Association Convening: Conferences and training IDA Training Institute: provides skills, knowledge, and networks necessary to create, manage, and support effective and efficient IDA programs 2001 IDA Learning Conference: gathers IDA stakehold- ers from across the nation to learn, share experiences, and plan for the future of IDAs IDA State Policy Guide: Advancing Public Policies in Support of Individual Development Accounts Individual Development Accounts for Youth: Lessons from an Emerging Field Life and Death of the Virginia Eastern Shore Corporation fosters peer-to-peer learning and intense training in organizational and policy development LCMIF Institute: convenes innovators to discuss new products and services that expand access to capital in low-income and underserved communities
Slide 15: sss 2001 partners/investees ADVOCAP Alliance for Minnesota Microenterprise Alternatives Federal Credit Union Appalachian Regional Commission Association for Enterprise Opportunity Aspen Institute Bay Area IDA Collaborative Capital Area Asset Building Corporation CDFI Coalition California Association for Microenterprise Opportunity Center for Social Development Foundation Communities Central Vermont Community Action Council Colorado Alliance for Microenterprise Initiatives Community Action Project of Tulsa County Community Development Venture Capital Alliance Financial Foundations First State Community Loan Fund Florida Association for Microenterprise Georgia Microenterprise Network Harrison Institute Heart of America Family Services JK Associates Kansas Microenterprise Opportunity Network MACED-Owsley County Action Team Massachusetts Micro-Enterprise Coalition Mercy Corps. Microenterprise Council of Maryland Microenterprise Development Alliance of Louisiana Microenterprise Organization of Ohio MicroNet Ms. Foundation for Women National Community Capital Association National Community Investment Fund National Federation of Community Development Credit Unions National Congress for Community Economic Development Nebraska Microenterprise Opportunity Network Nebraska Microenterprise Partnership Fund Neighborhood Reinvestment Corporation New Hampshire Community Loan Fund New Hampshire Microbusiness Partners Nonprofit Finance Fund North Carolina Rural Economic Development Center, Inc. Oregon Microenterprise Network Pennsylvania Microenterprise Coalition Rhode Island Microenterprise Association Shorebank Corporation Social and Enterprise Development Innovations South Dakota Rural Enterprise, Inc Statewide Emergency Network for Social and Economic Security Tennessee Network for Community Economic Development Technical Assistance Providers’ Association Virginia Microenterprise Network Wider Opportunities for Women Women Self-Employment Project Women Venture
Slide 16: sss 2001 staff list During 2001 Fiona Adams Communications Production Manager Shawnice Blakes Administrative Assistant Ray Boshara Policy Director Beverly Brandon-Simms Chief Financial Officer Tom Breslin Business Information Manager Paige Brown Senior Program Manager Rene Bryce-Laporte Senior Program Manager Cecilia Cuthbert Office Manager Brian Dabson President Colleen Dailey Program Manager Robert Friedman General Counsel Peter Genuardi Program Associate Inger Giuffrida Program Director Matt Hull Program Manager Jan Huneke Senior Program Manager La Shelle Jenkins Office Manager Linda Keeney Communications Manager Patricia Kennedy Program Manager Melissa Koide Program Manager Sara Lawrence Program Manager Andrea Levere Vice President Eliza Mahony Program Manager Jennifer Malkin Program Associate Deborah Manley Employee Services Manager Kent Marcoux Program Director Alonzo Moore Information Technology Associate Leslie Parrish Program Manager Kim Pate Senior Program Manager Du Pham Accountant Carl Rist Program Director Bill Schweke Senior Program Director Steve Shepelwich Senior Program Manager Javier Silva Program Manager Anna Smith Accounting Technician Sandi Smith Senior Program Manager Lesley Stewart Program Associate Sean Stickle Technology Manager Heather Tyler Communications Director Richard Wallach Communications Systems Manager Freddye Wiggins Receptionist Karen Wilson Development Director
Slide 17: sss 2001 board of directors Current as of December 31, 2001 Robert Friedman Chair CFED San Francisco, CA Brian Dabson President CFED Washington, DC Rebecca Adamson President First Nations Development Institute Fredericksburg, VA Angela Glover Blackwell President PolicyLink Oakland, CA William Bynum President & CEO Enterprise Corporation of the Delta Jackson, MS David Dodson President MDC, Inc. Chapel Hill, NC Fred Goldberg Skadden, Arps, Slate, Meagher, Flom, LLP Washington, DC Ronald Grzywinski Chairman Shorebank Corporation Chicago, IL Maurice Lim Miller Oakland, CA Chris Page Program Officer Rockefeller Philanthropy Advisors New York, NY Chuck Parrish Hillsborough, CA Hilary Pennington President Jobs for the Future Boston, MA Janet Thompson Vice President Citigroup NA New York, NY Joan Wills Director Institute for Educational Leadership Washington, DC Grace Young Concurrent Technologies Corporation St. Augustine, FL
Slide 18: sss 2001 supporters Groups & individuals providing more than $10,000 in 2001 Annie E. Casey Foundation Citigroup Foundation Corporation for National Service Fannie Mae Foundation The Ford Foundation Friedman Family Foundation German Marshall Fund of the United States William Randolph Hearst Foundation F.B. Heron Foundation The Joyce Foundation Ewing Marion Kauffman Foundation Levi Strauss Foundation The John D. and Catherine T. MacArthur Foundation The Moriah Fund Charles Stewart Mott Foundation Rockefeller Brothers Fund Rockefeller Foundation Winthrop Rockefeller Foundation San Francisco Foundation Alvin and Fanny B. Thalheimer Foundation
Slide 20: Corporation For Enterprise Development 777 N Capitol St NE sss Suite 800 sss Washington, DC 20002 sss www.cfed.org