Kylie Patterson, Senior Policy Manager, CFED – Closing the Racial Wealth Divide
2000 CFED Annual Report
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Transcript of 2000 CFED Annual Report
ideas that makeeconomies work... foreveryone
2 0 0 0 A N N U A L R E P O R T
Corporation
For Enterprise
Development
ideas that makeeconomies work... foreveryone
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 clusters
Individual Assets
Enterprise Development
Sustainable Economies
cfed services
Research & Demonstration
Field Services
Policy Analysis, Design, & Advocacy
Communications
The word that best captures the year 2000 for CFED is growth.
We have a larger staff, a bigger Board of Directors, and more square feet than at any time in our
21-year history. More importantly, though, our work is having greater impact, allowing us to
fulfill our mission in even more innovative ways than we had envisioned in the past.
Toward the end of 1999 every member of the organization participated in an intense, six-month
assessment to consider our performance and plan for how best to steward CFED through its
accelerating growth in staff, revenues, and visibility. The result was an ambitious three-year
strategic plan, which the Board approved at the beginning of 2000.
In our first year of implementing this plan, we made remarkable progress in achieving some of the
major goals we’d set. To sharpen the focus of our work and capture synergies among related
projects, CFED “clustered” its programmatic efforts into three broad areas—individual assets,
enterprise development, and sustainable economies—each with its own objectives,
leadership, and budget. We also invested heavily in essential infrastructure to support our
programmatic mission. We created or enhanced our communications, administration, technology,
finance, development, and human resources functions by assigning each a specific manager, work
plan, and budget.
Although it will take time for these investments to mature, we’ve already seen significant quality
improvements across the organization. A third component of the strategic plan calls for cross-
cluster competencies and coordination, which will be the next step in the evolution of CFED’s
management structure.
Any organization would find such dramatic reconfiguration a sizable challenge; CFED was no
exception. But 2000 had more change in store for us. CFED welcomed 18 new staff and said
farewell to five, so that by the end of the year we had 30 full-time employees. We expect even
dear friends...
more growth in 2001. To add to the general upheaval, our Washington, DC, office moved to a
larger space in the early fall—coinciding with activity on major Individual Development Account
(IDA) legislation on Capitol Hill.
CFED’s Board of Directors grew from eight to 15 members. We were delighted to welcome
David Dodson, president of MDC, Inc.; Fred Goldberg, partner at Skadden, Arps, Slate, Meacher,
Flom, LLP; Angela Glover Blackwell, president of PolicyLink; Maurice Lim Miller, executive director
of Asian Neighborhood Design, Inc.; Chris Page, program officer of Rockefeller Financial Services,
Inc.; Chuck Parrish, executive vice president of Phone.com, Inc.; and Hilary Pennington, president
of Jobs for the Future. Three new Board oversight committees began work on finance and
investments, development and endowment, and human resources and nominations.
Finally, CFED was awarded a gift of $2 million from the Charles Stewart Mott Foundation to
grow our endowment—the Investment in Innovations Fund—to more than $4 million. We are well
on our way to a three-year target of $15 million and are indebted to Benita Melton, Jack
Litzenberg, and Bill White for their support and guidance in securing this very generous grant.
This report can only share a few highlights of how CFED worked in the year 2000 to expand widely
shared and sustainable economic well-being—there is so much more. We are honored to lead an
organization with such dedicated staff, dynamic partners, and visionary funders. It is a tribute to
the character of those who comprise the CFED community that we have thrived through
such a rapid pace of change with our sense of humor intact and our vision still clearly
at the fore.
BRIAN DABSON, PRESIDENT BOB FRIEDMAN, CHAIR
= clickable link for more information
...Create incentives and systems that encourage and assist
all American individuals and families to acquire and hold assets.
...Identify, preserve, and build financial, human, social, and
environmental assets, especially in low-income communities
across the country.
...Advocate economic development policies and practices
that build a dynamic and inclusive economy.
cfed goals
building a strong financial future:growing cfed’s endowment
In late 2000, CFED received an extraordinary $2-million gift
from the Charles Stewart Mott Foundation to move the
organization closer toward self-sufficiency and its three-year,
$15-million endowment goal.
This gift was only the most recent installment in a tradition of financial
and intellectual support that spans more than 15 years. The Mott
Foundation has been a visionary funder and has partnered with CFED
in work that led to the Development Report Card for the States (DRC);
the Self-Employment Investment Demonstration; the Association for
Enterprise Opportunity; the Self-Employment Learning Project; the
Microenterprise Fund for Innovation, Effectiveness, Learning, and
Dissemination; the State Microenterprise Associations Initiative; the
Microenterprise Anti Poverty (MAP) Consortium; the American Dream
Demonstration (ADD); and so much more.
By bringing the Investment in Innovations Fund to more than $4
million, the Mott Foundation contributed to CFED’s permanence by
providing an enduring stream of revenue for flexibility, informed risk
taking, and innovation.
incorporating a national financialinstitution to advance microenterprise
In November 2000, CFED incorporated its first independent
subsidiary, the National Fund for Enterprise Development (NFED), to
support work at the state and regional levels to expand, leverage, or
consolidate resources for low-income entrepreneurs.
Throughout the nation, there is growing momentum among diverse
stakeholders to come together to capture economies of scale, deploy
capital, share learning, influence public policy, raise funds, and provide
services for microenterprise development. NFED will foster the growth
and success of these efforts by providing an enduring national
platform for funding, training, and technical assistance for state
microenterprise intermediaries.
NFED was designed in conjunction with the Association for Enterprise
Opportunity, microenterprise practitioners, investors, and others and is
certified by the Community Development
Financial Institutions (CDFI) Fund
of the U.S. Department of the
Treasury.
highlights of the year 2000
= clickable link for more information
expanding the assetsfor independence act
Throughout 2000, CFED closely monitored and communicated
information to the field about amendments and appropriations for the
Assets for Independence Act (AFIA)—Public Law 105-285. Enacted in
1998, AFIA authorized the U.S. Department of Health and Human
Services to establish a five-year, $125-million federal IDA demonstration.
In 1998 and 1999, Congress earmarked only $10 million of the
possible $25 million per year allowed by the legislation. Even with
limited funding, the demonstration enabled 40 non-profit organizations
to establish IDAs for low-income families. The IDA field rallied to
educate Congress about the importance of providing maximum
support for AFIA, and a full $25 million was approved for fiscal year
2001. With this increase, it is estimated AFIA will fund as many as
33,000 new IDAs.
Further, Congress and President Clinton approved significant
amendments to AFIA. Sponsored by Senators Gregg (R-NH), Harkin
(D-IA), and Kennedy (D-MA) and passed in December 2000, the
legislation expanded eligibility for AFIA-funded IDAs and aligned the
law with current IDA practice.
reinventing the development report card for the states
In October 2000, CFED transformed the Development Report Card for
the States (DRC) into an entirely online publication. The 14th annual
DRC continued to challenge other leading economic reports by using
more than 70 indicators to benchmark states, thus presenting a wider
view of economic performance and equity. In addition to customized
pages for all 50 states and regional trend analysis, the online DRC
allowed users to download raw data and customize queries
with specific combinations of states or indicators.
Data from the DRC was cited in at least
108 news stories in 42 states, and 6,000
unique users visited the web site before the
year’s end. Released amidst a flurry of
election-year rhetoric, the report provided a
realistic context for evaluating economic
promises and programs of local, state, and
federal candidates. The publication
elevated the profile and quality of debate
surrounding community economic
development, state tax incentives, regional performance, and more.
= clickable link for more information
contributions to the field
ACCESS Agency, Inc.Willimantic, CT
ACEnetAthens, OH
Acre Family Day CorporationLowell, MA
ADVOCAPOshkosh, WI
Alliance for Minnesota MicroenterpriseVirginia, MN
Alliance for MulticulturalCommunity ServicesHouston, TX
Allston Brighton CommunityDevelopment CorporationAllston, MA
Alternatives Federal Credit UnionIthaca, NY
Appalachian DevelopmentFederal Credit UnionThe Plains, OH
Assets for All AllianceSan Jose, CA
Bay Area IDA CollaborativeSan Francisco, CA
California Association forMicroenterprise OpportunityOakland, CA
California Capital, SmallBusiness Development CenterSacramento, CA
Caleb Community Development CorporationBaton Rouge, LA
Calvert Social Investment FoundationBethesda, MD
Capital Area Asset Building CorporationWashington, DC
Center for Community Self-HelpDurham, NC
Central Texas Mutual HousingAssociationAustin, TX
Central Vermont Community Action CouncilBarre, VT
Consumer Credit Counseling of DurhamDurham, NC
Community Action Program of EvansvilleEvansville, IN
Community Action Project of TulsaTulsa, OK
Community DevelopmentTechnologies CenterLos Angeles, CA
CTE, Inc.Stamford, CT
Detroit Non-Profit Housing CorporationDetroit, MI
East Bay Asian LocalDevelopment CorporationOakland, CA
Economic Opportunity Agencyof Washington CountyFayetteville, AR
Economic VenturesKnoxville, TN
Florida Association forMicroenterpriseOcean Ridge, FL
Foundation for Economic EducationWarsaw, Poland
Garfield Jubilee AssociationPittsburgh, PA
Georgia Microenterprise NetworkAtlanta, GA
Grand Rapids Opportunities for WomenGrand Rapids, MI
Greater Dwight Development CorporationNew Haven, CT
Hawaii IDA CollaborativeHonolulu, HI
Heart of America Family ServicesKansas City, MO
Housing AssistanceCorporationHyannis, MA
Human SolutionsPortland, OR
Institute for Market EconomicsSophia, Bulgaria
Institute for Responsible FatherhoodSan Diego, CA
International Center forEntrepreneurial StudiesBucharest, Romania
Jefferson EconomicDevelopment InstituteMount Shasta, CA
Juma VenturesSan Francisco, CA
Justine Peterson Housing and ReinvestmentSt. Louis, MO
Kansas MicroenterpriseOpportunity NetworkManhattan, KS
Kentucky Association ofMicroenterprise PractitionersLouisville, KY
Lenders for CommunityDevelopmentSan Jose, CA
Lexington Housing CommunityDevelopment CorporationLexington, NC
Maine Centers for Women,Work, and CommunityAugusta, ME
Martha O’Bryan CenterNashville, TN
Massachusetts Micro-Enterprise CoalitionBoston, MA
Michigan State UniversitySaginaw, MI
Microenterprise Council of MarylandBaltimore, MD
MicronetWiscasset, ME
MidAmerica LeadershipFoundationChicago, IL
Missouri Association for Social WelfareKansas City, MO
Montana CommunityDevelopment CorporationMissoula, MT
grants and investments made by cfed in 2000
= clickable link for more information
Mount Hope Housing CorporationBronx, NY
Mountain Association forCommunity EconomicDevelopmentBooneville, KY
North Carolina Department of LaborRaleigh, NC
Near Eastside IDA ProgramIndianapolis, IN
Nebraska EnterpriseOpportunity NetworkStanton, NE
Neighborhood EconomicDevelopment CorporationMesa, AZ
New Enterprises Fund, Inc.Christiansburg, VA
New Hampshire MicroBusinessResource PartnersConcord, NH
New Mexico CommunityDevelopment Loan FundAlbuquerque, NM
Northland InstituteMinneapolis, MN
Office of Economic OpportunityMurphy, NC
Oikos Community DevelopmentCorporationDayton, OH
Oregon Microenterprise NetworkEugene, OR
People Inc. of Southwest VirginiaAbingdon, VA
Rocky Mountain MutualHousing AssociationDenver, CO
Rural California Housing CorporationSacramento, CA
Shorebank CorporationChicago, IL
Shorebank Neighborhood InstituteChicago, IL
Statewide Emergency Network for Social andEconomic SecurityAlbany, NY
Steans Family FoundationChicago, IL
Tabor Community ServicesLancaster, PA
Technical Assistance Providers’ AssociationBarre, VT
Tennessee Network forCommunity and EconomicDevelopmentNashville, TN
Tulane-Xavier Campus AffiliatesNew Orleans, LA
United Way of AtlantaAtlanta, GA
Virginia Microenterprise NetworkRichmond, VA
Washington State Lenders NetworkTonasket, WA
West CompanyFort Bragg, CA
Westchester ResidentialOpportunities, Inc.White Plains, NY
Woodland CommunityDevelopment CorporationClarfield, TN
Women’s Self-Employment ProjectChicago, IL
Women’s Opportunity Resource CenterPhiladelphia, PA
YWCA of New Castle CountyWilmington, DE
cfed 2000 publications
IDAnetwork
Assets: A Quarterly Update for Innovators
The Development Report Card for the States
Pie in the Sky:
The Battle for Atmospheric Scarcity Rent
Common Assets:
Asserting Rights to Our Shared Inheritance
Curbing Business Subsidy Competition:
Does the European Union Have an Answer?
Accountability: The Newsletter of the
Business Incentives Reform Clearinghouse
Trade and Sustainable Development:
A Newsletter
Budgeting and Economic Development:
A Guide to Unified Development Budgets
A full listing and descriptions of CFED publications
is also available.
= clickable link for more information
individual assets
...to lay the
foundations for a
universal savings and
investment system
= clickable link for more information
guiding the americandream demonstration
Supported by 11 national foundations and
initiated by CFED in September 1997, the
American Dream Demonstration (ADD) is the
first large-scale test of IDAs as a social and
economic tool for low-income communities.
Although just beyond its midpoint, the five-
year ADD program has already yielded
significant results. It has influenced state and
federal IDA policy, refined effective practices
in IDA account and service delivery, and
generated a wealth of statistical data proving
that the poor can and will save to invest in
high-value assets like education, home
ownership and business start-up.
By mid-2000, 2,378 accountholders aged
13–72 were saving in ADD-supported IDAs.
Their average monthly net deposit was
$25.42; their cumulative savings total was
$838,443. Including matching funds, the total
asset accumulation was $2,482,951. As of
mid-2000, 13% of accountholders had already
made matched withdrawals. Among them,
approximately 24% purchased a home, 24%
invested in microenterprise, and 21% pursued
post-secondary education. The rest invested
in home repairs, retirement, or job training.
developing infrastructurein the IDA field
In 2000, CFED expanded its response to the
growing IDA field. Spurred in part by ADD
and supportive public policies but largely by
dynamic community leaders, IDA initiatives
grew from approximately four in 1996 to 250
in 2000. CFED expanded, improved, or
created a number of products or services,
including the following achievements:
...Substantially reworked IDAnetwork.org,
an online learning community
...Instituted a field-based, participatory
process for developing IDA program
certification standards
...Trained a cadre of 54 Americorps*VISTA
volunteers to build IDA programs nationwide
...Created a framework and partnerships to
develop a comprehensive financial literacy
curriculum
...Expanded the national IDA learning
conference to offer more than 30 workshops
to 550 participants
...Increased distribution of Assets, CFED’s
quarterly newsletter for IDA stakeholders,
and initiated more thematically based stories
designing a billion-dollarIDA marketplace
Working closely with federal policymakers,
IDA practitioners, academics, interest
groups, and others, CFED was instrumental
in recrafting legislation that would have
provided billions of dollars in tax credits to
support IDAs for low-income Americans.
Introduced in both chambers of Congress in
February, the Savings for Working Families
Act of 2000 (SWFA) gained tremendous
momentum and support throughout the year.
Only last-moment politics surrounding a
larger legislative proposal prevented SWFA
from becoming law in 2000.
However, SWFA laid the ground work for firm
bipartisan consensus and a broad coalition
of advocates who will support future IDA
policy initiatives. CFED is poised to lead a
strong effort in 2001 to change the U.S. tax
code to provide a permanent structure to
promote asset building for the poor.
1991
Center for Social Developmentat Washington University inSt. Louis publishes Assetsand the Poor—MichaelSherraden’s seminal bookoutlining the conceptualframework for IDAs
U.S. House ofRepresentatives SelectCommittee on Hunger hostsfirst federal hearings on IDAs
1992 1993Community-basedorganizations implement firstIDA initiatives
Iowa enacts first state IDA law
1994
CFED distributes first editionof the newsletter Assets: A Quarterly Update forInnovators
1995CFED hosts first national IDAconference in Chicago, IL;150 participants attend
CFED publishes first editionof the IDA Program DesignHandbook
field services ............................................................ ..........................
research & communications ..... .................................................. ............................
policy ....................... ........................ ....................................................
= clickable link for more information
1996Four IDA initiatives inoperation throughout theUnited States
Federal welfare reform lawincludes IDAs as a permissibleuse for Temporary Assistancefor Needy Families (TANF) funds
1997CFED, the Center for SocialDevelopment, and 11national funding partnerslaunch national IDA policydemonstration: the AmericanDream Demonstration (ADD)
1998CFED hosts national IDAconference in Chicago, IL;attendance grows to 300
CFED launches the IDALearning Network—an onlinecommunity to foster informa-tion exchange on IDAs
CFED publishes BuildingAssets for Stronger Families,Better Neighborhoods, andRealizing the AmericanDream—a report on researchrelated to assets and asset-building policies
Assets for Independence Act(AFIA) becomes law,establishing a 5-year, $125-million federal IDAdemonstration
1999CFED hosts national IDAlearning conference inOakland, CA; 450participants attend
CFED trains and assigns 46Americorps*VISTA volunteersto build U.S. IDA initiatives
HHS Office of CommunityServices awards 40 grantsunder the AFIAdemonstration project
Clinton discusses IDA-likesavings accounts in State ofthe Union address
HHS Office of RefugeeResettlement makes fundsavailable to establish andmanage IDAs for refugees
2000CFED hosts national IDAlearning conference in Austin,TX; 550 participants attend
CFED trains and assigns 54Americorps*VISTA volunteersto build U.S. IDA initiatives
Approximately 250 U.S. IDAinitiatives in operation
CFED and stakeholders inthe field develop and refineframework for voluntarycertification of IDA initiatives
Center for Social Developmentpublishes Savings and AssetAccumulation in IndividualDevelopment Accounts, thefirst comprehensive report ondata generated by the ADD
CFED unveils IDAnetwork.org—an expanded and updatedversion of the online IDALearning Network
Congress considers Savingsfor Working Families Act—multibillion-dollar tax legis-lation to promote IDAs
Assets for Independence Act(AFIA) appropriation is $25million for Fiscal Year 2001
Gore and Bush both includeIDAs or IDA-like accounts incampaign messages
field services ...
research & communications.................................................. ............................
policy................ ...........................
= clickable link for more information
Looking forward...
While stewarding the Savings for Working
Families Act through Congress, CFED will
help financial institutions prepare to
implement the law and will provide
technical assistance, training, and tools to
further develop the infrastructure of the
IDA field.
enterprise development
...to develop enterprises
and human capital through
finance, education, and
policy development
= clickable link for more information
making microenterprise a priority
In 2000, CFED significantly expanded its
State Microenterprise Association Initiative,
doubling grant awards to $160,000—16
awards—and convening an intensive two-
day meeting of 40 associations and others to
examine management and public policy
advocacy issues.
Managed by CFED, the Microenterprise Anti
Poverty (MAP) Consortium is an ongoing
partnership among leading national
organizations to promote federal policies in
support of low-income entrepreneurs.
Throughout the year, MAP Consortium
partners educated policymakers about the
importance of the Program for Investment in
Microentrepreneurs (PRIME) Act—landmark
legislation that authorizes federal funds for
training and technical assistance for low-
income entrepreneurs. Partners in the MAP
Consortium successfully made the case for a
$15-million appropriation in fiscal year 2001.
CFED also launched its State TANF–
Microenterprise Initiative by making grants to
support state leaders who advocate
microenterprise as a path from welfare
dependence to economic self-sufficiency.
investing in innovation indevelopment finance
In April and October, CFED’s Local Capital
Markets Investment Fund made seven
investments averaging $75,000 in
community development financial
institutions (CDFIs) on the cutting edge of
policy and practice.
Guided by its investment committee of
bankers and other development lenders,
the Fund made several targeted
investments in:
...A new financing entity to reinvest idle
funds held by revolving loan funds
...Financial assessment and planning
software
...Marketing materials and strategies to
attract new sources of private capital for
small businesses
...An integrated management information
system to assess the social and economic
impact of investments in small businesses
...A new equity investment product
designed for rural businesses
building an informationinfrastructure for CDFIs
In 2000, the groundbreaking CDFI Data
Project made significant progress toward its
goal of creating a sustainable data collection
and management system for the nation’s
community development financial Iinstitutions
(CDFIs).
The project convened nine national
organizations that collectively represent the
breadth of the CDFI field. In October, each
organization agreed to collect and share
fiscal year 2000 data from 450 CDFIs and
other development finance institutions.
Goals of the project include reducing the
reporting burden of development finance
institutions over time, as well as building
capacity in CDFIs and the trade associations
participating in the project. In 2001, the
project will produce a business plan that
outlines an information infrastructure over
three to five years.
This project will transform the way CDFI data
is collected and used in the development
finance field.
= clickable link for more information
1991The Association forEnterprise Opportunity, a national microenterprisetrade association, starts up
The Aspen Institutelaunches the Self-Employment LearningProject—a five-yearlongitudinal study of low-income entrepreneurs—based on CFED design
CFED hosts the FederalMicroenterprise PolicyInstitute, where practitionersand policymakers discussinitiatives and regulations tosupport microenterprise
CFED testifies beforeCongress on the efficacy ofmicroenterprise developmentas an antipoverty strategy
Microenterprisedevelopment becomes aneligible activity under theJob Training PartnershipAct, which launches a grantprogram for statemicroenterprise training andtechnical assistance
1992CFED launches State HumanInvestment PolicyDemonstration in Iowa, NorthCarolina and Oregon
1993
The federal CommunityDevelopment FinancialInstitutions Act passes,expanding access to credit,investment capital, andfinancial services forunderserved communities
1994 1995CFED hosts internationalconference on self-employment andunemployment insurance inpartnership with the U.S.Department of Labor and theOrganization for EconomicCooperation and Development
CFED testifies before theU.S. House of Representa-tives on alternative uses ofemployment compensation
Microenterprise developmentis included as an eligibleactivity in the federalPersonal Responsibility andWork Opportunity Act(known as welfare reform)
field services ........... ...................................................
research & communications...... ............................................................................
policy ...................... ........................ ..........................
= clickable link for more information
1996CFED begins work to createthe State MicroenterpriseAssociation Initiative topromote practitionernetworks
CFED publishes Realizing thePromise of Microenterprisefor Welfare Recipients—guidelines for states toharness welfare reform insupport of low-incomeentrepreneurs
Microenterprise developmentis included as an eligibleactivity in federal welfare-to-work legislation
1997Microenterprise Fund forInnovation, Effectiveness,Learning, and Disseminationforms to develop, document,and disseminate effectivepractices in employingmicroenterprise as anantipoverty strategy
CFED convenes Microenter-prise Anti Poverty (MAP)Consortium to advancepolicy innovation in supportof microenterprise
1998CFED releases findings fromthe National Revolving LoanFund Census and sevenstate revolving loan fundprofiles at the nationalCounting on Local CapitalInstitute
CFED hosts first annual StateMicroenterprise AssociationInitiative convening in Wash-ington, DC; 30 participantsattend
Program for Investment inMicroentrepreneurs Act(PRIME) becomes law,providing funds to supportlow-income entrepreneurs
The White House presentsfirst Presidential Awards forExcellence in Microenterprise
1999CFED collaborates withprominent nationalorganizations to create theCDFI Data Project
CFED launches the LocalCapital Markets InvestmentFund to spur innovation andthe creation of replicablemodels for the developmentfinance industry
CFED hosts annual StateMicroenterprise AssociationInitiative convening in Wash-ington, DC; 35 participantsattend
CFED receives PresidentialAward for Excellence inMicroenterprise Development
2000CFED launches State TANF-Microenterprise Initiative,awards initial grants in fivestates
CFED founds National Fundfor Enterprise Development–the first national intermediaryfor microenterprise
CFED hosts annual StateMicroenterprise AssociationInitiative convening in Wash-ington, DC; 40 participantsattend
Practitioners from across thecountry travel to Washington,DC, and successfullyadvocate for a $15-millionappropriation for the PRIMEAct
field services ...
research & communications ...........................
policy ..............
Looking forward...
In addition to nurturing NFED, CFED will
identify new sources of microenterprise
capital and will increase the number,
amount, and scope of investments in new
tools to strengthen development finance
institutions.
sustainable economies
...to promote economic
opportunity through
effective, accountable,
environmentally
compatible development
= clickable link for more information
balancing trade vs.sustainable development
In 2000, CFED and the Harrison Institute of
Public Law at Georgetown University launched
a multi-year project to strengthen the
governing capacity of state and local officials
in an increasingly global economy. An
ambitious work plan to better balance goals
of increased trade and sustainable economic
development has already resulted in the
following accomplishments:
... A study tour to Europe to explore
international solutions to subsidy competition
...Publication of Curbing Business Subsidy
Competition: Does the European Union Have
an Answer?
... A monthly electronic newsletter on trade
and local development (www.cfed.org)
... A symposium on global incentive reform
in Washington, DC
...Addresses to four state legislatures
...Research into potential trade law impacts
on a number of state laws
...New resources for the online Business In-
centives Reform Clearinghouse (www.cfed.org)
engaging an environmentalequity constituency
CFED and its partners jointly launched
Americans for Equitable Climate Solutions
(AECS), a nonprofit organization promoting
ways to cut carbon emissions but protect
some individuals, communities, and
industries that may be harmed by higher
energy prices. Although often seen as a
purely environmental debate, attempts to
stem global warming affect the interests of
labor, community development proponents,
antipoverty advocates, state and local
policymakers, and others. Through AECS,
CFED hopes to give those groups a stronger
voice in the debate.
CFED also helped organize an equity coali-
tion in association with the Sky Trust Initia-
tive. Sky Trust proposes to limit how much
carbon can be put into the atmosphere, allow
the market to set a price on emission rights,
collect revenue from those who purchase the
right, and return proceeds to the owners of
the sky—the public. CFED developed and
published briefing materials about the
economic equity components of the
environmental debate and the impact of
global warming on minority communities in
the United States.
fostering internationalexchange
As part of its Economic Development
Fellowship Program, CFED arranged six
international fellowship tours in 2000 to
share information and encourage innovation
in worldwide economic development policy
and practice. Small groups of development
professionals from Bulgaria, Germany,
Poland, and Romania met with their
American counterparts to learn about topics
such as taxation and business climate,
tourism development, regional development
strategies, workforce training, and
public–private partnerships.
A fellowship program also allowed a group
from the United States to travel to Europe to
study multilateral trade and investment
agreements. Trips typically lasted three
weeks and included a total 41 participants
from the five countries.
= clickable link for more information
1991CFED manages multi-sitecommunity capacity-buildingdemonstration in Mississippiand publishes lessons learnedto promote effective practices
Edison Electric Institutecommissions CFED todevelop a community-basedeconomic developmentworkbook and train morethan 100 development staffof investor-owned utilities
1992The Nature Conservancypartners with CFED tofacilitate a community-wide,environmentally compatibledevelopment plan withNorthampton County, VA
The AFL-CIO funds CFED toresearch and write WorkingCapitols, a major work onstate economic developmentpolices and practices
States and communitiesseek guidance about how to manage effectiveeconomic development inthe midst of recession;CFED presents Hard Times,Smart Choices
CFED trains activists andopinion leaders on theimportance of equity,accountability, and quality oflife in making economicdecisions
1993Rethinking RuralDevelopment reports CFED’swork with developmentpractitioners in sparselypopulated areas to testideas, tools, and policies topromote economicinvestment outside urbancenters
CFED develops, tests, andpromotes an economicanalysis tool to create abenchmarking system forregional development
1994
CFED publishes Bidding forBusiness, a critical analysisof how cities and states canerode quality of life when ledastray by tax-based businessincentive competition
CFED presents policyalternatives to tax-basedbusiness incentives
1995
Massachusetts and NorthCarolina seek assistance inexamining the practice oftax-based businessincentives and work to makepublic investments moreequitable and cost-effective
field services............ .....................................................
research &communications .............................. ......................... ...........................
policy................................................
= clickable link for more information
1996 1997Indiana Economic Develop-ment Council, the Environ-mental Defense Fund, andCFED collaborate to developthe Profits, Productivity, andPollution Prevention programto weave together environmen-tal concerns and economicperformance in mainstreambusiness practices
Environmentally compatibleeconomic development ispromoted through a resourcebook, Building HealthyCommunities
1998CFED launches the EconomicDevelopment Fellowship Pro-gram (EDFP) to promoteinternational exchangebetween economic develop-ment policymakers, practi-tioners, and opinion leadersin Europe and the UnitedStates
Business Incentive ReformClearinghouse, an interactiveweb site at cfed.org,provides local, state, andfederal policymakers with thebest ideas for holdingbusiness incentives to ahigher standard ofaccountability
CFED incubates the SkyTrust concept to seek aneconomically equitablesolution in global climatechange policy
1999More than 38 internationaleconomic developmentpolicymakers, practitioners,and opinion leaders engagein six independent U.S. studytours as part of CFED’s EDFP
CFED and the HarrisonInstitute of Georgetown LawCenter research threatsposed by global trade andinvestment agreements tostate and local economicdevelopment policies andprograms
The Center on Budget andPolicy Priorities joins CFED todevelop, propose, andpublish creative public andprivate sector strategies inCreating Jobs
2000CFED President, BrianDabson, becomes Chair ofthe international Forum onSocial Innovations to fostertransatlantic exchangebetween North America andOrganisation for EconomicCo-operation and Develop-ment (OECD) membernations
Nearly 50 internationaleconomic development policy-makers and practitionersengage in six independentU.S. study tours as part ofCFED’s EDFP
CFED elevates the profile ofappropriate economicdevelopment by retooling the14th annual DevelopmentReport Card for the States asan entirely online publication
Americans for EquitableClimate Solutions incorporatesto push for the Sky Trustagenda, which is furtherrefined by CFED’s Pie in theSky publication
field services..............................
research &communications ........................
policy ...................................................................
Looking forward...
With an eye toward equity, economy, and
the environment, CFED will work
collaboratively across national borders to
address common threats such as growing
inequality, increasing globalization, and
climate change.
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cfed partners & investors
Anonymous
Bank of America
BP Amoco Foundation
Capital Area Asset Building Corporation
The Annie E. Casey Foundation
Chase Manhattan Bank
Citigroup Foundation
Richard Cohon
Corporation for National Service
The Energy Foundation
Fannie Mae Foundation
Ford Foundation
German Marshall Fund of the United States
Governors State University—South Metropolitan Regional Leadership Center
F.B. Heron Foundation
The Joyce Foundation
Ewing Marion Kauffman Foundation
W.K. Kellogg Foundation
Levi Strauss Foundation
The John D. & Catherine T. MacArthur Foundation
Microsoft Corporation
Charles Stewart Mott Foundation
Ms Foundation for Women
National Community Capital Association
The New York Community Trust
The Philanthropic Collaborative
Redefining Progress
San Francisco Foundation
South Dakota Rural Enterprise, Inc.
Surdna Foundation
Tides Foundation
Turner Foundation
W. Alton Jones Foundation
Wallace Global Fund
Winthrop Rockefeller Foundation
groups & individuals providing over $10,000 in 2000 revenues...
1990—$1,427,949
1991—$1,447,109
1992—$1,712,539
1993—$1,665,882
1994—$1,816,726
1995—$1,768,932
1996—$2,921,993
1997—$2,826,681
1998—$4,142,068
1999—$5,425,933
2000—$7,290,747
net assets...
1990—($11,222)
1991—($131,057)
1992—($127,899)
1993—($129,022)
1994—$58,715
1995—$43,497
1996—$1,005,127
1997—$4,087,821
1998—$4,551,409
1999—$8,697,517
2000—$9,377,991
Continued rapid growth and major investments in internal
capacity led to a mixed financial result for 2000.
On the one hand...
...Total assets increased by 16.2% from almost $9 million in 1999 to $10.4 million in 2000.
...Cash and cash equivalents increased by 21% from $6.4 million to $7.7 million.
...Earned revenues (services, communications, and net assets released from purpose
restrictions) rose by 40% from $5 million to $7 million.
On the other hand...
...Unrestricted assets decreased by $321,465 of which $101,092 was a loss on
investments.
...While total revenues increased by 34%, total expenses increased by 53%.
...The fund balance (unrestricted, undesignated reserves) decreased from $495,506 to
$186,722.
2000 financial highlights
1999 2000
statement of activitieschange in unrestricted net assetsrevenue, gains, and other support
Service revenue $ 906,746 $ 954,092Interest and dividends, including amounts earned on
designated reserve of $88,412 and $66,225, respectively 177,312 262,614General support — 113,700Communications revenue 32,690 14,848Other 38,847 12,596Contributions 108,000 3,000Net unrealized (losses) gains on investments 108,237 (101,092)
net assets released from restrictionsSatisfaction of program and time restrictions 4,054,101 6,030,989
———————————————————————— ————————————————————————
total revenue, gains, and other support . . . . . . . . . . . . . . . 5,425,933 . . . . . . . . . . . . . . 7,290,747
expensesprogram services
Services 4,580,922 6,985,081Communications 92,863 15,363
———————————————————————— ————————————————————————
Total program services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,673,785 . . . . . . . . . . . . . . 7,000,444
supporting servicesManagement and general 307,498 611,768
———————————————————————— ————————————————————————
total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,981,283 . . . . . . . . . . . . . . 7,612,212
change in unrestricted net assets . . . . . . . . . . . . . . . . . . . . . . . . . . 444,650 . . . . . . . . . . . . . . (321,465)Service revenue 7,145,559 7,032,928Contributions 610,000 —Net assets released from restrictions:
Satisfaction of program and time restrictions (4,054,101) (6,030,989)———————————————————————— ————————————————————————
change in temporarily restricted net assets. . . . . . . . . . . . . . . . . 3,701,458 . . . . . . . . . . . . . . 1,001,939———————————————————————— ————————————————————————
change in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,146,108 . . . . . . . . . . . . . . . . 680,474
net assets, beginning of year 4,551,409 8,697,517———————————————————————— ————————————————————————
net assets, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,697,517 . . . . . . . . . . . . . . $9,377,991
1999 2000
assetscurrent assets
Cash and cash equivalents $6,359,366 $7,693,616Contracts, contributions, and grants receivable 1,020,929 666,344Other receivables 89,425 4,549Prepaid expenses 34,414 100
———————————————————————— ————————————————————————
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,504,134 . . . . . . . . . . . . . 8,364,609
noncurrent assetsProperty and equipment, net of accumulated
depreciation of $254,916 and $222,122, respectively 47,430 107,667Investments 1,422,883 1,956,778Security deposit 2,242 2,242
———————————————————————— ————————————————————————
Total noncurrent assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,472,555 . . . . . . . . . . . . . 2,066,687———————————————————————— ————————————————————————
total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,976,689 . . . . . . . . . . . . . 10,431,296
liabilities and net assetscurrent liabilities
Accounts payable and accrued expenses $252,207 $859,641Deferred revenue 26,965 185,669Deferred rent — 7,995
———————————————————————— ————————————————————————
Total current liabilities 279,172 1,053,305———————————————————————— ————————————————————————
total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279,172 . . . . . . . . . . . . . 1,053,305
commitments & contingenciesnet assets
UnrestrictedUndesignated 495,506 186,722Designated reserve 1,422,883 1,410,202
———————————————————————— ————————————————————————
1,918,389 1,596,924
Temporarily restricted 6,779,128 7,781,067———————————————————————— ————————————————————————
total net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,697,517 . . . . . . . . . . . . . 9,377,991———————————————————————— ————————————————————————
total liabilities and net assets . . . . . . . . . . . . . . . . . . . . . . . . . 8,976,689 . . . . . . . . . . . . . 10,431,296
financial position
cfed staff
Shawnice Blakes (from 6/00)Administrative Assistant
Ray BosharaPolicy Director
Beverly Brandon-SimmsChief Financial Officer
René Bryce-LaporteSenior Program Manager
Cecilia Cuthbert (from 2/00)Office Manager
Brian DabsonPresident
Colleen DaileyProgram Manager
Mary-Elizabeth Davis (to 11/00)Senior Accountant
Tiffany Eng (to 8/00)Program Coordinator
Robert FriedmanChair
Peter Genuardi (from 9/00)Program Associate
Inger Giuffrida (from 6/00)Program Director
Brian Grossman (to 7/00)Program Director
Matt HullProgram Manager
Roberta Lamb Jackson (to 6/00)Program Coordinator
Martina James (to 8/00)Program Manager
LaShelle Jenkins (from 8/00)Office Manager
Lisa KawaharaAdministrative Manager
Linda KeeneyCommunications Manager
Patricia Kennedy (from 10/00)Program Manager
Andrea LevereVice President
Jennifer Malkin (from 10/00)Program Associate
Deborah ManleyEmployee Services Manager
Kent MarcouxProgram Director
Leslie Parrish (from 6/00)Program Manager
Danielle Passareti (from 4/00)Americorps*VISTA Leader
Kim Pate (from 9/00)Senior Program Manager
Carl RistProgram Director
Jenanne Rock (from 7/00)Americorps*VISTA Leader
Bruce Ruffin (from 6/00)Americorps*VISTA Leader
Heather SabrieSenior Communications Manager
William SchwekeSenior Program Director
Steve Shepelwich (from 3/00)Senior Program Manager
Javier Silva (from 9/00)Program Manager
Anna SmithAccounting Technician
Sandi Smith (from 2/00)Senior Program Manager
Sean StickleSenior Technology Manager
Helen Payne Watt (to 6/00)Senior Program Manager
Jennifer Willson (from 8/00)Communications Associate
Karen Wilson (from 2/00)Development Director
LISTS ARE CURRENT AS OF
DECEMBER 31, 2000
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board of directors
Rebecca AdamsonPresident, First NationsDevelopment InstituteFredericksburg, VA
William BynumPresident and CEO, EnterpriseCorporation of the DeltaJackson, MS
Brian DabsonPresident, Corporation forEnterprise DevelopmentWashington, DC
David DodsonPresident, MDC, Inc.Chapel Hill, NC
Robert FriedmanChair, Corporation for Enterprise DevelopmentSan Francisco, CA
Fred Goldberg, Jr.Partner, Skadden, Arps, Slate,Meacher, Flom, LLPWashington, DC
Angela Glover BlackwellPresident, PolicyLinkOakland, CA
Ronald GryzwinskiChairman, Shorebank CorporationChicago, IL
Maurice Lim MillerExecutive Director, Asian Neighborhood Design, Inc.San Francisco, CA
Chris PageProgram Officer, Rockefeller Financial Services, Inc.New York, NY
Chuck ParrishExecutive Vice President,Phone.com, Inc.Redwood City, CA
Hilary PenningtonPresident, Jobs for the FutureBoston, MA
Janet ThompsonVice President, Citibank N.A.New York, NY
Joan WillsDirector, Institute for Educational LeadershipWashington, DC
Grace YoungDirector, ConcurrentTechnologies CorporationCamden, SC
LISTS ARE CURRENT AS OF
DECEMBER 31, 2000
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national office southern office western office
777 N Capitol St NE 123 W Main St 353 Folsom St
Suite 800 Third Floor San Francisco, CA
Washington, DC Durham, NC 94105
20002 27701 415.495.2333
202.408.9788 919.688.6444 415.495.7025
202.408.9793 919.688.6580
To learn more about CFED, visit www.cfed.org
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Corporation
For Enterprise
Development
777 N Capitol St NE
Suite 800
Washington, DC
20002