We help CREATE JOBS, HOUSING & COOPERATION by Being Ahead of the Curve

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1 We help CREATE JOBS, HOUSING & COOPERATION by Being Ahead of the Curve 2013 Annual Report

2 Our Mission CFNE advances community-based, cooperative, and democratically owned enterprises with preference to those that serve low income communities through: provision of prompt financial assistance at reasonable rates; provision of an investment opportunity that promotes socially responsible enterprise; and development of a regional reservoir of business skills with which to assist and advise the above groups. The Cooperative Fund of New England (CFNE) was founded in 1975 by co-op activists and social investors to provide financial and technical assistance to food cooperatives. Since then, the organization has expanded its focus, offering development loans and technical assistance to a wide range of co-ops and nonprofit groups that share CFNE s vision of equality, justice, and social responsibility. A virtual organization, CFNE serves the New England region through an administrative office in North Carolina and four outreach offices in New England. CFNE is well rated by CARS. TM In its 38 years of operation, CFNE has disbursed over $33 million in over 700 loans to co-ops and community organizations without loss of any investor funds. Cooperative Fund Board of Trustees Don Kreis, President Jon Reske, Vice President Lionel Romain, Clerk Susy Ellis, Treasurer Erbin Crowell Andy Danforth Rebecca Dunn Matthew Feinstein Daniel Fireside Rebekah Hanlon Mary Hoyer Claire Morduch Tim Wingate Board of Advisors Linda Gallagher Cory Greenberg Glen Ohlund Phebe Quattrucci Marc Reich Don Schramm Cooperative Capital Fund Board of Trustees Cory Greenberg, President Adam Trott, Vice President Mary O Hara, Clerk Jon Crystal, Treasurer Andrew Danforth Staff & Consultants Rebecca Dunn Executive Director Micha Josephy Program Manager Jen Caruso Southwest New England Loan and Outreach Officer Betsy Black Northwest New England Loan and Outreach Officer Gloria LaBrecque Northeast New England Loan and Outreach Officer Maggie Cohn Southeast New England Loan and Outreach Officer Beverly Perry Office Assistant Cooperative Fund of New England P.O. Box 3413 Amherst, MA cfne@coopfund.coop Cover photos: Springfield Food Co-op, Springfield, VT; Stone Soup, Worcester, MA; Artisan Beverage Cooperative, Greenfield, MA; Willimantic Food Co-op, Willimantic, CT This annual report was designed and printed by Red Sun Press in Jamaica Plain, MA, a worker cooperative providing printing services with a focus on the nonprofit sector, co-ops, and social justice movements.

3 Dear Fellow Cooperators Dear fellow cooperator: What is a Cooperative? As the Annual Report you are now reading demonstrates, it is a powerful combination indeed to place a community development financial institution (CDFI) in the service of building the cooperative economy in New England. Thanks to your support of the Cooperative Fund of New England, 2013 was another year of great success for the only CDFI in the region whose mission is to bring people together in cooperation so that local communities and the spirit of democracy can prosper. In 2013, CFNE made a total of 57 loans to 37 different borrowers as the size of the fund breezed past the $14 million mark. We deployed more than $3.82 million to assist cooperative enterprises around New England which, we estimate, created or retained 790 jobs while also providing 311 units of affordable housing. That $3.82 million also leveraged an additional $15 million in loans from other sources for the co-ops and organizations we helped because when other lenders see that CFNE is involved with a project, their interest tends to grow. We enjoy a reputation for helping co-ops thrive! We continue to work to serve the cooperative community by staying ahead of the curve, offering new loan and investor products, as well as creative ways to help cooperatives access funds We hope you will take some time to read through the success stories contained in these pages. Although our Annual Report communicates numbers our financial results ultimately what makes the difference are the people whose lives we touch and the transformations we facilitate in communities as the cooperative spirit builds throughout New England. Thank you for making all of that possible in 2013 we invite your continued support in 2014 and beyond! Definition A cooperative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. Values Cooperatives are based on the values of self-help, selfresponsibility, democracy, equality, equity, and solidarity. They operate with the ethical values of openness, honesty, social responsibility, and caring for others. Scan this QR code to visit our website: Donald M. Kreis, President Rebecca Dunn, Executive Director Ahead of the Curve CFNE 1

4 Creation of Local Food Systems For its 38-year history, CFNE has played a major role supporting co-ops in the food sector, including both financing and technical assistance work. On the financing side, in 2013 CFNE made loans worth over $800,000 to twelve food co-ops expansion or development projects, from Providence, RI to Plainfield, VT and from Philmont, NY to Rockland, ME. As a recent study by the National Cooperative Grocers Association states ( strongertogether.coop/food-coops/food-co-op-impactstudy/), the local ownership of food co-ops lead them to invest more heavily in supporting local food producers, strengthening the local food system from farm to fork. CFNE also made almost $1 million in loans to another seven co-ops and nonprofits working elsewhere in the food system, including food producers, distributors, edible landscapers, and support providers. Cultivating Community Funding has allowed us to move forward on projects that we are able to partially fund. We have been able to enhance our environment in a myriad of ways and the impact has been very positive! Rutland Area Food Co-op Rutland, VT Securing the additional working capital from CFNE/CCF allowed us to to hire and retain an additional experienced buyer whose efforts freed up the general managers time and resulted in an increase of sales over last year by 6.5% overall. Stone Valley Market Putney, VT Midcoast Fishermans Cooperative The CFNE loan enabled us to build our cooperative facility, open it, and grow our business from $0 to over $17.5 million in 5 years. River Valley Market Northampton, MA 2 CFNE Committed 2013 Annual to the Report Co-op Community Deep Root Organic Cooperative

5 The Food Co-ops & Healthy Food Access project, coordinated by CFNE and the Neighboring Food Coop Association (nfca.coop) reached exciting milestones in In partnership with Hunger Free Vermont (hungerfreevt.org), we are working with fourteen food coops in New England to better serve households with limited food budgets. This includes providing technical assistance and facilitating peer support to increase the number of coops with need-based discounts from four to seven in 2013, with another eight planning to implement new programs in This project demonstrated how marketing, community partnerships and staff training can help support food co-ops to better reach and serve their whole communities. For more information, visit coop/resources/healthy-food-access Healthy Food Access I am very impressed with CFNE for the no-nonsense way you get these loans processed. Crown O Maine North Vassalboro, ME Ahead of the Curve CFNE 3

6 Creating Jobs Sustainable job creation and retention are critical ingredients in building a just economy. The Co-op Fund of New England continues to create employment opportunities that preserve local economies and allow workers to enjoy the benefits of self-governance saw the creation of several worker-cooperatives in New England and CFNE participated in creating or retaining 790 jobs as a result of loan funds. New workers co-ops created and receiving funding in 2013 include A Yard & a Half, Waltham, MA; Artisan Beverage Co-op, Greenfield, MA; and Boston Tech Collective, Boston, MA. A Yard & A Half Landscaping Co-op CFNE loans enabled the following co-ops to expand their businesses, hiring new employees and retaining many more: Energia, Holyoke, MA; Good Tern Food Co-op, Rockland, ME; Fertile Underground, Providence, RI; Rutland Food Co-op, Rutland, VT; and WarrenStreet Architects, Concord, NH. CFNE s loan was the single most significant factor in our coop s ability to purchase our company from the retiring owner, preserving our jobs and company culture. A Yard & A Half Landscaping Co-op Waltham, MA The Cooperative Fund has continued to support our work and help us sustain good jobs making local food. Local Sprouts Portland, ME Collective Copies 4 CFNE 2013 Annual Report Simple Diaper and Linen

7 Creating New Models of Affordable Housing Cooperative housing and small neighborhood development continue to be thriving models of affordable home ownership especially in low to moderate income areas. As a community development financial institution, the Cooperative Fund of New England continued financing of co-op housing and neighborhood development throughout CFNE has demonstrated its support of innovation in affordable housing models by providing loan funds for building costs to Aurora Pocket Neighborhood in Ithaca NY. This housing model is a small scale, cooperatively owned co-housing and small lot development project that allows for uncomplicated resident management and makes Pocket Neighborhoods easier to place on small urban lots. Supporting the trend to renovate current housing co-ops, CFNE loaned money to make repairs at Flynn Avenue Housing Co-op, Burlington, VT; November Collective Co-op, Cambridge, MA; as well as Spirit of 76 Housing Co-op in Medford, MA. Brown Association for Co-op Housing (BACH) in Providence, RI installed a new sprinkler system as a result of funding from CFNE. Cambridge Cooperative Club Faire Bande a Part Housing Co-op A loan from the Cooperative Fund of New England enabled our new housing cooperative to make one of our new super energy-efficient homes much more affordable to a low/moderate-income family. Because our Cooperative s by-laws stipulate that this home must remain affordable to low/moderate-income families for the next 50 years, this one loan has the potential to help several families in our area experience a high quality, sustainable living environment for years to come. Aurora Pocket Neighborhood Ithaca NY Ahead of the Curve CFNE 5

8 Creating new loan products Cooperative Capital Fund (CCF) is a source of patient capital that may act as equity without requiring co-ops to give up control over management or pay high venture capital returns. CCF has made ten investments to date. CCF investments include: Brattleboro Food Co-op in Brattleboro, VT; Brattleboro Holistic Health Center in Brattleboro, VT; CERO Recycling Cooperative in Dorchester, MA; Elm City Market in New Haven, CT; Local Sprouts Cooperative in Portland, ME; Real Pickles in Greenfield, MA; Rising Tide Community Market in Damariscotta, ME; Simple Diaper in Holyoke, MA; Stone Valley Community Market in Poultney, VT; and Warrenstreet Architects in Concord, NH; Some of our loan products offered: Term loans Lines of credit for working capital The Cooperative Fund s loan gives us peace of mind that we have a financial partner that understands, supports and champions our business model. Boston Building Materials Cooperative, Inc. Boston, MA The Cooperative Fund s Loan has helped us stay in business during these rough years of the recession. Red Sun Press Jamaica Plain, MA The working capital provided by CFNE has been pivotal for the past two years in giving us the cash flow cushion we needed to grow or business. Energia, LLC Holyoke, MA Hybrid lines of credit that allow for amortization and redrawing Owner equity purchase loans Worker owner cooperative education loans Cooperative member loan pass through program Investor directed loans for a collateral pool 6 CFNE 2013 Annual Report

9 Creating Co-op Networks A core principle of the cooperative movement is cooperation among co-ops, which recognizes that cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, national, regional, and international structures. The Cooperative Fund has been working closely with co-ops in our community to help them build networks for sharing ideas and resources across sectors through strategic planning, enterprise development, and technical support. Some of our partners include: CDS Consulting Co-op Cooperative Maine Cooperative Development Institute Neighboring Food Co-op Association New England Farmers Union University of MA Cooperative Enterprise Collaborative Valley Cooperative Business Association Vermont Center for Employee Ownership Valley Alliance of Worker Co-ops Wellspring Initiative Your work is exceptional in supporting the cooperative movement Eastern Conference for Workplace Democracy. In addition, CFNE is committed to working with other lenders such as National Coop Bank (NCB) to make loans cooperatively with participation arrangements. National Cooperative Hall of Fame Since it began in 1976, the Cooperative Hall of Fame reflects the story of the U.S. cooperative community through the lives and accomplishments of the 160 individuals who grace its ranks. Selection is reserved for those judged to have made genuinely heroic contributions to the cooperative community. CFNE is proud to have celebrated the induction of our Executive Director, Rebecca Dunn, into the Cooperative Hall of Fame in May 2013 at the National Press Club, Washington D.C. We continue to celebrate her leadership and innovation in cooperative financing, dedication to the co-op model and her ability to inspire those who are fortunate to call her friend, colleague and family. Ahead of the Curve CFNE 7

10 Loans as of 12/31/13 ANDCO Mobile Home Cooperative, Swanton, Vermont A nine unit manufactured housing co-op; loan for purchase of the property by its residents. Artisan Beverage Cooperative, Greenfield, Massachusetts A worker cooperative; loans for merger and working capital. Aurora Pocket Neighborhood Ithaca, New York A cohousing project; loan for building costs and to maintain affordability. A Yard & A Half, Waltham, Massachusetts A newly converted worker co-op landscaping service; loan for its conversion to worker ownership. Beacon Light Alternative Services, Inc., Hartford, Connecticut A nonprofit focused on the needs of families in distress; loan for property renovation. Bethlehem Children s School, Slingerlands, New York A cooperative primary school; loan for purchase and renovation of school building for school expansion. Boston Building Resources, Boston, Massachusetts A not-for-profit consumer co-op providing high quality materials at reasonable cost and teaching people how to maintain and improve their homes; loan for working capital and debt refinance. Boston Community Cooperative, Boston, Massachusetts A group equity urban housing co-op; loans for property purchase, refinance, and renovation. Boston Food Co-op d/b/a Harvest Food Co-op, Boston, Massachusetts A retail food cooperative; loan for expansion and additional store construction. Boston TechCollective, Boston, Massachusetts A start-up worker cooperative providing technology aid; loans for start-up working capital. Brattleboro Food Cooperative, Brattleboro, Vermont A long-standing food cooperative; loan to enable member participation loans for the cooperative expansion and economic development project. Brown Association for Cooperative Housing (BACH), Providence, Rhode Island A student cooperative housing association at Brown University; loan for building renovations and mortgage refinance. Willimantic Food Cooperative Cambridge Cooperative Club, Cambridge, Massachusetts An eleven-member housing cooperative founded in 1963; loan for building renovations. Chatham Food Market, Chatham, New York A retail food cooperative store; loan for start-up expenses, working capital, and inventory purchase. Cold Pond Community Land Trust, Acworth, New Hampshire A community of families dedicated to conserving the land and providing affordable homes; loan to purchase land. Collective Copies, Amherst and Florence, Massachusetts A worker cooperative copy store; loans for renovations, expansion, relocation, and working capital. Common Fire Foundation, Tivoli, New York A nonprofit student housing cooperative; loan to build energy efficient housing. Concord Cooperative Market, Concord, New Hampshire A retail food cooperative; loan to expand retail space and operations. Dedham Artist Cooperative, Dedham, Massachusetts A start-up artists retail operation; loan for working capital. Deep Root Organic Co-op, Johnson, Vermont A rural farmers co-op; seasonal line of credit for working capital during growing season and a term loan to build a warehouse. Dollars & Sense, Boston, Massachusetts A collective publisher of Dollars & Sense magazine; loan for seasonal working capital. 8 CFNE 2013 Annual Report

11 Loans as of 12/31/13 Energia, LLC, Holyoke, Massachusetts A provider of energy efficiency services that creates sustainable, living-wage jobs, career ladders, and equity for workers; loan for start-up working capital. Evergreen Cooperative, Warren, Massachusetts A resident-owned cooperative; loan for property purchase and infrastructure repairs. Faire Bande a Part Housing Cooperative, Lewiston, Maine A limited equity housing cooperative; loan for first time home ownership property acquisition. FEDCO Organic Seeds, Waterville, Maine A hybrid worker and consumer co-op offering seeds, trees, and other farming and gardening supplies; loans to renovate production facility and to purchase a new warehouse. Fenway Studios, Boston, Massachusetts A housing co-op for artists; loan for energy efficient renovation of building. Fertile Underground, Providence, Rhode Island A retail food cooperative; loan for start-up expenses and working capital. Fiddleheads Food Cooperative, New London, Connecticut A retail food cooperative; loan for start-up and equipment purchases. Flynn Avenue Cooperative Homes, Burlington, Vermont A limited equity housing cooperative; loan to renovate common property. Franklin County/DIAL SELF, Greenfield, Massachusetts A nonprofit providing at-risk youth services; loan for predevelopment costs and working capital. Good Tern Food Co-op, Rockland, Maine A retail food cooperative; loans to purchase point of sale system and working capital. Green Mountain Spinnery, Putney, Vermont A worker cooperative that processes yarn; loan for seasonal working capital. Hampden Hampshire Housing Partnership (HAP, Inc.), Springfield, Massachusetts A nonprofit that provides a wide range of housing services (home ownership, rental assistance, lead abatement, and safe housing for domestic violence survivors) to low income people in its area; loan for working capital. Hartbeat Ensemble, Hartford, Connecticut A nonprofit community theater group dedicated to social change; loan to meet cash flow needs. Honest Weight Cooperative, Albany, New York A large retail food cooperative; loan for move and expansion. Intervale Community Farm Cooperative; Burlington, Vermont A community supported agriculture (CSA) program; loan for tunnel frame construction to expand growth cycle. Local Sprouts, Portland, Maine A worker cooperative community kitchen and café; loan for start-up and working capital. Francis Small Heritage Trust, Limerick, Maine A rural land trust; loan to purchase property for land conservation. Lucy Stone Housing Cooperative, Roxbury, Massachusetts A newly formed housing cooperative based on Unitarian Universalist values; loan to facilitate purchase of a house in the metro area of Boston, Massachusetts. Midcoast Fishermans Cooperative, Port Clyde, Maine A cooperative that uses environmentally sustainable fishing methods to reduce bycatch, habitat impact, and fossil-fuel consumption; loan for working capital. November Collective Co-op, Cambridge, Massachusetts A limited equity housing co-op; loan for refinance and repairs. Operation Hope, Fairfield, Connecticut A nonprofit that provides support and services to those in need of housing and food (a homeless shelter, daycare drop-in center, community kitchen, and other support); loan for cash flow. Wellspring Upholstery Co-op Ahead of the Curve CFNE 9

12 Loans as of 12/31/13 Rising Tide Community Market, Damariscotta, Maine A retail food cooperative; loans for move, expansion, and inventory purchase. River Valley Market, Northampton, Massachusetts A retail food cooperative; loan for start-up and working capital. Rutland Food Cooperative, Rutland, Vermont A retail food cooperative; loan for working capital. Fedco Organic Seeds Pelham Auto, Belchertown, Massachusetts A worker co-op car repair shop; loan to purchase land and for working capital. Philmont Beautification Project, Philmont, New York A nonprofit community developer; loan for building renovation for a food cooperative store front. Pioneer Cooperative of Franklin County, Greenfield, Massachusetts A scattered-site, limited equity affordable housing cooperative; loan to facilitate cost effective improvements and to meet cash flow needs. Sawyer Hill - Mosaic Commons and Camelot Cohousing, Berlin, Massachusetts A cohousing project providing 64 new units of housing; loan for predevelopment funding. Simple Diaper and Linen, Holyoke, Massachusetts Newly converted worker cooperative; loan for conversion and for working capital move to commercial space for expansion. Springfield Food Cooperative, Springfield, Vermont A retail food cooperative; loan for working capital. Stone Soup, Worcester, Massachusetts A social and economic justice collective; loan for post-fire renovations. Stone Valley Market, Poultney, Vermont A new retail food co-op; loan for start-up and working capital. Plainfield Food Cooperative, Plainfield, Vermont A small retail food cooperative; loan for energy related renovations and working capital. Portland Food Cooperative, Portland, Maine A new cooperative store front; loan for working capital and development. Putney Consumers Cooperative, Putney, Vermont Retail food cooperative; loan to expand store and cafe area. Quabbin Sunrise Co-op, Ware, Massachusetts A new manufactured-housing co-op; loan for water system repairs. Red Sun Press, Jamaica Plain, Massachusetts A worker cooperative providing printing services with a focus on the nonprofit sector, co-op, and social justice movements; loan for equipment purchase. 10 CFNE 2013 Annual Report Plainfield Food Cooperative

13 Loans as of 12/31/13 OTHER LOANS PENDING, APPROVED, OR RECENTLY REPAID Belfast Cooperative Store, Belfast, Maine A retail food cooperative; loans to fund roof and store repairs and for working capital. Broad Park Development Corporation, Hartford, Connecticut A nonprofit housing developer serving the local Latino population; loan for predevelopment costs. Artisan Beverage Cooperative Toolbox for Education and Social Action (TESA), Northampton, Massachusetts Small worker cooperative and originators of the game Coopoly; loan for working capital. Turnpike Park Cooperative, Westborough, Massachusetts A resident-owned cooperative; loan for property purchase and infrastructure repairs. Upper Valley Food Cooperative, White River Junction, Vermont A natural foods co-op serving the greater Upper Valley area since 1976; loan to purchase their building. Urban Oaks Organic Farm, New Britain, Connecticut A nonprofit urban farm; loan for seasonal working capital. Voluntown Peace Center, Voluntown, Connecticut A cooperative of nonprofits that was formed to buy the former EquityTrust property for a retreat center; loan for land purchase. WarrenStreet Architects, Concord, New Hampshire A worker-owned full service architecture firm; loan for working capital. CFNE has been more than a source of financing. They are a partner with great mission-match and thanks to them we have rebuilt our community center that supports 3 startup co-ops and 12 social justice community groups. Stone Soup Worcester, MA Handwork, Inc. Ithaca, New York A retail artisan cooperative; loan for building renovations and member cooperative education. Institute for Environmental Awareness, Petersham, Massachusetts A small nonprofit that provides education on environmental issues; loan for working capital. Land for Good, Keene, New Hampshire A small nonprofit that fosters sustainable land use and farm ownership succession; loan for working capital. Littleton Consumer Cooperative Society, Littleton, New Hampshire A retail food cooperative; loan for start-up equipment purchases. Oak Street Cooperative of Bath, Bath, Maine A limited equity housing cooperative; loan for first time home ownership property purchase. ReNew Building Materials and Salvage, Brattleboro, Vermont A nonprofit that deconstructs buildings, provides job training, and conserves resources by recycling and selling the materials; loan for working capital. Swift Waters Artisans Cooperative, Willimantic, Connecticut Small artisans cooperative; loan to relocate retail operation and for working capital. Wellspring Upholstery; Springfield, Massachusetts A new worker-owned company; loan for working capital. CFNE allowed us to transition away from a failing business model tone where we were more stable financially and socially. Swift Waters Cooperative Willimantic, CT Ahead of the Curve CFNE 11

14 CFNE Progress Report Investments Received New investments in 2013 $2,149,466 Total investments at 12/31/13 12,733,076 Average individual investment $24,622 Number of individual 175 Average institutional investment $94,975 Number of institutional investors 88 Investor dollars lost since inception 0 Loans Made 2013 Since Inception Loans made Dollars disbursed; $3,827,689 $33,592,612 Loan loss: 2.0% 0.82% Loans repaid: $1,697, % Average loan in 2013 $67,152 $47,582 Smallest loan in 2013 $1,200 $400 Largest loan in 2013 $393,027 $800,000 Affordable housing created/retained Jobs created/retained Total loans at 12/31/13: $13,928,473 Statement of Financial Position as of December 31, 2013 Consolidated CFNE and CCF Assets Cash and Investments $5,041,034 Loans Receivable $14,070,188 Loan Loss Reserve* ($512,944) Other Assets $208,578 Total Assets $18,806,856 Liabilities & Net Assets Social Investment Loans $12,733,076 Total Liabilities $12,733,076 Net Assets $6,073,780 Total Liabilities & Net Assets $18,806,856 Statement of Activities year ended December 31, 2013 Consolidated CFNE and CCF Support and Revenue Contributions and Grants $462,824 Investment Income $14,657 Loan Interest $764,899 Other Program Income $24,435 Total Support and Revenue $1,266,815 Expenses Personnel $401,401 Interest Paid to Investors $258,928 Loan Loss Expense* $150,000 Other Expenses $325,306 Total Expenses $1,135,635 Change in Net Assets $131,180 * dollars set aside as a resource against possible loan losses CFNE Investors CFNE Loans Individual 34% Faith-based 20% Government 16% Food Co-ops 39% Housing Co-ops 17% Worker Co-op 12% Nonprofits 2% Banks 5% Foundations 5% Trusts 9% Co-ops 9% Land Trusts 2% Cohousing 4% Manufactured Housing Co-ops 7% Other Co-ops 9% Nonprofits 10% 12 CFNE 2013 Annual Report

15 CFNE investors and supporters include... Adrian Dominican Sisters American Communities Trust Ascension Health /Daughters of Charity National Health System Bank of America Basilian Fathers of Toronto Bend The Arc Berkshire Co-op Market Boston Impact Initiative Bowers Fund Brattleboro Food Co-op Cabot Creamery Cooperative Calvert Foundation Capital Impact Partners Catholic Health Initiative CDS Consulting Co-op Charles Earney & Company Christina Callan Charitable Trust CHS Foundation Citizens Bank Citizens Bank Foundation Circinus Financial Corporation Collective Copies Communities at Work Fund Community Builders Cooperative Community Foundation of Western Massachusetts Cooperative Development Foundation Cooperative Maine Create Jobs for USA Dance New England Disabilities Opportunity Fund Dominican Sisters of Hope Dominican Sisters of Springfield Episcopal Diocese of Connecticut Equal Exchange FEDCO Seeds, Inc. Federal Street Advisors Financial Northeastern Companies First Congregational Church of Amherst Frances Fund Foundation Frances Small Heritage Trust Franciscan Sisters of Mary Gadfly Trust Green Living Journal/Public Press, LLC Green Mountain Mutual Aid Green Mountain Spinnery Co-op Handwork, Inc. Hanover Consumer Cooperative Society Haymarket Peoples Fund Howard Bowers Fund Hunger Mountain Food Co-op Karuna Trust Loring, Wolcott & Coolidge Lydia B. Stokes Foundation Mercy Partnership Loan Fund Middlebury Natural Foods Co-op Midwest Minnesota Community Development Corporation Mission Hill Health Movement Mission Hill Investment Club Monarch Community Fund Mount Holyoke College NCB Neighboring Food Co-op Association NewAlliance Foundation New England Farmers Union New England Yearly Meeting of Friends New Visions Foundation New York City People s Life Fund Newman s Own Foundation Oberlin Student Cooperative Association Onion River Co-op d/b/a City Market Opportunity Finance Network Partners for the Common Good Pedal People Pearson Family Trust Pelham Fund People s United Bank People s United Community Foundation Perry Enterprises Portland Food Cooperative Prospect Place Apartment Putney Food Cooperative Robert L. Feinberg Fund Rockett Trust Rose Trust Sacramento Food Cooperative Seymour and Sylvia Rothchild Family Foundation Sinsinawa Dominican Sisters Sisters of Charity of Mount St. Joseph Sisters of Charity of the Incarnate Word Sisters of Charity of St. Elizabeth Sisters of Charity of Cincinnati, Seton Enablement Fund Sisters of Mercy of the Americas-Detroit Sisters of St. Francis of Philadelphia Solidago Foundation South Mountain Company Foundation South Royalton Food Cooperative, Inc. TD Charitable Foundation The Cooperative Foundation Threshold Foundation Trillium Asset Management Troll Investment Management Trust Twin Pines Cooperative Foundation Twin Pines Housing Trust Tzedec Economic Development Fund Unitarian Universalist Congregation of Haverhill Unitarian Universalist Congregation at Shelter Rock Upper Valley Food Co-op US Department of Treasury, CDFI Fund US Small Business Administration Valley Alliance of Worker Cooperatives Vermont Community Foundation Vote Boston Wainwright Bank and Trust Company Willimantic Food Co-op White s Forest Farm Woodlands Investment Management and more than 200 individuals, including:* Thomas Abood Susan Bain Robert Barnes Andrew Bellak Betsy Black David Brandau Hillary Caws-Elwott Annie Cheatham Elizabeth Coulter Erbin Crowell Valerie Dahl Judith Diamondstone Richard Doxey Harrison Drinkwater Rebecca Dunn Susan Ellis William N. Ellis Eric Esse Robert Follansbee Joseph Gainza Lawrence H. Geller Ann Gibson Ellen Golden Hildegarde and Hunter Hannum Paula Harrison Mary Hoyer Richard Jarrett Micha Josephy Rita Katz Andrea S. Knight Carol Lanstaff Nina L. Lev Joshua Lipkowitz Patrick Malone Mary Jo Martin Allan Matthews Kelly McCoy Catherine Menard Ronald Miller Andrea Nash Kyla Neilan Barbara Nolfi Emily Park Marli Rabinowitz James Rooney Marilyn Scholl Don Schramm Jen Silverman John Sniegocki Lee and Byron Stookey Sawyer Stone David Strozzi David F. White *Please note that our policy is not to list the names of our individual investors unless they specifically agree to it. Please notify us if we have inadvertently omitted your name. Thank you so much.i love what you do and how you do it! It s my pleasure to get my children involved now as adults. Sarah Meredith, longtime CFNE investor Ahead of the Curve CFNE 13

16 Cooperative Fund of New England Administrative office: 5533 Peden Point Rd. Wilmington, NC NON PROFIT ORG US POSTAGE PAID BOSTON MA PERMIT NO Return Service Requested 38 years committed to the co-op community We ve grown over the years with your help and we still need your help to build the cooperative economy. Join our investors and borrowers! When you take a loan from the Cooperative Fund of New England, you re not just growing your own co-op. You re helping to ensure that financial resources are available for the next generation of cooperators. Millions $14.0 $12.0 $10.0 $8.0 $6.0 $4.0 $2.0 CFNE Growth When you make a social investment loan to the Cooperative Fund, you re helping us grow the co-op economy. We welcome your investment or charitable contribution! $ Investments Loans