BUILDING IMPACT SYSTEMS
Welcome to CIP

Message From CEO

Message From CEO

Thirty years ago, we began lending to cooperatives and nonprofits to support development in low-income communities. What began as a handful of loans to jumpstart growth in underserved neighborhoods has turned into $1.9 billion of investment in communities across the country.

2013 was no different. We worked with our partners to bring capital and capabilities to help communities in need—not just by creating a single solution to a single problem, but by addressing those needs on a systemic level. By increasing access to education, health care, healthy food, independent aging options and affordable homes, we are building impact systems that translate into real, sustainable change for the people who live, grow up and grow old in the communities we serve.

This annual report highlights a few big stories about our work to create impact systems in 2013:

But there were other successes as well. Along with our partners, we continued our work to bring healthy foods to disinvested communities. Through our support of the Village to Village Network, we helped to extend the reach of the Village movement, which gained considerable exposure through several national media stories. This exposure has created unprecedented demand to bring the Village model to more communities so more older adults can age in place, maintaining the social connections that have defined their adulthoods. In short, we continued to work across all areas to help communities—and the people who live in them—reach their full potential.

Many thanks to you, our supporters and partners, and to our exceptional and dedicated staff that have made so many system-changing projects a reality. We expect no less in 2014.

[On the cover: We provided a grant to Homeboy Industries, a non-profit food retailer in Los Angeles, allowing it to expand its job training and workforce development services to help former gang-affiliated and incarcerated men and women acquire the skills needed to transition to employment in the supermarket industry. PHOTO CREDIT: Homeboy Industries]

AnnualReport-5cropped

Terry Simonette
President & CEO
CAPITAL IMPACT PARTNERS
Terry's Signature

Building Progress

Our Investment

Our Investment

InfoGraphic

Our Stories

Our Stories

Building Capacity

Financials

Financials

Capital Impact Partners and Subsidiaries
Consolidated Statements of Financial Position

2013 (AS OF DECEMBER 31) AND 2012

  20132012
Assets
Cash and cash equivalents - unrestricted $16,824,376 $11,301,781
Cash and cash equivalents - restricted 35,530,070 34,900,973
Accounts and interest receivable 2,559,694 3,292,379
Contributions receivable 7,174,778 1,179,363
Investments 4,623,745 4,571,409
Investment in joint venture 2,661,129 2,647,181
 
Loans receivable 159,897,403 143,904,975
   Less:  allowance for loan losses (8,915,755) (9,114,558)
     Loans receivable, net 150,981,648 134,790,417
     Loans receivable - subsidiaries 36,709,530 41,474,750
Other real estate owned, net of valuation allowance
of $0 and $570,178 in 2013 and 2012, respectively
394,9291,313,330
Other assets3,256,2662,530,456

Total assets $260,716,165$238,002,039
 
Liabilities and Net Assets

Liabilities
   Accounts payable and accrued expenses2,917,710  3,614,878
   Revolving line of credit 21,000,000 7,500,000
   Notes payable 62,363,844 51,102,851
   Subordinated debt  8,218,000 8,218,000
   Notes payable - subsidiaries (Note 12) 36,729,152 41,491,344

     Total liabilities131,228,706 111,927,073
Commitments and Contingencies (Notes 15 and 16)
Net Assets
   Unrestricted79,215,513 79,024,200
   Temporarily restricted 48,784,471 45,478,724
   Permanently restricted 1,487,475 1,572,042

Total net assets129,487,459 126,074,966

Total liabilities and net assets $260,716,165 $238,002,039

Key Performance Indicators

TOTAL DISBURSEMENTS
 200520062007200820092010201120122013
On B/S453333.769.186.66132.462.458.8
 71.1105.1136.7208.2147.6195.8153.1124106.6
 
TOTAL LOANS OUTSTANDING
 200520062007200820092010201120122013
Capital Impact Partners79.868.96786.1114.8136.5139.1144160.335
Managed111.5161.7298.8427.9503.6610.8735.6786.6752.068
Total All191.3230.6365.8514618.4747.3874.7930.6912.403
 
CREDIT QUALITY
 200520062007200820092010201120122013
Non-Performing1.50%1.50%2.00%2.60%2.80%2.70%4.00%3.20%1.30%
D300.70%4.80%2.60%0.70%0.10%0.10%0.30%0.20%0.30%
D600.00%0.70%0.60%0.60%2.20%0.60%0.10%0.40%0.20%
Alowance for LLR (%of Total Loans)7.10%8.00%7.50%6.40%5.70%5.80%6.50%6.30%5.60%

Credit-Quality-Indicators

Building Our Future

Board of Directors

Thomas Bledsoe

President & CEO

Housing Partnership Network

Jane Garcia

CEO

La Clinica de La Raza, Inc.

Janis Hershkowitz

President & CEO

PRL, Inc.

Eli Kennedy

President & CEO

Pacific Charter School Development

Rosemary Mahoney

Senior Advisor

CoopMetrics

Stephanie M{c}Henry

Vice President

Cleveland State University

Ray Moncrief

Executive Vice President & COO

Kentucky Highlands Investment Corporation

Dana Pancrazi

{Vice Chair}Senior Program Officer

F.B. Heron Foundation

Charles E. Snyder

President & CEO

National Cooperative Bank

Thomas W. Walsh

{Chair}Assurance Partner (Retired)

PricewaterhouseCoopers LLP

Judy Ziewacz

Former Executive Director

State of Wisconsin, Office of Energy Independence

Bob M{c}Alister

{Chair}Former Executive Director

State of Wisconsin, Office of Energy Independence

Capital Impact Partners

Partners

Philanthropic Partners

  • AARP
  • AARP Foundation
  • Archstone Foundation
  • Appleton Foundation
  • Arlington Community Foundation
  • Bill and Melinda Gates Foundation
  • California Community Foundation
  • California Healthcare Foundation
  • Community Foundation for Southeast Michigan
  • Endowment for Health
  • Ford Foundation
  • Harry and Jeanette Weinberg Foundation
  • Hearst Foundations
  • JP Morgan Chase Foundation
  • Kaiser Foundation Hospital Fund for Community Benefit Programs at the East Bay Community Foundation
  • Kaiser Foundation Hospitals California Southern Region
  • Kresge Foundation
  • Koret Foundation
  • Living Cities
  • MetLife Foundation
  • Morgan Stanley
  • The Mousetrap Foundation
  • National Housing Institute
  • Nationwide Foundation
  • Ohio Community Development Loan Fund
  • Ohio Community Development Finance Fund
  • PNC Bank
  • Rasmuson Foundation
  • Salesforce.com Foundation
  • SCAN Foundation
  • Senior Helpers
  • Social Innovation Fund
  • The California Endowment
  • The Colorado Health Foundation
  • The Robert Wood Johnson Foundation
  • U.S. Department of Treasury, CDFI Fund
  • W.K. Kellogg Foundation
  • White House Office of Social Innovation and Civic Participation

Financing Partners & Institutional Investors

  • Axa Equitable Life Insurance
  • Bank of America
  • Calvert Foundation
  • Capital Link
  • Citibank
  • Clearinghouse CDFI
  • Detroit Development Fund
  • Deutsche Bank
  • Dignity Health
  • ExED
  • IFF
  • Impact Community Capital
  • Invest Detroit
  • JPMorgan Chase
  • Local Initiatives Support Corporation
  • Low Income Investment Fund
  • Metropolitan Life
  • Morgan Stanley
  • Nationwide Insurance
  • National Cooperative Bank
  • NCB, FSB
  • OnePacific Coast Bank
  • Opportunity Finance Network
  • PNC
  • Prudential Insurance
  • Rural Community Assistance Corporation
  • Self-Help Credit Union
  • The Reinvestment Fund
  • U.S. Bank Community Development Corporation
  • U.S. Department of Education
  • U.S. Department of Veterans Affairs
  • Wells Fargo Bank
  • Wespath, a division of the General Board of Pension and Health Benefits of The United Methodist Church

Public Agency & Nonprofit Partners

  • Alzheimer’s Association
  • American Health Care Association
  • American Medical Directors Association
  • Arkansas Division of Aging & Adult Services
  • Beacon Hill Village
  • California Department of Health Services
  • California Charter Schools Association
  • California Grocers Association
  • California Primary Care Association
  • California School Finance Authority
  • CDFI Coalition
  • Center for Community Progress
  • Centers for Medicare and Medicaid Services
  • Chi Partners
  • CFED
  • Charter Schools Lenders Coalition
  • Community Foundation of Southeast Michigan
  • Fannie Mae
  • Federal Housing Administration
  • Federal Reserve Bank of San Francisco
  • Freddie Mac
  • Grantmakers for Effective Organizations
  • Habitat for Humanity International
  • Housing Partnership Network
  • Harvard University Initiative for Responsible Investment
  • ICA Group, Inc.
  • Midtown Detroit, Inc.
  • Innovative Housing Institute
  • Kirwan Institute
  • Leading Age
  • Lenders Coalition for Community Health Centers
  • Ohio Administration on Aging
  • National Alliance for Public Charter Schools
  • National Association for County Community and Economic Development
  • National Association of Community Health Centers
  • National Association of Housing and Redevelopment Officials
  • National Association of Local Housing Finance Agencies
  • National Association of Realtors
  • National Community Land Trust Network
  • National Council of State Housing Agencies
  • National Fair Housing Alliance
  • National Family Caregivers Association
  • National Grocers Association
  • National Housing Conference & Center for Housing Policy
  • National Housing Institute
  • National League of Cities
  • NeighborWorks America
  • Opportunity Finance Network
  • PolicyLink
  • PHI National
  • Pioneer Network
  • ROC USA
  • The Eden Alternative
  • The Partnership for Working Families
  • U.S. Department of Education
  • U.S. Department of Health and Human Services, Bureau of Primary Health Care, Health Resources, and Services Administration
  • U.S. Department of Housing and Urban Development
  • Urban Institute