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Investment Review Volume 5, Issue 2, 2009 Community Development INVESTMENT REVIEW www.frbsf.org/cdinvestments Articles Mission Insurance: How to Structure a Social Enterprise So Its Social And Environmental Goals Survive Into the Future Kevin Jones, Good Capital Exploring the Continuum of Social and Financial Returns: When Does a Nonprofit Become a Social Enterprise? Kathy Brozek Using High-Transparency Banks to Reconnect Money and Meaning Bruce Cahan Impact Investing: Harnessing Capital Markets to Solve Problems at Scale Antony Bugg-Levine, Rockefeller Foundation, and John Goldstein, Imprint Capital Advisors Increasing Access to Capital: Could Better Measurement of Social and Environmental Outcomes Entice More Institutional Investment Capital into Underserved Communities? Lisa A. Hagerman, College Institute for Responsible Investment, Oxford University Centre for the Environment, and Janneke Ratcliffe, UNC, Center for Community Capital NCIF Social Performance Metrics: Increasing Flow of Investments in Distressed Neighborhoods through Community Development Banking Institutions Saurabh Narain and Joe Schmidt, National Community Investment Fund Commentary Reject the Reset! Jed Emerson, Uhuru Capital Management Rethink Charity Dan Pallotta, Pallota TeamWorks Local Stock Exchanges and National Stimulus Michael Shuman, Business Alliance for Local Living Economies At the Crossroads Where Economic Development, NTER FO Job Creation and Workforce Development Intersect Carla I. Javits, REDF CE R C O S M T N Value Penelope Douglas, Pacific Community Ventures M E FEDERAL RESERVE BANK OF SAN FRANCISCO SAN BANK OF RESERVE FEDERAL U M N T Could “Small Is Beautiful” Replace “Too Big to Fail?” I Don Shaffer, RSF Social Finance S T Y E V D N E I VE T LOPMEN Community Development INVESTMENT REVIEW The Community Affairs Department of the Federal Reserve Bank of San Francisco created the Center for Community Development Invest- ments to research and disseminate best practices in providing capital to low- and moderate-income communities. Part of this mission is accomplished by publishing the Community Development Investment Review. The Review brings together experts to write about various community development investment topics including: Finance—new tools, techniques, or approaches that increase the volume, lower the cost, lower the risk, or in any way make investments in low-income communities more attractive; Collaborations—ways in which different groups can pool resources and expertise to address the capital needs of low-income communities; Public Policy—analysis of how government and public policy influence community development finance options; Best Practices—showcase innovative projects, people, or institutions that are improving the investment opportunities in low-income areas. The goal of the Review is to bridge the gap between theory and practice and to enlist as many viewpoints as possible—government, nonprofits, financial institutions, and beneficiaries. As a leading economist in the community development field describes it, the Review provides “ideas for people who get things done.” For submission guidelines and themes of upcoming issues, visit our website: www.frbsf. org/cdinvestments. You may also contact David Erickson, Federal Reserve Bank of San Francisco, 101 Market Street, Mailstop 215, San Francisco, California, 94105-1530. (415) 974-3467, [email protected]. Center for Community Development Investments Federal Reserve Bank of San Francisco www.frbsf.org/cdinvestments Center Staff Advisory Committee Joy Hoffmann, FRBSF Group Vice President Frank Altman, Community Reinvestment Fund Scott Turner, Vice President Jim Carr, National Community Reinvestment Coalition John Olson, Senior Advisor Prabal Chakrabarti, Federal Reserve Bank of Boston David Erickson, Center Manager Catherine Dolan, Wachovia Community Development Finance Ian Galloway, Investment Associate Andrew Kelman, Bank of America Securities Judd Levy, New York State Housing Finance Agency John Moon, Federal Reserve Board of Governors Kirsten Moy, Aspen Institute Mark Pinsky, Opportunity Finance Network John Quigley, University of California, Berkeley Benson Roberts, LISC Ruth Salzman, Ruth Salzman Consulting Ellen Seidman, ShoreBank Corporation and New America Foundation Bob Taylor, Wells Fargo CDC Kerwin Tesdell, Community Development Venture Capital Alliance Table of Contents Articles Mission Insurance: How to Structure a Social Enterprise So Its Social And Environmental Goals Survive Into the Future ...........................................................................1 Kevin Jones, Good Capital Exploring the Continuum of Social and Financial Returns: When Does a Nonprofit Become a Social Enterprise? .....................................................................7 Kathy Brozek Using High-Transparency Banks to Reconnect Money and Meaning .............................................18 Bruce Cahan Impact Investing: Harnessing Capital Markets to Solve Problems at Scale ...................................30 Antony Bugg-Levine, Rockefeller Foundation, and John Goldstein, Imprint Capital Advisors Increasing Access to Capital: Could Better Measurement of Social and Environmental Outcomes Entice More Institutional Investment Capital into Underserved Communities? ...................................................................43 Lisa A. Hagerman , College Institute for Responsible Investment, Oxford University Centre for the Environment, and Janneke Ratcliffe, UNC, Center for Community Capital NCIF Social Performance Metrics: Increasing Flow of Investments in Distressed Neighborhoods through Community Development Banking Institutions ......................65 Saurabh Narain and Joe Schmidt, National Community Investment Fund Table of Contents Commentary Reject the Reset! ...........................................................................................................................76 Jed Emerson, Uhuru Capital Management Rethink Charity .............................................................................................................................79 Dan Pallotta, Pallota TeamWorks Local Stock Exchanges and National Stimulus ............................................................................. 81 Michael Shuman, Business Alliance for Local Living Economies At the Crossroads Where Economic Development, Job Creation and Workforce Development Intersect ..........................................................................................85 Carla I. Javits, REDF Value ...........................................................................................................................................88 Penelope Douglas, Pacific Community Ventures Could “Small Is Beautiful” Replace “Too Big to Fail?” ....................................................................92 Don Shaffer, RSF Social Finance Foreword David Erickson Federal Reserve Bank of San Francisco August 2009 n Karl Polanyi’s seminal work, The Great Transformation, he argues that it was a radical departure for Western society in the early modern period to divorce land, labor, and Icapital from their traditional values, turning them into commodities that could be bought and sold. The crucial point is this: labor, land, and money are essential elements of industry; they also must be organized in markets; in fact these markets form an absolutely vital part of the economic system. But labor, land, and money are obviously not commodities….Labor is only a another name for human activity which goes with life itself, which in its turn is not produced for sale for entirely different reasons, nor can that activity be detached from the rest of life, be stored or mobilized; land is only another name for nature, which is not produced by man; actual money, finally, is merely a token of purchasing power which, as a rule, is not produced at all, but comes into being through the mechanism of banking or state finance. None of them is produced for sale. The commodity description of labor, land, and money is entirely fictitious.1 Not long ago in Europe, and still in many places in the world today, traditional and community values reigned. In those circumstances, laborers did not measure their time by the hour and sell it to an employer, there were no real estate sales offices in the village center, and capital had yet to accumulate. (If Marx was right and capital was frozen labor, then the world still needed the nation-state and a modern financial system to play the role of the freezer.) We may be on the edge of another period when we reintroduce community values to the commodities of land, labor, and capital. In this issue of the Review, we explore how both business enterprises and investment decisions can be infused with community goals— providing for those who are less capable of providing for themselves, promoting better health and stronger community fabric, and respecting the environment. Community development finance is already playing a supporting role in this evolution. Kathy Brozek kicks off this issue and gives an overview of social enterprise, providing a context and tools for understanding the entire spectrum of business enterprises—from purely profit-motivated on one end, to purely charity on the other. Kevin Jones also explores social enterprises, particularly in terms of how their social missions can survive all stages of growth, even an initial public offering. 1 Karl Polanyi, The Great Transformation: The Political and Economic Origins of Our Time (Boston: Beacon Press,
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