We Help CREATE JOBS, HOUSING & COOPERATION

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

2013 Annual Report Our Mission

FNE advances community-based, cooperative, Cand 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 Cooperative Fund Board of Trustees Staff & Consultants skills with which to assist and advise the above Don Kreis, President Rebecca Dunn Jon Reske, Vice President Executive Director Lionel Romain, Clerk groups. Micha Josephy Susy Ellis, Treasurer Program Manager Erbin Crowell The Cooperative Fund of New England (CFNE) Andy Danforth Jen Caruso Rebecca Dunn Southwest New England was founded in 1975 by co-op activists and social Matthew Feinstein Loan and Outreach Officer Daniel Fireside Betsy Black investors to provide financial and technical assistance Rebekah Hanlon Northwest New England to food cooperatives. Since then, the organization Mary Hoyer Claire Morduch Loan and Outreach Officer has expanded its focus, offering development loans Tim Wingate Gloria LaBrecque and technical assistance to a wide range of co-ops Northeast New England Board of Advisors Loan and Outreach Officer and nonprofit groups that share CFNE’s vision of Linda Gallagher Cory Greenberg Maggie Cohn equality, justice, and social responsibility. A “virtual” Glen Ohlund Southeast New England Phebe Quattrucci Loan and Outreach Officer organization, CFNE serves the New England region Marc Reich Beverly Perry through an administrative office in North Carolina Don Schramm Office Assistant and four outreach offices in New England. CFNE is Cooperative Capital Fund

TM Board of Trustees well rated by CARS. Cory Greenberg, President Adam Trott, Vice President In its 38 years of operation, CFNE has disbursed Mary O’Hara, Clerk over $33 million in over 700 loans to co-ops and Jon Crystal, Treasurer Andrew Danforth community organizations without loss of any investor funds.

Cooperative Fund of New England P.O. Box 3413 • Amherst, MA 01004 1-800-818-7833 cfne@coopfund.coop • www.coopfund.coop

This annual report was designed and printed by Red Sun Press in Jamaica Plain, MA, a worker cooperative providing printing Cover photos: Springfield Food Co-op, Springfield, VT; Stone Soup, services with a focus on the nonprofit sector, co-ops, and social Worcester, MA; Artisan Beverage Cooperative, Greenfield, MA; Williman- tic Food Co-op, Willimantic, CT justice movements. www.redsunpress.coop Dear Fellow Cooperators

Dear fellow cooperator: What is a Cooperative?

As the Annual Report you are now reading demonstrates, it is a Definition powerful combination indeed to place a community development financial A cooperative is an institution (CDFI) in the service of building the cooperative economy in New England. Thanks to your support of the Cooperative Fund of New autonomous association of England, 2013 was another year of great success for the only CDFI in the persons united voluntarily to region whose mission is to bring people together in cooperation so that meet their common economic, local communities and the spirit of democracy can prosper. social, and cultural needs and aspirations through a jointly In 2013, CFNE made a total of 57 loans to 37 different borrowers as owned and democratically the size of the fund breezed past the $14 million mark. We deployed more controlled enterprise. 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. Values Cooperatives are based on That $3.82 million also leveraged an additional $15 million in loans the values of self-help, self- from other sources for the co-ops and organizations we helped – because responsibility, democracy, when other lenders see that CFNE is involved with a project, their interest equality, equity, and solidarity. 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 They operate with the ethical the curve, offering new loan and investor products, as well as creative ways values of openness, honesty, to help cooperatives access funds social responsibility, and caring for others. 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!

Scan this QR code to visit our website: www.coopfund.coop

Donald M. Kreis, President Rebecca Dunn, Executive Director Ahead of the Curve CFNE 1 Creation of Local Food Systems

or its 38-year history, CFNE has played a major Frole 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 (http:// strongertogether.coop/food-coops/food-co-op-impact- study/), the local ownership of food co-ops lead them to invest more heavily in supporting local food producers, Cultivating Community 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.

“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 Midcoast Fishermans Cooperative 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

“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 Committed2013 Annual to theReport Co-op Community Deep Root Organic Cooperative Healthy Food Access

he Food Co-ops & Healthy Food Access project, Tcoordinated by CFNE and the Neighboring Food Co- op Association (nfca.coop) reached exciting milestones in 2013. In partnership with Hunger Free Vermont (hungerfreevt.org), we are working with fourteen food co- ops 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 co- ops with need-based discounts from four to seven in 2013, with another eight planning to implement new programs in 2014. 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 www.coopfund. coop/resources/healthy-food-access

“I am very impressed with CFNE for the no-non- sense way you get these loans processed.” Crown O’Maine North Vassalboro, ME

Ahead of the Curve CFNE 3 Creating Jobs

ustainable job creation and retention are critical Singredients 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. 2013 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, A Yard & A Half Landscaping Co-op MA; and Boston Tech Collective, Boston, MA.

CFNE loans enabled the following co-ops to expand their “CFNE’s loan was the single most significant factor in our coop’s businesses, hiring new employees and retaining many ability to purchase our company from the retiring owner, preserving more: Energia, Holyoke, MA; Good Tern Food Co-op, our jobs and company culture.” Rockland, ME; Fertile Underground, Providence, RI; A Yard & A Half Landscaping Co-op Rutland Food Co-op, Rutland, VT; and WarrenStreet Waltham, MA Architects, Concord, NH. “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 Creating New Models of Affordable Housing

ooperative housing and small neighborhood Cdevelopment 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 2013.

CFNE has demonstrated its support of innovation in affordable housing models by providing loan funds for Cambridge Cooperative Club 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. 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 Creating new loan products

ooperative Capital Fund (CCF) is a source of patient Ccapital 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; “The Cooperative Fund’s loan gives us peace of mind that Elm City Market in New Haven, CT; we have a financial partner that understands, supports and champions our business model.” Local Sprouts Cooperative in Portland, ME; Boston Building Materials Cooperative, Inc. Real Pickles in Greenfield, MA; Boston, MA Rising Tide Community Market in Damariscotta, ME; “The Cooperative Fund’s Loan has helped us stay in business Simple Diaper in Holyoke, MA; during these rough years of the recession.” Stone Valley Community Market in Poultney, VT; and Red Sun Press Jamaica Plain, MA Warrenstreet Architects in Concord, NH;

“The working capital provided by CFNE has been pivotal for Some of our loan products offered: the past two years in giving us the cash flow cushion we needed to grow or business.” ❖❖ Term loans Energia, LLC ❖❖ Lines of credit for working capital 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 Creating Co-op Networks

core principle of the cooperative movement is “cooperation among co-ops,” which recognizes that “cooperatives Aserve 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 “Your work is exceptional in supporting the cooperative movement” Eastern Conference for Workplace Democracy. ❖❖ Wellspring Initiative

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 ince it began in 1976, the Cooperative Hall of Fame Sreflects 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 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. Willimantic Food Cooperative

Beacon Light Alternative Services, Inc., Hartford, Connecticut A nonprofit focused on the needs of families in distress; Cambridge Cooperative Club, Cambridge, Massachusetts loan for property renovation. An eleven-member housing cooperative founded in 1963; loan for building renovations. Bethlehem Children’s School, Slingerlands, New York A cooperative primary school; loan for purchase and Chatham Food Market, Chatham, New York renovation of school building for school expansion. A retail food cooperative store; loan for start-up expenses, working capital, and inventory purchase. Boston Building Resources, Boston, Massachusetts A not-for-profit consumer co-op providing high quality Cold Pond Community Land Trust, Acworth, New materials at reasonable cost and teaching people how to Hampshire maintain and improve their homes; loan for working A community of families dedicated to conserving the land capital and debt refinance. and providing affordable homes; loan to purchase land.

Boston Community Cooperative, Boston, Massachusetts Collective Copies, Amherst and Florence, Massachusetts A group equity urban housing co-op; loans for property A worker cooperative copy store; loans for renovations, purchase, refinance, and renovation. expansion, relocation, and working capital.

Boston Food Co-op d/b/a Harvest Food Co-op, Boston, Common Fire Foundation, Tivoli, New York Massachusetts A nonprofit student housing cooperative; loan to build A retail food cooperative; loan for expansion and additional energy efficient housing. store construction. Concord Cooperative Market, Concord, New Hampshire Boston TechCollective, Boston, Massachusetts A retail food cooperative; loan to expand retail space and A start-up worker cooperative providing technology aid; operations. loans for start-up working capital. Dedham Artist Cooperative, Dedham, Massachusetts Brattleboro Food Cooperative, Brattleboro, Vermont A start-up artists retail operation; loan for working capital. A long-standing food cooperative; loan to enable member participation loans for the cooperative expansion and Deep Root Organic Co-op, Johnson, Vermont economic development project. A rural farmers co-op; seasonal line of credit for working capital during growing season and a term loan to build a Brown Association for Cooperative Housing (BACH), warehouse. Providence, Rhode Island A student cooperative housing association at Brown Dollars & Sense, Boston, Massachusetts University; loan for building renovations and mortgage A collective publisher of Dollars & Sense magazine; loan refinance. for seasonal working capital.

8 CFNE 2013 Annual Report Loans as of 12/31/13

Energia, LLC, Holyoke, Massachusetts Franklin County/DIAL SELF, Greenfield, Massachusetts A provider of energy efficiency services that creates sustainable, A nonprofit providing at-risk youth services; loan for living-wage jobs, career ladders, and equity for workers; loan for predevelopment costs and working capital. start-up working capital. Good Tern Food Co-op, Rockland, Maine Evergreen Cooperative, Warren, Massachusetts A retail food cooperative; loans to purchase point of sale A resident-owned cooperative; loan for property purchase system and working capital. and infrastructure repairs. Green Mountain Spinnery, Putney, Vermont Faire Bande a Part Housing Cooperative, Lewiston, Maine A worker cooperative that processes yarn; loan for seasonal A limited equity housing cooperative; loan for first time working capital. home ownership property acquisition. Hampden Hampshire Housing Partnership (HAP, Inc.), FEDCO Organic Seeds, Waterville, Maine Springfield, Massachusetts A hybrid worker and consumer co-op offering seeds, trees, A nonprofit that provides a wide range of housing services and other farming and gardening supplies; loans to renovate (home ownership, rental assistance, lead abatement, and production facility and to purchase a new warehouse. safe housing for domestic violence survivors) to low income people in its area; loan for working capital. Fenway Studios, Boston, Massachusetts A housing co-op for artists; loan for energy efficient renovation of Hartbeat Ensemble, Hartford, Connecticut building. A nonprofit community theater group dedicated to social change; loan to meet cash flow needs. Fertile Underground, Providence, Rhode Island A retail food cooperative; loan for start-up expenses and Honest Weight Cooperative, Albany, New York working capital. A large retail food cooperative; loan for move and expansion.

Fiddleheads Food Cooperative, New London, Connecticut Intervale Community Farm Cooperative; Burlington, Vermont A retail food cooperative; loan for start-up and equipment A community supported agriculture (CSA) program; loan for purchases. tunnel frame construction to expand growth cycle.

Flynn Avenue Cooperative Homes, Burlington, Vermont Local Sprouts, Portland, Maine A limited equity housing cooperative; loan to renovate A worker cooperative community kitchen and café; loan for common property. start-up and working capital.

Francis Small Heritage Trust, Limerick, Maine Lucy Stone Housing Cooperative, Roxbury, Massachusetts A rural land trust; loan to purchase property for land conservation. 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.

Ahead of the Curve CFNE 9 Wellspring Upholstery Co-op 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.

Sawyer Hill - Mosaic Commons and Camelot Cohousing, Berlin, Massachusetts A cohousing project providing 64 new units of housing; loan for predevelopment funding. Fedco Organic Seeds Simple Diaper and Linen, Holyoke, Massachusetts Newly converted worker cooperative; loan for conversion and for working capital move to commercial space for expansion. Pelham Auto, Belchertown, Massachusetts A worker co-op car repair shop; loan to purchase land and Springfield Food Cooperative, Springfield, Vermont for working capital. A retail food cooperative; loan for working capital.

Philmont Beautification Project, Philmont, New York Stone Soup, Worcester, Massachusetts A nonprofit community developer; loan for building renovation A social and economic justice collective; loan for post-fire for a food cooperative store front. renovations.

Pioneer Cooperative of Franklin County, Greenfield, Stone Valley Market, Poultney, Vermont Massachusetts A new retail food co-op; loan for start-up and working capital. A scattered-site, limited equity affordable housing cooperative; loan to facilitate cost effective improvements and to meet cash flow needs.

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 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.

Handwork, Inc. Ithaca, New York A retail artisan cooperative; loan for building renovations Artisan Beverage Cooperative and member cooperative education.

Institute for Environmental Awareness, Petersham, Massachusetts A small nonprofit that provides education on environmental Toolbox for Education and Social Action (TESA), issues; loan for working capital. Northampton, Massachusetts Small worker cooperative and originators of the game Coopoly; Land for Good, Keene, New Hampshire loan for working capital. A small nonprofit that fosters sustainable land use and farm ownership succession; loan for working capital. Turnpike Park Cooperative, Westborough, Massachusetts A resident-owned cooperative; loan for property purchase Littleton Consumer Cooperative Society, Littleton, New and infrastructure repairs. Hampshire A retail food cooperative; loan for start-up equipment purchases. Upper Valley Food Cooperative, White River Junction, Vermont Oak Street Cooperative of Bath, Bath, Maine A natural foods co-op serving the greater Upper Valley area A limited equity housing cooperative; loan for first time home since 1976; loan to purchase their building. ownership property purchase. Urban Oaks Organic Farm, New Britain, Connecticut ReNew Building Materials and Salvage, Brattleboro, Vermont A nonprofit urban farm; loan for seasonal working capital. A nonprofit that deconstructs buildings, provides job training, and conserves resources by recycling and selling Voluntown Peace Center, Voluntown, Connecticut the materials; loan for working capital. A cooperative of nonprofits that was formed to buy the former EquityTrust property for a retreat center; loan for Swift Waters Artisans’ Cooperative, Willimantic, land purchase. Connecticut Small artisans’ cooperative; loan to relocate retail operation WarrenStreet Architects, Concord, New Hampshire and for working capital. A worker-owned full service architecture firm; loan for working capital. Wellspring Upholstery; Springfield, Massachusetts A new worker-owned company; 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 “CFNE allowed us to transition away from a failing business have rebuilt our community center that supports 3 startup model tone where we were more stable financially and socially.” co-ops and 12 social justice community groups.” Swift Waters Cooperative Stone Soup Willimantic, CT Worcester, MA

Ahead of the Curve CFNE 11 CFNE Progress Report

Investments Received Statement of Financial Position New investments in 2013 $2,149,466 as of December 31, 2013 Total investments at 12/31/13 12,733,076 Average individual investment $24,622 Consolidated CFNE and CCF Number of individual 175 Assets Average institutional investment $94,975 Cash and Investments $5,041,034 Number of institutional investors 88 Loans Receivable $14,070,188 Investor dollars lost since inception 0 Loan Loss Reserve* ($512,944) Other Assets $208,578 Loans Made Total Assets $18,806,856 2013 Since Inception Loans made 57 706 Dollars disbursed; $3,827,689 $33,592,612 Liabilities & Net Assets Loan loss: 2.0% 0.82% Social Investment Loans $12,733,076 Loans repaid: $1,697,488 99.18% Total Liabilities $12,733,076 Average loan in 2013 $67,152 $47,582 Net Assets $6,073,780 Smallest loan in 2013 $1,200 $400 Total Liabilities & Net Assets $18,806,856 Largest loan in 2013 $393,027 $800,000 Affordable housing 311 4773 Statement of Activities created/retained Jobs created/retained 790 9205 year ended December 31, 2013 Consolidated CFNE and CCF

Total loans at 12/31/13: $13,928,473 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 12-31-2013 CFNE Loans 12-31-2013

Faith-based 20% Housing Co-ops 17% Individual Food Co-ops 39% 34% Government 16% Worker Co-op 12%

Co-ops Nonpro ts Banks 9% Other 10% Trusts 5% 5% Co-ops 9% Manufactured7% Foundations 9% Nonpro ts Housing Co-ops 2% Land Trusts2%

Cohousing4%

12 CFNE 2013 Annual Report CFNE investors and supporters include...

Adrian Dominican Sisters Oberlin Student Cooperative Association Betsy Black American Communities Trust Onion River Co-op d/b/a City Market David Brandau Ascension Health /Daughters of Charity National Opportunity Finance Network Hillary Caws-Elwott Health System Partners for the Common Good Annie Cheatham Bank of America Pedal People Elizabeth Coulter Basilian Fathers of Toronto Pearson Family Trust Erbin Crowell Bend The Arc Pelham Fund Valerie Dahl Berkshire Co-op Market People’s United Bank Judith Diamondstone Boston Impact Initiative People’s United Community Foundation Richard Doxey Bowers Fund Perry Enterprises Harrison Drinkwater Brattleboro Food Co-op Portland Food Cooperative Rebecca Dunn Cabot Creamery Cooperative Prospect Place Apartment Susan Ellis Calvert Foundation Putney Food Cooperative William N. Ellis Capital Impact Partners Robert L. Feinberg Fund Eric Esse Catholic Health Initiative Rockett Trust Robert Follansbee CDS Consulting Co-op Rose Trust Joseph Gainza Charles Earney & Company Sacramento Food Cooperative Lawrence H. Geller Christina Callan Charitable Trust Seymour and Sylvia Rothchild Family Foundation Ann Gibson CHS Foundation Sinsinawa Dominican Sisters Ellen Golden Citizens Bank Sisters of Charity of Mount St. Joseph Hildegarde and Hunter Hannum Citizens Bank Foundation Sisters of Charity of the Incarnate Word Paula Harrison Circinus Financial Corporation Sisters of Charity of St. Elizabeth Mary Hoyer Collective Copies Sisters of Charity of Cincinnati, Seton Enablement Richard Jarrett Communities at Work Fund Fund Micha Josephy Community Builders Cooperative Sisters of Mercy of the Americas-Detroit Rita Katz Community Foundation of Western Massachusetts Sisters of St. Francis of Philadelphia Andrea S. Knight Cooperative Development Foundation Solidago Foundation Carol Lanstaff Cooperative Maine South Mountain Company Foundation Nina L. Lev Create Jobs for USA South Royalton Food Cooperative, Inc. Joshua Lipkowitz Dance New England TD Charitable Foundation Patrick Malone Disabilities Opportunity Fund The Cooperative Foundation Mary Jo Martin Dominican Sisters of Hope Threshold Foundation Allan Matthews Dominican Sisters of Springfield Trillium Asset Management Kelly McCoy Episcopal Diocese of Connecticut Troll Investment Management Trust Catherine Menard Equal Exchange Twin Pines Cooperative Foundation Ronald Miller FEDCO Seeds, Inc. Twin Pines Housing Trust Andrea Nash Federal Street Advisors Tzedec Economic Development Fund Kyla Neilan Financial Northeastern Companies Unitarian Universalist Congregation of Haverhill Barbara Nolfi First Congregational Church of Amherst Unitarian Universalist Congregation at Shelter Emily Park Frances Fund Foundation Rock Marli Rabinowitz Frances Small Heritage Trust Upper Valley Food Co-op James Rooney Franciscan Sisters of Mary US Department of Treasury, CDFI Fund Marilyn Scholl Gadfly Trust US Small Business Administration Don Schramm Green Living Journal/Public Press, LLC Valley Alliance of Worker Cooperatives Jen Silverman Green Mountain Mutual Aid Vermont Community Foundation John Sniegocki Green Mountain Spinnery Co-op Vote Boston Lee and Byron Stookey Handwork, Inc. Wainwright Bank and Trust Company Sawyer Stone Hanover Consumer Cooperative Society Willimantic Food Co-op David Strozzi Haymarket Peoples Fund White’s Forest Farm David F. White Howard Bowers Fund Woodlands Investment Management Hunger Mountain Food Co-op and more than 200 individuals, including:* *Please note that our policy is not to list Karuna Trust the names of our individual investors Loring, Wolcott & Coolidge Thomas Abood unless they specifically agree to it. Please Lydia B. Stokes Foundation Susan Bain notify us if we have inadvertently omitted Mercy Partnership Loan Fund Robert Barnes your name. Middlebury Natural Foods Co-op Andrew Bellak Midwest Minnesota Community Development Corporation “Thank you so much….I love what you do and how you do it! It’s my pleasure to Mission Hill Health Movement Mission Hill Investment Club get my children involved now as adults.” Monarch Community Fund Mount Holyoke College Sarah Meredith, NCB longtime CFNE investor 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 Ahead of the Curve CFNE 13 Cooperative Fund of New England NON PROFIT ORG Administrative office: US POSTAGE 5533 Peden Point Rd. PAID Wilmington, NC 28409 BOSTON MA PERMIT NO 51544

Return Service Requested

38 years committed to the co-op community

e’ve grown over the years with your Whelp and we still need your help to CFNE Growth 1975-2013 build the cooperative economy. Join our investors and borrowers! Millions $14.0 When you take a loan from the Cooperative $12.0 $10.0 Fund of New England, you’re not just growing $8.0 your own co-op. You’re helping to ensure that $6.0

financial resources are available for the next $4.0

generation of cooperators. $2.0

$ When you make a social investment loan 1975 1980 1985 1990 1995 2000 2005 2010 2012 2013 to the Cooperative Fund, you’re helping us Investments Loans grow the co-op economy. We welcome your investment or charitable contribution!