Read AFCU 01 Ann Report (inside pages) text version

Alternatives Federal Credit Union

2 O O O A N N U A L R E P O R T




A heartfelt thanks to our members



Ithaca and Tompkins County Convention and Visitors Bureau Finger Lakes Land Trust Ted Bronsnick, Construction Consultant Don Schlather, Landscaper Richard Kinner, Maintenance David Long, Appraiser Cate Mazzarella, Support Staff Virginia Townsend, Support Staff Ralph Nash, Collections Attorney James Salk, Corporate Attorney Edward Crossmore, Collections Attorney Steve Bisker, Attorney



April Madres, Sarah Sullivan, Charles Ribaudo, Jeff Lawhead, Michael David Emery, Daniel Chad Updyke, Andi Forker, Michelle Menter, Tamara DiVasto, Chris Chiambalero, Tashi Yangzom, Ian Reeves, Kwado Asare, Zach Bruno, Iuliana Calin, Gretchen Crowson, Scott Docie, Lynn Engelskirchen, Matthew Flippen, Diana Flore, Peggy Hamm, Donne Houston, Ting Lei, Pam Shields, Barbara Sullivan, Crissy Wais

DfD Staff: Other:

Kwado Asare, Intern/CEO (Park Fellow) Zach Bruno, Mortgage Clerk Iuliana Calin, Intern/CEO Gretchen Crowson, Intern WISP/Accounting Tamara DiVasto, VISTA/Marketing Scott Docie, Intern/Bill (Park Fellow) Michael David Emery, Intern Lynn Engelskirchen, Consultant Matthew Flippen, Intern/CEO (Park Fellow) Diana Flores, Intern/YES - Operations Andi Forker, Intern/Disaster Plan Peggy Hamm, Intern/Mortgages (Park Fellow) Blake Myers, MSR Robin Booth, MSR Donne Houston, VISTA/IDA Jeff Lawhead, Intern/Venture Capital Ting Lei, Intern WISP/Human Resources April Valerie Madres Intern/Personnel (ILR) Ian Reeves, Learning Web/DFD Charles Ribaudo Intern/Bill Gary Schueller, Intern/Accounting Pam Shields, Intern WISP/Member Service Dept Barbara Sullivan, Intern/Mortgages (Park Fellow) Daniel Chad Updyke, Intern Crissy Wais, Intern WISP/Loan Dept predatory lending Tashi Yangzom, Y.E.S. Intern - Administration Boynton Colin Brumsted, Devon Bowers, Collin Shore, Aaron Shore, Jacob Yale-Loehr, Collin Anderson, Chris Montemagno, Allon Brann Home Schoolers Joey Kilmer, Greg Warden, Lisa Smith, Anne KoplinkaLoehr, Nathaniel Cisne Alternatives Community School Michael Davis, Wytse Schukken, Derek Crawford, Derek Murphy, Sam Pakin-Flerlagh, Chris Nuttle, Sebby Friedebom, Mariah Dengal, Sei Harris Venture Rich Entlich, Richard Furnas, Richie Berg CUSO Kenn Marash, Myra Kovary, Marcie Wyant Alternatives FUND Rick Wallace, Barbara Tefft, Jake Ryan

Venture Investment Committee Rustin Howard, Brian Hunt, Angela Noble, John Nozell, Ron Rigores, George Schneider

Alternatives is a Regional Community Development Financial Institution (CDFI).

Our mission is to provide: · Access to transactional services · Savings and community investment opportunities · Capital investments to individuals, small businesses and non-profits · Education about capital Our Goal: To build wealth and create economic opportunity for underserved people and communities.


and Zelkida

Immigrant Family on the Credit Path Sasha and Zelkida came to the United States and to Ithaca a little over a year ago. Just a few days after coming, they opened their first account at Alternatives. As refugees, without any savings or cash, Alternatives was the only financial institution with which they could establish an account for a minimal fee and with just a few dollars to deposit. Even when they weren't using Alternatives' services directly, when making financial plans and family budget, or planning to buy something big, Sasha and Zelkida report they could still rely on assistance from Miroslav, "...`our man' in the Credit Union who helps everybody from the ex-Yu with all that banking stuff...we could rely on Miroslav's assistance, advice and help, even after his working hours. So, kind Alternatives people have been at our sides all the time and we could count on them any time we needed them."... see page 13 for more.

The Credit Path


A decade ago we developed an analysis that suggested we could extend our mission by integrating the capital collecting and transaction processing capacity of a Credit Union with the targeted impact and subsidy of a not-for-profit. In the year 2000, for the first time, Alternatives has been able to put all the elements in place. We have extended this approach by building productive partnerships with other non-profits. This Credit Path analysis has been useful in helping us to understand how products can be designed to assist our members in moving out of poverty. The five elements of this approach are:


· Provide access to transaction services to give members a hand up at the first stage of the credit path: check cashing and bill paying. The transactor stage is for members with the least means who need access to the financial system. Ironically, at banks these services are often most expensive for those who need them. We price them to be fair to all members; affordable and sustainable.


· check cashing · money orders · official checks · change · wire services

· Offer savings and community investment opportunities both to mobilize community investment and to encourage a savings · savings accounts perspective. To begin a life-long savings habit - "Pay yourself · free checking · saver certificates first."

· home-buyer certificates


· Initiate first time borrowing to establish credit, thereby building a credit rating as a financial foundation and building familiarity with regular payments. Borrowing, used responsibly, can be a positive strategy towards greater wealth. We try to help our members develop good credit records. We offer several "starter" loans, like the Entry card and Credit Builder loan. As members handle these loans successfully, they can build up to larger amounts.

Credit unions historically encourage savings. Alternatives gives members incentives by paying interest on accounts with a $5 minimum balance and charging no monthly fees. Individual Development Accounts (IDAs) significantly expand the ability to succeed at this stage by providing both the money match and education.

Shortcut: IDA's and Education


EDUCATION is a key component at every

stage along the Credit Path.


Cover / Thanks. / Credits ............................................................................ 1 Mission / The Credit Path ........................................................................... 2 President's Report / Why the Credit Union isn't enough .............................. 3 Manager's Report / Staff Photos ................................................................ 4 Treasurer's Report / Supervisory Committee Report ................................... 8 Financial Report ......................................................................................... 6 Board of Directors / Staff ........................................................................... 7 Human Resources / Member Service Representatives ............................... 8


· entry debit/credit card · line of credit · auto loans · personal loans

· Develop capital investments in individuals, small business, and non-profits, as asset ownership is what moves people out of poverty.

With the experience of saving towards future goals and developing good credit records, members are in a position to become owners - of homes, of businesses. We offer home loans and small business loans, many to members who started at the · mortgages · construction loans beginning of the credit path and didn't dare hope that their · small business loans journey would bring them to the American dream.

Consumer Loans / Home Loans ................................................................. 9 Small Business Loans / Community Enterprise Opportunities (CEO) / Go Fund ......................................................................................................... 10 Individual Development Account (IDA) / Dollars for Dreams (DfD) ............. 11 Community Partnership Lending (CPL) / Cooperative Enterprise Project / Socially Responsible Investing (SRI) ........................................................ 12 Indivisible .................................................................................................. 13 Member Profile (continued) / Predatory Lending / Grants and Awards ....... 14

President's Report

In pondering what to boast about Alternatives' year 2000, I realize there is no one remarkable event. Yet Alternatives did, indeed, enjoy another extraordinary year. We continue to provide excellent services, priced fairly and made available to all; most notably, the otherwise underserved. We have extended our education about capital. The CEO class for micro-entrepreneurs now reaches into Cortland, and the financial literacy class, Money Whys, Money Wise developed for Individual Development Account (IDA) participants, is being offered to the community at large. We have successfully extended our Credit Path model by building productive partnerships with non-profits in upstate New York counties beyond Tompkins. During this, the third year of our fifth five-year plan, we focused on several areas: · We developed mission targeted services through partnerships and new structures. Community Partnership Lending is coming into its own. (See page 21) · The Cooperative Enterprise Project drew the Cooperative Development Institute as a partner. (See page 17) · We formed the Alternatives Venture Fund and Investment Committee, and received a tax exemption. · In preparation for financial growth, we have grown our capital, the net worth of our business, by 73%, 25% and 26% respectively in the past three years. The impact of grants and secondary capital was significant. · We have developed staff capacity through hiring, training, and a re-organization of our staff structure. · We continued our work in developing adequate space for program development and member service.


In addition, we had some firsts: · We did a complete, confidential Member Survey for ethnicity and income to demonstrate to funders the effectiveness of our targeted impact. · Members can place Liberty check orders on-line. · We installed our first three ATMs, to extend access hours and locations while reducing demands on lobby service. · We introduced a new mortgage product-Home Opener-WOW, with no down payment. · We upgraded our phone system to Automatic Call Distribution, and have thereby improved member service. · We added an employee benefit, the domestic partner health insurance premium assistance. · Several Credit Union staff and Board members worked on launching the Community Foundation of Tompkins County. · To support our movement, Alternatives sponsored the third Upstate CDCU (Community Development Credit Union) roundtable, and our Manager served on CUNA's (Credit Union National Association) Renaissance Commission. · We introduced the issue of predatory lending locally to build awareness and stop the spread of the dark side of credit. (See page 25) Our national presence continued to grow as evidenced by: frequent calls and requests for networking from other credit unions and agencies, more than three dozen interviews by news publications, and our being featured in a national documentary project, Indivisible: Stories of American Community. (See page 23) The Board of Directors is an essential part of this always changing, ever interesting experiment we call Alternatives. I am privileged to be the President of this Board of interested, caring members. As I watch our staff, a group of imaginative, hard-working, dedicated people, daily working for the things we feel important, I often feel deficient in the commitment of my own efforts for these causes. And where would we be without our diverse membership, investing with us, borrowing from us, bearing with us when we're crowded, loving us in our innovation? Your complaints are our new products. Keep in touch. Thanks for your support.

CONTACT: [email protected]

Why the Credit Union isn't enough:

An analogy: Our mission was removing screws, so we built a very good screwdriver. And at first, it was easy enough. But more and more frequently we found an impacted screw and hammered our good screwdriver across the screw to cut it. Other times, we pried the screw out with our screwdriver. We noted that these extended uses damaged our screwdriver. We built a chisel and a pry bar, and soon had a toolbox rather than a tool. This served our mission better and the tools are working better, doing what they do best.


Alternatives Federal Credit Union is a not-for-profit, 501 (c)(17), established in 1979. It houses traditional credit union services: deposits, transactions and loans. It also provides the core management of the Alternatives group. It is owned by members and directed by an elected board made up of members. Deposits are federally insured by the NCUA.


Alternatives Venture Fund is a not-for-profit 501(c)(3) tax exempt corporation that receives donations for the group and provides training services. The main services are: · DfD, Youth Credit Union run by and for young people, with branches in Boynton Middle School, Alternative Community School and at Alternatives Credit Union. · CEO small business development program, started by the City of Ithaca and now run by Alternatives. · IDAs, an incentivized savings program to encourage low-income people to build assets in a home, business or their own education.

While many think of all the programs and services as part of "Alternatives Federal Credit Union," Alternatives is actually four separate corporations.


CONTACT: [email protected]

· GO Fund, a micro-enterprise venture capital product to assist starting or expanding small businesses that do not have access to traditional venture capital markets.

3 4

Alternatives Ithaca CUSO is a for-profit Credit Union Service Organization established in 1997 that provides Socially Responsible Investment to the public.

Alternatives Fund, a not-forprofit 501(c)(6) established in 1970, is a trade association of community groups, cooperatives, worker owned businesses and individuals that provides a field of membership for the Credit Union.

A Little Closer to Home


It's a winter's day in Ithaca. It has been a season of long unbroken stretches of grey skies. I try to remember that there is still a sun behind these clouds. I try to imagine the color grey as a combination of clear blue and sunset red. Thinking back on last year, I have similar problems imagining the year as an unmitigated success. On the one hand, we did ourselves proud serving our mission. On the other hand, our building project has foundered and that's increasingly hard to ignore. I get questions daily; it's a visible hole in the ground. And by comparison, other nearby construction projects are proceeding apace. I'm at turns frustrated, tired, discouraged. Midway in the journey of our life I came to myself in a dark wood, for the straight way was lost, - Robert Frost At other times, invigorated and testy. Bring me my Bow of burning gold... Bring me my chariot of Fire! I will not cease from Mental Fight, Nor shall my Sword sleep in my hand - William Blake I nurture the resolve that we will continue to build wealth and create economic opportunity for underserved people and communities. We have cajoled, protested, and schemed to get capital into underserved economic sectors. These capital gaps have not been addressed by public and private capital sources. 13% of US households endure income poverty, 26% asset poverty (50% of households own less than $1000 in assets) and 20% are unbanked. It's a joke worthy of a Batman villain that the only growing mainstream credit source for low wealth communities is coming in the form of predatory lending. I try to imagine how growth can be made equitable, how growth can avoid environmental degradation, and achieve sustainable growth and inclusive prosperity. As I try to sort this out, we have yet another snow storm. Our building site turns from a swimming hole into a skating pond. My wife suggests that this is an opportunity to grow patience and let the issue develop. I listen to "Mood Indigo" by Louis Armstrong, one of the slowest songs ever made. I walk to work over the Aurora Street bridge on Six Mile creek. There are no spawning trout and smelt yet. But I do hear geese honking their way home, confident that spring, though unseen, is imminent. I think about our excellent staff. And a membership that puts up with this experiment. And a Board that doesn't waver when we have to stand by our mission. I think about a federal credit union examiner (the heroically named Lance McAllister), who a decade ago said that our problem was that we, "Decide what we want to do, then find a way to do it." This unlikely criticism has stuck with me as an insightful compliment. Defining the limits of the possible is not part of our approach. Follow the mission directly to the goal. Where is the fault there? We imagine the world as we want it to be, then get everyone else to come there. I think of joyous summer, when "the song sings itself above the muffled words." -(WC Williams) I can imagine that our building will be completed and will allow us to resume this experiment in community based capital formation, with the space it needs, and with gusto.

I think about a federal credit union examiner (the heroically named Lance McAllister), who a decade ago said

...our problem was that we, "Decide what we want to do, then find a way to do it." This unlikely criticism has stuck with me as an insightful compliment.

CONTACT: [email protected]

Staff of 2000 not pictured in staff photo page 12 Karl Graham Jackie Brashear Joe Cummins Kristin Haner John Halleron Elizabeth Fattaruso Larry Honigbaum Jennifer Cunningham Tracie Dissinger


The Impacts of Growth


One of the most commonly debated issues for organizations of all types concerns the impacts of growth. Does rapid growth undermine an organization's core values? Does an organization need to grow in order to flourish, or can it be sustained in a steady state? Can the impacts of growth be planned so that they are manageable? These questions and a lot more have been on the minds of the staff and Board at Alternatives, because this is a Credit Union that has ambitious plans for growth. In 2000, we saw many of the ideas that were germinated years ago begin to show results and we began to see how those ideas affected Alternatives' financial picture. For example, the goal of providing better access to credit for people who are poorly served by the conventional credit markets was realized through the adoption of the Opportunity Lending program. The result? A significant increase in consumer loans to our members. Alternatives has also increased its business lending, especially in small loans or loans to new businesses, an area that is underserved by most lenders. The total amount of all Alternatives loans grew from $19.7 million in 1999 to $22.0 million in 2000, an increase of 11.6%. Our members' deposits are being put to work to create jobs and finance personal needs. The growth of Alternatives can be measured in a number of meaningful ways. In 2000, our membership increased from 5,206 to 5,839, an increase of 12.16%*. This helped to increase the Credit Union's total assets, which rose from $30.7 million in 1999 to $34.5 million in 2000, an increase of 12.4%. Net capital, which includes undivided earnings and gains on the sale of securities and reserve funds, increased 25.6% in 2000, to $3.66 million. As a federally-chartered Credit Union, the financial performance of Alternatives is continually monitored by the National Credit Union Association (NCUA), which acts as both an insurer and a regulator. The NCUA measures our performance against both established standards and against the performance of our peer organizations. In 2000, Alternatives' financial performance improved over the prior year, helping us to achieve the second highest rating available on NCUA's rating scale. One of the key indicators of financial strength is the net capital ratio, which measures the capital retained by the members against the Credit Union's total assets. Our net capital ratio, which has been rising in recent years, improved to 10.61% in 2000, the highest ever achieved by Alternatives. One of the biggest indicators of change at Alternatives will be the construction of the new offices that will be built on Fulton Street. The development of this building represents a huge step forward in terms of providing the space that is needed to improve services and operate new programs. It will also have some short term negative consequences for the Credit Union's financial picture, since a good deal of our available resources will be devoted toward paying for this building. However, the construction of this building is also expected to play a major role in helping Alternatives move its many plans for growth forward. Since we expect to continue to increase membership, deposits, loan activity and other indicators of financial strength, the development of this building will ultimately produce an even stronger Credit Union. Financial statements on pages 9-10.

*These figures reflect a change in the way we calculate membership. Previously, our software counted a member with two accounts as two members.

CONTACT: [email protected]

Supervisory Committee Report

The Supervisory Committee ensures that the Credit Union is always on the straight and narrow path... The Supervisory Committee is appointed by the Board of Directors and is responsible for the annual audit, verifying member accounts and responding to member complaints brought to its attention through regular new account and closed account surveys. The committee has been active in doing monthly checks of newly opened and closed accounts, and performing other internal auditing functions. For the third year, the Supervisory Committee contracted with Robert Simms, CPA, to perform the annual audit for the financial year ending December 31, 2000. The audit was performed in accordance with all requirements of the Supervisory Committee Manual for Federal Credit Unions and generally accepted auditing standards. In the auditor's opinion, the Credit Union's financial statements are a fair representation of Alternatives Credit Union's position and the result of its operation and cash flows. There was no indication of defalcation or malfeasance.

Supervisory Committee: Anne Clavel, Nancy Istock, Jan Evans Tiller, Emily Simon, Abbe Lyons, Shaianne Warner "I am honored to be a partner with an organization dedicated to the ideals of compassion, justice, sustainability and abundance for all. I appreciate your integrity and steadfastness." -- Member

Complete audited financial statements are available on the web at


CONTACT: [email protected]



Income Statement

2000 Loan Income Investment Income Fees Income Community Development Nonprofit Income TOTAL INCOME Total Salaries Occupancy Direct Nonprofit Expense Other Expenses TOTAL EXPENSE Interest on Borrowed Dividends TOTAL DIVIDEND EXPENSE NET INCOME AFTER EXPENSES Misc. Non-op Income (Grants) Misc. Non-op Expense 1,738,305 482,105 416,749 201,704 2,838,863 1,077,190 108,017 44,384 1,012,526 2,242,117 46,092 917,974 964,066 (367,320) 847,000 (308,999) 1999 1,489,285 547,649 417,306 183,243 2,637,483 982,278 115,757 52,824 607,801 1,758,660 15,393 857,281 872,674 6,149 -

Statement of Financial Condition

2000 ASSETS Consumer Loans Youth CU Loans Partnership Loans Mortgage Loans Business Loans TOTAL LOANS Allowance for Loan Loss Total Cash Total Investments Fixed Assets Other Assets 7,208,154 219 22,456 12,203,895 2,609,368 22,044,092 (288,524) 518,595 10,034,289 1,271,864 890,417 1999 6,380,552 1,823 13,695 11,333,400 2,020,506 19,749,976 (170,295) 580,567 8,107,929 1,361,432 1,040,163 Growth



34,470,733 30,669,772


LIABILITIES AND MEMBER EQUITY TOTAL LIABILITIES 561,608 Regular Savings Youth CU Savings Retirement Savings Checking Certificates TOTAL DEPOSITS Secondary Capital LOAN RESERVES RETAINED EARNINGS 8,417,430 330,468 2,979,754 7,683,073 10,839,451 30,250,176 1,400,000 495,096 1,763,853

319,511 8,085,111 279,204 3,097,422 6,092,698 9,882,867 27,437,302 850,000 676,973 1,385,986 -26.87% 27.26%

Net Income




"The work you do makes a difference as we work to bring more acts of goodness and kindness into the far reaches of the world (even into banking!)." -- Member





Board of Directors

Alternatives' volunteer Board of Directors, elected by the members from among the membership, ensures that our mission is met through prudent, thoughtful and creative action.

recycle funds in the community be a socially responsible depository serve underserved people

Robin Botie Warden Kenny Christianson Diana Drucker Jim Fravil Nia-Malika Fussell Karen Jamarusty Amy Kuo Paul Mazzarella Tom Terrizzi Leslie Strebel Lane Chambliss Leslyn McBean

Alternatives recognizes that the key to moving members successfully along the Credit Path is Education.

Staff preparing for the new building Sitting: Abigail MacBain, Fidela Sindihebura, Michelle Menter, Sarah Sullivan, Soren Bailey, Miroslav Knezevic, Carol Chernikoff, Chuck Dong

Kneeling: Sharon Kinnan, Ronda Porras, Bill Myers, Jeff Lawhead, Melissa Pollack, Pat VanDusen, Meridith Smith-Converse

Standing: Betty Henderson, Patrick Woods, Mary Ziegler, Ron Campbell, Deirdre Silverman, Gerry Ruggiero, Kathleen Cooke, Chris Chiambalero, Diana Leigh, Leni Hochman

"Just thanking you once again for the news from Ithaca in a part of the Midwest where a livable wage is rarely if ever discussed, and a fair economy is a foreign concept It was great to read of your efforts. Sometime I feel completely alone here but you remind me I'm not!" -- Member


Human Resources


PROFILE: Irene Kapiris

Irene came to Alternatives member service in August 2000. She had been a small business owner in Key West, growing edible flowers and gourmet greens for local restaurants there. She closed her business after it was blown away by a hurricane for the second consecutive year. Irene chose to work at Alternatives because "The Credit Union is about what you believe is worthwhile in life." As a member service representative and longtime entrepreneur herself, Irene enjoys seeing the high percentage of small business owners who use Alternatives' financial services and has a special appreciation of the value of Alternatives' role in educating its members, for both business and personal money management, as they travel the credit path. Alternatives is member owned, and staff all become members. Our staff has a common bond with members; they travel the credit path together. When we seek to serve our membership by educating and empowering them financially, it's the commitment of our member-staff that `moves the mission'. Alternatives has been an innovator this year in serving the needs of those who serve the Credit Union by initiating a domestic partner health insurance reimbursement that is one of the first of its kind in the region. We're proud to offer livable wage and a competitive, complete benefit package. In addition to education benefits and subsidized professional seminar attendance, biweekly staff training is a regular feature utilizing in-house resources to keep all staff fully informed of Credit Union services. Networking opportunities are actively encouraged; Alternatives gives staff incentives to share their expertise with the community by serving on community boards as compensated work time. Worker's Council, the body of staff that gives voice to staff needs, proposed changes, instituting a new joint council of management and staff which were implemented to improve communications. To further encourage communication opportunities, staff are provided monthly subsidies for lunches with other staff, which is a popular, lively and well used program. Alternatives' livable wage study, instituted to honor the concept that workers at full-time jobs should be able to support themselves without additional outside help, has served the local community as a hallmark of employment fairness standard. The study is much anticipated and widely quoted as a tool for securing fair wages. We continue to be active partners in Youth Employment Service; we also had 22 interns from area colleges and five VISTA interns. Alternatives is an equal opportunity employer which seeks diversity in its staffing while cultivating growth and advancement for each worker: personally, financially and professionally. As an employer, we're committed to serving our membership with highly motivated, well-trained staff dedicated to our basic mission.


[email protected]

Sharon Kinnan, HR Manager

Member Service

Our Tellers... and what they could tell! - but don't.


The mood and friendly feeling of the Alternatives lobby is an experience in itself. Alternatives is well known for the diversity of its membership, and our Member Service Representatives (MSRs) and members share an appreciation of that diversity and individuality in a wide range of unique and entertaining relationships! MSRs are the hands-on, roll-up-your-sleeves-and-get-the-jobinto-the-system part of the Credit Union journey. Alternatives' MSRs function efficiently and accurately to translate member needs into action. In addition to the obvious demands of handling over 20,000 transactions a month with precision, MSRs perform many of the functions that larger financial institutions assign to "specialists," such as receptionist duty, account opening, address changes, stop payments, and closing accounts. They're also knowledgeable about product lines including loans, Certificates, and VISA cards, and are able to refer members to needed specialists within the Credit Union for these needs. When the doors lock shut and the shades come down, our MSRs are not enjoying "banker's" hours. They function as their own "proofing department," checking transactions and participating in training sessions. For members who aren't able to take the time to enjoy the special ambiance of the Alternatives' lobby, MSRs helped design our "Get Out of Line" campaign explaining access to our electronic and after hour services on the phone with Fortune Teller and online with Alternatives [email protected]

PROFILE: Anita Peebles

Anita is a "townie" and has had an account at the Credit Union since her high school years. Before coming to work at Alternatives, as a single parent, she struggled to make ends meet at minimum wage jobs. Anita had so little working capital that she would open an account when her tax return came in and close it out a few months later when the money was gone. It was hard to sacrifice to pay bills when she felt she could never get ahead. Anita cried when she came to work at Alternatives where there is an implemented livable wage policy. She has opened a line of credit and is proud that she's able to pay her rent on time, and fix her car when necessary. As a Member Service Representative, she's been amazed to see how many families come to Alternatives, get homes and put down roots. Her hope for the future is to buy a small home of her own after establishing a credit rating.

PROFILE: Amy Capalongo

Amy is proud to have brought herself and two children off public assistance, which she describes as "nobody's dream", through her Alternatives job. Amy applied twice for her job, started part-time, moved to full-time, then to assistant vault manager and is currently Member Service Specialist. Amy says "I don't know if I could have made it without this job." She took the Credit Union's economic literacy training course, Money Wise Money Whys and is practicing personal money management. She has a car now and no longer has to walk her children to daycare or ask for a ride to take them to the doctor.

I enjoyed banking with you very much. I wish we had a bank like yours here. I loved your awareness of the needs of the community and I like to be helped by people from different cultures. -- Member


CONTACT: [email protected]

Consumer Loans

For many people, a consumer loan is the second step along the Credit Path from Saver to Borrower. Credit histories begin with small personal loans, lines of credit, credit cards or car loans. Borrowers may move from used car loans, to new car loans, to mortgage loans as they build successful credit records. Consumer lending is also important from a community development perspective because it provides a fair alternative to less affordable rent-to-own or predatory lending practices. And numerous studies have shown that having a reliable car is a major factor in getting and keeping a job, especially for those who are new to the work force. For many years, Alternatives has developed products that help people who are entering the credit system, or who are repairing damaged credit. Our Credit Builder loans, share secured loans, and Entry debit cards are such tools. In 1999, we began our Opportunity Lending

Carol Chernikoff, Director of Lending

Program, which provides entry into the Credit Path for those with weaker credit histories by basing loan prices (interest rate) on the risk involved in making the loan. We continue to have the best rates in town for borrowers with great credit ratings, and far better rates than predatory lenders for borrowers with blemished credit ratings. Lines of credit showed major growth in 2000, increasing by more than 30% from 1999. New car loans also showed strong growth, with a 35% increase in 2000.


PROFILE: Betty McGrew

Betty was preparing to buy a new car. She called our loan staff and Ronda was able to show her how to comparison shop on the Internet. Using the information she gained from Ronda, Betty negotiated for the same car at nearly $2,000 less than she had expected to pay originally. She was one happy member! It made Ronda's day, too. We can't always promise fabulous savings like this, but we do pledge to give the most personalized service and share our knowledge and experience with members who need it. Sometimes it's a gas! Loan Type Line of Credit Loans New Auto Used Auto Signature Loan Community Partnership Loans Other Secured Loans # 884 35 160 175 7 34 $ 1,094,850 621,469 1,545,404 638,516 18,871 179,009




CONTACT: [email protected]

Home Loans

Buying, renovating, or using equity to reach personal goals...


The year 2000 saw 67 new mortgages representing dreams reached for community members who have traveled the Credit Path to a meaningful goal - a home of one's own. Additionally 208 community members received in-depth information and counseling. Many of them took their first step towards home ownership: making a plan. We reached out into the community by working with Ithaca Neighborhood Housing Services, Better Housing for Tompkins County, and provided information at GreenStar Cooperative Market and Credit Union seminars. Alternative offers real alternatives with the Flexible Mortgage for members who don't meet conventional guidelines because of employment, debt ratio, credit history problems or with homes that don't meet secondary market standards. Alternatives' array of home loans makes it possible to match the best loan to the member's needs. In addition to the standard fixed and variable rate loans offered at competitive rates, we have loans that we hold at the Credit Union, designed for the special needs of our members: the 10 Year Swing, the Flexible Mortgage, a Construction loan product and the Home Equity Credit Line. 10 Year Swing is designed for people who have the means to make their monthly payment, as evidenced by their income and ability to pay rent, but who have been unable to save enough for a down payment. It features a low down payment (3%), and unlike most mortgages, where the down payment must be proven to be personal funds, this down payment can be a gift, grant or loan. This allows many low-income and first-time buyers to complement their mortgage with local home ownership programs. Alternatives offers real alternatives for members with credit history problems, or with homes that don't meet secondary market standards with the Flexible Mortgage. Members use our Home Equity Credit Line for all kinds of things, like home improvement, vacations, even car loans. Construction Loans are designed to allow members to build their own houses or hire a contractor to build for them. Alternatives, with its understanding and experienced staff have held many hands through this sometimes unnerving process and assisted grateful members in achieving their dreams. Alternatives is an Equal Housing Lender

PROFILE: Pam Mackesey

Pam Mackesey has been a homeowner before and knew what she was getting into when she and her husband decided to buy a "fixer upper" in downtown Ithaca. "Conventional" lenders weren't very interested in Pam's choice of property and her plans to build "sweat equity." Alternatives had competitive rates and a staff that took the time to hear out Pam's plans. She started with our Flexible Mortgage, closed in early April, worked her tailfeathers off, and came back to qualify for a home equity loan in late May. "It's not our first home renovation, but it's our most thorough renovation, and a year later, we still have lots to do. Alternatives listened and worked with us to accomplish our dream."


Loan Type Secondary Mortgages Flexible Mortgage 10 Year Swing Mortgage Home Equity # 19 13 19 22 $ 1,245,205 779,950 1,300,750 660,750





CONTACT: [email protected]

Small Business Loans

There is a great symbiosis between the Community Enterprise Opportunities (CEO) program and our small business lending. People use the services of CEO, in the classroom or one-toone consultations, and are better prepared to handle a small business loan. With these two programs, Alternatives is helping develop the local economy. After all, small businesses have created most of the new jobs in New York state over the last 20 years. Serving small business has been one of the major focuses of our mission since 1979. In 2000: · for the second year, we approved more that $1 million in new business loans · our new partnership with the SBA MicroLoan program enabled us to lend $74,000, to 8 members, all loans under $25,000. · we assisted over 50 members to start or grow their business Totals 52 $1,183,913


Loan Type Line of Credit Unsecured Loans Equipment Loans Grace VISA Small Business Administration Micro Small Business Administration # 10 5 16 3 8 10 $ 180,000 20,200 334,883 17,000 73,880 557,950

PROFILE: Joseph Wetmore

Joseph is a long-standing Alternatives member who used the equity in his home for an Alternatives' loan to get started with his bookstore Autumn Leaves, featuring only used titles, on the Ithaca Commons. Autumn Leaves partnered with Alternatives to install Tompkins County's only no-fee ATM, joining our ATM sites at Ithaca Bakery, Greenstar, and Collegetown Bagels.


[email protected]



The Community Enterprise Opportunities program gave new millennium entrepreneurs a boost! A record 162 people used CEO to receive training and technical assistance in business. These participants were offered CEO classes, business plan assistance, marketing ideas, peer support groups, networking opportunities, question and answer sessions with an accountant, lawyer, professional promoter, and access to other CEO participants who are in business. This year brought a new director, new technical assistance specialist and new VISTA to the program. These staff changes meant new ideas and additional projects including a CEO survey, the rehabilitation of The Micro Enterprise Support Alliance (MESA), seminars including bookkeeping and stress management, as well as the exciting expansion of classes to Cortland. As part of the CEO program expansion into Cortland County this year, eleven participants completed the CEO course. "I was pleased to see such dedication and interest in the Cortland class considering that the program was new to the county. We are hoping that the CEO program is as popular there as it is in Tompkins County," said Patrick Woods, the program's Director.

The CEO program is funded by the Small Business Administration, Empire State Development Corporation, the Aspen Institute and the Ithaca Urban Renewal Agency.

PROFILE: Sara Culotta, Owner, Business is Blooming, weekly flower service

Sara started her flower business in March of 2000, but wanted more direction, and went through the eleven week CEO class. The CEO classes helped Sara to "...take my dream seriously and actually manifest my business. The class is well-rounded and provides a complete picture of what is involved in a successful business." CEO classes helped Sara with marketing, product pricing, networking, and learning to speak about her business in search of feedback. For Sara the class was also motivational. "It got me to push through tough places. I now think about what is the next right thing to do and trust that this is all going to come together." Sara adds, "Running a business from home is more complicated than I thought it would be. I do, however, get to stay home with my two year old." When I asked Sara if she had any words of wisdom to current and future CEO participants, her reply was, "Do what you love... your passion for it will carry you through!"

CONTACT: [email protected]

GO Fund


The goal of the GO Fund is to provide equity-like financing that does not require immediate repayment to support the development of small businesses that demonstrate growth potential.

How does a business finance an opportunity to expand? If the business has equity and collateral, a small business loan works fine. If the business owners have capital, they can invest in the business. If it is a high-tech business, venture capital can be the solution. But for upstate, low-tech, fully leveraged small businesses, these options aren't available. The year 2000 saw background work completed for the launch of an innovative business growth fund. Alternatives has responded to specialized small business needs by creating a hybrid debt/equity product, which suits the needs of small businesses- a middle ground between a loan and venture capital company. The Growth Opportunities Fund (GO Fund) encourages the development and expansion of small businesses that do not have access to equity or equity-like instruments. The goal of the GO Fund is to provide equity-like financing that does not require immediate repayment, to support the development of small businesses that can demonstrate growth potential. Each investment is reviewed by an investment committee of expert volunteers. Technical assistance will be available from the GO Fund and the Credit Union's Business Services department. The results of these innovative efforts lie in the future."Right now, we're trying to draw the balance between social returns and capital returns. We are finding out what the needs of potential businesses are, a key piece in developing this as an effective tool," reports Jeff Lawhead, Fund Manager.

Note: The GO Fund is a product of the Alternatives Venture Fund, a 501(c)(3) affiliate organization of Alternatives Federal Credit Union.


CONTACT: [email protected]

Jeff Lawhead, GO Fund Manager



An Individual Development Account (IDA) is a targeted matched savings account for low income people, to be used specifically for attaining the following asset goals: home purchase, post-secondary education/job training, or small business development. The goal of the IDA program is to help low income people reach financial self sufficiency through money management course work and matched funds. Alternatives is one of thirteen sites across the country participating in the American Dream Demonstration (ADD) to prove the efficacy of IDAs. Since 1998, people have been saving in Individual Development Accounts at Alternatives to purchase a home or make repairs, go back to school, or start a small business. We currently have 78 participants in the IDA program. Twenty-two people have reached their asset goals. Eight IDA participants have purchased homes; five people, two of whom are youth, are currently attending college; five people have started or expanded their small business and four participants have made essential home repairs. Major funding for the ADD IDA program has come from the Corporation for Enterprise Development, the Park Foundation, HSBC Bank, Tompkins County, and Empire State Development Corporation. A wide range of local foundations, churches, civic groups and individuals have also supported this program. As Alternatives' ADD IDA program winds down, a few new IDA programs are just getting started. For women and minority graduates of the Community Enterprise Opportunities classes, Alternatives is offering IDAs with a 1:1 match rate on $750 in savings over the course of one year. These IDAs are for the purchase of business equipment only. Through a partnership with Challenge Industries and funding from the Joseph P. Kennedy Foundation and the New York State Office of Mental Health, IDAs are available to consumers of Challenge's supported self-employment program. Savings of up to $50 per month will be matched 2:1 for business start-up or expansion.

PROFILE: Gabe Flores

Gabe Flores was one of the first IDA youth participants, joining the program right after high school graduation. As a peace activist, Gabe did not want to register for selective service. However without registering, he would not have access to a number of student grants and loans. The IDA helped Gabe get money for his education while not having to go against his values. So far Gabe has used $2,705.01 to pay for tuition at Tompkins Cortland Community College. He completed the economic literacy training course, Money Whys, Money Wise and has noticed how it has helped him change the way he thinks about and spends his money. "I have been trying to save for a car but my education is more important right now, so I'll have to put it off for a while." Gabe also enjoyed looking at the effects of our consumer culture and the impact on our environment, our values and families.

CONTACT: [email protected]rg


PROFILE: Anne Koplinka-Loehr

Ever since her debut at age 6, of naming Dollars For Dreams, Anne has had a love for finance... (and banking, and saving, and volunteering). She started working at DfD during her freshman year at Ithaca High School. She is graduating a year early so she can spend a year abroad in Belgium. She is very involved in youth theater (especially with Orange Tree Theatre Company) and the arts (singing, violin, acting, photography, writing, etc). She loves reading exponential amounts of literature in AP English, as well as writing essays (really, she likes to write!). She hopes to grow up and conquer the world. Or maybe she'll settle for her own classroom. Anne reports - "I believe that I have a much closer association with the program because I named it, and I feel I belong there. I have a forum for ideas, as well as a group of young people who are competent tellers to work with. I have gained business experience from volunteering at Alternatives, and I hope I have extended my public relations skills as well as my interpersonal connections."


For DfD, 2000 marks ten years as an innovative model youth financial program. 2000 also saw a majority of its veteran youth staff graduate and a new coordinator come on board in the fourth quarter. While adjusting to these major staffing challenges, our accomplishments for the year are as follows: · We maintained the DfD branches at Alternatives Credit Union, Alternative Community School, and Boynton Middle School, ending the year with 737 accounts and a total of $304,000 · DfD participant Lisa Smith won the Youth Volunteer of the Year award from the New York State Credit Union League · Anne Koplinka-Loehr represented DfD at the National Federation of Community Development Credit Unions Annual Conference in Denver, Colorado · We sponsored a children's story and foreign coin activity at the Kid's Bookfest, Boynton Middle School · DfD participated in Credit Unions Care for Kids by collecting toys and donating them to the Red Cross Shelter · We initiated a financial literacy curriculum for youth

I had three students approach me with how interesting they found your presentation on issues of disenfranchised people in our community. What a whole new world of potential work and career opportunities you uncovered for them. -- Member


CONTACT: [email protected]

Community Partnership Lending CPL

CONTACT: [email protected]


Community Partnership Lending (CPL) is a program designed to help community-based, not-for-profit organizations work with their clients to get them on the Credit Path. Staff of participating agencies determine client needs for loans. Alternatives administers loan funds which are lent to clients of a participating agency. The agency raises half of the funds and the loan fund account provides the rest. Participating agencies in 2000 include: ACCORD, Ithaca Urban Renewal Agency (IURA), Ithaca Housing Authority, Minorities and Women Business Enterprises (MWBE) Development Center, Inc. Negotiations are underway with several more community agencies to continue this very practical program. Alternatives and the agency partner in education, mentoring, and monitoring to help ensure success. These loans include small business loans to low-income city residents, loans to debt program participants for debt consolidation, cars, and loans for emergency assistance to clients in need. The loans are as varied as the individuals served by our partners. CPL exemplifies Alternatives' mission to serve underserved populations.

Cooperative Enterprise Project


Zoe Holloman, Intern

The Cooperative Enterprise Project, begun in February of 2000, is focused on the creation of a strategic plan to provide technical assistance and resources to cooperative businesses in Central and Western New York State. The vision is for a Technical Assistance Center to be located at Alternatives Federal Credit Union, managed and staffed by Cooperative Life and the Cooperative Development Institute of Greenfield, Massachusetts in partnership with Alternatives.

In 2000, an advisory board was established and a study conducted to evaluate the need for technical assistance, including the need for an active program in education and marketing. The goal of these programs would be to stimulate interest in cooperative business formation within identified communities. While still in the planning stages, this project reflects Alternatives' concern with the mission of serving underserved communities by building cooperative enterprise at the grassroots level.

CONTACT: [email protected]

Socially Responsible Investing


Members who put their money in Alternatives often do so because our mission matches their values. They want their money to be poured back into the community. But the ability to invest with us is limited to savings accounts and share certificates. Members who want to diversify their savings plan and have the chance for higher returns often look to us for advice. In 1999, we created a partnership to fill that need. Brian Laverty, an investment counselor specializing in socially responsible investing (SRI), has over 16 years of experience in consulting in insurance and investments. His primary activity is in investment portfolio management. "It is hard to believe that I'm starting the third year working with the staff and members of Alternatives," reflects Brian. "Being part of a community

Brian Laverty, Investment Counselor

development credit union is truly about making a positive difference in those areas that are under served by the traditional large conglomerate banking institutions. That is why I cherish my relationship with Alternatives." Brian is available at Alternatives two days a week for Alternatives members.

Investments are offered through Progressive Asset Management Network, member NASD/SIPC. Products offered are not federally insured, are not guaranteed by or obligations of Alternatives Federal Credit Union or Progressive Asset Management Network. Investments may involve risk, including loss of principal.


CONTACT: [email protected]


An email from Soren Bailey, who worked at Alternatives before moving to Chicago: "When we first moved here, we decided to go to a contemporary art museum in downtown Chicago. When we got there we saw there was a special show... We were surprised to see that one of the towns featured was Ithaca! When we actually got to the set on Ithaca, what do you know, but it was all about Alternatives! There were pictures of staff and members on the wall as well as photos of businesses like Sticky Rice who got loans at the Credit Union! I couldn't believe it! What a coincidence! It was nice to see all the familiar faces and hear Leni's voice on the audio museum guide." The good work of Alternatives is being showcased nationwide as part of "Indivisible; Stories of American Community." Alternatives is one of 12 organizations selected to depict grassroots democracy in America. Indivisible tells the stories of our members and staff in narration and photographs.

Leni Hochman, C.O.O.


version opened in Center Ithaca in December. Designed to take the words and images of Indivisible to a broader audience, the postcard installations (brought to Ithaca and set up with a lot of help from Ithaca Downtown Partnership and Center Ithaca) featured racks of free postcards and interactive computer stations that allowed visitors to record their own stories of community. "Indivisible portrays the struggle to build our democracy at the ground level - connecting our everyday lives with our civic lives - and documents how, with hard work, it can be done," said Rebecca W. Rimel, president and CEO of The Pew Charitable Trusts. The project also includes an educators' guide, the booklet Documenting Community Action, a guide to producing a documentary and local archives. Check out the web site, where you can hear the stories of Alternatives and the other local initiatives to better their communities. From the website, you can purchase the book (feel free to look at it at the Credit Union), send e-postcards, and find out if the museum or postcard exhibit is crossing your path.

Indivisible is a project of the Center for Documentary Studies at Duke University in partnership with the Center for Creative Photography, University of Arizona, and funded by The Pew Charitable Trusts. Indivisible debuted in October as a museum exhibition in Chicago, and as a major trade book, Local Heroes Changing America. The Terra Museum was the first of eight museums around the country displaying nearly two hundred original photographs and an audio guide with excerpts from recorded interviews. Though the museum tour is not scheduled to hit Ithaca, the postcard

In the spring of 1999 Alternatives was asked to be part of a documentary project funded by The Pew Charitable Trust. The project, called Indivisible, will tell the stories of 12 community initiatives, highlighting diverse, sustainable grassroots projects that promote strong communities across America.

Steven Valloney, Alternatives Federal Credit Union member and owner of the Sunrise Yoga Center, with Charlotte Rosen. Ithaca, New York, 1999. Photo © Bill Burke Alternatives Federal Credit Union member Jonathan Kline is the owner of Black Ash Baskets, a local business. Ithaca, New York, 1999. Photo © Bill Burke

Kind Help, continued from page 2 "During the first year we have been living in Ithaca, we have accomplished a lot of things: our incomes have stabilized because I (Sasha) have got a permanent job in my field at Cornell, my wife Zelkida has become an "A" student at TC3, our daughter Mirna has already passed through the Pre-K program and she is now preparing to start her study in Kindergarten. These days we are just about to move from public housing to a very nice rental apartment, we have already bought and collected almost all the furniture that we need, we have a computer, a nice used car, etc. And Alternatives has been with us all the time, supporting and helping us every time we needed help with our finances. Your organization has approved every one of our loan-applications so far, even at the very beginning, when we didn't have very stable source of income and still were in ESL program, but urgently needed to buy a computer because of my profession ( I am an information specialist) and Zelkida's study needs at TC3. Alternatives issued us our first VISA card, at first a debit one and after just a few months the Choice Card, extending our credit limit only six months after getting it. And every time kind people from the Alternatives have served us promptly, with the highest level of professionalism. Also, we specially want to mention your excellent [email protected] Online service, which we especially appreciate because it offers us the possibility to check on our account from home, any time we turn on computer. " "Thank you very much for everything you have done helping us to make Ithaca and the United States our new home. Best wishes!"


Predatory Lending


Education is a key component of the Credit Path and Alternatives' mission. Its importance is especially relevant when you consider the unscrupulous practices of predatory lending. Predatory lending threatens to undo some of the gains of the Credit Path. Because predatory practices are carefully designed to lure unsuspecting consumers, the best protection is education. While the phrase predatory lending may be new to you, its practice is old. It may not be as apparent in Ithaca, where there are no Check Cashing stores or Pay Day lenders, but Ithacans have not avoided its clutches. Predatory lending can take the form of unconscionable fees for quick tax refunds or rent-to-own stores which, if translated into annual interest rates, can soar over 100%. Predatory lending should not be confused with subprime lending. Much of Alternatives lending is subprime lending. Subprime lenders work with individuals who, because of credit history with late payments, high debt-to-income ratios, or other reasons, do not qualify for loans from conventional lenders. Fair subprime lenders charge more, but do not engage in abusive, usurious lending practices; they make loans that are appropriately priced for higher risk borrowers. Predatory lenders charge fees and interest beyond the risk they are taking. It's infuriating to hear about the exploitation some of our members have suffered before coming to us: · A couple goes to the local branch of a national tax service to file their tax return and get their Earned Income Tax Credit. It's a very simple return, but they are charged $60.00. The preparer convinces them to apply for quick return to get the return faster ($20). And they could take out a tax return anticipation loan, very short-term with up-front processing fees. These fees affect the annual rate, bringing it to a startling 401%! When the refund is paid, they get a check from the preparer's account. The fee for the couple to cash the check at a bank (without an account) is $10! · A rent to own center offers a lease for a refrigerator purchase. For the $800 appliance, the purchaser pays $1800 including interest, fees and markup by the time the refrigerator is paid for. · An immigrant borrower buys a car from a used car dealer. Purchase price is 20% over book value plus fees plus high interest rate. Loan payment is 100% of borrower's net income. Borrower goes back to dealer in two months. Dealer refinances deal with longer term, added fees and uses borrower's brother's car as additional collateral. The worst cases are predatory mortgage lenders. These stories can be heartbreaking. Lenders focus on the elderly and minorities. They prey on low income and unsophisticated borrowers. Borrowers are lured into high rate loans with excessive fees and misleading terms. Many borrowers lose their home and savings because the loan is often based on the amount of equity the borrower has in his/her home, not in the borrower's ability to repay the loan. Why is this happening? "They're greedy, they're greedy," says Nina Simon, a staff attorney with the American Association of Retired Persons Foundation, which works on behalf of elderly people who have been scammed. "They're very profitable and they don't care. I just don't think anybody cares," she adds. "They've kept pushing the envelope because they're making money." Recent actions of the Federal Trade Commission are encouraging to the many groups working to fight predatory lending. In the meantime, Alternatives is joining others locally, statewide and nationally to educate people about what to look out for, and to check out alternatives, like community development credit unions.

CONTACT: [email protected]

Grants and Awards


The community development activities described throughout this Annual Report- IDAs, youth credit union, microenterprise development, affordable mortgages, financial education, small business lending- would not be possible, or would be limited in scope, without support from public and private funders. The individuals, foundations, corporations and government agencies that provide grants and program-related investments (low-interest deposits and loans) make it possible for us to expand our efforts to promote community economic development. Investments in Alternatives have a multiplier effect in our community. They help create new businesses that revitalize our local area with new jobs and innovative products and services. By promoting homeownership, they increase stability in our neighborhoods. Through the support of financial education and helping people move towards self-sufficiency, they help reduce the wealth gap. On behalf of our members and our community, we truly appreciate the financial support of the following: We received grants and secondary capital deposits from: CDFI (Community Development Financial Institutions) Fund of the U.S. Treasury Department, Corporation for Enterprise Development, Empire State Development Corporation, Small Business Administration, Ithaca Business and Professional Women, National Community Investment Fund (NCIF), National Federation of Community Development Credit Unions (NFCDCU), National Community Capital Association (NCCA), First Baptist Church, Ithaca Urban Renewal Agency, Tompkins County, Haro Foundation, Park Foundation, Aspen Institute, HSBC Bank, Social Service League, Service League, Helen Thomas Howland Foundation. Non-member depositors make large deposits, sometimes at below-market rates, to support our lending and other initiatives: ACCORD, Ben & Jerry's Foundation, Calvert Fund, Calvert Social Investment Fund, Cayuga Medical Center, City First Bank of D.C., Community Capital Bank, Douglass National Bank, Dryades Savings Bank, Empire State Development, Emunah Yuka Edinburgh, Fannie Mae, Fleet Bank of New Jersey, Fleet National Bank Massachusetts, Foundation of SUNY Binghamton/Joel Robinson Fund, Funding Exchange Endowment, Genesee Valley Improvement Corp., F.B. Heron Foundation, HSBC Bank, Institute for Community Economics, MWBE Development Corp., Neighborhood National Bank, New Alternatives Fund, NFCDCU, O.P. & W.E. Edwards Foundation, Parnassus Fund, Partners for the Common Good 2000, St. Lawrence Seaway Development Corp., Shorebank Cleveland, Sisters of the Holy Cross, South Shore Bank, Stowell Trust, Tompkins County SPCA, Tompkins County United Way. And the following credit unions: Alpa, Bethpage, Cascade, East Idaho, Greater Minnesota, Heritage Community, John Deere Community, Kaiser Permanente, Kemba Charlestown, LUSO, Miramar, Mississippi Telco, Morristown, Near Eastside, New Century, Pasadena, Peoples, Quitman County, Riverside County Schools, Rochester Ukrainian, San Francisco Police, Self-Help, Star USA, Syracuse Cooperative, Union Heritage, Union Settlement, Vicksburg, United Auto Workers CIO, United Brotherhood.


CONTACT: [email protected]

Deirdre Silverman, Director of Development


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