cei · the staff at cei and cei capital management llc were deeply saddened by the loss of our...

C E I 2 0 1 1 A N N U A L R E P O R T 21

2 0 1 1 A N N U A L R E P O R T

CEI

COASTAL ENTERPRISES, INC.

I N V E S T I N G I N T H E F U T U R E

C E I 2 0 1 1 A N N U A L R E P O R T2 C E I 2 0 1 1 A N N U A L R E P O R T2

CEI ImPACT sTATIsTICs

Number of staff .............................. 88

Number of loans/

investments outstanding ............. 368

Capital under management/

committed ................. $791.2 million

Businesses financed .....................2,167

Amount financed ..............$806 million

Amount leveraged ............ $2.34 billion

Businesses/people counseled ..... 37,363

Full-time jobs at loan closing ...... 26,184

Affordable housing units

created/preserved .................. 1,386

Child care slots


C U M U L A T I V E I M P A C T R E P O R T 2 0 1 1

Support for small businesses changes lives. New jobs are being created. New partnerships and

friendships are being formed. Powered by passionate staff and smart business owners, we’re working

to create an environment of opportunity – for our kids to stay here and for new businesses to thrive

here – a world where we can truly say, “Maine provides for the dreams of its citizens” by offering

them a lifeline to economic empowerment through work. Please join us in celebrating the accom-

plishments of all the nonprofits in Maine, who employ 1 in 7 workers and make the state a better

place to live.

mIssION To help create economically and environmentally healthy communities in which all people, especially those with low incomes, can reach their full potential.

IR ENE G RONdIN 1955-2011

The staff at CEI and CEI Capital Management LLC were deeply saddened by the

loss of our colleague, Irene Grondin, in the spring of 2011. Irene joined CEI in 1992

and served as a highly valuable staff member during the entire period, believing in and

carrying out the mission of CEI every day over 19 years. She applied this drive first to

our lending group and later to the development and growth of the New Markets Tax

Credit Program. Her friends at CEI miss her dearly.

C E I 2 0 1 1 A N N U A L R E P O R T 3C E I 2 0 1 1 A N N U A L R E P O R T 3

Welcome to CEI’s 34th annual report. On behalf of the 88 staff and 40 corporate, subsidiary and advisory board members,

we’re pleased to share our accomplishments, our sense of the future, and reflections on the challenges our collective

communities face in creating opportunities for people and places in rural Maine and America. We are especially proud to share

the stories of our customers, who often become our friends.

We want to thank our many partners and supporters: the individuals, foundations, governments, religious institutions,

corporations and banks who have participated in funding our organization. As the result of their confidence, the Community

development Corporation and Community development Finance Institution fields have grown to include thousands of

mission-driven investment and development entities serving rural and urban America. Our funders have helped us maintain

forward momentum in rough times for all.

More than ever, socially-minded investors of all types seek ways to make a difference with their money, and CEI offers those

opportunities. We work in solidarity with groups all over the U.S. and the world, embracing social and environmental justice

for all people.

The various “Occupy” movements – with their global locations – ask that each of us in our respective communities and

stations in life do two things: first, understand the chasm between the haves and have-nots: the economic systems that foster

income and wealth disparities vs. those that nurture sustainable and healthy communities. Secondly, we should consider the

ongoing challenges to the global environment, and foster its stewardship rather than its deterioration.

Please join us on our journey to make a difference in protecting our habitat, creating jobs and spreading prosperity, while

supporting the entrepreneurial business spirit in Maine and beyond.

Ronald L. Phillips Annee Tara

President Chair, Board of Directors

CEI ImPACT sTATIsTICs

Number of staff .............................. 88

Number of loans/

investments outstanding ............. 368

Capital under management/

committed ................. $791.2 million

Businesses financed .....................2,167

Amount financed ..............$806 million

Amount leveraged ............ $2.34 billion

Businesses/people counseled ..... 37,363

Full-time jobs at loan closing ...... 26,184

Affordable housing units


Child care slots


2011: A bUSy yEAR OF bUSINESS FINANCE ANd jOb CREATION

C E I 2 0 1 1 A N N U A L R E P O R T4

With over $700 million in capital committed or under management, CEI is having an increasing impact in Maine and rural

regions nationwide with its mission of Triple bottom Line investing – economy, equity and the environment – creating

economic opportunities for people and places at the margins of society.

The good news is that CEI’s accomplishments and its goals for the future merge to provide a strong foundation for even more

impact. The hope we build each day is evidenced by the incremental successes we accomplish together – whether a green

resource website like Green Energy Maine, employment specialists finding meaningful employment for disabled individuals,

or more access for fishermen to waterfront berths and off-loading of their catch.

Our work at CEI will result in housing with renewable solar roof top systems and financing of businesses that move in

the direction of more sustainable practices, while creating jobs with health benefits. Working farmlands, access to healthy

foods through value-added production and processing of Maine goods, and forest management that will be preserved in

ways to sustain important Maine resources – all these will benefit from an improving market and a growing environmental

consciousness.

At CEI, our mission drives us. Our strategic plan guides us. Our board supports us. Our staff gets it done. We are proud of

the collective effort and the impact that we have realized in 2011 and look forward to many more years of success for the

people of Maine, New England and the U.S.

C E I – T H E N E X T F I V E Y E A R s


INTEREST & dIVIdENdS FEE INCOME RENTAL INCOME FEdERAL & STATE PRIVATE OTHER

SALARIES & FRINGE PROVISIONS FOR LOAN LOSSCONSULTANTS & CONTRACTOR SERVICESINTEREST EXPENSE OTHER

sOURCEs OF REVENUE

5%

CUmULATIVE VALUE OF CEI FINANCING AND LEVERAGE

NmTC

sBA 504

HOUsING

VENTURE

ENTERPRIsE

DEVELOPmENT

53%

EXPENDITUREs

25% 48%

7%10%

10%

7%

8%

10%

17%

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

$3,500

$3,000

$2,500

$2,000

$1,500

$1,000

$500

$0

CEI sHARE OF FINANCING AND LEVERAGE

CEI 26%

LEVERAGE 74%

$1.00 CEI Financing Leverages$2.89 From Other sources

MILLIONS


L O C A L F I N A N C I N G

The U.S. Small business Administration defines a small business as one with fewer than 500 employees. Nationally, we’re sure that works. In rural America, however, most businesses are small. The average number of employees in a Maine business, for example, is 11. CEI’s lenders work with businesses of any size, from solo practitioners to large manufacturers. A loan of $1,000 is not too small. A loan of $1 million is not too large. Flexible terms, market rates and free technical business assistance underscore CEI’s mission to help wherever we can.


LORING PACk BAskET COmPANY

Like his father before him, Wane Loring, owner of Loring Pack basket

Company, has a deep dedication to using only the finest materials to craft

his pack baskets. An Indian Guide and an expert in the traditional Native

American craft of pack basket making, Wane took an innovative look at the

basket and found a synthetic substitute for the Ash wood traditionally used

to craft the basket packs. While beautiful and sturdy, the craftsmanship in

using Ash was so time intensive that the market could not bear the result-

ing price point. Taking the synthetic baskets to market took nearly a year of

research and development, and support from CEI in the form of a loan and

business counseling through the Maine Small business development Center.

In early 2001, Loring Pack baskets introduced a synthetic pack basket with

a price that was accepted by consumers. Since that time, Wane Loring has

been steadily expanding his business.

PINE POINT mUNICIPAL PIER

The wharf at Pine Point is a hub of waterfront activity and provides

access for over 35 commercial fishermen, whose livelihoods depend

on it. Owned by the Town of Scarborough, Pine Point has been in

need of improvements for years. Prior to the rehab, “the fishermen

had to work twice as hard to use the pier. They couldn’t drive on

it, and it was back-breaking work just to get out on the water to go

fishing,” said local Marine Resource Officer dave Corbeau.

Thanks to the state’s Working Waterfront Access Protection

Program, administered in part by CEI, all that has changed with the

construction of a new wharf specifically to benefit the local fishing

community. Its features include:

•lighting,freshwater,andsecuritycamerasurveillance

•vehicularaccesstothepierandtwomechanicalhoists

•walkingrampthatleadstosevenfloats,4,200sq.ft.total

LOCATION: OLD TOWN, mE

EmPLOYEEs: 1 PLUs FAmILY

CEI CONNECTION: mAINE smALL BUsINEss DEVELOPmENT CENTER AND LOAN DEPARTmENT

PARTNERs: ANNIE E. CAsEY FOUNDATION

WEBsITE: LORINGPACkBAskET.COm

LOCATION: sCARBOROUGH, mE

NO. OF LOCAL LOBsTERmEN: 35, PLUs sTERN mEN

CEI CONNECTION: WORkING WATERFRONT ACCEss PROTECTION PROGRAm

PARTNERs: LAND FOR mAINE’s FUTURE PROGRAm, mAINE DEPARTmENT OF mARINE REsOURCEs, mAINE DEPARTmENT OF TRANsPORTATION

WEBsITE: WWW.WWAPP.ORG/PINEPOINTPIER.CFm

s m A L L B U s I N E s s

J O B s


From home to “away,” CEI’s lending and investing activities support business creativity and impact. We believe in “buy Local,” and finance many, many businesses that are bringing products to local markets: farmers, restaurateurs and professional service providers alike. At the same time, we see opportunity nationally to take our mission to broader markets. Where there’s economic, environmental and social equity impact, CEI wants to be there, partnering with entrepreneurs of all sizes who are involved in the development of healthy communities.

F L E X I B L E F I N A N C I N G


mIYAkE

Masahiko (Masa) Miyake, co-owner of two flourishing restaurants in

Portland and a farm in Freeport, first came to Maine from New york

City eight years ago on vacation. He moved here permanently three years

later and opened his first restaurant, Miyake, on Spring St. His second

restaurant, State Street noodle bar Pai Men Miyake, launched to critical

acclaim. Last spring, he went one step further. Miyake started a farm to

supply some of the food for his restaurants. He empowers employees by

giving them responsibility, helping them build an expanding knowledge

base. This approach has paid off tremendously, especially as he and his

partner experience low employee turnover, uncharacteristic to their

industry. CEI awarded Miyake the original loan to start his business.

About their relationship with CEI, William Garfield, Miyake’s

co-owner, notes “everyone at CEI has been terrific. They understand our

approach to business and our philosophy.” Since the original opening,

CEI has awarded them two additional loans.

AmERICAN PROCEss INC., ALPENA BIOREFINERY

The Alpena biorefinery Project was born of innovative thinking and

practical know-how. In 2006, Alpena President Theodora Retsina

set about transitioning her engineering consulting firm to one that

sustainably produces cellulosic ethanol. In 2009, they were at a

critical juncture, having received a substantial federal grant from the

department of Energy but in need of additional capital. With its

flexible lending criteria, CEI’s New Market Tax Credit subsidiary

was able to provide financing that other pure lending institutions

could not. “CEI provided critical financing, but also had industry

knowledge and came to the project with an inherent understanding

of what needed to happen.” said Ms. Retsina. Through its patent

pending Green Power+ process, the Alpena facility will produce

approximately 945,000 gallons/year of cellulosic ethanol for biofuel

and 700,000 gallons/year of a co-product often used as a deicer on

airport runways.

LOCATIONs: PORTLAND AND FREEPORT (FARm), mE

REVENUEs: $1.8m

EmPLOYEEs: 38

CEI CONNECTION: sTARTsmART AND LOAN DEPARTmENT

PARTNERs: Us smALL BUsINEss ADmINIsTRATION, CARROT FOUNDATION, Us DEPARTmENT OF AGRICULTURE.

WEBsITE: WWW.mIYAkEREsTAURANTs.COm

LOCATION: ALPENA, mI

NO. OF EmPLOYEEs: 25

BENEFITs: HELPs PREsERVE OVER 200 RURAL JOBs, DIsPLACEs 12,533 BARRELs OF OIL/YR. AND sIGNIFICANTLY REDUCEs GREENHOUsE GAsEs.

CEI CONNECTION: CEI CAPITAL mANAGEmENT LLC.

PARTNERs: RURAL DEVELOPmENT PARTNERs, WELLs FARGO COmmUNITY HOLDINGs, ALTERNATIVE BIOPRODUCTs INVEsTmENT, LLC., FIFTH THIRD BANk

WEBsITE: WWW.ALPENABIOREFINERY.COm

B U Y L O C A L

s U s T A I N A B I L I T Y


Running a small business is a heads-down job. This challenge often is stated by our customers: “do I RUN the business or dO the business?” It is common for subject area experts to start businesses in their fields of expertise: for example, making jewelry, fixing computers or cleaning commercial spaces. Our business counselors and technical staff provide key insights into some of the more underdeveloped skills: the creation of a business plan, financial management, preparing to get a loan, training and managing workers, and many other areas of business leadership. Most of these services are free to the customer.

B U s I N E s s s U P P O R T


IRIs DEsIGNs JEWELRY

Laura Pierce always had a knack for just about anything to do with

creativity. In 2006, she turned her considerable talent to sea glass as her

primary source material, and Iris designs jewelry was born. She signed

up for a booth at the blueberry Festival in Machias and sold over $1,000

of merchandise. Early on, Laura sought business counseling from CEI’s

downeast Women’s business Center. With support and sales coaching,

Laura’s first sales trip yielded results that far exceeded her expectations. Her

steadfast concentration on the business helped her overcome divorce, health

issues and the near loss of her home. “Luckily [my business counselor] put

me in touch with a CEI housing specialist who helped me turn around the

foreclosure. Since then, I’ve even built a cash cushion to tide me over during

lean times,” reported Laura. Today, her handcrafted and contemporary

jewelry can be found in dozens of shops in the northeast and her sales

continue to climb.

EmPLOYmENT sPECIALIsTs OF mAINE, INC.

jean Gallant, president of ESM, founded her company in 1992

while working in special education. She had observed firsthand the

lack of support people with disabilities received in the workplace

and knew there was a better way. ESM is unique in the service field

as a for-profit entity. “My goal” says Ms. Gallant “is to help people

to live independently in every aspect of their lives.” Typically, ESM’s

clients are those who are considered the “most challenging,” people

many agencies will not or cannot serve. Facing a critical juncture

in 2009 when her own bank failed, Ms. Gallant searched for an

institution that would partner with her for continued success. In

conjunction with Td bank, CEI provided a flexible loan. As

part of that loan, EMS entered into an Employment & Training

Agreement (ETAG) with CEI, recruiting, hiring and training

candidates for employment via the CEI Service Provider network.

LOCATION: WHITING, mE

EmPLOYEEs: 1

CEI CONNECTION: WOmEN’s BUsINEss CENTER, HOUsING COUNsELING

WEBsITE: WWW.ETsY.COm/sHOP/ IRIsDEsIGNsEAGLAss

LOCATION: AUGUsTA, mE

NO. OF EmPLOYEEs: 260

NUmBER OF CLIENTs sERVED: 700

BENEFITs: PROVIDEs INDIVIDULAs WITH DIsABILITIEs THE OPPORTUNITY TO BECOmE INDEPENDENT, sELF-sUFFICIENT CITIZENs IN THEIR COmmUNITIEs

CEI CONNECTION: CEI INVEsTmENT NOTEs, INC., WORkFORCE DEVELOPmENT AND LOAN DEPARTmENT

PARTNERs: TD BANk, N.A.

WEBsITE: WWW.Esm-COmmUNITYREHAB.COm

T E C H N I C A L A s s I s T A N C E

W O R k F O R C E D E V E L O P m E N T


Since 1977, CEI has built upon its role as a practitioner to engage in state and federal policy work. Advocacy is a key strategy for CEI to achieve greater social impact than what we could do as a single development organization. CEI works with legislators, peer organizations and other stakeholders to develop broader government support for model programs that we have pioneered, new initiatives and demonstration programs, and ongoing programs that support the community and economic development field as a whole.

P O L I C Y I m P A C T


mAINE NEW mARkETs TAX CREDITsCEI’s experience in influencing national policy also creates opportunities

here at home. In 2011, CEI brought an idea for capital investment to the

Maine Legislature, based on our successful experience with the Federal

New Markets Tax Credit program, championed by Senator Olympia

Snowe. The bill passed, and it begins to create jobs at least two years

before it costs the Maine treasury a nickel. Not a “give away” program,

the projects must show expected revenue and repay all debt. The Maine

NMTC program allows for:

•CreatingastrongincentiveforprivatecapitalinvestmentintoMaine

projects, attracting Maine lenders and investors as well as capital “from

away.”

•FinancingMaineprojectsthatcan’tfindcapitalinthistightcredit

market.

•Creatingandsavingapproximately3,500Mainejobs.

•ReplenishingMaine’streasurywithprojectedtaxrevenuesof

approximately 2.7 times the cost of tax credits.

GILmAN PLACE

Originally constructed as a high school in 1913, Gilman Place

today is a 35-unit affordable housing development in Waterville and

a registered historic landmark. Over the years, Gilman Place had

served as a junior high and a vocational technical college. In order

to convert the building into affordable housing, CEI structured

an equity purchase of State Historic Preservation Tax Credits

and teamed with developer’s Collaborative who performed the

stringent process of redevelopment, which required approval from

the National Parks Service and the State Historic Preservation

Office. The ribbon cutting ceremony for the building marked not

only a new life for the historic building, but an opportunity for

families and individuals in the Waterville area to have access to

affordable housing. “Gilman School was virtually abandoned and

deteriorating rapidly. The successful rescue of this historic building

reflects the collaboration between public and private sectors that

happens in community development housing,” said john Egan,

director of Housing development at CEI.

LOCATIONs: sTATEWIDE

NO. OF JOBs PROJECTED: 3,500

NET PROJECTED sTATE TAX REVENUEs FROm BUsINEssEs sUPPORTED: $166 mILLION

mODELED ON FEDERAL NmTC PROJECTs ALREADY IN mAINE: GRAND LAkE sTREAm, BRUNsWICk NAVAL AIR sTATION, PREsQUE IsLE, mILLINOCkET, PORTLAND, LEWIsTON, BANGOR, AND THE mOOsEHEAD REGION

P R I V A T E I N V E s T m E N T

A F F O R D A B L E H O U s I N G

LOCATION: WATERVILLE, mE

NO. OF EmPLOYEEs: 3

BENEFITs: 35 APARTmENTs, INCLUDING 13 FULLY ACCEssIBLE, AFFORDABLE HOUsING UNITs

CEI CONNECTION: HOUsING DEVELOPmENT

PARTNERs: DEVELOPERs COLLABORATIVE, BANGOR sAVINGs BANk, mAINEHOUsING, CITY OF WATERVILLE, NATIONAL EQUITY FUND, mAINE HIsTORIC TAX CREDITs, LOW INCOmE TAX CREDITs, WINTON sCOTT ARCHITECTs, ALLIED COOk CONsTRUCTION, sUTHERLAND CONsTRUCTION & CONsULTING, PREsERVATION mANAGEmENT, INC.

WEBsITE: WWW.DEVELOPERsCOLLABORATIVE.COm/ PROJECTs/AFFORDABLE HOUsING/ GILmANPLACE.PHP

mEmBERs OF THE GRAND LAkE sTREAm TEAm


COAsTAL ENTERPRIsEs, INC. AND sUBsIDIARIEsConsolidated Statements of Financial Position, September 30, 2011 (with comparative totals as of September 30, 2010)

ASSETS 2011 2010 Current Assets Cash and cash equivalents $ 23,607,823 $ 21,600,772 Accounts receivable, net of allowance 460,600 401,963 Interest receivable 619,608 385,044 Notes receivable, current portion 3,684,633 3,096,587 Grants receivable 1,039,846 1,213,510 Prepaid expenses 119,886 129,776 Total Current Assets 29,532,396 26,827,652 Land, Property and Equipment, Net 15,232,541 15,261,453 Other Assets Notes receivable, net of current portion and net of loan loss reserve 13,103,150 12,109,267 Restricted cash 6,216,008 4,192,794 due from affiliates 261,395 227,469 Cash on deposit for loan guarantees - 22,500 Investments 18,343,764 14,964,000 Security deposits 48,980 56,979 deferred tax asset 5,943 - Total Other Assets 37,979,240 31,573,009 TOTAL ASSETS $ 82,744,177 $73,662,114 LIABILITIES AND NET ASSETS Current Liabilities Accounts payable $ 195,266 $ 180,900 Accrued expenses 639,630 526,768 Long-term debt, current portion 3,023,188 3,470,001 deferred fee income 2,663,704 1,311,649 Unapplied grant funds 1,084,904 1,295,949 Total Current Liabilities 7,606,692 6,785,267 Other Liabilities Security deposits 72,469 81,361 deferred income taxes - 3,990 Long-term debt - net of current portion 42,515,662 36,480,567 Total Other Liabilities 42,588,131 36,565,918 Total Liabilities 50,194,823 43,351,185 Net Assets Unrestricted net assets, controlling interests’ portion 18,226,403 14,015,806 Temporarily restricted net assets 3,620,653 5,334,087 Permanently restricted net assets 2,956,187 2,956,187 Subtotal - Net assets of controlling interests 24,803,243 22,306,080 Unrestricted net assets, non-controlling partners’ capital 7,746,111 8,004,849 Total Net Assets 32,549,354 30,310,929 TOTAL LIABILITIES AND NET ASSETS $ 82,744,177 $ 73,662,114

Management has prepared and is responsible for the condensed financial information and selected financial data which are presented in this report. The data is excerpted from complete financial statements audited by Macdonald Page & Co. LLC. The reader wishing for further information about Coastal Enterprises, Inc. and its subsidiaries should contact our office.


COAsTAL ENTERPRIsEs, INC. AND sUBsIDIARIEsConsolidated Statements of Activities, September 30, 2011 (with comparative totals as of September 30, 2010)

REVENUES 2011 2010 Interest and dividend income $ 1,530,709 $ 1,503,616 Federal and state sources 2,566,765 3,533,264 Private/public sources 1,067,624 963,040 Rental income 1,267,609 1,121,830 In-kind income 71,303 216,916 Fee income 8,083,922 6,329,288 Other revenue 369,527 265,662 Forgiveness of debt 326,301 4,450 Loss on sale of properties (21,768) (62,669) Realized gain on investments 6,425 4,753,956 Net change in unrealized depreciation of investments (62,739) (6,773,271)

Total Revenues 15,205,678 11,856,082 Expenses Salaries and fringe benefits 6,563,142 5,991,606 Consultants and contract services 1,428,450 857,701 Provision for loan losses 903,979 2,199,470 Provision for bad debts 154,756 - Interest expense 1,343,851 1,260,683 In-kind service expense 136,112 73,593 Grants to third parties - 26,609 depreciation and amortization expense 448,714 329,095 Travel 253,542 213,652 Office expense 234,091 142,839 Occupancy 512,464 367,551 Communication and licensing expense 219,462 336,708 Staff and board development 107,455 72,289 Advertising and promotion 45,714 40,232 Insurance 304,846 205,021 Property taxes 179,761 136,989 Operating and maintenance expense 438,523 378,331 Organizational costs 211,470 123,792 Management fees 12,745 - Credit for income taxes (9,307) (98,950) Miscellaneous expense 176,397 170,835

Total Expenses 13,666,167 12,828,046 Increase (decrease) in Net Assets before Activities of Noncontrolling Interests 1,539,511 (971,964) Activities of Noncontrolling Interests Noncontrolling Interests in Subsidiaries’ Earnings 957,651 2,606,093 Increase (Decrease) in Net Assets 2,497,162 1,634,129 Net Assets Beginning of Year 30,310,929 35,406,231 Noncontrolling Partners’ Net Capital Contribution 698,914 (4,123,338) Activities of Noncontrolling Interests Noncontrolling Interests in Subsidiaries’ Earnings (957,651) (2,606,093) Net Assets End of Year $ 32,549,354 $ 30,310,929


CEI thanks the following entities who represent CEI’s past and current funding sources:

Private Foundations, Nonprofits and Intermediaries39th Street Giving FundAid to Artisans, Inc.American Express FoundationAmerican Express PhilanthropicAmeriprise FoundationAnnie E. Casey FoundationAnonymousAspen Institutebangor Savings bank Foundation bank of America FoundationTd Charitable Foundation The betterment FundThe bingham Programbirch Cove FundFrancis Hollis brain Foundationbroad Reach FundThe Margaret E. burnham Charitable TrustCalvert Social Investment FoundationCarpathian FoundationThe Carrot ProjectCenter for the Study of Social PolicyCitizens Housing and Planning Association, Inc.Sam L. Cohen FoundationCommunity development Venture Capital AllianceCorporation for Enterprise developmentjessie b. Cox Charitable Trustdavis Conservation FundEdward daveis Fund of the Maine Community FoundationEducation Network of Mainedwight d. Eisenhower FoundationEmpower LewistonFannie MaeFannie Mae FoundationFederal Home Loan bank of bostonFord FoundationFranklin Research & development CorporationGenesis Community Loan FundGeorges River EstuaryGoodwill Industries of Northern New EnglandGulf of Maine Council on the Marine EnvironmentThe William Randolph Hearst FoundationsHeifer InternationalF. b. Heron FoundationHousing Assistance CouncilHousing Partnership NetworkHudson FoundationInstitute of International EducationInstitute for Social and Economic developmentIsland Institutejane’s TrustW. K. Kellogg FoundationStephen and Tabitha King FoundationThe Kresge FoundationThe Libra FoundationLilly Endowment, Inc.Local Initiatives Support Corporationjohn d. and Catherine T. MacArthur FoundationMaine bar FoundationMaine Community FoundationMaine Farmland TrustMaine Fishing Industry development CenterMaine Initiatives Harvest FundMaine Women’s FundMaineShareThe Monterey FundThe john Merck FundCharles Stewart Mott FoundationNational Center for Appropriate TechnologyNational Congress for Community Economic developmentNational Cooperative bankNational Economic development and Law CenterNational Equity FundNational Farm to School NetworkNational Fish and Wildlife FoundationNational Network of Sector PractitionersNational Rural Funders CollaborativeNew England Housing NetworkNorthern Forest CenterOpportunity Finance Network (Formerly, National Community

Capital Association)Paraprofessional Health InstitutePeople’s Regional Opportunity ProgramPeople’s United Community FoundationThe Perkins Family TrustPlum Creek FoundationThe Rockefeller FoundationThe Saint Paul Foundation Wicklow FundThe Sandy River Cha ritable FoundationElmina b. Sewall Foundation

Small Enterprise Growth FundSmith Richardson FoundationSouthern New Hampshire UniversityThe Sudbury FoundationSunshine Hill FundSurdna FoundationThe doree Taylor Charitable FoundationUnited Way of Mid Coast MaineVan Winkle FoundationWestern Massachusetts Enterprise FundWiscasset Female Charitable TrustWomen, Work and Community Religious InstitutionsAmerican baptist Churches USA brunswick Friends Meetingdamariscotta baptist ChurchThe Episcopal ChurchFirst Universalist Church of AuburnMennonite Mutual Aid – Community development InvestingMercy Partnership FundNational Council of Churches domestic Working Group on Hunger

and PovertyPelham Fund for Economic justiceSecond Congregational Church, NewcastleSisters of Charity of CincinnatiSisters of Charity of IowaSisters of Charity of St. ElizabethSociety of MarySt. Andrew’s Episcopal Church, damariscottaSt. Philip’s Episcopal Church, WiscassetUnited Church of Christ, bathUnited Methodist ChurchUnited Presbyterian FoundationUnitarian Universalist Church, Veatch FoundationU.S. Catholic Conference of bishops Campaign for Human development

Businesses, Banks, and Individuals Alex AgnewTimothy AgnewAnonymousAndroscoggin Savings bank Maureen Anthoine-Orlandinibeth Anshelesbangor Savings bank bank of Americabanknorth Group, Inc. bath Iron Works (A General dynamics Company) bath Savings Institution L. L. bean david bennellbernstein ShurElizabeth biemannbig Sky bread CompanyNancy brainAnna bradburyblake brownTom broussardEstate of Eric bruumdeborah burdLaura buxbaumRobert and Ann buxbaumCamden National bank Patricia CampbellRosalie and david CatesCentral Maine Power Company Grace Cleaves and Michael MilesCoastal Economic development Corporation Common Sense Computing, Inc. Community Concepts, Inc. Community Investment Associatesdiane Cowanbill CreightonCurtis Thaxter LLCdamariscotta bank & Trust Company davidson Associatesjoel d. davis and AssociatesLeverett b. and Megan T. davis, jr. William dehaisCarla dicksteindodge Cove Marine Farm, Inc. drummond & drummond LLPdrummond Woodsum & MacMahonMil duncanEast Shore Studio and PrintMary Lynn Engeldeborah and Mark FelderThe FirstFirst Federal Savings & Loan Association First National bank of damariscotta Five County Credit UnionGore Flynn

The Gadfly TrustRobert Gardiner, jr.Gardiner Savings Institution Kathryn Gardner and Michael Newsom in the name

of Virginia NewsomWilliam GinnGorham Savings bankGreater Portland building Fund john and Katie GreenmanHannaford brothers Elizabeth Hanscomdwight HaveyHemenway & barnesHeidi HetzMichael HighHodgdon yachts, Inc.The Home depot Foundation Robinson G. HollisterHowe and CahillSusan InchesMarten jenkinsj. Edward Knight & Co.jd’A Consulting, Inc. johnson & McCaa LLCKennebec Valley Community Action Program Keybank N. A. Roger LevesqueMichael Levinedonna LoringLyme TimberMabe’s Kitchen, LLCMacdonald Page and Co. LLC Machias Savings bankMaine Association of Realtors Foundation Maine Community Reinvestment Corporation Maine Hosting Solutions Maine Housing Investment Fund Maine Life PhotographyMaine Warmers LLCMaine Women’s journalMaine yankee Atomic Power Company Marine Trade CenterSteven Mastersjanet C. McCaaRichard McGoldrickMerrill Lynch & Co., Inc.Metaphor bronze TileworksRev. Carolyn and dr. Eric MetzlerPeter MillsMt. Auburn AssociatesHeidi MurphyAnn NaimieEliza Cope NolanNortheast bankNorthern New England Housing Fund Oakes & Parkhurst GlassOne beacon Insurance Company janet ParkhurstMichael Payson, jr.Ronald L. PhillipsPeter PitegoffSandra PlettePlum Creek FoundationPortland Financial Planning Group, LLCPortland Press HeraldPreti FlahertySusan PullenF. L. PutnamK. RainCraig RancourtRobert RapozaFrederick Rector, IIICatherine RenaultReznick GroupSandra RosenblithRonald b. and jeanne j. RussellKit St. johnNadine SalleyEllen SeidmanKarl SeidmanShaw’s Supermarkets, Inc. Stephen SheaSilly’sSkowhegan Savings bankSnowdrift Farm WorldwideSparkes Hearing ServicesStealthcat Computer ConsultingSally StreuverSundog CompanySunrise County Economic Council Annee Tara and Tom RumpfTd bank, N.A.Tides Foundation – Exploring Elf

FUNDERs


Tompkins, Clough, Hirschon & LangerTom’s of Maine UNUMProvident Corporation Union Trust U.S. Trust Corporation david VailVerizon Foundation Village Veterinary, Inc.Vino bodega, Inc.Warren, Currier & buchananEstate of Lee S. WatermanLee WebbWoodlands Investment Management AccountElinor Wright Investment Management Accountbo yerxadiane york

Local, State, Federal, and Tribal Government Sources City of Auburn, Maine City of bangor, Maine City of bath, Maine City of Clyde, Kansas City of Lewiston, Maine City of Portland, Maine City of Rockland, Maine Corporation for National and Community Service Finance Authority of Maine Four directions development Corporation Hancock County Planning Commission Lewiston Housing Authority Lincoln County CommissionersLincoln County Regional Planning Commission Lincoln County – State of Maine Maine bureau of Consumer Credit ProtectionMaine bureau of Vocational Education Maine Commission for Community Service Maine Community College System Maine department of Agriculture, Food, and Rural Resources Maine department of behavioral & developmental Services Maine department of Economic and Community development Maine department of Education Maine department of Environmental Protection Maine department of Marine Resources Maine department of TransportationMaineHousingMaine Office of Energy Independence and Security Maine Office of Multicultural AffairsMaine Office of TourismMaine Science and Technology Foundation Maine State Housing Authority Maine State Planning Office, Coastal Program Maine Treasurer’s Council on Financial LiteracyMount desert Island and Ellsworth Housing Authorities NOAA National See Grant College Program – University of

MaineNOAA Fisheries Aquaculture programNOAA Fisheries Saltonstall Kennedy Grant program Southwest Harbor Housing Authority Tanana Chiefs Conference, Inc. Treasure Coast Regional Planning Commission Town of boothbay, Maine U.S. Agency for International development U.S. department of Agriculture, Rural development

Cooperative State Research, Education and Extension Service Risk Management Agency Rural Economic and Community development programU.S. department of Commerce Economic development

Administration U.S. department of Health and Human Services,

Administration for Children and Families Child Care bureau

Office of Community Services Office of Refugee Resettlement

U.S. department of Housing and Urban development U.S. department of Labor, Employment and Training

Administration U.S. Environmental Protection Agency U.S. Gulf of Maine Association U.S. Small business Administration U.S. department of the Treasury, Community development

Financial Institutions Fund University of Maine Westbrook Housing Authority

Investors, CEI Community Ventures Fund LLC Coastal Enterprises, Inc. Community development Venture Capital AllianceFinance Authority of Maine john d. and Catherine T. MacArthur Foundation Maine Employers Mutual Insurance Company The Sandy River Charitable Foundation U. S. Small business Administration The Vermont Community Foundation

Investors, CEI Investment Notes, Inc. Anonymousbarbara AsnesjoAnne and Michael bander

bangor Savings bankThe betterment FundElizabeth biemannSamuel F. brownPatricia L. CampbellCircle of Friends TrustClients of the Sustainability GroupClients of Trillium Asset ManagementCoastal Enterprises, Inc. William CreightonMichael L. and june Pasternack FinneganGore FlynnHeather and Linden FrederickMichael Herz and Kate josephsAdam and diana Leejoan LeitzerMark MillarGreg and Linda MillertSusan MorrisChip NewellPax World balanced FundRonald L. and Suzanne C. PhillipsThe Rocking Moon Foundationbonnie RukinThe Sandy River Charitable FoundationEllen SeidmanSarah ShedHildy j. SimmonsAlison SmithKenneth SpirerMartha Tracyjune and david Vail

Investors, Coastal Ventures Limited Partnership Androscoggin Savings bank bank of Americabath Savings Institution The betterment Fund Calvert Social Investment Foundation Coastal Enterprises, Inc. Ford Foundation Kennebunk Savings bank Keybank N. A. Key Community development Corporation La Fetra Revocable Trust NCb development Corporation jessie Smith Noyes Foundation Ocean National bank Peoples Heritage bank Pepperell Trust Company The Sandy River Charitable Foundation

Investors, Coastal Ventures II LLCAnonymous bangor Savings bank bank of Americabar Harbor banking & Trust Company bath Savings Institution The betterment Fund Camden National bankCoastal Enterprises, Inc. Community development Venture Capital Alliance Finance Authority of Maine First National bank of damariscotta Gorham Savings bank Kennebec Savings bankKennebunk Savings bank Keybank N.A. john d. and Catherine T. MacArthur Foundation Machias Savings bank Maine bank & Trust MbNA America bank N.A. National Community Capital Association Peoples Heritage bank The Sandy River Charitable Foundation Skowhegan Savings bankUnion Trust CompanyUnited Kingfield bank

Investors, Coastal Ventures III Limited PartnershipAnonymousbangor Savings bankbar Harbor bank & Trustbath Savings InstitutionCoastal Enterprises, Inc.Finance Authority of MaineThe First, N.A.Gorham Savings bankKennebec Savings bankKennebunk Savings bankMachias Savings bankPeople’s United bankSaco & biddeford Savings InstitutionThe Sandy River Charitable FoundationSkowhegan Savings bankTd bank, N.A.

Operational Assistance, CEI Community Ventures LLCbrown & Company Chittenden bankCoastal Enterprises, Inc.Cook, Little, Rosenblatt and Manson Cope & Associates Inc.Ernst & young Ethos Marketing & designGallagher Flynn & Company LLPHeadwaters Strategy LLCMichael HorvathMaine department of Environmental ProtectionNew Hampshire Community development Finance Authority Pierce Atwood LLP Rooks CommunicationSurdna FoundationUniversity of MaineUniversity of Southern Maine Small business Technology

development CenterUniversity of Vermont yale Goldman Sachs Nonprofit business Plan Award

Tax Credit Investors/Lenders, CEI Capital Management LLCAmerican Process Inc.Andover Holdings bangor Savings bankbank of America, N.A.bank of Western MassachusettsbbP Financing LLCbLd PropertiesThe boston ConservatoryCapital Hotel CompanyCapital Regional development CouncilCapmark Capital, IncCEI Housing, Inc.Champlain Housing TrustCitibank, N.A.Citicorp USA, Inc.Citizens bank of MassachusettsClaremont development AuthorityCommonwealth dairy HoldingsCommunity Guaranty Savings bankCooperative Fund of New EnglandCOUNTRy Mutual Insurance CompanyEducare Central Maine The First, NAFirst Colebrook bankForemost FarmsFranklin Savings bankGE Commercial FinanceGenesis Community Loan FundHartland GroupHorsehead CorporationHousing VermontIngraham Katahdin Trust CompanyKestrel Aircraft Co. Keybank N.A. Lewiston/Auburn Economic Growth CouncilLocal Enterprise Assistance FundLyme Timber CompanyMascoma Savings bankMorgan StanleyThe Nature ConservancyNCb Capital ImpactNew Hampshire Community development Finance AuthorityNew Hampshire business Finance AuthorityNew Hampshire Housing Finance AuthorityNewWood Corp.Northampton Cooperative Community MarketOchoco Lumber CompanyOhio National Life Insurance CompanyPbS Lumber Holdings LLCPowerPayRC FundingRichford Health CenterRochester Economic development CorporationSovereign bankSpeare Memorial HospitalStearns bank, N.A.Td bank, N.A.Trust for Public LandTransCapitalU.S. bancorp Community development Corp.USdA Rural developmentVermont Community Loan FundVermont Economic development AuthorityWainshal Partners LLCWainwright bankWebb development of buffaloWells Fargo Community Investment Holdings LLCWestern Massachusetts Enterprise Fund, Inc.Woodsville Guaranty Savings bankWorcester Center for Performing Arts, Inc.ZeaChem, Inc.


CEI sTAFFCEI BOARDs

Coastal Enterprises, Inc.

Annee H. Tara, brunswick (Chair; Chair, development Committee)

Susan b. Inches, No. yarmouth (Vice Chair; Chair, Policy Committee)

david L. bennell, Freeport

deborah M. burd, Lewiston (Chair, Nominations Committee)

Erin Cooperrider, Edgecomb Community Housing of Maine, Inc.

William A. dehais, Cumberland (Chair, Investment Committee) bangor Savings bank

Cynthia Mildred duncan, New Castle, NH AGree – Meridian Institute

Patricia A. Finnigan, Camden Town of Camden

Laura Foye, Cape Elizabeth Td bank, N.A.

Robert H. Gardiner, Cumberland-Foreside Independence Wind LLC

dwight G. Havey, Falmouth (Past Chair) Capricorn Products, Inc.

donna M. Loring, bradley Four directions development Corp.

Mark L. Millar, Cape Elizabeth Casey Family Services

Ann Naimie, Cape Neddick Norlantic Enterprises

Peter R. Pitegoff, yarmouth (Chair, Governance Committee) University of Maine School of Law

Ellen Seidman, Washington, dC

david Vail, brunswick bowdoin College

Lee Webb, Union Margaret Chase Smith Policy Center

General Counsel

janet C. McCaa, Esquire johnson & McCaa LLC

CEI Capital Management LLC

Laura C. Foye, Cape Elizabeth (Chair) Td bank, N.A.

Robert A. burgess, Portland bangor Savings bank

Lisa C. Hook, Portland People’s United bank

Eric W. Kingsley, South Portland (Vice Chair) Innovative Natural Resource Solutions

Ronald L. Phillips, Waldoboro Coastal Enterprises, Inc.

Catherine S. Renault, brunswick Innovation Policyworks

A. jacqueline Wardell, bristol Coastal Enterprises, Inc.

CEI Capital Management LLC Advisory Board

Will belongia, Vermont Vermont Community Loan Fund

Susan Hammond, Maine Four directions development Corp.

Al Hartsig, New york PathStone, Inc.

Marten R. jenkins, West Virginia Natural Capital Investment Fund, Inc.

Michael S. Levine, New york Local Initiatives Support Corporation

Christopher “Kit” St. john, Maine Maine Center for Economic Policy

Christopher Sikes, Massachusetts Western Mass. Enterprise Fund, Inc.

Scott Sporte, California NCb Capital Impact

CEI Community Ventures, Inc.

Ronald L. Phillips (Chair), Waldoboro Coastal Enterprises, Inc.

Timothy P. Agnew, Portland Masthead Venture Partners

Elizabeth biemann, Portland Maine Technology Institute

john F. burns, brunswick brunswick business Center

Geoff G. Gattis, Falmouth bath Savings Institution

Nathaniel V. Henshaw, brunswick CEI Ventures, Inc.


CEI Investment Notes, Inc.

Ronald L. Phillips, Waldoboro (Chair) Coastal Enterprises, Inc.

david L. bennell, Freeport

Michael L. Finnegan, Edgecomb Coastal Enterprises, Inc.

Ellen F. Golden, Woolwich (Secretary) CEI Investment Notes, Inc.

A. jacqueline Wardell, bristol (Treasurer) Coastal Enterprises, Inc.

CEI Investment Notes, Inc. Advisory Board

Elizabeth biemann, brunswick Maine Technology Institute

joel d. davis, Hallowell joel d. davis and Associates

Chip Newell, boothbay Harbor New Height Group

Alison Pyott, Portsmouth, NH Veris Wealth Partners LLC

Randall P. Rice, boston, MA Trillium Asset Management

d. Robinson Snow, Portland People’s United bank

Kenneth Spirer, Portland

CEI Ventures, Inc.

Eliza Cope Nolan, Esq., Portland (Chair) bernstein Shur Sawyer & Nelson

Robert H. Gardiner, Cumberland-Foreside Independence Wind LLC

Michael jutras, Augusta Finance Authority of Maine

Charles “Kip” G. Moore, Portland Little diamond Capital

Ronald L. Phillips, Waldoboro Coastal Enterprises, Inc.

F. Stephen Ward, damariscotta The First, N.A.


CEI Ventures, Inc. Advisory Board

Arthur Casavant, bridgeport, CT People’s United bank

john C. Everett IV, Cape Elizabeth Keybank N.A.

deborah jordan, Camden Camden National bank

Carl Kopfinger, Philadelphia, PA Td bank, N.A.

bruce G. Nickerson, bangor bangor Savings bank


ADMINISTRATION and GENERAL MANAGEMENT OfficersRonald L. Phillips, President & CEOA. jacqueline Wardell, Chief Financial Officer

AccountingStacey A. backman, Fund AccountantMichael Leonard, Accounting AssistantLeslie M. Malone, Fund Accountantbeth L. Raburn, Accounting AdministratorMary Ann Rideout, benefits AdministratorRuth E. Russell, director of Finance and

Administration Rachael A. Shields, Fund Accountant jessica d. Stover, Accounting AssistantRuth E. Vinal, Controller

Data Managementdavid L. bennett, data Management CoordinatorSheila j. Havey, data Management Assistant OfficePatricia A. Crafts, Portland Office Coordinator Alice A. Hudyberdi, Office ManagerSherrie L. Spaziano, Administrative Associate

Policy, Research and Corporate DevelopmentKeith R. bisson, director, Rural Resources & Policy

developmentLaura buxbaum, director, Housing Resource &

Policy developmentGrace F. Cleaves, director, Marketing &

CommunicationsCarla b. dickstein, Senior Vice President, Policy

Research & development

Technical ServicesTimothy I. Manson, Technical Services Managerjorma C. Spaziano, Technical Services Administrator

BUSINESS DEVELOPMENT SERVICESdavid R. Hill, MSbdC Center director & Certified

business CounselorElizabeth A. Shepard, business Technicianjennifer L. Sporzynski, director, Microenterprise

Resource & Policy development

Maine Small Business Development Center betty j. Egner, Certified business CounselorThomas L. Gallant, Certified business Counselor Thomas C. Leach, Senior Certified business

Counselorj. Ann McAlhany, Certified business Counselorjanet M. Roderick, Certified business CounselorW. bradshaw Swanson, Master Certified business

Counselor

StartSmartSarah M. Guerette, business Counselorjill M. Lorom, IdA Project Coordinatorjohn E. Scribner, director

Women’s Business Center Ruth Cash-Smith, business CounselorMarita L. Fairfield, Program directorbetty j. Gensel, business Counselor Gretchen Henn, Program director

FINANCECarla j. booth, Loan & Investment OfficerThomas P. burnham, director, Collections,

Compliance & Loan AdministrationMichelle L. Chartier, Loan AdministratorKendra P. Chubbuck, Loan & Housing

AdministratorKimberly M. doughty, Credit AnalystMichael L. Finnegan, Senior Vice President,

Lending; Senior Loan & Investment OfficerTamela A. Hudson, Loan Services SupervisorMark A. jennings, Loan & Investment OfficerRebecca A. McKenney, Loan Services & 504

SpecialistAllen H. Moroney, Senior Loan OfficerTyrell A. Russell, Loan AdministratorArthur M. Stevens III, Loan Officer Suzanne Umland, Loan & Investment Officer

HOUSING COUNSELINGMargaret j. Grant, Administrative AssistantLinda E. Lajoie, Foreclosure Prevention Housing

CounselorMechelle I. Nash, Foreclosure Prevention Housing

Counselordiane L. Sherman, Program director, Housing

Counseling and Educationjason W. Thomas, Foreclosure Prevention Housing

Counselor

HOUSING & PROPERTY MANAGEMENTThomas M. donahue, Construction Analystjohn W. Egan, director, Housing development debra j. Gibb, Senior Housing Asset Managerdavid A. Pease, Housing Staff AccountantTeresa M. Mullins, Maintenance Assistantjames A. Whitcomb, Maintenance Coordinator

NATURAL RESOURCES & SUSTAINABLE COMMUNITIESStephen A. Cole, directorFarmsj. Gray Harris, director, Sustainable Agriculturedaniel E. Wallace, Program Specialist

Amy R. Winston, Farm to Institution Project developer, Northeast Regional Lead Agency, National Farm to School Network

FisheriesRichard d. Clime, Program Administrator, Working

Waterfront Access Protection ProgramHugh S. Cowperthwaite, director, Fisheries Project

Lincoln County Regional Planning CommissionMary Ellen W. barnes, director, Economic and

Community developmentEmily b. Reinholt, Administrative Assistant

WORKFORCE SOLUTIONSChrista S. baade, Program developerGerard R. Salvo, director & Human Resources

ManagerPaul j. Scalzone, Program developer

SUBSIDIARIES AND AFFILIATESCEI Capital Management LLCTad S. Atwell, Senior Investment OfficerAimee E. Cates, Operations AssistantThomas j. dolan, Chief Operating Officerjane M. Elvidge, bookkeeperIrene L. Grondin, Cash Management and Loan

Services Officer didier P. Hakizimana, Accounting Specialistdavid A. Hays, Chief Financial OfficerPriya Krishnan, Investment OfficerSung ju Park, Transaction AnalystCharles j. Spies, Chief Executive OfficerLeah b. Thibault, Operations Specialist Traci R. Vaine, Senior Compliance and Asset

ManagerF. Robert Wilson, Chief Investment Officer Sharon E. young, Loan Services/Cash Management

Assistant

CEI Community Ventures, Inc.Michael H. Gurau, Presidentjennifer K. Walker, Fund Administrator

CEI Investment Notes, Inc.Ellen F. Golden, Managing director

CEI Ventures, Inc.Thao H. duong, Investment Administrator &

Office ManagerNathaniel V. Henshaw, Managing director

CEI sTAFF

I N V E S T I N G I N T H E F U T U R E

© Copyright 2012 Coastal Enterprises, Inc.

design: annie|catherine, inc., Portland, Maine. Printing: East Shore Studio & Print, Portland, Maine. This report is printed on domtar Cougar paper that was harvested from a well-managed sustainable wood source.

36 WATER sTREET P.O. BOX 268 WIsCAssET mE 04578

207.882.7552 207.882.7308 FAX

[email protected] www.ceimaine.org

The board and staff of Coastal Enterprises, Inc. (CEI) value diversity in all

aspects of program participation and employment.

CEI is an equal opportunity provider.

COASTALENTERPRISESINC.CEI

Sam Levitan ©2011

cei · the staff at cei and cei capital management llc were deeply saddened by the loss of our...

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