Holiday shopping? Skip long lines and stress, and purchase a Gift of Compassion instead!

With the holiday season upon us, the search for the perfect gift is on. If you haven’t found it yet, do not panic! ABC Home & Planet Foundation offers a unique holiday gift that provides the opportunity to share joy and gratitude with your loved ones.

ABC Home & Planet Foundation offers “Gifts of Compassion,” which allows you to make a fully tax deductible gift in honor of your loved one. Each Gift of Compassion is a donation to a visionary non-profit organization providing critical services to underserved communities. Each organization has been carefully chosen and screened for its transformative impact by the ABC Home & Planet Foundation. Calvert Foundation is one of those organizations, and is again participating in the Gift of Compassion Program this year.

Gift recipients receive a printed 100% post consumer recycled paper card about the gift in a one-of-a-kind silk sari pouch made in India, which can double as a lovely tree ornament or sachet for jewelry.

What greater gift can be given to a loved one than offering a safe haven for an orphaned child? A birth kit for a rural mother in Nepal? Malaria nets for pregnant women in Africa? New sheets for the formerly homeless in New York? Literacy lessons for an Afghan girl? Make this holiday season memorable by inspiring meaningful change in the world. Gifts of Compassion are available for purchase at abchomeandplanet.org.

Sister Corinne Florek - a True Leader of the Impact Investment Industry

Carrie Hutchison McGarry manages marketing and communications for Calvert Foundation.

Earlier this month, I had the luck and privilege to meet Sister Corinne Florek at Opportunity Finance Network’s annual conference, where she was honored as the recipient of the 2010 Ned Gramlich Lifetime Achievement Award. Sister Corinne is whip smart and lots of fun, though her gentle brown eyes, calm demeanor, and hint of a soft Midwestern accent from her days in Michigan will initially fool you.

In the world of investing, Sister Corinne is a maverick.

In the 1960s, a time when women – both in their faith and in their day-to-day lives – were exploring new roles and seeking new freedoms and opportunities, Sister Corinne and her fellow sisters were facing a dilemma. They saw a real need to put money toward the care of their elder sisters, who were retired and in need of support. Yet, as nuns, many of them felt that their vow to poverty required them to give their money away to those in their community who were suffering. Sister Corinne saw a third option, which is how her journey began, a journey – as she said at the conference – that will continue on long after she does. 

Sister Corinne at the OFN conference

Sister Corinne saw that she and her fellow sisters could pool their money and use it to invest – but not in companies. Instead, they invested their money in community organizations and other non-profits that were helping low-income families and fighting poverty every day, but that could also pay back inexpensive loans with interest. Sometimes there was no interest payment. And sometimes the principal didn’t come back. But on average, this experiment paid off, leaving money to care for the retired nuns in need of assistance, and – while invested – providing much-needed support for people living in underserved communities.


Sister Corinne went on to bring in other groups and other investors, in order to create a network that had a more powerful voice as an investor. She involved the Women Religious, which is comprised of Catholic women from congregations around the United States, as well as many other partners along the way.

Since the conference was hosted this year in lovely (I did leave my heart there) San Francisco, Sister Corinne was able to reach out to the many women in that area that had been part of the investment work she does. Many came, and during her acceptance speech, she called them up on the stage so that they might look out into the audience and see the people who did the work they supported through their investments. She asked organizations who received investment from organizations she works with – or any faith-based investor – to stand up. I was very proud to do so on behalf of Calvert Foundation, which has worked with faith-based investors of multiple denominations for many years.

Many, even in our small (yet growing) impact investment industry, know little of this story. And many more – even those at the organizations receiving investment dollars from groups run and advised by Sister Corinne – fail to understand that these investments are funded solely by the nuns (not the church), and come out of their modest pay, as well as bake sales and other fundraisers.

At Calvert Foundation, we often talk about how innovative we were by starting the work that we do – bringing the opportunity for everyday investors to help low-income communities through investment – over 15 years ago now. But it became clear to me in meeting Sister Corinne and hearing her story that there were inklings of this idea long before Calvert Foundation was even on the radar.

I was truly touched by Corinne’s work, but even more so by her energy and her spirit. Having been raised in the Christian church, I have always found great comfort in the quiet strength that emanates from the women of a congregation. Sister Corinne is someone guided by faith, but driven by her own amazing gifts – which, as evidenced by her success, she so freely shares with those around her. OFN honored her at the conference, but I hope to share her story here so that others know about her work.

Congratulations – and thank you – Sister Corinne!

A View of Post-quake Haiti

A few months ago, Calvert Foundation Sr. Associate Patrick Davis took a trip to Haiti to volunteer for a friend's nonprofit, United Schools of Haiti. Aside from visiting Calvert Foundation borrower Fonkoze in Port-au-Prince, Patrick spent most of his time in Haiti helping to build a school in the countryside town of Fond des Blancs. Take a view into a post-quake Haiti through his eyes in his post on our blog. Patrick also made a video slideshow of the photos he took on his trip that we've posted to our YouTube site.

Last year – before the massive earthquake in Port-au-Prince put Haiti in the forefront of everyone’s minds – I began doing some volunteer work with a friend’s nonprofit organization, United Schools of Haiti. His group was planning a trip to Haiti in the summer of 2010 to do some construction work on a school and to network with local officials to explore new opportunities. When he asked me if I’d like to join them on the trip, I was thrilled. I truly enjoy the opportunity to have an impact in the work that I do at Calvert Foundation, but as an intermediary, it’s rare that I get the chance to see the fruits of my labor in a very direct way. As a result, this trip to Haiti was very appealing to me. Service has always been an important component in my life, and this would be an ideal way to get my hands dirty and experience a new culture.

Patrick Davis (pictured upper right) in Haiti.

Then came January 12th, 2010. The earthquake. This erased any uncertainty about my decision to go to Haiti. I had to go. After seeing the news reports and reading the stories, I felt compelled to see firsthand the state of things in a country that had dealt with a chronic history of suffering – be it a result of natural or political disaster. I hoped to accomplish a few things on my trip. First, I hoped to be a passionate and energetic representative of my country. Many times in my travels in the developing world, I’ve noticed that being from the United States isn’t exactly an asset. This has always been a chip on my shoulder in a way, and compelled me to work harder, be more compassionate, and dig deeper when I’ve been witness to the need in the developing world. Second, I hoped to be able to get some work done. Through United Schools of Haiti, we were supporting the construction of an elementary school in Fond des Blancs, and I wanted to develop some connections more broadly that could benefit the Haitian school community. Third, I hoped to reinvigorate my own sense of commitment to serving humanity. Though I’ve listed it last, this was probably the most important reason for my trip. I believe it’s important for all of us who live a life of relative privilege to seize opportunities that force us to confront that state of privilege. It’s not always easy to remember that the majority of the world lives without clean water, electricity, and food security. I hoped to be able to come home from my journey and share meaningful stories, pictures, and experiences with friends and family. Reflecting on these experiences would undoubtedly lead to discussions about what we can do. And there is so much we can do.

In August, I went to Haiti. During my time there, I found myself constantly vacillating between poignant moments of hope and despair. Arriving in Port-au-Prince, I was struck by the lack of progress with the cleanup. Entire city blocks were still nothing more than rubble. I saw countless families living in tents on top of – or outside of – what was left of their homes. The majority of the population that had not left Port-au-Prince was crammed into tiny shacks with blue USAID tarps to keep the rain out. We visited our guide’s house in the countryside just outside of Port-au-Prince, which was reduced to rubble as a result of the after shocks. He had lost his home and his sister in the quake. The lead architect for our school project lost his wife. Children in our school community lost their parents. Nearly every adult and child that I interviewed had lost a family member. Of the estimated three million people living in Port-au-Prince at the time of the quake, 300,000 died. This was made evident in the storefronts of funeral homes – sadly some of the only thriving businesses in the capital city. The scale of the disaster was almost incomprehensible, but at the same time, completely visible. During my entire stay in Port-au-Prince, I saw just one government bulldozer removing rubble. In contrast, I saw many people with sticks and shovels, digging through the rubble to find anything of value that they might be able to sell for a little income. It’s still unclear to me how the population that remains in Port-au-Prince is able to survive, but this speaks to the incredible resilience of the people and the human spirit.

During my stay I began to understand a little bit more about how necessity breeds innovation and entrepreneurism. Everyone, everywhere seemed to be selling something. When our group badly blew out a tire in the Champs-de-Mars district, we were greeted at the side of the road by a few men who repaired the tire in a matter of minutes. They used a simple heating mechanism that I hadn’t seen before to rework the rubber in the tire. I laughed to myself thinking about a recent experience back home when I had a miniscule gash in a tire, and of course, it was “too large to repair” so I was forced to buy a completely new one. No chance our friends in Haiti would have discarded my tire. At the same tire fix-it stand, I noticed a few men getting haircuts. In the time it took for a tire repair the men at the stand realized they could offer haircuts as well – truly an entrepreneurial vibe.

In the countryside near our school project, I noticed the same resourcefulness and creative thinking. Of course there was no public water system, and for that matter, no infrastructure whatsoever – only dirt roads and houses built by hand-mixed concrete. Nearly all of the houses I visited in the community had their own rainwater harvesting systems. Gutter systems led from the roof to a large, dug out cistern, which collected water each time it rained. This water was used for cooking, drinking, and washing, among other things. Due to the absence of industry and the pollution that comes with it, the pure rainwater was a valuable asset that the community had learned to harness over time. Many households had saved up to buy one solar panel, which they used to light their houses at night. In fact, besides the few motorbikes and the intermittent production of charcoal, I would guess that the countryside community was almost completely carbon neutral.

Whereas the chaos and enormity of Port-au-Prince made thinking about opportunities for development quite overwhelming, it was easy to see how some simple training and technical assistance could go a long way in the countryside. I hope that Haiti continues to deurbanize as a result of the earthquake. I believe there is a great possibility for strong, sustainable, self-reliant communities to emerge and prosper outside of the over-burdened capital. This phenomenon is happening as we speak – and it may very well be the most direct path to better outcomes in the future for Haiti’s people.

Since I’ve returned home from my trip, I’m wrestling with ideas about how I can be of service to Fond des Blancs and the countryside community that welcomed me with such open arms. In the short term, I’m helping to sponsor a scholarship for a student who will be attending school in the fall. I’m also continuing to work with a talented Haitian entrepreneur who has dreams of creating a public health radio station for the community, opening up an English-training center, and organizing classes to teach Haitians about rainwater drip irrigation and micro-farming.

If you’re interested in hearing more about my experience in Haiti, please check back on our blog in the coming weeks, where I’ll share more stories and anecdotes about the challenges and opportunities I observed on my trip.

Calvert Foundation Receives Top Honor for “Innovative Social Impact Investing"

While impact investing may often be looked at as direct means to an end, the Calvert Foundation has re-routed the investment approach by effectively promoting innovative social impact investing tools to disadvantaged communities.

On Tuesday, October 26th, Calvert Foundation received Top Honor for “Innovative Social Impact Investing." This award was an amazing accomplishment for us, as our fantastic microfinance borrowers have provided hand ups, not hand outs, and our investors have received a return upon doing so. This award was part of the Investment & Innovation in Microfinance conference, which continued through Wednesday, October 27th.
 
Art Stevens, Vice President of Sales and Marketing, accepted the award on behalf of Calvert Foundation with an acknowledgement of the growth of retail investors in this sector and a nod to the wonderful microfinance institutions we work with, some of which were in the room when we accepted the award.

Interim President and CEO, Lisa Hall was pleased to receive this award: "We are thrilled to be recognized our work in this area. Fifteen years ago, we became pioneers in bringing everyday people the opportunity to invest in microfinance. Now we see many others adopting this model, and more and more investors coming into the space. However, we certainly wouldn’t be where we are today without the fantastic microfinance borrowers in our portfolio doing meaningful, impactful work."

The panel of judges was composed of experienced microfinance experts, including, Monica Brand, Principal Director, Frontier Investments, ACCION International; Daniel Dax, General Manager, LuxFlag; George Conard, Executive Director, Technology for Microfinance Grameen Foundation; Marten Leijon, Executive Director, The MIX; David Satterthwaite, Senior Global MicroInsurance Officer, Oxfam America; and Joan Trant, Executive Director, IAMFI.

With such an esteemed set of industry leaders and microfinance experts choosing us for this award, it was a true honor to be the recognized for our innovative social impact investing efforts.

Mile High Actualizes Goals at Great Lengths

Sales Manager, Justin Conway, just recently visited Calvert Foundation borrower Mile High Community Loan Fund. What Justin saw in the communities of Colorado was an illustration of Calvert Foundation borrowers putting investors' capital to work to achieve their mission. Mile High’s current efforts have alleviated the many obstacles that low income communities often face by providing affordable housing and facilities.



Credit: Justin Conway

 I was in Colorado last week for some meetings and stopped in to see how Calvert Foundation borrower Mile High Community Loan Fund is putting our investors' capital to work. Mile High focuses on providing affordable housing and facilities for low-income communities in Colorado, and is headed by community development expert (and excellent tour guide) Jeff Seifried.

We recently highlighted Mile High's work with Church in the City in our Annual Report, and I have seen the renovation of the Church's historic building over the past year, as the good friends I stay with when I'm in Denver live right across the street. It was great to now meet the folks behind the doors of this economically and ethnically diverse congregation, and to see firsthand all of the critical services they provide to homeless and youth populations.

In addition to visiting some of their affordable housing projects, other highlights of my visit included CHARG Resource Center and Sisters of Color United for Education. CHARG Resource Center is a mental health clinic with a unique model for empowering adults with mental disabilities. Sisters of Color United for Education is a nonprofit facility providing community health services to Colorado's Latino population.

Calvert Foundation is proud to support Mile High's work in Colorado.

Best,

Justin Conway

This is just one example of the many successes that occur daily all due to the unwavering dedication and hard work of Calvert Foundation's borrowers.



Support for the Flood Victims of Pakistan

This year will be remembered for two of the greatest natural disasters in decades.  In the wake of the devastating earthquake in Haiti, we are now in the midst of a flood that has resulted in over 1,600 deaths, the displacement of millions of people, and the dissolution of infrastructure making the delivery of essentials nearly impossible.  Whereas the Haitian disaster was met with an overwhelming positive international response, the Pakistani flood has been slow to attract aid dollars.  Advocates like UN General Secretary, Ban Ki-Moon, have been leading a call to action.  Problems are shifting quickly from the immediate danger of flood waters, to the prolonged threat of disease and lack of access to water.  The region requires immediate action, and of course, more long term action as well. 

Credit: UN Development Program

Calvert Foundation is eager explore its role in providing support to the aid community.  Through our Calvert Giving Fund we are mobilizing donor dollars to organizations that are directly contributing to the relief effort.  We invite you to take a look at some of the organizations who are doing relief work in the area.  They all have some great information on their websites relating to specific relief efforts. 

• CARE
• CHF International
• Direct Relief International
• Doctors Without Borders
• Global Fund for Children
• Lutheran World Relief
• Mercy Corps
• Oxfam
• United Methodist Committee on Relief
• World Concern

In addition, we are continually brainstorming new ways to involve our organization in disaster relief.  Though we are not a grant making institution, we do see a role for affordable, patient capital in the long term redevelopment of post disaster societies.  We hope to provide social investors with new tools to positively influence the rebuilding of these countries in the resilient nature of their citizens.  Please join us in thinking about what you can do to help the displaced and suffering in Pakistan.

Celebrating Change, Inspiring New Beginnings

450,000 jobs for low-income individuals, 17,000 affordable homes, and 27,000 non profit facilities and social enterprises. 

These are the real measures of success.

President and CEO Shari Berenbach has spent the last 13 years taking Calvert Foundation and its investors to this level of success. Now, with a stellar track record of growth, Shari has made the difficult decision to pass the torch, leaving her legacy as the basis for Calvert Foundation’s next stage of growth.

“When I joined Calvert Foundation in l997, I took on the improbable challenge of demonstrating that investment can be a tool to end poverty. With impact investing now on the minds of individuals and institutions alike, investing to achieve community impact is an idea whose time has come. In more than 13 years, I have grown Calvert Foundation from $5 million to $500 million in assets under management. This move will provide the opportunity for Calvert Foundation to move to its next level of maturity,” she said.

Shari’s next step will be to lead microenterprise development at USAID, where she will oversee hundreds of millions of dollars at work in over 60 countries around the globe. “I am eager to bring to the world stage our commitment to market-based solutions for the creation of sustainable and scalable strategies to end poverty,” she said.

Executive Vice President and Chief Lending Officer Lisa Hall will be serving as the interim head of Calvert Foundation until the Board of Directors appoints a permanent CEO. “It’s been an honor to work with Shari and we will miss her tremendously. She will be leaving a legacy and imprint not just on Calvert Foundation but also on the entire impact investing sector,” Lisa said.

Calvert Foundation is committed to carrying on its mission of fighting poverty through investment, and is working from a strong base moving forward. In fact, Calvert Foundation has celebrated many great successes as of late, including a partnership with Citi to invest $200 million in U.S. communities to finance small businesses and spur job growth. Calvert Foundation is an award-winning organization that has grown an average of 20% year over year since 1997, even flourishing during the recent economic downturn.

“I am so grateful to our investors and supporters for believing in the power of investment to help underserved communities,” Shari said. “I am excited for the future of Calvert Foundation, and pleased to keep a part of this important experience with me – in my investment portfolio! I am, of course, a proud investor in the Community Investment Note.”