Calvert Social Investment Foundation, Inc. and Subsidiary …€¦ · dedicated to financing...

Calvert Social Investment Foundation, Inc. and Subsidiary

Consolidated Financial Statements and Other Financial Information

Years ended December 31, 2013, 2012 and 2011with Report of Independent Auditors


Consolidated Financial Statements and Other Financial Information

Years ended December 31, 2013, 2012 and 2011

Contents

Report of Independent Auditors..................................................................................................1 - 2

Consolidated Financial Statements

Consolidated Statements of Financial Position ...............................................................................3Consolidated Statements of Activities..............................................................................................4Consolidated Statements of Cash Flows..........................................................................................5Notes to Consolidated Financial Statements.............................................................................6 - 27

Other Financial Information

Consolidated Statement of Functional Expenses...........................................................................28

Report of Independent Auditors

Board of DirectorsCalvert Social Investment Foundation, Inc. and Subsidiary

We have audited the accompanying consolidated financial statements of Calvert SocialInvestment Foundation, Inc. and Subsidiary (the Foundation), which comprise the consolidatedstatements of financial position as of December 31, 2013, 2012 and 2011, the relatedconsolidated statements of activities and cash flows for the years then ended, and the relatednotes to the consolidated financial statements.

Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these consolidatedfinancial statements in accordance with accounting principles generally accepted in the UnitedStates of America; this includes the design, implementation, and maintenance of internal controlrelevant to the preparation and fair presentation of consolidated financial statements that are freefrom material misstatement, whether due to fraud or error.

Auditor’s ResponsibilityOur responsibility is to express an opinion on these consolidated financial statements based onour audits. We conducted our audits in accordance with auditing standards generally accepted inthe United States of America. Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the consolidated financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the consolidated financial statements. The procedures selected depend on theauditor’s judgment, including the assessment of the risks of material misstatement of theconsolidated financial statements, whether due to fraud or error. In making those riskassessments, the auditor considers internal control relevant to the entity’s preparation and fairpresentation of the consolidated financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. Accordingly, we express no such opinion. An auditalso includes evaluating the appropriateness of accounting policies used and the reasonablenessof significant accounting estimates made by management, as well as evaluating the overallpresentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinion.

OpinionIn our opinion, the consolidated financial statements referred to above present fairly, in allmaterial respects, the financial position of the Calvert Social Investment Foundation, Inc. andSubsidiary at December 31, 2013, 2012, and 2011 and the changes in its net assets and its cashflows for the years then ended in conformity with accounting principles generally accepted in theUnited States of America.

Other MatterOur audits were conducted for the purpose of forming an opinion on the consolidated financialstatements as a whole. The accompanying consolidated statement of functional expenses as ofDecember 31, 2013 with summary 2012 and 2011 totals is presented for purposes of additionalanalysis and is not a required part of the consolidated financial statements. Such information isthe responsibility of management and was derived from and relates directly to the underlyingaccounting and other records used to prepare the consolidated financial statements. Theinformation has been subjected to the auditing procedures applied in the audits of theconsolidated financial statements and certain additional procedures, including comparing andreconciling such information directly to the underlying accounting and other records used toprepare the consolidated financial statements or to the consolidated financial statementsthemselves, and other additional procedures in accordance with auditing standards generallyaccepted in the United States of America. In our opinion, the information is fairly stated in allmaterial respects in relation to the consolidated financial statements as a whole.

Falls Church, VirginiaMarch 24, 2014


Consolidated Statements of Financial Position

December 31,2013 2012 2011

AssetsCash and cash equivalents $ 48,107,241 $ 47,034,498 $ 24,090,562

Program related investments:Certificates of deposit 13,000,055 36,207,461 55,292,972Notes receivable, net 182,599,499 154,869,950 147,635,586Mission Plus Placements, net 2,460,908 1,274,430 2,036,917

Investments, at fair value 20,452,177 22,735,766 15,941,466Other investments, at cost:

Debt securities - 393,685 900,000Interest and fees receivable 1,792,114 2,303,901 2,481,328Other receivables 2,057,759 1,208,126 1,461,392Other assets 689,574 579,903 638,084Furniture, equipment and software, net of

accumulated depreciation of $947,574,$669,980,and $464,138, respectively 1,061,107 764,771 563,839

Total assets $ 272,220,434 $ 267,372,491 $ 251,042,146

Liabilities and net assetsLiabilities:Accrued interest payable $ 1,930,459 $ 2,185,637 $ 2,042,682Accounts payable and accrued expenses 636,170 582,519 4,263,045Calvert Foundation Community Investment

Notes payable (the Notes) 235,168,119 229,761,574 210,628,282Subordinated loans payable 7,542,285 8,823,500 11,323,500Refundable and recoverable grants 500,000 500,000 500,000Total liabilities 245,777,033 241,853,230 228,757,509Unrestricted net assets

Undesignated 2,756,133 3,014,985 926,882Board designated:

Calvert Foundation Giving Fund 15,310,259 15,136,840 14,140,319Capital Support 5,004,865 5,004,865 5,004,865Loan Loss Support 2,025,000 1,350,000 675,000

Total unrestricted net assets 25,096,257 24,506,690 20,747,066Temporarily restricted net assets 1,159,573 825,000 1,350,000Total permanently restricted net assets 187,571 187,571 187,571Total net assets 26,443,401 25,519,261 22,284,637

Total liabilities and net assets $ 272,220,434 $ 267,372,491 $ 251,042,146

See accompanying notes to the consolidated financial statements.3


Consolidated Statements of Activities

Year ended December 31,2013 2012 2011

Change in unrestricted net assetsSupport:

Contributions $ 2,420,758 $ 3,237,086 $ 7,674,992Grants 100,000 2,863,930 2,245,000Donated administrative support - 12,000 685,150

Total support 2,520,758 6,113,016 10,605,142

Revenue:Program revenue 8,476,135 7,955,777 8,610,716Investment income 578,049 300,030 636,156Fee and other income 1,192,689 1,925,952 1,742,733

Total revenue 10,246,873 10,181,759 10,989,605

Net assets released from restriction:Satisfaction of program restrictions 1,015,427 675,000 1,510,836

Total support and revenue 13,783,058 16,969,775 23,105,583

Expenses:Program services 11,714,592 11,992,961 16,844,266Support services

Management and general 1,152,069 1,208,260 1,159,370Fundraising 663,736 689,263 716,218

Total expenses 13,530,397 13,890,484 18,719,854Change in unrestricted net assets before

non-operating items 252,661 3,079,291 4,385,729Net change in fair value of investments 1,179,669 840,566 1,793Change in unrestricted net assets before

transfer to Impact Assets, Inc. 1,432,330 3,919,857 4,387,522Transfer to Impact Assets, Inc. (842,763) (160,233) (15,142,496)Change in unrestricted net assets 589,567 3,759,624 (10,754,974)

Changes in temporarily restricted net assetsContributions and grants 1,350,000 150,000 129,412Net assets released from restriction (1,015,427) (675,000) (1,510,836)Change in temporarily restricted net assets 334,573 (525,000) (1,381,424)

Change in net assets 924,140 3,234,624 (12,136,398)Net assets at beginning of period 25,519,261 22,284,637 34,421,035

Net assets at end of period $ 26,443,401 $ 25,519,261 $ 22,284,637



Consolidated Statements of Cash Flows

Year ended December 31,2013 2012 2011

Cash flows from operating activitiesChange in net assets $ 924,140 $ 3,234,624 $ (12,136,398)Adjustments to reconcile change in net assets to net

cash (used in) provided by operating activities:Depreciation 277,595 205,843 118,069Net change in fair value of investments (1,179,669) (840,566) (1,793)Net change in provision for loan losses (386,772) (2,190,940) 1,575,076Transfer of investments to Impact Assets, Inc. 479,816 - 9,249,979Other income - (150,000) -Changes in operating assets and liabilities:

Other receivables (849,633) 253,266 4,347,271Interest and fees receivable 511,787 177,427 (239,144)Other assets (109,671) 58,183 (402,502)Accounts payable and accrued expenses 53,651 (3,680,527) 2,607,667Accrued interest payable (255,178) 142,955 (435,763)

Net cash (used in) provided by operating activities (533,934) (2,789,735) 4,682,462

Cash flows from investing activitiesCost of investments acquired (10,365,102) (14,203,014) (27,132,379)Proceeds from sale or maturity of investments 35,609,476 27,766,687 29,809,007Loans issued (97,541,524) (44,329,259) (29,442,485)Repayments of loans 70,352,428 40,122,740 28,941,000Purchases of furniture, equipment and software (573,931) (406,775) (322,434)

Net cash (used in) provided by investing activities (2,518,653) 8,950,379 1,852,709

Cash flows from financing activitiesIncrease in subordinated loans payable 106,785 350,000 650,500Subordinate loan repayments (1,388,000) (2,700,000) (1,250,000)Proceeds from issuance of the Notes 49,819,146 51,711,268 46,759,091Repayments of the Notes (44,412,601) (32,577,976) (60,783,733)

Net cash provided by (used in) financing activities 4,125,330 16,783,292 (14,624,142)

Net change in cash and cash equivalents 1,072,743 22,943,936 (8,088,971)Cash and cash equivalents, beginning of year 47,034,498 24,090,562 32,179,533Net cash and cash equivalents, end of period $ 48,107,241 $ 47,034,498 $ 24,090,562

Supplemental disclosures of cash flow informationInterest paid $ 3,727,913 $ 3,922,078 $ 4,935,336Non-cash activitiesTransfer of investments to Impact Assets, Inc. $ 479,816 $ - $ 9,249,979



Notes to Consolidated Financial Statements

Years ended December 31, 2013, 2012 and 2011

Note A - Organization

The Calvert Social Investment Foundation, Inc. (the Foundation) was formed in l988 with amission to enable people to invest for social good. To realize its mission, the Foundationadministers products and services designed to bridge traditional sources of capital andorganizations benefiting under-served communities.

On April 23, 2010, Community Investment Partners, Inc. (CIP, Inc.) a wholly owned subsidiaryof the Foundation was formed as a Maryland non-stock corporation. The Foundation is the solemember of the taxable corporation, which is a registered investment advisor with the Securitiesand Exchange Commission (SEC). CIP, Inc. is organized to promote community investment by,among other things, providing funds management and investor services to social and communitydevelopment institutions in order to encourage the flow of investment resources to disadvantagedcommunities.

The Calvert Foundation Community Investment Notes (the Notes) are investments fromindividuals and institutions, serving as a source of capital for direct loans to community-basednon-profits. The Mission Plus Program primarily entails donations to the Foundation that arededicated to financing high-impact, innovative community organizations. The CalvertFoundation Giving Fund is a donor-advised program whereby donors make irrevocabledonations to the Foundation.

Note B - Summary of Significant Accounting Policies

Principles of ConsolidationThe consolidated financial statements include the accounts of Calvert Social InvestmentFoundation, Inc. and CIP, Inc. (collectively referred to as the Foundation). All significant inter-entity balances and transactions have been eliminated in consolidation.

Basis of Accounting and Use of EstimatesThe accompanying consolidated financial statements have been prepared using the accrual basisof accounting in conformity with accounting principles generally accepted in the United Statesof America (GAAP). The preparation of the consolidated financial statements in accordancewith GAAP requires management to make estimates and assumptions that affect reportedamounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of theconsolidated financial statements, and the reported amounts of support, revenue and expensesduring the reporting period. Actual results could differ from those estimates.

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Notes to Consolidated Financial Statements (Continued)

Note B - Summary of Significant Accounting Policies (Continued)

Basis of PresentationThe accompanying consolidated financial statements were prepared using GAAP for not-for-profit entities. These standards require foundations to report information regarding their financialposition and activities in three classes of net assets as follows:

Unrestricted net assets - represent resources which have met all applicable previous restrictionsand are considered to be available for unrestricted use. From time to time, the Board ofDirectors may designate a portion of net assets for a specific purpose; however, board designatednet assets are classified as unrestricted net assets. Board designated net assets are set aside bythe Board of Directors for the Calvert Foundation Giving Fund, Capital Support, and Loan LossSupport. Contributions and grants designated to the Loan Loss Support category are set aside tosupport the Foundation's loan loss reserve.

Temporarily restricted net assets - represent resources restricted by donors until such time aseither purpose or time restrictions have been met. Temporarily restricted net assets are availablefor use in programs specified by donors. The net assets released from donor restriction areattributable to expenses incurred during the period related to these specific programs or theexpiration of time restrictions.

Permanently restricted net assets - represent resources that contain a stipulation that permanentlyrestricts the use of such funds, but allow earnings from the funds to be used for eithertemporarily restricted or unrestricted purposes. Permanently restricted net assets are restrictedfor use in the Foundation's permanent revolving loan fund. Loan loss allowances established forloans issued from this fund are charged to loan loss expense.

Tax StatusThe Calvert Social Investment Foundation, Inc. is exempt from federal income tax under Section501(c)(3) of the Internal Revenue Code. In addition, the Foundation has been determined by theInternal Revenue Service not to be a "private foundation" within the meaning of Section 509(a)of the Internal Revenue Code. CIP, Inc. is subject to income tax on its net income, if any. Anassessment of the future realization of deferred tax assets considers historical taxable income andprojections for future taxable income over the periods during which the deferred tax assets arerecoverable and determines if it is more likely than not that CIP, Inc. will realize the benefits ofthose differences. Management has concluded that the Foundation has properly maintained itsexempt status and that there are no uncertain tax positions as of December 31, 2013. The priorthree tax years are subject to examination by taxing authorities and there are currently noexaminations being conducted. CIP, Inc. has generated operating losses through December 31,2013, which are available to be carried forward and offset against future taxable income. CIP,Inc. has established a valuation allowance against the NOL as it is more likely than not that CIP,Inc. will be unable to utilize the NOL prior to their expiration.

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Subsequent EventsThe Foundation has evaluated subsequent events through March 24, 2014, which is the date theconsolidated financial statements were available to be issued and has considered all relevantmatters in the preparation of the consolidated financial statements and footnotes.

Cash and Cash EquivalentsThe Foundation considers highly liquid investments, with maturity of three months or less whenpurchased, to be cash equivalents. The Foundation maintains cash in bank deposit accounts,which at times may exceed federally insured limits. The Foundation has not experienced anylosses in such accounts. Management monitors these balances and believes they do not representa significant credit risk to the Foundation.

InvestmentsThe Foundation generally carries its investments at either fair value or cost and reports gains andlosses in the consolidated statements of activities. Accounting standards have established aframework and hierarchy for measuring fair value and disclosing fair value measurements.

Fair Value of Financial InstrumentsGAAP requires the disclosure of the fair value of financial instruments at the consolidatedstatements of financial position date. For financial instruments for which there are no quotedmarket prices, a reasonable estimate of fair value would require incurring excessive costs.Because the mission of the Foundation is to raise and lend funds at interest rates that aregenerally below market, these disclosures for the Foundation's Notes Receivables and MissionPlus Placements-Notes Receivable, subordinated loans payable and refundable grants are notmeaningful and are not presented in these consolidated financial statements.

The Foundation invests in various investment instruments. Investments are exposed to variousrisks such as interest rate, market and credit risks. Due to the level of risk associated with certaininvestment securities, it is at least reasonably possible that changes in the values of investmentsecurities will occur in the near term and that such changes could materially affect the amountsreported in the consolidated statements of financial position.

The Foundation's classifications for investments are based on the fair value frameworkestablished by GAAP. The framework is based on the inputs used in the valuation and requiresthat observable inputs be used in valuations when available. The disclosure of fair valueestimates in the fair value guidance includes a hierarchy based on whether significant valuationinputs are observable.

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Fair Value of Financial Instruments (Continued)The three levels of the hierarchy are as follows:

Level 1: Inputs to the valuation methodology are quoted prices (unadjusted) for identicalassets or liabilities traded in active markets.

Level 2: Inputs to the valuation methodology include quoted prices for similar assets orliabilities in active markets, quoted prices for identical or similar assets or liabilitiesin markets that are not active, inputs other than quoted prices that are observable forthe assets or liabilities and market-corroborated inputs.

Level 3: Inputs to valuation methodology are unobservable for the asset or liability and aresignificant to the fair value measurement.

Certificates of deposit held do not meet the definition of securities under accounting standardsand thus are not subject to the fair value disclosure requirements of GAAP. The Foundationrecognizes transfers between levels of the fair value hierarchy at the end of the period in whichevents impacting the availability of inputs to the fair value methodology occur.

Certificates of DepositBank certificates of deposit (CDs) are placed with financial institutions providing sources ofcapital to under-served communities. The CDs are shown at the original deposit amounts plusearned interest. Domestic CDs as of December 31, 2013 earn interest at rates ranging from0.12% to 1.05% and have maturities ranging from May 1, 2014 through December 26, 2014.Certain of these certificates of deposit are subject to penalties for early withdrawal. Penalties forearly withdrawal would not have a material effect on the consolidated financial statements. Thecertificates are automatically renewable by the depository financial institution unless theFoundation provides notification to the institution.

The Foundation also at times holds deposits with foreign institutions. Foreign deposits are notinsured against loss. At December 31, 2013, 2012, and 2011 the Foundation had deposits totaling$0, $2,000,000, and $2,000,000, respectively on deposit with foreign institutions. As ofDecember 31, 2013, 2012, and 2011, an allowance of $0, $60,000, and $0 has been establishedas an allowance for losses of the foreign deposits not insured against loss, respectively.

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Allowance for LossesThe Foundation has established an allowance for losses to provide for estimates of uncollectibleloans and Mission Plus Loan Placements. Although variability is inherent in such estimates,management believes that the allowance for losses provided in the consolidated financialstatements is adequate. However, because of the small population of loans and limited historicalexperience, actual losses could be significantly more or less than management's estimate. Asadjustments to this estimate become necessary, such adjustments are included in currentoperations. On a quarterly basis, the Foundation reviews the current level of reserves againstprior losses, the state of the portfolio, and the state of various sectors to determine the adequacyof the reserve level to cover future losses. The Foundation implements a three-step approach todetermining the reserve:

(1) All loans are segregated into sectors within the portfolio and a reserve percentage isassigned based on the risk score of each loan. The percentage applied for general riskcategories may be different based on the relative risk associated with each sector and may bechanged from time to time by the Foundation; and(2) The Foundation identifies loans that warrant special consideration and applies a specificloan loss allowance for each of these loans independent of the other loans in the sector; and (3) In certain instances the Foundation receives credit enhancements which may reduce thenecessary loan loss reserve for the loan. This support is evaluated on a case-by-case basistaking into account the type and amount of credit enhancement as well as management'sassessment of the Foundation's ability to utilize the credit enhancement in the event ofborrower default. These credit enhancements are typically in the form of cash collateral andthird party guarantees supporting either a portion or the entire outstanding loan.

The Foundation has established a policy for loans placed on non-accrual status. The Foundationceases to accrue interest on loans when they become 180 days past due or when managementbelieves the receivable is not collectible. Interest accrued on these loans is reversed againstinterest income. Loans are returned to accrual status when all the principal and interest amountscontractually due are brought current and in the opinion of management, future payments arereasonably assured.

Furniture, Equipment and SoftwareFurniture, equipment and software are stated at cost and are depreciated on the straight-line basisover the estimated useful lives, which range from 3 to 7 years.

Accounting for DerivativesAs discussed in Note F, derivatives which consist of foreign currency swap agreements arerecorded in the consolidated statements of financial position at fair value. Fair value for theFoundation's derivative financial instruments are based on the present value quoted marketprices. Changes in fair value are recorded when they occur in the consolidated statements ofactivities.

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Accounting for Foreign Currency Denominated TransactionsThe books and records of the Foundation are maintained in U.S. dollars. Transactionsdenominated in foreign currencies are translated into U.S. dollars at the consolidated statementsof financial position date rate of exchange. Changes in foreign currency denominatedtransactions are recorded in the consolidated statements of activities in the period the changeoccurs.

Contributions and GrantsAll contributions and grants are considered to be available for unrestricted use unless specificallyrestricted by the donor or grantor. Amounts received that are designated for future periods orrestricted by the donor or grantor for specific purposes are reported as temporarily restricted.Amounts received that are restricted by the donor or grantor for specific purposes are reported asunrestricted if expenses exceed contributions for the related purpose. When a temporaryrestriction expires or has been satisfied, temporarily restricted net assets are reclassified tounrestricted net assets and reported in the statements of activities as net assets released fromrestriction. Contributed property and equipment is recorded at its estimated fair value at the dateof donation.

Donated Administrative SupportThe Foundation received administrative support at no cost from Calvert Investments, Inc.(Calvert Investments) through 2012. The Foundation did not receive any administrative supportfrom Calvert Investments in 2013 and none is anticipated in future years. Donated administrativesupport was recognized as unrestricted support at its estimated fair values and as an offsettingexpense in the appropriate functional expense category.

Expense AllocationThe costs of providing programs and other activities have been summarized on a functional basisin the statements of activities. Accordingly, costs have been allocated to program, managementand general, and fundraising expenses.

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Transfer to Impact Assets, Inc. (IA)In order to segregate the Foundation's Donor Advised Fund (DAF) program from its otheractivities, the Foundation began a multi-year process in 2010 to gradually transfer its DAF assetsto IA, a programmatically-related organization. The transfers during the years ending December31, 2013 and 2012, were made to fulfill donors' request to transfer funds to IA. These transfersare non-operating items that reduce net assets. The total amount transferred to IA in theconsolidated statements of activities was comprised of the following for the years endedDecember 31:

2013 2012 2011Cash and cash equivalents $ 348,109 $ 160,233 $ 5,892,517Notes receivable - - 895,000Mutual funds, fair value - - 3,303,930Common stock and other equity securities,

fair value 479,816 - -Calvert Foundation Community Investment Notes 14,838 - 5,051,049

$ 842,763 $ 160,233 $ 15,142,496

Promissory Note- Impact AssetsIn exchange for the DAF assets transferred, the Foundation entered into a promissory noteagreement with IA, in which the Foundation will receive up to a maximum of $360,000 forconsideration of the amount of DAF assets transferred to date to IA. The principal balance of thenote is determined based upon the percentage of DAF assets actually transferred to IA up to apresumed maximum of $30 million. The promissory note does not accrue interest and theoutstanding principal balance is recorded in other assets in the consolidated statements offinancial position. The principal payments are due to the Foundation in three equal annualinstallments beginning March 1, 2016. As of December 31, 2013, 2012 and 2011 theoutstanding principal balance of the note is $276,812, 264,950 and 264,950, respectively.

ReclassificationsCertain prior year balances have been reclassified to conform with current year presentation.These reclassifications resulted in no changes in net assets.

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Note C - Investments

The following table summarizes the Foundation's investments held at fair value in accordancewith GAAP as of December 31:

2013 Level 1 Level 2 Level 3 TotalCommon stock $ 360,205 $ - $ - $ 360,205Mutual funds:

Equity mutual funds 5,659,518 - - 5,659,518Fixed-income mutual funds 6,478,459 - - 6,478,459

Alternative investment funds - - 6,987,257 6,987,257Fixed-income securities - 966,738 - 966,738Total investments held at fair value $12,498,182 $ 966,738 $ 6,987,257 $20,452,177


Money market funds 2,538,819 - - 2,538,819Equity mutual funds 4,035,589 - - 4,035,589Fixed-income mutual funds 7,539,957 - - 7,539,957

Alternative investment funds - - 7,174,826 7,174,826Fixed-income securities - 1,010,164 - 1,010,164Total investments held at fair value $14,550,776 $ 1,010,164 $ 7,174,826 $22,735,766


Money market funds 2,528,565 - - 2,528,565Equity mutual funds 3,466,987 - - 3,466,987Fixed-income mutual funds 2,583,461 - - 2,583,461

Alternative investment funds - - 6,005,202 6,005,202Fixed-income securities - 1,165,295 - 1,165,295Total investments held at fair value $ 8,770,969 $ 1,165,295 $ 6,005,202 $15,941,466

The fair value of the fixed-income securities are based upon market quotations from pricingservices. The pricing service prepares estimates of fair value measurements for these securitiesusing proprietary pricing applications, which include available relevant market information,benchmark curves, benchmarking of like securities, sector groupings and matrix pricing (Level2).

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Note C - Investments (Continued)

The Foundation is a limited partner investor in various limited partnerships. In accordance withthe partnership agreements, limited partners are not liable for any liabilities or for the payment ofany debts and obligations of the funds. Net profits and losses are allocated to each partner inaccordance with the ratio of their respective capital account balances. The Foundation maywithdraw any or part of their capital account upon providing written notice and other stipulationsas defined in the partnership agreements. There are no outstanding capital commitments as ofDecember 31, 2013 for the Foundation's investments in these limited partnerships.

Investments in alternative investment funds are typically valued, as a practical expedient,utilizing the net asset valuations provided by the underlying private investment companies and ortheir administrators, without adjustment, when the net asset valuations of the investments arecalculated in a manner consistent with GAAP for investment companies. The Foundationapplies the practical expedient to its investments in private investment companies, unless it isprobable that the Foundation will sell a portion of an investment at an amount different from thenet asset valuation. If it is probable that the Foundation will sell an investment at an amountdifferent from the net asset valuation or in other situations where the practical expedient is notavailable, the Foundation considers other factors in addition to the net asset valuation, such asfeatures of the investment, including subscription and redemption rights, expected discountedcash flows, transactions in the secondary market, bids received from potential buyers, andoverall market conditions in its determination of fair value.

Investments in private investment companies are included in Level 2 or 3 of the fair valuehierarchy. In determining the level, the Foundation considers the length of time until theinvestment is redeemable, including notice and lock-up periods or any other restriction on thedisposition of the investment. The Foundation also considers the nature of the portfolios of theunderlying private investment companies and their ability to liquidate their underlyinginvestments. If the Foundation has the ability to redeem its investment at the reported net assetvaluation as of the measurement date, the investment is generally included in Level 2 of the fairvalue hierarchy. If the Foundation does not know when it will have the ability to redeem theinvestment or it does not have the ability to redeem its investment in less than thirty days,investment is included in Level 3 of the fair value hierarchy. As of December 31, 2013, 2012 and2011, no adjustments were made to the valuations provided by the underlying private investmentcompanies.

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Note C - Investments (Continued)

The following table summarizes changes in Level 3 assets measured at fair value for the yearended December 31:

2013 2012 2011Balance at beginning of year $ 7,174,826 $ 6,005,202 $ 6,789,071Purchases 46,970 1,099,560 118,811Sales/distributions (511,816) (241,711) (1,126,800)Net change in fair value 277,277 311,775 224,120

Balance at end of year $ 6,987,257 $ 7,174,826 $ 6,005,202

During 2013, 2012, and 2011, there were no transfers between the levels of the fair valuehierarchy.

Total return on investments was comprised of the following for the years ended December 31:

2013 2012 2011Interest and dividend income $ 545,948 $ 420,899 $ 505,881Net change in fair value of derivatives 302,490 (222,850) 163,300Change in foreign currency exchange rates (270,389) 101,981 (33,025)

Total investment income 578,049 300,030 636,156Net change in fair value of investments 1,179,669 840,566 1,793

Total return on investments $ 1,757,718 $ 1,140,596 $ 637,949

The Foundation did not recognize any other-than-temporarily impairment losses (OTTI) on itsinvestment portfolio during the years ending December 31, 2013, 2012 and 2011.

Note D - Notes Receivable

Notes receivable, net of an allowance for losses, consist of loans made in accordance with theFoundation's stated purpose of providing financial assistance to community developmentorganizations operating in economically disadvantaged communities, which are under-served bytraditional capital sources. Pursuant to the terms of the note agreements, interest is typically duequarterly or semi-annually.

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Note D - Notes Receivable (Continued)

The following are the ten largest single borrowers of notes outstanding as of December 31, 2013:

Borrower Total Outstanding% of Total Notes

OutstandingMicroVest + Plus, LP $ 6,889,330 %3.7NCB Capital Impact 6,700,000 %3.6IFF 6,700,000 %3.6ProCredit Holding AG & Co. KGaA 6,000,000 %3.2The Reinvestment Fund 6,000,000 %3.2New Hampshire Community Loan Fund, Inc. 5,000,000 %2.7Alterfin C.V.B.A 5,000,000 %2.7Community Reinvestment Fund 5,000,000 %2.7Oikocredit USA 5,000,000 %2.7Community Housing Capital 5,000,000 %2.7

Total $ 57,289,330 %30.8

There are no other individual borrowers representing more than 2.1% of the total notesoutstanding as of December 31, 2013.

The Foundation makes loans in developing markets that may be subject to increased risks due topolitical and regulatory environments, and overall market and economic factors in the countriesin which the borrower conducts business or invests. These risks are generally magnified incountries with emerging markets, due to the limited availability of information, currencyfluctuations, and the volatility of political and economic conditions in some areas. Fluctuationsin exchange rates may adversely affect the repayment of investments. Political or socialinstability may prevent borrowers from operating effectively and hinder repayment to theFoundation.

The following table summarizes the domestic and international loans outstanding as ofDecember 31, 2013 based upon the geography in which the borrower conducts its operations:

Total Outstanding% of Total Notes

OutstandingDomestic $ 114,452,667 %61International 73,068,080 %39

Total $ 187,520,747 %100

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Note D - Notes Receivable (Continued)

The following table summarize the notes receivable balances as of December 31, based onwhether the Foundation has specifically allowed for loan losses due to credit quality of the loansor considered the loans as part of the Foundation's general loan loss estimate:

Notes receivable 2013 2012 2011Notes with specific loan loss allowance $ 22,606,825 $ 20,885,748 $ 19,612,372Notes included in general loan loss allowance 145,213,922 131,280,556 134,191,251Loans with credit enhancements 19,700,000 7,897,988 1,000,000Allowance for loan losses (4,921,248) (5,194,342) (7,168,037)Total notes receivable, net $ 182,599,499 $ 154,869,950 $ 147,635,586

As of December 31, 2013, $20,974 of notes receivable were placed on non-accrual status.

The allowance for loan losses on notes receivable are adjusted throughout the year based uponthe Foundation's assessment of its adequacy compared to the current outstanding notes. Thecurrent year's adjustment in the allowance is reflected in the provision for loan losses. Theallowance for loan losses on notes receivable is summarized in the following table:

Allowance for loan lossesSpecific

AllowanceGeneral

AllowanceCredit

Enhancements TotalBalance as of January 1, 2011 $ 1,955,696 $ 3,674,250 $ - $ 5,629,946

Loans written off during the year (214,110) - - (214,110)Net change in provision for loan

loss allowance 1,846,555 (114,354) 20,000 1,752,201Balance as of December 31, 2011 3,588,141 3,559,896 20,000 7,168,037

Loans written off during the year (1,500,000) - - (1,500,000)Net change in provision for loan

loss allowance (447,182) (356,412) 329,899 (473,695)Balance as of December 31, 2012 1,640,959 3,203,484 349,899 5,194,342

Loans written off during the year - - - -Net change in provision for loan

loss allowance (202,839) 139,644 (209,899) (273,094)Balance as of December 31, 2013 $ 1,438,120 $ 3,343,128 $ 140,000 $ 4,921,248

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Note E - Mission Plus Placements

The Mission Plus Placements program was established to support higher-risk communitydevelopment projects. The program consists of investments in both notes receivable and equityinvestments. The following table details the investments within the Mission Plus Placementsprogram as of December 31:

Mission Plus Placements 2013 2012 2011Notes receivable, net $ 326,321 $ 540,000 $ 1,376,905Equity investments 2,134,587 734,430 660,012Total $ 2,460,908 $ 1,274,430 $ 2,036,917

The Mission Plus Loan Placements have an inherently higher risk and therefore have historicallyhad a higher standard loan allowance applied to their balances. The following table summarizesthe Mission Plus Placements balances as of December 31, based on whether the Foundation hasspecifically allowed for loan losses due to credit quality of the loans or considered the loans aspart of the Foundation's general loan loss estimate:

Mission Plus Placements-Notes Receivable 2013 2012 2011Notes with specific loan loss allowance $ 300,000 $ 320,000 $ 1,374,150Notes included with general loan loss allowance 112,642 375,000 375,000Loss allowance (86,321) (155,000) (372,245)Mission Plus Placements- notes receivable $ 326,321 $ 540,000 $ 1,376,905

As of December 31, 2013, no Mission Plus Loan Placements were placed on non-accrual status.

The allowance for loan losses is adjusted during the year based upon the Foundation'sassessment of its adequacy compared to the current outstanding notes. The current year'sadjustment in the allowance is reflected in the provision for loan losses. The allowance for loanlosses on Mission Plus Placements is summarized in the following table:

Mission Plus Placements-Allowance for loan lossesSpecific

AllowanceGeneral

Allowance TotalBalance as of January 1, 2011 $ 306,513 $ 45,000 $ 351,513

Net provision for (reduction in) loan loss allowance (9,268) 30,000 20,732Balance as of December 31, 2011 297,245 75,000 372,245

Net (reduction in) provision for loan loss allowance (217,245) - (217,245)Balance as of December 31, 2012 80,000 75,000 155,000

Loans written off during the year (15,000) - (15,000)Net reduction in loan loss allowance (38,679) (15,000) (53,679)

Balance as of December 31, 2013 $ 26,321 $ 60,000 $ 86,321

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Note E - Mission Plus Placements (Continued)

The Foundation holds interests in limited partnerships within the Mission Plus Placements-Equity Investments. Those investments in the limited partnerships are categorized as Level 3 inthe GAAP fair value hierarchy. The following table summarizes changes in Mission PlusPlacements - Equity Investments measured at fair value for the year ended December 31:

2013 2012 2011Balance at beginning of year $ 734,430 $ 660,012 $ 595,002Purchases 1,279,093 173,041 129,998Sales/distributions (6,767) (84,268) (48,735)Net change in fair value 127,831 (14,355) (16,253)

Balance at end of year $ 2,134,587 $ 734,430 $ 660,012

There is a total of $121,776 in outstanding capital commitments as of December 31, 2013 for theFoundation's investments in these limited partnerships.

Note F - Foreign Currency Loans

The Foundation from time to time issues loans denominated in a foreign currency. Loansreceivable denominated in foreign currencies are translated into U.S. dollars at the consolidatedstatements of financial position date rate of exchange. Loans denominated in foreign currenciesaccrue interest at rates ranging from 3.26% to 4.05% annually, and mature between March 31,2014 and May 15, 2015. Net currency gains and (losses) from valuing foreign currencydenominated assets at year-end exchange rates are reflected in the consolidated statements ofactivities as investment income. To manage fluctuations of foreign currency values related toloans denominated in foreign currencies, the Foundation enters into currency swap agreements,which mature in concert with the outstanding foreign currency loans. A currency swap is aforeign exchange agreement between two parties to exchange principal and fixed rate interestpayments on a loan in one currency for principal and fixed rate interest payments on an equalloan in another currency. As a result of the currency swap agreements the Foundation hasreduced its currency risk that the value of the loan repayments would be less or greater than theoriginal loan amounts. The Foundation does not enter into derivative financial instrumentagreements for trading or speculative purposes. The net position of the currency swaps isrecorded as other assets in the consolidated statements of financial position. Change in thecurrency swap contracts' fair value is included in the consolidated statements of activities asinvestment income, and is intended to offset the change in value of the matched foreign currencyloans.

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Note G - Calvert Foundation Community Investment Notes Payable

The Foundation created the Calvert Foundation Community Investment Note (the Notes)program to raise funds and reinvest those funds as direct loans to community developmentorganizations with missions that include housing, economic development and businessdevelopment in urban and rural communities. These funds are to be loaned to the communitygroups at rates generally below market. As of December 31, 2013, the Notes are sold throughthree channels: definitive notes sold directly by the Foundation, book-entry notes sold throughthe Depository Trust Company (DTC) and online notes sold through MicroPlace, Inc.,(MicroPlace) a broker dealer subsidiary of eBay® Inc.

Funds from definitive Notes sold directly by the Foundation are provided by individuals andinstitutional investors through the sale of the Notes of $1,000 or greater. The Notes payinvestors a fixed rate of interest which is typically below-market. At December 31, 2013, 10definitive Note holders held Notes representing $78,667,636 of the total Notes payable balance.

To further expand the Note program to small investors, the Foundation entered into an agreementwith MicroPlace, Inc., a subsidiary of eBay® Inc. and a member of the Financial IndustryRegulatory Authority (FINRA) and the Securities Investment Protection Corporation (SIPC).The agreement allows the Foundation to issue its Notes through the MicroPlace online brokerageplatform in denominations as low as $20. At December 31, 2013, 2012 and 2011 there were$1,585,428, $2,796,504 and $3,816,686, respectively, of the Notes outstanding issued via theonline channel, which are included in the Notes payable in the consolidated statements offinancial position. Investors purchasing the Notes through the MicroPlace platform mustdesignate a specific organization at the time of purchase. On January 14, 2014, MicroPlacestopped offering new sales of investments. See Note P - Subsequent Events.

The Foundation is a party to a Trust Indenture Agreement (the indenture agreement) with theBank of New York (BONY). This agreement allows the Foundation to issue Notes in a formreferred to as book-entry notes, which are eligible for electronic settlement through the DTC.The book-entry notes, once issued, are represented by permanent global certificates that areregistered in the name of Cede & Co., as nominee of the DTC. BONY has been designated asthe indenture trustee to the indenture agreement and in this capacity BONY serves as payingagent for the book-entry notes.

The indenture agreement imposes certain financial and other covenants on the Foundation andallows BONY to take specified actions on behalf of the holder of book-entry Notes under certaincircumstances. At December 31, 2013, 2012 and 2011 the Foundation was in compliance withcovenants relating to this agreement. For a more complete description of this agreement pleaserefer to the Foundation's Prospectus. At December 31, 2013, 2012 and 2011 there were$88,630,000, $78,227,000 and $69,064,000, respectively, book-entry Notes outstanding, whichare included in the Notes payable in the consolidated statements of financial position.

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Note G - Calvert Foundation Community Investment Notes Payable (Continued)

The Notes are offered under a self-executing exemption from federal registration. TheFoundation and the Notes comply with state registration requirements. The Notes are senior tothe subordinated loans (see Note H) as well as Loan Commitments available for use by theFoundation (see Note J).

Maturities by year are as follows:

2014 $ 81,646,3102015 46,655,8952016 49,987,2232017 37,821,7822018 14,447,651Thereafter 4,609,258Total $ 235,168,119

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Note H - Subordinated Loans Payable

Loans were provided by the following organizations to: 1) provide financial assistance tocommunity development organizations operating in economically disadvantaged communities,which are under-served by traditional capital sources and 2) provide subordinate financing toassist the Foundation in attracting investors for the Note program.

The principal amounts by lending organization as of December 31 are as follows:

Organization

2013PrincipalAmount

2012PrincipalAmount

2011PrincipalAmount

Senior Subordinated LoansThe Ford Foundation $ - $ 750,000 $ 750,000The F.B. Heron Foundation - - 500,000

Total senior subordinated loans payable - 750,000 1,250,000

Junior Subordinated LoansMacArthur Foundation $ 3,500,000 $ 3,500,000 $ 3,500,000JPMorgan Chase Bank, NA - - 2,250,000Calvert Investment Administrative Services, Inc. 1,000,000 1,000,000 1,000,000Child Relief International 300,000 538,000 538,000San Francisco Foundation 250,000 500,000 500,000Community Foundation Land Trust 500,000 500,000 500,000Wells Fargo 500,000 500,000 500,000The Rockefeller Foundation 450,000 450,000 450,000Private individual 250,000 250,000 -Page Hill Foundation 203,000 200,000 200,000Private Individual - 150,000 150,000Fidelity Charitable Trust 150,000 150,000 150,000Oswald Family Foundation 128,785 125,000 125,000Private Individual 100,500 100,500 100,500Lemelson Foundation - - 100,000PNC Foundation 100,000 100,000 -Women's Foundation of Minnesota 100,000 - -Bank of America 10,000 10,000 10,000

Total junior subordinated loans payable 7,542,285 8,073,500 10,073,500Total subordinated loans payable $ 7,542,285 $ 8,823,500 $ 11,323,500

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Note H - Subordinated Loans Payable (Continued)

Maturities as of December 31, 2013 are:

2014 $ 2,482,2842015 2,300,0002016 500,0002017 160,0002018 2,100,000Total $ 7,542,284

Under the terms of the loans detailed above, the Foundation is subject to certain debt covenants,which require the Foundation to maintain minimum net asset balances and specific liquidityratios, and to provide timely financial and progress reports to the lending organizations. As ofDecember 31, 2013, 2012 and 2011 the Foundation was in compliance with all its debtcovenants.

The Foundation and the issuers of the subordinated debt detailed above entered into anIntercreditor Agreement (the Agreement). The Agreement clarifies and delineates therelationship between the junior subordinated debt and the senior subordinated debt and thevarious rights of each category of subordinated debt. One or more additional subordinatedlenders may become a party to the Agreement upon notification by the Foundation to each of theother parties.

Note I - Refundable and Recoverable Grants

The Foundation received a recoverable grant from the Ford Foundation in the amount of$500,000 on June 1, 2009. This grant was issued by the Ford Foundation to provide support tocapitalize a loan loss reserve fund for the affordable housing portfolio in order to mitigateincreased levels of risk associated with affordable housing. The grant funds are available over aseven year period. Under the terms of the agreement, the Foundation will be required to repaythe sum of the portion of the recoverable grant funds not used to fund loan loss reserveadjustments, and any recoveries resulting from reductions to the loan loss reserve related toimprovements in credit quality or repayment of a loan which were supported with therecoverable grant proceeds. Any remaining unpaid balance of the grant at maturity would beconsidered forgiven and unrecoverable and would be recorded by the Foundation as anunrestricted contribution at the time of maturity. The amount of forgiveness of the grant will bedetermined at the time of maturity, and as a result, the Foundation has reflected this refundablegrant as a liability in the consolidated statements of financial position at December 31, 2013.

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Note J - Loan Commitments to the Foundation

On February 20, 2008, the Foundation entered into an Investment Guaranty Facility Agreement(Investment Guaranty) with the Overseas Private Investment Corporation (OPIC), an agency ofthe United States, pursuant to Section 234(B) of the Foreign Assistance Act of 1961, asamended. The Investment Guaranty provides that OPIC will make available to the Foundation astandby unfunded guaranty facility up to $10,000,000. As of December 31, 2013, the Foundationhas activated $7,800,000. The Investment Guaranty is provided for the purpose of supporting theFoundation's liquidity to facilitate repayment of the Calvert Foundation Community InvestmentNotes (the Notes) that were issued to support loans to microfinance institutions in designatedproject countries. Draw downs on the guaranty can be made on the activated portion of theInvestment Guaranty and will be subordinated to the Notes. In consideration of the InvestmentGuaranty, the Foundation has agreed to pay OPIC annual fees equal to 1% of the activatedportion of the Investment Guaranty plus 0.25% of the difference between the maximumcommitment and the activated portion of the Investment Guaranty. At December 31, 2013,2012 and 2011 the Foundation had no outstanding drawn amounts relating to this InvestmentGuaranty.

The Foundation entered into a Standby Loan Commitment (Standby Commitment) with theRockefeller Foundation (Lender), whereby the Lender agrees to make one or more seniorsubordinated term loans to the Foundation in the aggregate principal amount of up to$1,000,000. The Standby Commitment is available to November 15, 2015. It is to be used toincrease the Foundation's capacity to issue the Notes. In consideration of the StandbyCommitment, the Foundation has agreed to pay the Lender an annual commitment fee on eachanniversary of the date of the Standby Commitment period equal to 1% of the undrawn portionof the Standby Commitment. At December 31, 2013, 2012 and 2011 the Foundation had nooutstanding drawn amounts relating to this Standby Commitment.

Note K - Program Revenue

The components of program revenue were as follows for the years ending December 31:

2013 2012 2011Interest on notes receivable $ 8,140,985 $ 7,525,139 $ 7,754,145Interest on certificates of deposit 335,150 430,638 856,571Total $ 8,476,135 $ 7,955,777 $ 8,610,716

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Note L - Donated Administrative Support

The value of donated administrative support is summarized as follows:

Expense Category 2013 2012 2011IT and administrative $ - $ 12,000 $ 683,620Professional fees - - 1,530Total $ - $ 12,000 $ 685,150

Note M - Retirement Plan

The Foundation sponsors a 401(k) Plan (the Plan) for its employees. Employees with threemonths of service and having attained the age of twenty-one are eligible for participation in thePlan. The Foundation contributes 2% to participating employees and matches 100% ofemployee contributions up to 6% of the employee's compensation, which vests immediately tothe employee. Participants are eligible for employer matching contributions after one year ofservice. The Foundation made contributions to the Plan of $188,848, $141,149, and $157,589for the periods ending December 31, 2013, 2012 and 2011, respectively.

Note N - Related Parties

The Foundation is a related party to the Calvert Investments and its subsidiaries, each of whichservice the Calvert mutual funds (together, the Calvert Entities). Four of the twelve FoundationBoard members also serve on the respective boards or are executive officers of certain of theCalvert Entities. The Foundation reimburses the Calvert Entities for expenses incurred by theCalvert Entities on behalf of the Foundation. As of December 31, 2013, 2012 and 2011 therewere no amounts due to the Calvert Entities from the Foundation. In addition, the Calvertmutual funds held investments in the Notes, as described in Note G, issued by the Foundation ofapproximately $25 million for the years ended December 31, 2013, 2012 and 2011, respectively.

The Foundation maintains money market accounts with Calvert Investments, which had totalbalances of $0, $4,600,098, and $2,597,872 as of December 31, 2013, 2012, and 2011,respectively. The Foundation also maintains mutual fund accounts with Calvert Investments,which had total balances of $12,137,976, $9,119,541, and $8,579,013 as of December 31, 2013,2012 and 2011, respectively.

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Note N - Related Parties (Continued)

As disclosed in Note B - Summary of Significant Accounting Policies, the Foundationtransferred assets to IA, a programmatically-related organization, during the years endedDecember 31, 2013, 2012, and 2011. In exchange for the DAF assets transferred, theFoundation entered into a promissory note agreement with IA, in which the Foundation willreceive consideration based upon the amount of DAF assets transferred to IA. During the yearended December 31, 2013, certain Foundation DAF account holders had mistakenly committedcash and securities to IA totaling $593,392 and certain IA DAF account holders mistakenlycommitted cash and securities to the Foundation totaling $85,000. As of December 31, 2013, theFoundation has a receivable from IA totaling $593,392 that is recorded in other receivables inthe consolidated statements of financial position.

The Foundation charges certain administrative fees for services provided to IA by theFoundation's employees. These fees totaled $224,715 and $163,055 for the years endingDecember 31, 2012 and 2011, respectively. As of December 31, 2012 and 2011, $50,835 and$137,150 were due to the Foundation related to these fees, respectively. During the year endingDecember 31, 2013, IA and the Foundation entered into a exchange of services agreement, inwhich, the Foundation provided IA with certain administrative services totaling $182,801 and IAprovided certain administrative services to the Foundation totaling $217,451. As of December31, 2013, the Foundation owed $33,201 to IA related to the exchange of services agreement.

As of December 31, 2013, 2012 and 2011 approximately $16,300,000, $14,400,000 and$11,700,000 of the Foundation's Notes were held by IA.

In addition, the Foundation also charges certain administrative fees for services provided to theCommunity at Work Fund, a programmatically-related organization, by the Foundation'semployees. These fees totaled $547,575, $720,558 and $558,863 for the years ending December31, 2013, 2012 and 2011, respectively. As of December 31, 2013, 2012 and 2011 $96,425,$178,629 and $168,525 were due to the Foundation related to these fees, respectively.

As disclosed annually in the Foundation's Prospectus, certain members of the Foundation'sBoard of Directors hold Notes as of December 31, 2013.

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Note O - Future Minimum Lease Payments and Rentals

In 2011, the Foundation entered into a lease agreement for office space commencing January 1,2012 and terminating December 31, 2020. The lease prescribes price per square foot increasesand grants a rent abatement. In 2013, the Foundation entered into an agreement for additionoffice space commencing February 1, 2013 and terminating December 31, 2020. The leaseprescribes per square foot increases. In addition, during 2013, the Foundation entered into asublease agreement to lease a portion of its office space. This sublease commenced December 1,2013 and terminates January 31, 2016. The lease prescribes price per square foot increases andgrants a rent abatement. Future minimum rental payments under the operating leases andsublease as described above at December 31, 2013, are as follows:

Leases Sublease Net2014 $ 563,184 $ (100,613) $ 462,5712015 578,999 (114,659) 464,3402016 595,206 (9,948) 585,2582017 611,897 - 611,8972018 629,067 - 629,067Thereafter 1,311,605 - 1,311,605

$ 4,289,958 $ (225,220) $ 4,064,738

Note P - Subsequent Events

Effective January 14, 2014, Microplace stopped offering new sales of Community InvestmentNotes investments. All existing Calvert Foundation Community Investment Notes will continueto be serviced by Microplace or its agent until they mature or are redeemed.

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Consolidated Statement of Functional Expenses (with summary totals for 2012 and 2011)

Supporting ServicesProgramServices

Managementand General Fundraising

Total SupportServices

2013Total

2012Total

2011Total

ExpensesEmployee Compensation

Salaries $ 2,639,608 $ 754,174 $ 377,087 $ 1,131,261 $ 3,770,869 $ 4,226,646 $ 3,535,014Employee benefits 441,994 126,284 63,142 189,426 631,420 531,014 575,120

Total employee compensation 3,081,602 880,458 440,229 1,320,687 4,402,289 4,757,660 4,110,134

Other expensesInterest expense 3,641,401 - - - 3,641,401 4,028,121 4,648,647Grant expense 2,461,354 - - - 2,461,354 2,443,966 3,462,025Consultants 906,227 50,346 50,346 100,692 1,006,919 939,815 1,994,339Occupancy 84,949 481,375 - 481,375 566,324 561,938 1,138,139Travel 223,352 27,919 27,919 55,838 279,190 274,519 247,142Depreciation - 277,595 - 277,595 277,595 205,843 118,069Taxes - employee and other - 268,060 - 268,060 268,060 290,726 271,800Professional fees 161,440 41,395 4,139 45,534 206,974 156,326 152,039Equipment and software 170,026 30,005 - 30,005 200,031 177,378 124,196Dues and subscriptions 87,531 15,447 - 15,447 102,978 97,508 52,085Telephone 71,133 17,783 - 17,783 88,916 69,954 55,109Bank charges 38,485 38,485 - 38,485 76,970 66,468 59,754Printing and publications 49,991 2,777 2,777 5,554 55,545 69,904 82,978Registration fees 50,505 - - - 50,505 47,542 53,862Conferences 45,373 2,521 2,521 5,042 50,415 78,046 98,246Supplies 21,416 21,416 - 21,416 42,832 37,468 37,124Miscellaneous - 41,885 - 41,885 41,885 91,455 88,644Insurance - 37,901 - 37,901 37,901 33,110 37,917Commissions 36,748 - - - 36,748 57,720 55,663Postage and delivery 12,573 3,143 - 3,143 15,716 21,602 29,743Production expense 5,121 - - - 5,121 14,981 13,821Marketing 1,500 - - - 1,500 1,100 1,555Provision for loan losses (386,772) - - - (386,772) (632,666) 1,772,933NRFC administration expense - - - - - - 13,890Allocated overhead 950,637 (1,086,442) 135,805 (950,637) - - -

Total other expenses 8,632,990 271,611 223,507 495,118 9,128,108 9,132,824 14,609,720

Total $ 11,714,592 $ 1,152,069 $ 663,736 $ 1,815,805 $ 13,530,397 $ 13,890,484 $ 18,719,854

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