PAB - News and Information


Latino Credit Union Offers Financial Services to Residents

By Robert Rudy

There was a time in the early 1990s, Alison Yonas recounts, that a rapid increase in the size of the Latino community in North Carolina was creating a serious crime problem for new immigrants. “Some newcomers were coming from places where people did not use financial institutions or feel comfortable doing so,” she said. “They were easy targets for robbery and home invasions.”

In 2000, as a grassroots response to crime against Latino immigrants, the Latino Community Credit Union was established to provide a safe place for the Latino immigrants to save money and become more comfortable with financial situations. Through the years, the credit union has received loans from both the Religious Communities Investment Fund (RCIF), directed by Adrian Dominican Sister Corinne Florek, OP, and the Adrian Dominican Sisters, through the Portfolio Advisory Board (PAB). 

The low-interest loans have helped the Latino Credit Union in its services to the local community. “When people come from countries where financial systems have failed or their experiences aren’t as strong, and you come to this country with issues of language and cultural concerns about entering a bank, it’s hard to feel comfortable,” said Alison, Vice Present of Development and Strategic Investments for the credit union.

Based in Durham, the Latino Credit Union now has 75,000 members in 12 branches throughout North Carolina. Alison said the credit union provides bilingual and bicultural services which do not require a credit history and are geared to be accessible to members – from starter accounts to checking accounts, IRAs to affordable mortgage loans.

RCIF has been involved with the Latino Credit Union since lending the organization $150,000 in 2010, Alison said. She explained that the relationship of RCIF and the credit union is an easy one because of the alignment of their missions and because “people with RCIF are leaders in socially responsible investing.”

The Latino Credit Union provides banking solutions and education through workshops on such topics as budgeting, saving, and credit. “The workshops are one of the most inspiring parts of the work that we do,” Alison said. “We have a graduation ceremony at the end of the workshops. For some of our members, it’s their first experience graduating.”

The credit union has also helped more than 2,300 “dreamers” – those who immigrated to the United States as children with their parents without formal papers – with a loan for the $465 application fee for the Deferred Action for Childhood Arrivals (DACA) program. The Latino Credit Union has provided more of these loans than any other country, Alison said.

Feature photo: The Latino Credit Union, organized into 12 branches in North Carolina, offers financial services to those who might not otherwise have access to those services. Photo Courtesy of Latino Credit Union


Adrian Dominican Sisters Offer Educational Forum on Resilient Communities

July 23, 2018, Adrian, Michigan – The second in a series of educational forums on resilient communities is being offered by Adrian Dominican Sisters from 1:30 p.m. to 4:30 p.m. Wednesday, August 22, 2018, at Weber Retreat and Conference Center. Titled “Resiliency in our Midst,” the program includes presentations by Adrian Dominican Sisters Judy Byron, OP, Maurine Barzantni, OP, and Janet Stankowski, OP, on their experiences in serving in resilient communities.

The program is free and open to the public, but space is limited. Early registration is recommended by calling 517-266-4000 or visiting http://bit.ly/RCweber.

About 26 years ago, Sister Judy and women religious from four other congregations in the Seattle area responded to the growing problem of homelessness by building partnerships among religious, developers, and residents to create affordable housing and wrap-around services. By reaching out to neighbors and working with others, Mercy Northwest Housing became a national model for comprehensive community development.

In 1960, Sister Judy entered the Congregation of the Dominican Sisters of Edmonds (Washington), which merged with the Adrian Dominican Congregation in 2003. She was elected to serve on the Edmonds Dominicans’ General Council and later as Prioress. She was one of the founders of the Intercommunity Peace and Justice Center, where she serves as Program Director. She is also the Director of the Northwest Coalition for Responsible Investment.

Sister Maurine and the late Renee Richie, OP, began to minister with displaced and impoverished people in a remote, rural area of the Dominican Republic in 1990. They met with the women of El Cruce de Arroyo Hondo to identify needs and dreams: a medicine dispensary and a K-12 school, Escuela Espíritu Santo Fe y Alegria, which has become the heart of the community. Sister Maurine left the Dominican Republic in 2011 and has since ministered in Kenya for three years and for another three years among the Carrier Nation in northern British Columbia, Canada. An Adrian Dominican Sister for 59 years, Sister Maurine taught in the Chicago area for most of her first 30 years in religious life.

Sister Janet’s commitment to saving the planet brought her together with Patty Gillis, an Adrian Dominican Associate, to co-found Voices for Earth Justice. Based in Detroit, this interfaith nonprofit organization helps diverse faith communities engage in environmental awareness and action. Sister Janet’s work with Voices for Earth Justice led to the renovation of a house in Brightmoor, one of Detroit’s poorest neighborhoods. Hope House is a gathering place to connect with nature and with people from diverse backgrounds, contributing to the revitalization of the neighborhood. An Adrian Dominican Sister for 45 years, Sister Janet also has ministered as a teacher, university chaplain, parish administrator, residence hall director, and not-for-profit board member. 

Weber Center is on the campus of the Adrian Dominican Sisters’ Motherhouse, 1257 E. Siena Heights Drive, Adrian. Enter the Eastern-most driveway of the complex and follow the signs to Weber Center. For information, call the Weber Center at 517-266-4000.

View/Download the Event Flyer (PDF)



Sister Corinne Florek Describes Ministry of Socially Responsible Investment

June 28, 2018, San Rafael, California – In a talk last month at the Dominican Sisters Center in San Rafael, Adrian Dominican Sister Corinne Florek, OP, spoke of the socially responsible investment of Congregations such as the Dominican Sisters of San Rafael. The San Rafael Dominicans are one of eight communities of women religious who invest through the Religious Communities Investment Fund (RCIF), directed by Sister Corinne. In her talk, Sister Corinne explained the social justice benefits of the RCIF, which invests in non-profit organizations that address the needs of low-income people. The Adrian Dominican Sisters perform a similar ministry of socially responsible investment through its Portfolio Advisory Board, of which Sister Corinne is a consultant. 

Read the entire article by Christina Gray in the San Francisco Catholic.


Sister Judy Byron, OP, Fights Gun Violence in Boardroom

May 4, 2018, Prescott, Arizona – Sister Judy Byron, OP, and other faith-based investors, have struggled for years to end the mass shootings and other forms of gun violence brought on by easy access to guns. Now, Sister Judy – Director of the Northwest Coalition for Responsible Investment and consultant for the Adrian Dominican Sisters’ Portfolio Advisory Board – will continue that struggle at the May 9 annual meeting of Sturm Ruger & Company. Stockholders will vote on a resolution written by faith-based investors to request that the weapons company be upfront about its efforts to lessen gun violence.

Read more about the efforts of Sister Judy and other faith-based investors in this article by Claudia Koerner on BuzzFeed News.



 


Shareholders: U.S. at Tipping Point on Gun Violence

By Sister Judy Byron, OP
Director of the Northwest Coalition for Responsible Investment

Miriam Webster defines a tipping point as “the critical point in a situation, process, or system beyond which a significant and often unstoppable effect or change takes place.” Are we at a tipping point on the issue of guns in the United States? With each passing day, the evidence would seem to be a resounding “Yes!” 

On March 29, faith based investors released an Investor Statement on Gun Violence, endorsed by more than 140 investors representing $634 billion in assets, calling on gun manufacturers, retailers, and distributors, as well as companies with financial ties to these industries, to “review their operations, supply chains and policies and take meaningful action on this public safety concern.”

The members of the Interfaith Center on Corporate Responsibility (ICCR) and the Adrian Dominican Sisters have a long history of promoting peace through shareholder advocacy. We began in 1971 by addressing apartheid in South Africa, and continued by working with weapons’ manufacturers to use ethical criteria for sales to foreign governments and by leading an investor campaign against graphic violence in video games. 

Responding to the increasing number of incidents of gun-related violence year after year, I convened my colleagues at ICCR in 2016 to address gun manufacturers and retailers on their role in the gun violence epidemic. As shareholders in American Outdoor Brands, Sturm Ruger and Dick’s Sporting Goods, we quietly worked on letters and resolutions, and then the tragedy at Marjory Stoneman Douglas High School occurred on February 14. Four days later, ICCR shareholders were swept up into the activist movement that has become known as #NeverAgain. Our children are leading us to end gun violence in our country, to ensure safety in their schools, neighborhoods, homes, and churches. 

Adam Kanzer, of Domini Impact Investments, had the last word in the ICCR Press Release announcing our Investor Statement on Gun Violence, “The bravery and eloquence of the Parkland students has brought us to a tipping point on this issue. Today, we are asking investors and corporations large and small to take a hard look at their connections to gun violence and do what they can to restore peace and safety to our communities. We hope that our recommendations will serve as a blueprint for these actions.”

It is our hope that you are finding yourself asking, “What can I do as an individual to end gun violence in our country?” We leave you with a few suggestions:

  • Vote and encourage young people to vote by helping them to register. 
  • Support legislation that promotes gun safety.
  • Thank companies that support gun safety, such as Delta Airlines and Dick’s Sporting Goods.
  • Be aware of your use of violent words and images; use peaceful alternatives.

Despite Many Changes, PAB Continues Mission of Socially Responsible Investing

March 5, 2018, Adrian, Michigan – The Adrian Dominican Sisters’ Portfolio Advisory Board (PAB) continues its 43-year-old mission of socially responsible investing with a new structure and staff. The changes were outlined in a recent presentation to Adrian Dominican Sisters living on the Motherhouse campus.

Much of the presentation focused on the new structure of the PAB, which was put into place after the December 2016 retirement of Lura Mack, long-time Executive Director of the PAB. Most recently, Dee Joyner, Chair of the PAB at the time, was asked to serve as director of the Congregation’s new Office of Resilient Communities. This office was established to help the Congregation live out its 2016 General Chapter Enactment to “facilitate and participate in creating resilient communities with people who are relegated to the margins.” Dee, an Adrian Dominican Associate, had served as Vice President of Commerce Bank and Economic Developer of St. Louis County, Missouri. While she is no longer the Chair, her new position involves overseeing the PAB.

The PAB is now headed by Co-chairs Rosemary Martin, former Chair of the Community Investment Committee, and Kathy Woods, former Chair of the Corporate Responsibility Committee. The two committees – now working as one streamlined Board – represent the dual functions of the PAB. 

In introducing the two new Co-chairs, Dee noted the “wealth of experience” they bring to their new role on the PAB. Kathy, a former Adrian Dominican Sister, was one of the founding members of the PAB, with extensive experience in not-for-profit organizations, particularly hospital work and counseling. Rosemary, an Adrian Dominican Associate from North Carolina, also has been involved in the non-profit world. She founded and directed an international adopting agency, placing more than 2,000 children from other countries into loving homes in the United States. She now works for an accreditation company for service organizations.

In both corporate responsibility and community investments, the PAB collaborates with other communities of women religious. Pat Zerega, senior director of shareholder advocacies for Mercy Investments, works with the PAB in the area of corporate responsibility. The PAB also collaborates with other members of the Interfaith Center on Corporate Responsibility in working with corporations to help them to be more socially responsible in their actions and policies. 

Since the retirement of Lura Mack, who did much of the work with community investments, the PAB sought the help of an organization that could help in that area. Members of the PAB unanimously chose the Religious Communities Investment Fund (RCIF), founded and directed by Adrian Dominican Sister Corinne Florek, OP.

Kris Cooper, Office Manager, has served the PAB on the staff since 2013. Other members of the PAB are Sister Patricia Leonard, OP, Associate Director of St. Ann Place, a homeless hygiene center in West Palm Beach, Florida; Sister Marilín Llanes, OP, school psychologist in Joliet, Illinois; Lloyd Van Bylevelt, an Adrian Dominican Associate who serves at the Peace Education Foundation in Miami; Marcy Brown, Vice President in Commercial Treasury Management at First Federal Bank in Adrian; and Margaret Weber, who works for the Basilian Fathers in Toronto in the area of socially responsible investment. Sister Elise García, OP, is the General Council liaison to the PAB. Pat Zerega and Adrian Dominican Sisters Judy Byron, OP, and Corinne Florek, OP, serve as consultants.


Religious Communities Investment Fund

A Passion for the Peripheries
Co-creating an Economy for All
Investing in the Environment
Prophetic Witness
Uniting Faith and Capital
Cultivating a Legacy
Making a Difference Bit by Little Bit
Ministry through Collaboration

These are the titles of the Religious Communities Investment Fund’s (RCIF) annual reports for the past eight years.

During those years, RCIF has grown from a $3 million fund begun by 11 congregations of women religious to a $10 million fund sponsored by 28 congregations. These congregations believe that they are called to use their financial resources as a ministry to help overcome social and environmental inequities. RCIF’s portfolio includes loans to intermediaries such as loan funds, credit unions, and international microfinance institutions, as well as direct loans to nonprofits.

RCIF’s mission is to promote economic justice through investments in low-income communities worldwide. The fund seeks to promote an economy of solidarity and to reflect the Gospel values of economic justice, compassion, human dignity, and environmental stewardship. As Adrian Dominican Sister Corinne Florek, OP, the founding Executive Director, has said, “We promised the congregations that this fund would be as effective, efficient, and prophetic as when each congregation operated their own fund.”

RCIF enables smaller congregations that never had their own community investment program to participate in this ministry. “The investment is an extension of our charism into an arena where we would not otherwise be visible – a spiritual parallel to the hidden life of the Holy Family in Nazareth,” said Sister Gladys Guenther, of the Sisters of the Holy Family, at the fifth anniversary celebration of RCIF. 

RCIF is “another way to turn the coin on our diminishing resources so that they are working to transform underserved areas,” said Sister Cathy Minhoto, of the Religious of the Sacred Heart of Mary. “Through partnerships we never had 50 years ago, we are able to continue our mission and we can see the impact our investment makes globally.”

The Adrian Dominican Sisters joined RCIF in 2017. The advantage of membership is that it allows for larger and riskier loans. Some of the more intriguing loans made possible by RCIF were to organizations such as Los Angeles House of Ruth, a domestic violence prevention program; the YWCA of Watsonville, California, which offers a program to empower Latina girls; a student cooperative in Bloomington, Indiana, for their residence; and Friendship Bridge, which provides microfinance and health clinics to indigenous women in Guatemala. 

A unique feature of RCIF is its development of prayer cards for the congregations. Each year, RCIF chooses five organizations and gives prayer cards to the Sisters in the member congregations, describing the organization and asking them to pray for the staff and clients. “When I do a site visit and I talk to the staff about who the Sisters are and that we come with not just money but also our prayers, I see many eyes well up with tears,” Sister Corinne said. “Our prayers are deeply appreciated because this work is hard and it takes strength and courage from staff, as well as their clients.”

RCIF is delighted that the Adrian Dominicans have become a member to continue this ministry of economic justice.

Left: This Guatemalan weaver is one of the clients of Friendship Bridge. Right: Girls practice yoga as part of their empowerment program at the YWCA in Watsonville, California.


First Nations Oweesta Corporation

December, 2017 – First Nations Oweesta Corporation was created 18 years ago to address the lack of capital and financial infrastructure needed for economic development in Native communities recognized by its parent organization, First Nations Development Institute. Oweesta’s mission is to provide opportunities for Native people to develop financial assets and create wealth by assisting in the establishment of strong, permanent institutions and programs contributing to economic independence and strengthening sovereignty for all Native communities.

Oweesta is the only existing intermediary to Native Community Development Financial Institutions (NCDFIs), offering financial products and development services exclusively to Native CDFIs and Native communities. Specifically, Oweesta provides training, technical assistance, investments, research, and policy advocacy to help Native communities develop an integrated range of asset-building products and services, including financial education and financial products.

Oweesta’s education program assists in developing programs such as financial education, matched savings programs, and credit counseling. Its Building Native Communities: Financial Skills for Families curriculum offers a culturally appropriate training program to help Native organizations establish and sustain financial education programs from certified instructors with deep experience in Native communities.

In addition, Oweesta assists certified and emerging Native CDFIs with individualized training, technical assistance, and systematic, multi-faceted program delivery. Their goal is to help create and sustain healthy and thriving Native CDFI operations.

Oweesta seeks to create appropriate loan products that enable reinvestment of capital back into Native communities. As a lending intermediary, Oweesta is also supported by debt and equity investments, which enhances its capitalization base to better serve Native communities across the nation.

As a leader in the Native CDFI industry, Oweesta strives to inform potential investors, federal agencies, and the general public on the current industry climate. Employees research and distribute several publications each year and analyze best practices within established Native CDFIs. 

Oweesta serves as a voice for Native communities to help inform policy that supports Native community development and encourages Native communities to join in advocacy work.

For more information, visit www.oweesta.org

 

Image of people sitting around tables and also standing and writing on newsprint easels

Oweesta hosts a training session in Denver for its 'Building Native Communities' curriculum

 


LiftFund and Hannah's Gluten-Free Bakery

November 16, 2017 — "If you give someone a fish, you feed them for a day, but if you teach them to fish, you feed them for a lifetime."  LiftFund helps entrepreneurs buy the pond where they fish. They help small business owners create and own assets to break the cycle of poverty in the United States through entrepreneurship. 

Since 1994, this non-profit small business lender has provided capital to underbanked and underserved entrepreneurs. LiftFund has provided over 18,000 business loans totaling over $220 million to diverse entrepreneurs across 13 states.

LiftFund’s vision is that entrepreneurs, regardless of their backgrounds, should have access to capital. That vision is supported by several partners, including the Adrian Dominican Sisters, who have invested in LiftFund for many years through their Portfolio Advisory Board. 

These investments have lifted Larissa Wilson, owner of Hannah’s Gluten-Free Bakery, to new opportunities. “For my family, baking is the language of love,” Larissa said. She and her daughter, Hannah, were devastated when they were diagnosed with celiac disease. Determined to continue baking, Larissa began creating her own flours, and Hannah suggested opening a bakery to bring gluten-free sweets to their community.

Larissa was unable to secure a loan from her bank for her growing bakery, so they referred her to LiftFund, where she received a $5,000 business loan to expand her business.

To learn more about LiftFund, and to help people just like Larissa, visit www.liftfund.com.



Leviticus Fund: An Alternative Fund for Community Development

“Your land must not be sold on a permanent basis
because you do not own it;
it belongs to God,
and you are like foreigners,
who are allowed to make use of it.” (Lev. 25:23)

October 13, 2017 — At its core, community development works to align capital with projects that improve the physical and economic health of low-income residents in the communities where they live and work. 

Leviticus’ mission is rooted in this same vision of economic justice, and is inspired by the biblical passage of Leviticus (above), from which they derive their name. Thirty-four years ago, an initial investment of $360,000 from their founders--religious communities active in direct-service ministries in New York, New Jersey and Connecticut--has grown to over $23.9 million in invested capital, of which 43 percent is money from organizations and individuals who are guided by their faith-based values. 

Mission-focused lending is key in supporting innovative solutions to the crisis-level shortage of affordable housing and supportive housing that many communities face. 

With over $75.7 million in cumulative lending, Leviticus’ highly flexible, fixed-rate, low-fee financing helps local nonprofits increase both scale and impact. This financing also supports their ability to leverage over $600 million in public and private capital from other sources. 

Guided by program values and priorities, Leviticus focuses on using capital to serve the most economically vulnerable and to enhance education, health care, and healthy food access that promotes sustainable communities for the future.

Leviticus’ borrowers and investors are proud that they have helped generate:

  • 3,483 units of affordable housing, including transitional and emergency shelters
  • 43 early childcare centers and charter public schools serving 4,610 students
  • 40 community facilities offering social services
  • 11 community-based health care facilities

For more information, visit www.leviticusfund.org.

 

 


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Portfolio Advisory Board,  Adrian Dominican Sisters | 1257 E. Siena Heights Drive | Adrian, Michigan 49221
Phone: (517) 266-3523 | Email: