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Highlights, updates, and financials for JIFFI's 2014-15 fiscal year!
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L RE
PORT
To the JIFFI family,
Eleven months ago on the Friday after our last class as juniors, I remember grabbing a meal with Andrew Weiler, Cristin Pacifico, and Alec Fogarty (who was calling in from Spain where he studied abroad) at a local restaurant. Our meeting had one task: to determine the vision of JIFFI for the coming year. After much deliberation and the realization that Peter really was going to be leaving us, we decided on three main goals: size up our impact, solidify our processes, and serve the community. Over the past year, these three pillars have complemented our mission statement and guided our organization. We raised over $7,500 through our recent crowdfunding campaign and distributed seventeen loans to clients. We analyzed our loan process and created a firm structure to be built on over the coming years. And we established partnerships with nonprofit leaders and tested new ways to reach out to the community. As with any start-up, our decisions were not always perfect, but we have learned much from our mistakes. First, our trial run of summer operations taught us that client communication is of the utmost importance and must be prioritized. Second, a re-evaluation of our loan process mid-year showed us that we need staff members available to always pick up a client call. Lastly, our increase in the number of divisions forced us to emphasize collaboration and unity throughout the entirety of JIFFI. While we can never guarantee flawless operations, be assured that JIFFI will never make the same mistake twice, especially given our new leadership team. I could not be happier to announce that Jack will be leading JIFFI this coming year. Jack has been a part of JIFFI since he first arrived on Notre Dame’s campus, even attending a JIFFI meeting before his first class. Always open to feedback and striving to take a holistic approach to innovation, Jack has extensive experience with financial empowerment curriculum and has attended several conferences on microfinance. It has been a pleasure working with him the past two years, in addition to Amanda, Helen, Victoria, and Sam, four individuals leading along with him who have each contributed an enormous amount of time and effort to our organization. I firmly believe that they will continue to advance JIFFI’s mission and make a positive impact on the South Bend community. Finally, I simply would like to extend my appreciation for each of you. Thank you to Alec, Cristin, and Andrew for your assistance in decision-making and goal-setting. JIFFI would have immediately fallen apart if I didn’t have you three by my side. Thank you to the amazing JIFFI team for your unwavering dedication to do what is right for the community. It is clear that your values are in the right place. Thank you to Vanessa Carter, Executive Director of Lend for America, for seeing and treating us as a real organization and not a student club. Your continual check-ups always forced us to take a step back and look at the big picture. Thank you to each of our Directors for your unique expertise and advising. Your diverse opinions and backgrounds have been a priceless benefit. To all donors, partners, advisors, and other stakeholders, thank you for the opportunity to take everything that I learned in the classroom and apply it to the community. Thank you for giving a group of several undergraduate students a chance to make a difference in the community. Thank you for allowing JIFFI to be what it is today. With sincere gratitude and high hopes for JIFFI’s future,
Jake, CEO 2014-2015
FROM OUR RETIRING CEOTABLE OF
CONTENTSLetters
Key Message Statement
Year In Review
Community Partners
Loan Profiles
A Special Thanks
Board of Directors
Staff Profiles
Financials
2 - 3
4
5 - 7
8
9
10
11
12 - 14
15 - 16
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4
Who we are:The Jubilee Initiative for Financial Inclusion (JIFFI) is a nonprofit community financial services provider founded by University of Notre Dame and Saint Mary's students. We aim to replace predatory payday lending that perpetuates poverty in South Bend. We offer cash advances supplemented by helpful personal financial planning tools to help our clients get ahead instead of falling behind.
Our mission:To enable our clients to unlock their full potential through affordable credit solutions, financial empowerment programs, and supportive relationships.
Our vision:To shape a better financial environment for our community and uphold the financial dignity of every individual by providing access to fair credit and opportunities to build financial assets.
What we offer:Affordable Credit Solutions Weprovideemergencyloansthatalleviatefinancialhardshipforclientsfacingdifficult circumstances.BylengtheningloantermsandofferinganAPRof21%,wepresentan accommodatingalternativetoexploitativepaydayloans.
Achieving Financial Dignity OurgoalatJIFFIistohelpeachclientrealizehisorherownfinancialdignity.Weprovide accesstofaircreditopportunitiestobuildfinancialassetssothatourclientscanfocuson theirdreamsandaspirationsinsteadofworryingaboutmakingittothenextpaycheck. Throughourfinancialempowermentprograms,wehelpourclientsbuildthefinancial awarenesstheyneedtoturnthosedreamsintoreality.
Building Relationships That Last Westrivetoformsignificantrelationshipswitheachoneofourclients,growinginourshared senseofcommunityanddevelopingourunderstandingofhumansolidarityintheprocess. Eachclientbringsauniquestorythatenablesustotailorpotentialloanstofittheirspecific needswiththehopethatourassistancewillpropelthemtobrighterandmorestablefutures.
KEY MESSAGE STATEMENT
3
Dear Friends of JIFFI,
I would like to begin this letter by saying that I could not possibly be more excited for the upcoming Fiscal Year. It is unbelievable to look back at where JIFFI started as an organization and see how far we have come. As the CEO, I hope to continue that trend. I am looking forward to seeing us grow: not in the number of people within our organization, but the number that we are able to impact in the community. The nature of our organization as a student-run non-profit with zero paid staff makes us extremely unique, and I hope for us to keep this identity while furthering our mission. For next year specifically, we have a three-pronged plan to increase our impact within the South Bend community: Increase Our Volume of Clients, Test and Continuously Improve our Processes, and Further Establish our Brand. To assist us in these goals, I have created a new officer, the Chief Marketing Officer. The role of this officer is to be in charge of all external relations for JIFFI. This includes oversight of our Development, Community Relations, and Marketing Divisions. This position will be integral in allowing us to increase the volume of clients that are going through our client process at JIFFI as well as further establishing our brand. In addition to this new position within JIFFI, we hope to accomplish our three goals for Fiscal Year 2015 through an expansion of our community outreach. In order to Increase Our Volume of Clients, we will utilize the relationships that we have with our current community partners as well as building new relationships with organizations where people who could benefit from our products already go. This increase in client volume will allow us to test the processes that we currently have in place for our client process as well as our Financial Empowerment Program. We will see how well our processes work with a much higher volume of clients and see if we need to make any changes in order to improve our products. Finally, we hope to further establish our brand through the expansion of our partners in the community as well as offering our clients the highest quality of service possible. If we are able to accomplish these three things, I cannot wait to see where we will be at this time next year.
Sincerely,
Jack Markwalter
FROM OUR INCOMING CEO
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LENDFORAMERICACONFERENCEIn November 2014, JIFFI sent a team of six members to the Lend for America Summit in Berkeley, California. There, our team attended informational sessions and workshops and presented about JIFFI’s mission to other members at the Summit. JIFFI is truly thankful to be a part of such an amazing organization that is vital to the success of so many micro finance institutions, including our own.
NOVEMBER:
IMPLEMENTEDSALSEFORCEThis January, JIFFI’s Operations division switched our client processes to Salesforce, one of the top cloud-based customer relationship management providers in the world. So far, Salesforce has helped to streamline our client process and collect important statistics on our client base. We look forward to exploring more ways to utlize Salesforce in our operations in the coming year!
JANUARY:
5
ATTAINA501(C)3STATUSBy receiving a 501(c)(3) status, JIFFI was able to raise more money and develop a better loan process. We can now accept tax-deductible donations and have become eligible for numerous grants and competitions. In terms of our loan process, the non-profit status allowed us to receive free software from both Google for Non-Profits and the Salesforce Foundation. Because of this, we are able to keep all of our data on servers separate from the University of Notre Dame, providing for more privacy and security.
JULY:
JIFFIPITCHCOMPETITIONAt the Irish Impact: Social Entrepreneurship at Notre Dame conference in September 2014, JIFFI won the “Coffeehouse favorite” $2000 award! JIFFI extends a huge thanks to the Zielsdorf family for making this possible. The Irish Impact Conference is an event dedicated to social entrepreneurship, a movement that continues to spark dialogue across the globe. The conference brings together students, faculty, and social entrepreneurs from around the world in a wide variety of industries. JIFFI was selected as a last-minute presenter in the Zielsdorf Pitch Competition, which features six presentations in front of a panel of judges with business (and start-up) experience.
AUGUST:
YEAR IN REVIEW
South Bend Heritage is a nonprofit organization that was established in July 1974 to help reverse the physical and social decline taking place in South Bend’s urban neighborhoods. It is committed to the stabilization and empowerment of the South Bend community, and its projects include rehabilitating homes for resale, house moves and operating a loan fund that helped over 35 owners restore their homes. Since its establishment, South Bend Heritage has cultivated and maintained $60 million in direct residential and commercial development, and 311 residential rental units in four main sites and several scattered sites.
St. Joseph County Bridges Out of Poverty The St. Joseph County Bridges Out of Poverty Initiative takes a breakthrough framework to break the cycle of poverty and create community sustainability. SJC Bridges and its partner organizations have graduated more than 300 people from a 15-week workshop called GETTING AHEAD in a Just Gettin’ By World. SJC Bridges also trains employers, schools, colleges, agencies, churches, schools and individuals, and provides avenues to get involved. The success of SJC to educate, collaborate and advocate is creating a group of citizens - working across sectors, political parties, and economic class committed to the long-term sustainability and well-being of our community.
South Bend Center for the HomelessThe South Bend Center for the Homeless has provided more than 700,000 safe nights and over 1.5 million meals to more than 50,000 men, women and children. Its main focus, however, is not just life-saving, but providing members with life-changing services by llinking them with the programs, agencies and people who can break the cycle of homelessness. Its innovative service model offers homeless families and individuals an on-site, structured, step-by-step process to achieve and maintain self-sufficiency. Its mission is threefold: (1) break the cycle of homelessness, (2) bring together disparate groups so that each can discover the worth, dignity and potential of the other, and (3) pioneer a service model worthy of replication.
COMMUNITY PARTNERSNEWJIFFI.ORGLAUNCHIn February, the Marketing team launched the latest and greatest version of our
webiste (www.jiffi.org). The site contains more timely JIFFI information and a sleeker design that we hope enhances the experience of our clients and supporters!
FEBRUARY:
INDIEGOGOFINISHJIFFI’s Development department launched our second ever crowdfunding
campaign through Indiegogo in January. After almost two months of fundraising, JIFFI raised $7,670 through the generosity of our donors, exceeding our goal by $170! The money raised will be used to help JIFFI get an Indiana lender’s license, which will allow JIFFI to make more than 25 loans per calendar year. The success of this campaign was a huge step forward to making this happen!
MARCH:
87
John MarkwalterConnie MickMari JonesRobert DavidJack LeaheyBrenda ChapaAlberto ElizondoJacob StantonLiz PiconeEdward MazelisDiane NataleKeun Woong ParkTia NewellAnne Marie KaesMaureen ConklinAnna Gallo-DohnerJoe and Sandra CorishTracy SmikleMichael and Stephanie BodeKristina FlathersJennifer WileyMaggie ThomannBeth SerrillLeo and Beth FernandezGripple Inc. Frank LiWill BottemaChris RuflinTyler JohnsonTeresa ElstonMiriam Provost
Vincent VangaeverJim HullJohn HullJoe and Mary GeraghtyJustin McCurdyScott NewmanMr. and Mrs. Brian HoganWilliam FallonPatty DonahueLiz PiconeCatherine FontanaAlisha AndersonAyun BrownAlex CatonRaymond Vander HeydenLydia BaekEric HuangHyung WooPeter ButtigiegStephen ReifenbergMathew FrazeeCJ Condon Viviane RouraCorey LugauerSamantha MasokasJennifer WaddellBrian MoranJason HoardPete PietraszewskiThomas KaramTim ShermanHanna Yang
Bryan RickettsEric PalutsisAdam PasquinellyMatt BayerElliott RunburgDiane NataleErin CallaghanDan CourtneyMarie ColeMr. and Mrs. BebarDavid HurleyJoseph CatalanoCatherine BoltenPeter WhiteJustin McCurdyIsaiah LeePeter WooSherrie SeitzJohn & Barb StanaKeira HeneghanJudy ScharfKristina DowneyAmber WernerNicholas PaidoshWalter CampbellSandy PillJohn and Mathilde SateriJuanita MarkwalterHenry GordonWilliam Hodges
A SPECIAL THANKS TO:YEAR IN REVIEW
Age: 23Purpose of loan: To help her finance furniture purchases Number of children: 1Approx monthly income: $938Loan amount: $100
Age: 45Purpose of loan: To help her finance buying a carNumber of children: 1Approx monthly income: $1,404Loan amount: $500
Age: 35Purpose of loan: To help with her rent payments Number of children: 3Approx monthly income: $2,396-$2,888Loan amount: $500
Age: 35Purpose of loan: To help her pay for fumigation of bed bugs and to pay for a new mufflerNumber of children: 3Approx monthly income: $2,156-$2,756Loan amount: $130
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THANK YOU
12
Marc Ackerman, 2015Senior Associate of
OperationsMajor: Economics and
Finance
Jake Bebar, 2015Chief Executive OfficerMajor: Management
Consulting
Aaron Bode, 2017VP of Human Asset
ManagementMajor: Economics and Ap-
plied Math
Emily Campbell, 2017VP of Community RelationsMajor: Business and English
Amanda Conklin, 2017VP of Credit
Major: International Economics
Samantha DiMaggio, 2016VP of Risk Management
Major: Finance
Aidan Dore 2017Senior Associate of Risk
ManagementMajor: Finance and Arabic
Kristina Flathers, 2015Senior Associate of
AccountingMajor: Accounting
Greg Florio, 2015Senior Associate of
AccoutningMajor: Finance
Jandra Aranguren, 2015Associate of Marketing
Major: Computer Science & Industrial Design
Ashley Calvani, 2017Associate of Marketing
Major: Marketing and Eco-nomics
Alex Caton, 2015VP of Legal
Major: Political Science
Gary Dai, 2017Associate of Risk
ManagementMajor: Finance and ACMS
Emily David, 2017Associate of DevelopmentMajor: Economics, Poverty
Studies, and Italian
Viviana Dewey, 2016Associate of Credit
Major: PLS and Economics
Vicotria Etherton, 2017Vp of DevelopmentMajor: Finance and Applied Computers
STAFF 2014-15
11
Melissa Paulsen, ChairmanAssistant Director at the
Gigot Center for Entrepreneurship in the
Mendoza College of Business
Jake BebarSenior
Studying Management Consulting at Notre Dame
Peter LombardoDirector for Community
Involvement at South Bend Center for the Homeless
Connie Mick, Ph. DDirector of Community Based Learning, Co-director of the
Poverty Studies Interdisciplinary Minor
William SchmuhlFinancial and Managerial
Accounting Professor at the University of Notre Dame
Andrew WeilerSenior
Studying Economics, Philos-ophy, and Political Science at
Notre Dame
Amber WernerAmeriCorps service member, Co-instructor at Bridges Out
of Poverty
Peter WooAlumni
Studied Finance and Philosophy at Notre Dame
Cristin Pacifico, SecretarySenior
Studying Finance and Peace Studies at Notre Dame
Jacob Stanton, TreasurerAlumni
Studied Finance and Economics at Notre Dame
BOARD OF DIRECTORS 2014-15 STAFF 2014-15
14
Devon Roura, 2017Associate of Development
Major: Finance and Economics
Thomas Seitz, 2017Associate of Develppment
Major: Finance and Economics
Changhwa Sul, 2017Associate of Risk
ManagementMajor: Finance
Margaret Thomann, 2018Associate of Human Asset
ManagementMajor: Computer Science
Jenny Ng. 2017Senior Associate of Financial
EmpowermentMajor: Finance and
Portuguese
Edwin Onattu, 2016Senior Associate of
OperationsMajor: Computer Science
Cristin Pacifico, 2015Chief Financial Officer
Major: Finance and Peace Studies
Helen Sheng, 2017VP of Marketing
Major: IT Management
Anvi Ton, 2017Senior Associate of Financial
EmpowermentMajor: Finance and
Sociology
Vince Vangaever, 2017Associate of Financial Em-
powermentMajor: Finance and Political
Science
Victoria Velasquez, 2017Associate of Community
RelationsMajor: Management Consulting
and Political Science
Grace Watkins, 2017Associate of LegalMajor: Economics
Andrew Weiler, 2015Chief Operating Officer
Major: Economics
STAFF 2014-15
13
Alec Fogarty, 2015Chief Inevestment Officer
Major: Finance, Economics, and Spanish
Agustin Garcia, 2016Internal ConsultantMajor: Finance and
Economics
Juan Gutierrez, 2016Senior Associate of
DevelopmentMajor: Finance and French
John Hayes, 2016Senior Associate of
MarketingMajor: Finance,
Economics, and Italian
Cristina Gutierrez, 2016Senior Associate of
MarketingMajor: Finance and
Psychology
Jack Markwalter, 2017VP of Financial Empowerment
Major: Finance and Political Science
Nikhil Garg, 2018Associate of Operations
Major: Finance and Computer Appications
Jake Grabowski, 2017Associate of Financial
EmpowermentMajor: Finance and Romance
Languages
John Haley, 2018Associate of Marketing
Major: Finance and Film, Television, and Theater
Patrick Hawley, 2017Associate of Accounting
Major: Finance
Mchael Hayes, 2016Associate of Accounting
Major: Accountancy
Megan Howell, 2017Senior Assoiciate of Human
Asset ManagementMajor: Economics and Math-
ematics
Chris Hull, 2018Associate of CreditMajor: Finance or
Accountancy
Eric Mazelis, 2015Associate of Lega
Major: Finance and Political Science
Madeline McCormick, 2017Associate of CreditMajor: Finance or
Accountancy
Phoebe Natale, 2018Associate of CreditMajor: Finance or
Accountancy
STAFF 2014-15
1615
JULY:
AUGUST:
Financials
Jubilee Initiative for Financial InclusionStatement of Activities
From July 2012 Through April 2015 2012 2013 2014
RevenuesUnrestricted Donations $1,731 $9,200 $8,293Interest on Loans 0 0 0Loan Fees 0 0 0 Total Revenues 1731 9200 8293
Expenses Administrative Expenses 40 2,146 7,524 Other 0 0 0 Total Admin Expense 40 2,146 7,524 Change in Net Assets 1,691 7,054 769Beginning Net Assets 0 8,830 10,879Net Assets, Ending $1,691 $15,885 $11,649
Jubilee Initiative for Financial InclusionStatement of Financial Position
From July 2012 Through April 2015 2012 2013 2014
ASSETS Cash $1,496 $8,759 $8,627 Loans Recievable 195 71 2253 (Loan Loss Reserve) 0 0 0 Net Loans Receivable 195 71 2253 Other Assets 0 0 0 Total Assets 1691 8830 10879 LIABILITIES Short-Term Debt 0 0 0 Long-term Debt 0 0 0 Total Liabilities 0 0 0
Total Liabilities & Net Assets $1,691 $8,830 $10,879
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