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Investing in our Future Economic Opportunity | Social Equity | Environment ANNUAL REPORT 2013
Investing in our FutureEconomic Opportunity | Social Equity | Environment
A N N U A L R E P O R T 2 0 1 3
CEI 2013 ANNUAL REPORT1
CEI’S CUMULATIVE IMPACT 1977~2013
Capital Under Management/ Committed $980 million
Businesses Financed 2,340
Amount Financed $1.05 billion
Amount Leveraged $2.59 billion
Businesses/People Counseled 43,082
Full-time Jobs at Loan Closing 28,246
Affordable Housing Units Created/ Preserved 1,587
Child Care Slots Created/Preserved 5,547
Thank you! As always, CEI couldn’t do what it does without the time and
guidance of its staff and board members, advisors, funders, and community partners.
JACQUELINE WARDELL~1952~2013
CEI board and staff members are saddened
by the loss of our colleague, Jackie Wardell, in
October. Jackie joined CEI in 1999 as Chief
Administrative Officer, and became Chief
Financial Officer in 2007. Endowed with diverse
skills and a sharp mind, she helped to build CEI
into one of the largest community development
finance entities in the United States. Her
thoughtful and contemplative manner and her
kind and generous spirit instilled confidence in
her colleagues as they worked to carry out
CEI’s mission.
CEI 2013 ANNUAL REPORT 3
Dear Friends,
CEI and its subsidiaries deployed over $96 million in loans and investments in fiscal year 2013, an all-time record for the organization. In keeping with our mission, CEI offered flexible and creative financing for small to mid-sized businesses, natural resource sectors, community facilities, affordable housing, commercial real estate, and renewable energy.
At CEI, we talk about “deal flow” to represent the movement of capital. CEI is an intermediary in our market-based system, measuring return on investment not by profit, but through Triple Bottom Line principles of economy, equity, and environment.
With the support of many partners and supporters, CEI increased our loan and investment capacity to deploy nearly $16 million in 2013, leveraging over $40 million for 89 projects primarily in Maine and New England. CEI is well on target to reach a five-year lending and investment goal of $128 million by 2018.
The world is changing, and CEI is proactive in supporting economic resilience, particularly in America’s rural communities. We are organizing a stakeholder group to address issues of “aging in place” in Lincoln County, Maine, the oldest county in the oldest state in the country. In addition to funding green building, fishery, agriculture and energy projects, CEI is integrating messaging about climate change into our policy and communications initiatives as part of a collaborative effort with other concerned businesses and organizations.
As we look to the future, we hope to hear more from you about how we can serve at the forefront of public and private investment opportunities to reduce inequality and steward the planet with the justice it deserves.
With gratitude,
Ronald L. Philips Susan B. InchesPresident and CEO Chair, Board of Directors
CEI 2013 ANNUAL REPORT3
In 2013, CEI loaned and invested nearly $16 million, and leveraged over $40 million in financing for 89 projects primarily in Maine and New England. These include:
construction of 104 new units of affordable housing over $1.5 million in loans for sustainable agriculture, leveraging over $14 million approximately $750,000 in investments in Working Waterfront businesses
CEI’s wholly-owned subsidiary, CEI Capital Management LLC, utilized $80 million in New Market Tax Credits (NMTC) capacity, which, when leveraged, resulted in $205.7 million in total financing for businesses in Arizona, Georgia, Missouri, and Wisconsin.
In addition, CEI provided business and housing counseling to 2,919 customers including Maine Women’s Business Center, StartSmart (refugee and immigrant), Small Business Development Center of Maine and housing counseling clients.
We provided program support for community investing in Maine and nationally, and launched a 15-month project to provide an assessment of lending and equity financing capacity for the National Fish and Wildlife Foundation. We also worked with the Native Hawaiian Legal Defense and Education Fund and provided loan funds to Akamai Capital in Hawaii to establish a social investment venture fund. Over the course of the year, CEI helped to create or preserve 1,065 full-time jobs in rural America.
Investing in our FutureEconomic Opportunity | Social Equity | Environment
ECONOMIC OPPORTUNITY
Flexible financing offered
through the New Markets Tax
Credit (NMTC) program allowed
CEI Capital Management LLC
to allocate $20 million in NMTC
capacity to support the reopening
of a lumber processing facility,
creating 185 jobs on the White
Mountain Apache Reservation in
White River, Arizona.
CEI 2013 ANNUAL REPORT 4
SOCIAL EQUITY
CEI’s StartSmart business counseling
program for immigrants and refugees,
and several CEI microloans helped
Magnifique Butera open and expand
The Children’s House, a child care facility
in Portland, Maine.
DEER RID GE PAGE 6
ENVIRONMENT Deer Ridge, an affordable housing complex for seniors
in Wiscasset, Maine, owned and financed by CEI, is the first in the community
to strive for net-zero energy status. A combination of tax incentives, new
technology, and innovative partnerships enabled the implementation of the
renewable energy project.
WHITE MOUTAIN APACHE TIMBER COMPANY PAGE 10
THE CHILDRENS HOUSE PAGE 9
CEI 2013 ANNUAL REPORT5
It’s not the rumble of a diesel engine you’ll hear at Misty Brook Farm when it’s harvest-
time, but rather, the soft thud-thud of hooves and the jangle of harnesses. True to its
environmentally friendly mission, Misty Brook Farm uses draft horses rather than tractors
for much of its field work. Owners Brendan and Katia Holmes relocated Misty Brook, an
organic, diversified family farm, from Massachusetts to the 412-acre Perkins Farm in Albion
last year, drawn to Maine for its extraordinary farmland, quality of life, and the strength and
support of the agriculture sector.
CEI was instrumental in the successful relocation, stepping in to provide a bridge loan until
Farm Services Agency (FSA) funds were replenished. CEI also holds half of the mortgage.
The Maine Farmland Trust holds a farmland conservation easement on the property,
making the effort a true collaboration.
Misty Brook Farm has an organic Jersey dairy herd, heritage pigs and chickens, and offers a
‘full diet’ farm share, a meat share and a vegetable share to customers from as far afield
as Boston.
Misty Brook Farm ALBION, MAINE “CEI made it possible for us to reach our goal of farm ownership. They were able to understand the complexity of our business and stuck with us through a complicated loan application process to closing.”
KATIA HOLMESOwner, Misty Brook Farm
CEI FINANCING: $300,000 bridge loan for United States Department of Agriculture Farm Service Agency (FSA) mortgage financing, $250,000 for first mortgage
CEI CONNECTIONS: Small Business Development Center, Loan Department, Sustainable Agriculture and Food Systems Program
PARTNERS: FSA, Maine Farmland Trust
WEBSITE: mistybrook.com
CEI 2013 ANNUAL REPORT 6
Deer Ridge Apartments WISCASSET, MAINE
“I like everything about Deer Ridge, from the apartments, to the grounds, floor plan, heat pump, solar panels, and my neighbors.”
VERLIE GLOVER, 88Deer Ridge resident for five years
The first thing you notice about Deer Ridge Apartments in Wiscasset is the juxtaposition
of its traditional architecture and the abundant solar panels along the backside of the
property. It is clear at first glance that something innovative is happening here. Deer Ridge
is the first affordable housing complex in the community to strive for net-zero
energy status – achieved when a building creates as much energy as it uses.
Owned by CEI, and supported with financing from CEI Notes, the potential
for Deer Ridge to become a net-zero facility was made possible through a
combination of tax incentives, new technology, and a special financial
arrangement with The Power Company of Washington, Maine, which allows CEI to
benefit from the implementation of a renewable energy project with no upfront costs.
In addition to its environmental goals, Deer Ridge offers residents high efficiency living
and modern amenities within a historic Maine town. Deer Ridge will attempt to reach its
net-zero goal through insulation and air sealing, use of air-source heat pumps and photo
voltaic trackers. Efficiency Maine’s Low Income Multifamily Weatherization Program
enabled the purchase of the heat pumps. Emblematic of the innovation and partnerships
that characterize many CEI projects, Deer Ridge is a bright spot for the environment, the
community, and, most importantly, the residents who call it home.
NUMBER OF UNITS: 27 housing units for seniors with low incomes
CEI CONNECTIONS: CEI Investment Notes, Inc., Loan Department, Housing Department
PARTNERS: Maine Energy Performance Systems, The Power Company of Washington, Maine, Efficiency Maine
CEI 2013 ANNUAL REPORT7
CEI FINANCING: $100,000
CEI CONNECTIONS: Fisheries Revolving Loan Fund, Loan Department, CEI Ventures, Inc.
PARTNERS: Maine Technology Institute, Center for Cooperative Aquaculture Research at the University of Maine, National Science Foundation
NUMBER OF EMPLOYEES: 9
Acadia Harvest Inc.* HARPSWELL AND FRANKLIN, MAINE
California yellowtail and black sea bass are not typically what you think of when you think
Downeast Maine, but that is likely to change with Acadia Harvest Inc.’s pioneering efforts
to grow premium salt water species using land-based production in Corea, Maine. Plans to
move forward with the land-based production facility advanced with CEI’s debt and equity
financing of $100,000, enabling the company to purchase an option on a seven-acre parcel
and a 40,000-square foot building at a former Navy base in Corea. The investment also helped
Acadia Harvest Inc. match other grants and encouraged additional equity investors for a total
leveraged amount of approximately $800,000.
Acadia Harvest Inc. was formed in early 2011 to evaluate, develop and commercialize novel
technologies in land-based, indoor fish production, known as recirculating aquaculture
systems. Both CEI and Acadia Harvest Inc. believe that land-based salt water aquaculture
has a role to play in the future of Maine’s seafood industry and in creating economically and
environmentally sustainable fisheries. Ultimately, Acadia Harvest Inc. plans for the plant in
Corea to yield a production capacity of one million pounds of fish per year.
“CEI’s involvement was critical to successful implementation of the company’s business plan. The team at CEI has a long history of assisting the marine industries and will be wonderful partners for us as we seek to build a commercial fish growing operation in Maine.”
CHRIS HEINIG CEO, Acadia Harvest Inc.
* Formerly known as RAS Corp.
CEI 2013 ANNUAL REPORT 8
Tilson, headquartered in Portland’s Old Port, was founded in 1996 to offer IT and
telecom consulting and implementation services. Tilson began growing rapidly in 2007,
doubling the business each year, and now has regional offices in New York, Pennsylvania,
and Alabama, making the Inc. 5000 list in each of the past three years. CEI Ventures,
Inc. made an equity investment for growth capital needs, primarily to fund rapidly
growing contract opportunities.
Tilson has successfully overseen a number of projects that have helped local businesses
and organizations take full advantage of the array of technological tools available on the
market today, including the Maine Three Ring Binder project. For this project, Tilson
helped manage the construction of a 1,100 mile fiber optic network to deliver high-speed
broadband connectivity to rural communities throughout Maine. The project received
$25 million in 2009 American Recovery and Reinvestment Act funding, and, under
Tilson’s management, was constructed six months ahead of schedule and under budget.
Tilson PORTLAND, MAINE
“CEI Ventures provided our first outside investment, giving us the working capital we need during a high-growth period in the business. This financing will help us bring our ‘get it done’ technology implementation services in software and telecom to customers in new markets and meet the increasing demand during the economic recovery.”
JOSH BRODERPresident, Tilson
CEI CONNECTION: CEI Ventures, Inc.
NUMBER OF EMPLOYEES: 93
BENEFITS: Health and dental insurance, FSA, HSA, Employee Assistance Program, life insurance, short and long-term disability insurance, 401 (k) retirement with employer contribution and paid vacation.
WEBSITE: tilsontech.com
* Formerly known as RAS Corp.
CEI VENTURES, INC.
CEI 2013 ANNUAL REPORT9
Magnifique Butera, owner and founder of The Children’s House, emigrated to the United
States from the war-torn Democratic Republic of Congo in 1999 with her husband and
three young children. Having always loved caring for children, she set her sights on opening
her own child care facility soon after arriving in Maine. While employed at a factory full-
time, learning English, and caring for her family, Magnifique began working with CEI’s
StartSmart business counselors to make her plan a reality.
StartSmart assisted Magnifique with the licensing process, bookkeeping and general
business planning such as insurance and payroll issues. In 2003, after two years of formal
training and hands-on interning at area child care centers, Magnifique received her
license and opened a child care facility for six children in her home. By 2005, her center
had doubled in size. With the help of a CEI loan, she rented and renovated a building
on Forest Avenue in Portland and opened The Children’s House, a beautiful, three-
room facility large enough to accommodate up to 20 children. As her business expands,
Magnifique relies on StartSmart business counselors to guide her. Magnifique considers life
in the United States to be a blessing.
The Children’s House PORTLAND, MAINE
“I pray to God to bless StartSmart, so that they can continue to help other people like me.”
MAGNIFIQUE BUTERAOwner and Founder
The Children’s House
CEI CONNECTIONS: StartSmart, Loan Department
NUMBER OF EMPLOYEES: 3
CHILD CARE SLOTS: 20
CEI 2013 ANNUAL REPORT 10
The 1.67-million-acre White Mountain Apache Reservation in east-central Arizona is
home to the largest portion of the 15,500-member White Mountain Apache Tribe and
boasts expansive swaths of Ponderosa pine forest. In 2010, the lumber processing center
owned and run by the Tribe since 1966 closed, resulting in a significant loss of revenue and
employment.
Last year, with the flexible financing offered through the New Markets Tax Credit (NMTC)
program, plans to reopen the facility materialized. CEI Capital Management LLC allocated
$20 million in NMTC capacity to finance the project, with Rural Development Partners
providing additional allocation capacity. U.S. Bank provided the NMTC equity funding
needed for the timber company to begin processing lumber again.
With access to funds for equipment upgrades, purchases, installation, and working capital,
the mill will reopen and hire new employees immediately, creating an estimated 185 jobs.
“The excitement here on the reservation is all around us, this project is vitally important. This restores hope, and provides a source of income for an estimated 800 tribal members when you count the families of the employees.”
JOE WATERS Tribal Representative
The Children’s House PORTLAND, MAINE
White Mountain Apache Timber Company WHITE RIVER, ARIZONA
NEW MARKETS TAX CREDIT INVESTMENT: $20 million
CEI CONNECTIONS: CEI Capital Management LLC
PARTNERS: U.S. Bank, Rural Development Partners
JOBS CREATED: 185
CEI 2013 ANNUAL REPORT11
Trade Adjustment Assistance ProgramFor decades, lobstermen and blueberry growers have suffered as a result of foreign imports. A recently-completed Trade Adjustment Assistance Program (TAA), housed within the U.S. Department of Agriculture, helped Maine lobstermen and blueberry growers get back on their feet and plan for the future. As part of this program, the Maine Lobsterman’s Association and the Maine Sea Grant staff worked collaboratively with CEI to provide workshops and one-on-one business counseling to blueberry growers, lobstermen, their spouses, and stern workers. CEI business counselors worked with over 300 participants in the program, most of whom completed long-term business plans. The counseling and workshops were intended to improve and support economic sustainability at the local level by helping lobstermen and blueberry growers increase profitability, improve efficiency, and evaluate opportunities for growth. Those who did complete the business plan shared in stipends totaling over $800,000.
“The TAA program was terrific. The online workshops and business counseling we received enabled our fishermen to better understand the businesses they had been working for years and the money certainly helped in times of high bait and fuel costs and low boat prices.”
BEVERLY JOHNSON Lobsterman’s wife
Chebeague Island, Maine
LEVERAGED FUNDING FOR MAINE COMMUNITIES: $800,000
CEI CONNECTIONS: Fisheries Project Staff, Small Business Development Centers (SBDC) of Maine at CEI, Maine Women’s Business Center (WBC)
PARTNERS: Maine Lobsterman’s Association, Maine Sea Grant, U.S. Department of Agriculture
PARTICIPANTS: 300
CEI 2013 ANNUAL REPORT 12
Trade Adjustment Assistance Program
ADMINISTRATION and GENERAL MANAGEMENT
Officers Ronald L. Phillips, President & CEOA. Jacqueline Wardell,* Chief Financial Officer
AccountingMichael Leonard, ControllerLeslie M. Malone, Senior Staff AccountantBeth L. Raburn, Accounting AdministratorMary Ann Rideout, Benefits AdministratorRuth E. Russell, Director of Finance and Administration Jessica D. Stover, Accounting AssistantMark Wrenn, Staff Accountant
Data ManagementKevin D. M. Smith, Data Analyst
OfficeKeith Burrell, Office Assistant Alice A. Hudyberdi, Office Manager
Policy, Research and Corporate DevelopmentKeith R. Bisson, Senior Vice President, Program
Management & DevelopmentLaura Buxbaum, Director, Housing Resource &
Policy DevelopmentCarla B. Dickstein, Senior Vice President,
Research & Policy Development Corenna D. Howard, Senior Administrative
OfficerElizabeth Rogers, Director, Marketing &
CommunicationsGerard R. Salvo, Human Resources Manager
Technical ServicesBrad Bennett, AdministratorRay Farrell, Network AdministratorTimothy I. Manson, Manager
BUSINESS DEVELOPMENT SERVICESDavid R. Hill, MSBDC Center Director &
Certified Business CounselorJennifer L. Sporzynski, Director, Microenterprise
Resource & Policy Development
Small Business Development Center (MSBDC) of Maine
Betty J. Egner, Certified Business CounselorThomas L. Gallant, Bangor Center Director and
Certified Business Counselor Thomas C. Leach, Senior Certified Business
CounselorJ. Ann McAlhany, Certified Business CounselorJanet M. Roderick, Certified Business CounselorW. Bradshaw Swanson, Master Certified Business
CounselorStartSmartTae Chong, Business CounselorJill M. Lorom, IDA Project CoordinatorJohn E. Scribner, Director
Maine Women’s Business Center (WBC)Ruth Cash-Smith, Certified Business CounselorMarita L. Fairfield, Program Director and
Certified Business CounselorBetty J. Gensel, Certified Business Counselor Sarah M. Guerette, Program Director and
Business Counselor
FINANCECarla J. Booth, Loan & Investment OfficerThomas P. Burnham, Director, Collections,
Compliance & Loan AdministrationMichelle L. Chartier, Loan AdministratorStephen A. Cole, Energy & Environment OfficerMichael L. Finnegan, Senior Vice President,
Lending, and Senior Loan & Investment OfficerJody C. Gould, Loan AdministratorTamela A. Hudson, Loan Services SupervisorMark A. Jennings, Loan & Investment OfficerSarah Matel, Senior Credit OfficerMaura M. McDonough, Portfolio ManagerAllen H. Moroney, Senior Loan OfficerCole Palmer, Loan & Investment OfficerTyrell A. Russell, Loan AdministratorArthur M. Stevens III, Loan & Investment Officer Jennifer K. Walker, Loan Relationship Manager
HOUSING COUNSELINGMargaret J. Grant, Administrative AssistantLinda E. LaJoie, Housing CounselorMechelle I. Nash, Housing CounselorDiane L. Sherman, DirectorJason W. Thomas, Interim Director & Housing
Counselor HOUSING & PROPERTY MANAGEMENTThomas M. Donahue, Construction AnalystJohn W. Egan, Director, Housing Development Debra J. Gibb, Senior Housing Asset ManagerDavid A. Pease, Housing Staff AccountantTeresa M. Mullins, Maintenance AssistantJames A. Whitcomb, Maintenance Coordinator
NATURAL RESOURCES & SUSTAINABLE COMMUNITIESFarmsRose M. Creps, Agriculture Business SpecialistJ. Gray Harris, Director, Sustainable Agriculture
& Food SystemsDaniel E. Wallace, Program Developer,
Sustainable Agriculture & Food Systems
FisheriesRichard D. Clime, Project Developer,
Working WaterfrontHugh S. Cowperthwaite, Director,
Fisheries Project
Lincoln County Regional Planning Commission (LCRPC)
Mary Ellen W. Barnes, Director, Economic and Community Development
Emily B. Reinholt, Community Development Assistant
WORKFORCE SOLUTIONSChrista S. Baade, Program DeveloperGerard R. Salvo, Director Paul J. Scalzone, Program Developer
SUBSIDIARIES AND AFFILIATESCEI Capital Management LLCTad S. Atwell, Senior Investment Officer Aimee E. Cates, Compliance AssistantPatricia Crafts, Administrative AssistantThomas J. Dolan, Chief Operating Officer Jane Elvidge, Bookkeeper Jackie Estes, Loan Servicing & Cash ManagerDidier P. Hakizimana, Senior Accounting
ManagerDavid A. Hays, Chief Financial OfficerD. Jesse McKinnell, Asset & Relationship
ManagerSung Ju Park, Investment OfficerCharles J. Spies III, Chief Ex ecutive
Officer Leah B. Thibault, Director of Operations Marilyn H. Thomas, Asset & Relationship
ManagerTraci R. Vaine, Chief Compliance Officer Ruth E. Vinal, Accounting & Cash ManagerF. Robert Wilson, CFA, Managing Director,
New Products Niels Zellers, Investment Officer
CEI Community Ventures, Inc.Michael H. Gurau, PresidentJennifer K. Walker, Fund Administrator
CEI Investment Notes, Inc.Ellen F. Golden, Managing Director
CEI Ventures, Inc.Thao H. Duong, Investment Administrator &
Office ManagerNathaniel V. Henshaw, PresidentChandler Jones, Fund Associate
C E I S T A F F
*deceased
CEI 2013 ANNUAL REPORT13
CEI thanks the following entities who represent CEI’s past and current funding sources:
Private Foundations, Nonprofits and Intermediaries
39th Street Giving FundAid to Artisans, Inc.The Harold Alfond FoundationAmerican Express FoundationAmerican Express PhilanthropicAmeriprise FoundationAnnie E. Casey FoundationAnonymousAspen InstituteAvesta HousingBangor Savings Bank Foundation Bank of America FoundationThe Betterment FundThe Bingham ProgramBirch Cove FundFrancis Hollis Brain FoundationBroad Reach FundThe Margaret E. Burnham Charitable TrustCalvert Social Investment FoundationCarpathian FoundationThe Carrot ProjectCenter for the Study of Social PolicyCitizens Housing and Planning Association, Inc.Sam L. Cohen FoundationCommunity Development Venture Capital Alliance
Corporation for Enterprise DevelopmentJessie B. Cox Charitable TrustEdward Daveis Fund of the Maine Community Foundation
Davis Conservation FundEducation Network of MaineDwight D. Eisenhower FoundationEmpower LewistonEuphoria Revocable TrustFannie MaeFannie Mae FoundationFederal Home Loan Bank of BostonFord FoundationFranklin Research & Development CorporationGenesis Community Loan FundGeorges River EstuaryGoodwill Industries of Northern New EnglandJohn T. Gorman FoundationGulf of Maine Council on the Marine Environment
The William Randolph Hearst FoundationsHeifer InternationalF. B. Heron FoundationHousing Assistance CouncilHousing Partnership NetworkHudson FoundationInstitute of International EducationInstitute for Social and Economic DevelopmentIsland InstituteJane’s TrustW. K. Kellogg FoundationStephen and Tabitha King FoundationThe Kresge FoundationThe Libra FoundationLilly Endowment, Inc.Local Initiatives Support CorporationLutheran Social ServicesJohn D. and Catherine T. MacArthur Foundation
Maine Bar FoundationMaine Community FoundationMaine Farmland TrustMaine Fishing Industry Development CenterMaine Health Access FoundationMaine Initiatives Harvest FundMaine SBDCMaine Technology InstituteMaine Women’s FundMaineShareThe John Merck FundThe Monterey FundCharles Stewart Mott FoundationNational Center for Appropriate Technology
National Congress for Community Economic Development
National Cooperative BankNational Economic Development and Law Center
National Equity FundNational Farm to School NetworkNational Fish and Wildlife FoundationNational Network of Sector PractitionersNational Rural Funders CollaborativeNew England Housing NetworkNewman’s Own Foundation Northern Forest CenterOpportunity Finance Network Paraprofessional Health InstitutePenobscot East Resource CenterPeople’s Regional Opportunity ProgramPeople’s United Community FoundationThe Perkins Family TrustRichard F. Perkins Charitable Lead TrustPlum Creek FoundationThe Rockefeller FoundationThe Saint Paul Foundation Wicklow FundThe Sandy River Charitable FoundationThe Schwab Charitable FundElmina B. Sewall FoundationSmall Enterprise Growth FundSmith Richardson FoundationSouthern New Hampshire UniversityThe Sudbury FoundationSunshine Hill FundSurdna FoundationThe Doree Taylor Charitable FoundationTD Charitable FoundationUnited Way of Mid Coast MaineVan Winkle FoundationWestern Massachusetts Enterprise FundWholesome WaveWiscasset Female Charitable TrustWomen, Work and Community Religious InstitutionsAmerican Baptist Churches USA Brunswick Friends MeetingDamariscotta Baptist ChurchThe Episcopal ChurchFirst Universalist Church of AuburnMennonite Mutual Aid – Community Development Investing
Mercy Partnership FundNational Council of Churches Domestic Working Group on Hunger and Poverty
Pelham Fund for Economic JusticeSecond Congregational Church, NewcastleSisters of Charity of CincinnatiSisters of Charity of IowaSisters of Charity of St. ElizabethSociety of MarySt. Andrew’s Episcopal Church, DamariscottaSt. Philip’s Episcopal Church, WiscassetUnitarian Universalist Church, Veatch Foundation
United Church of Christ, BathUnited Methodist ChurchUnited Presbyterian FoundationU.S. Catholic Conference of Bishops Campaign for Human Development
Businesses, Banks, and Individuals Alex AgnewTimothy AgnewAndroscoggin Savings Bank Androscoggin Trust and Head InvestAnonymousMaureen Anthoine-OrlandiniBeth AnshelesBangor Savings Bank Bank of AmericaBanknorth Group, Inc. Bar Harbor Bank and TrustBath Iron Works (A General Dynamics Company)
Bath Savings Institution L. L. Bean David Bennell
Bernstein ShurElisabeth BiemannBig Sky Bread CompanyWendy BlochAnna BradburyNancy BrainTom BroussardBlake BrownEstate of Eric BruumDeborah BurdLaura BuxbaumRobert and Ann BuxbaumCamden National Bank Patricia CampbellRuth Cash-SmithRosalie and David CatesCentral Maine Power Company Pierre ClavelGrace Cleaves and Michael MilesCoastal Economic Development Corporation Brandon CollenCommon Sense Computing, Inc. Community Concepts, Inc. Community Investment AssociatesConstant ContactErin Cooperrider and Michael MayneDiane CowanBill CreightonCurtis Thaxter LLCDamariscotta Bank & Trust Company Davidson AssociatesJoel D. Davis and AssociatesLeverett B. and Megan T. Davis, Jr. William DehaisCarla DicksteinDodge Cove Marine Farm, Inc. Drummond & Drummond LLPDrummondWoodsum & MacMahonDudley VenturesMil DuncanEast Shore Studio & PrintJane ElvidgeMary Lynn EngelEdward F. FeibelDeborah and Mark FelderThe First, N.A.First Federal Savings & Loan Association First National Bank of Damariscotta Five County Credit UnionGore FlynnAndrew FosterLaura FoyeThe Gadfly TrustSandy GalvanRobert H. GardinerGardiner Savings Institution Kathryn Gardner and Michael Newsom in the name of Virginia Newsom
Ryan GeorgeWilliam GinnThomas GioiaEllen F. GoldenGorham Savings BankGreater Portland Building Fund John and Katie GreenmanPeter and Harriette GriffinHannaford Brothers Elizabeth HanscomDwight HaveyHeidi HetzMichael HighHodgdon Yachts, Inc.The Home Depot Foundation Robinson G. HollisterHowe and CahillLeslie HunterSusan Inches and Bob SessumsIntuitJD’A Consulting, Inc. Marten and Lucetta JenkinsJohnson & McCaa LLCKennebec Valley Community Action Program KeyBank N. A. J. Edward Knight & Co.Roger Levesque
Michael LevineDonna LoringLyme TimberMabe’s Kitchen, LLCMacdonald Page and Co. LLC Machias Savings BankMaine Association of Realtors Foundation Maine Community Reinvestment Corporation Maine Hosting Solutions Maine Housing Investment Fund Maine Life PhotographyMaine Warmers LLCMaine Women’s JournalMaine Yankee Atomic Power CompanyMainebiz Marine Trade CenterSteven MastersJanet C. McCaa, Esq.Richard McGoldrickMEMICMerrill Lynch & Co., Inc.Metaphor Bronze TileworksRev. Carolyn and Dr. Eric MetzlerMark MillarS. Peter MillsMt. Auburn AssociatesHeidi MurphyAnn NaimieS.P. “Chip” NewellEliza Cope NolanNortheast BankNorthern New England Housing Fund Oakes & Parkhurst GlassOneBeacon Insurance Company Janet ParkhurstRichard ParkhurstMichael Payson, Jr.Perkins Family TrustRonald L. and Suzanne PhillipsPeter Pitegoff and Ann CasadySandra PlettePlum Creek FoundationPortland Financial Planning Group, LLCPortland Press HeraldPreti FlahertySusan PullenF. L. PutnamK. RainCraig RancourtRobert RapozaFrederick P. Rector IIICatherine RenaultReznick GroupElizabeth RogersSandra RosenblithRonald RobinetteRonald B. and Jeanne J. RussellChristopher St. JohnNadine SalleyPaul ScalzoneEllen SeidmanKarl SeidmanShaw’s Supermarkets, Inc. Stephen SheaSilly’sSkowhegan Savings BankSnowdrift Farm WorldwideSparkes Hearing ServicesJorma SpazianoStealthcat Computer ConsultingSally StreuverSundog CompanySunrise County Economic Council Annee Tara and Tom RumpfTD Bank, N.A.Tides Foundation – Exploring ElfTompkins, Clough, Hirschon & LangerTom’s of Maine Union Trust UNUMProvident Corporation U.S. Trust Corporation US Bank Community Development Corp.David and June VailVerizon Foundation Village Veterinary, Inc.
D O N O R S
CEI 2013 ANNUAL REPORT 14
D O N O R S
Vino Bodega, Inc.WachoviaDaniel WallaceF. Stephen WardMatthew WareWarren, Currier & BuchananEstate of Lee S. WatermanLee WebbWells FargoBo YerxaDiane York
Local, State, Federal, and Tribal Government Sources
City of Auburn, Maine City of Bangor, Maine City of Bath, Maine City of Clyde, Kansas City of Lewiston, Maine City of Portland, Maine City of Rockland, Maine Corporation for National and Community Service
Finance Authority of Maine Four Directions Development Corporation Hancock County Planning Commission Lewiston Housing Authority Lincoln County CommissionersLincoln County Regional Planning Commission Lincoln County – State of Maine Maine Bureau of Consumer Credit ProtectionMaine Bureau of Vocational Education Maine Commission for Community Service Maine Community College System Maine Department of Agriculture, Conservation and Forestry
Maine Department of Behavioral and Developmental Services
Maine Department of Economic and Community Development
Maine Department of Education Maine Department of Environmental Protection Maine Department of LaborMaine Department of Marine Resources – Land for Maine’s Future Program
Maine Department of TransportationMaineHousingMaine Office of Energy Independence and Security
Maine Office of Multicultural AffairsMaine Office of TourismMaine Science and Technology Foundation Maine State Housing Authority Maine State Planning Office, Coastal Program Maine Treasurer’s Council on Financial LiteracyMount Desert Island and Ellsworth Housing Authorities
National Oceanic and Atmospheric Administration
Fisheries Aquaculture Program Fisheries Saltonstall Kennedy Grant Program National Sea Grant College Program – University of Maine
New Hampshire Department of Health and Human Services – Office of Minority Health and Refugee Affairs
Southwest Harbor Housing Authority Tanana Chiefs Conference, Inc.Town of Boothbay, Maine Treasure Coast Regional Planning Commission U.S. Agency for International Development U.S. Department of Agriculture, Rural Development Cooperative State Research, Education and Extension Service Risk Management Agency Rural Economic and Community Development Program Trade Adjustment Assistance Program
U.S. Department of Commerce Economic Development Administration
U.S. Department of Health and Human Services Administration for Children and Families Child Care Bureau Office of Community Services Office of Refugee Resettlement
U.S. Department of Housing and Urban Development
U.S. Department of Labor, Employment and Training Administration
U.S. Department of the Treasury, Community Development Financial Institutions Fund
U.S. Environmental Protection Agency U.S. Gulf of Maine Association U.S. Small Business Administration University of Maine Westbrook Housing Authority
Investors, CEI Community Ventures Fund LLC Coastal Enterprises, Inc. Community Development Venture Capital Alliance
Finance Authority of Maine John D. and Catherine T. MacArthur Foundation Maine Employers Mutual Insurance Company The Sandy River Charitable Foundation U. S. Small Business Administration The Vermont Community Foundation
Investors, CEI Investment Notes, Inc. AnonymousAileen and Tim AgnewBarbara AsnesJoAnne and Michael BanderBangor Savings BankThe Betterment FundElizabeth BiemannFran BodellSamuel F. BrownRobert C. and Ann BuxbaumPatricia L. CampbellAnn R. CarmanCircle of Friends TrustClients of Fresh Pond CapitalClients of the Sustainability GroupClients of Trillium Asset ManagementCoastal Enterprises, Inc. William CreightonSusan M. DeutschMichael L. and June Pasternack FinneganGore FlynnEllen F. GoldenMichael Herz and Kate JosephsSusan B. InchesJohn and Linda IsaacsonAnne and Steve KemperPeter Lamb and Faith HarringtonAdam and Diana LeeJoan LeitzerSteven LydenbergMark MillarGreg and Linda MillertSusan MorrisChip NewellKaren E. OrsoPax World Balanced FundRonald L. and Suzanne C. PhillipsEllen RemmerSarah RheaultThe Rocking Moon FoundationMargaret RosenauBonnie RukinThe Sandy River Charitable FoundationEllen SeidmanSarah ShedHildy J. SimmonsAlison SmithKenneth SpirerEmily SwanCarlisle ToweryMartha TracyJune and David VailCarol Wishcamper
Investors, Coastal Ventures Limited Partnership
Androscoggin Savings Bank AnonyomousBangor Savings BankBank of AmericaBath Savings Institution The Bingham Betterment Fund Calvert Social Investment Foundation Coastal Enterprises, Inc.
Kennebunk Savings Bank Key Community Development Corporation KeyBank N. A. NCB Capital Impact Jessie Smith Noyes Foundation The Sandy River Charitable Foundation TD Bank N.A.
Investors, Coastal Ventures II LLCAnonymous (3)Bangor Savings Bank Bank of AmericaBar Harbor Bank & Trust Bath Savings Institution The Bingham Betterment Fund Camden National BankCoastal Enterprises, Inc. Community Development Venture Capital Alliance Central Fund
Finance Authority of Maine The First, N.A.Gorham Savings Bank Kennebec Savings BankKennebunk Savings Bank KeyBank N.A. John D. and Catherine T. MacArthur Foundation Machias Savings Bank People’s United Bank Opportunity Finance NetworkTD Bank, N.A. The Sandy River Charitable Foundation Skowhegan Savings Bank
Investors, Coastal Ventures III Limited Partnership
Anonymous (8)Bangor Savings BankBar Harbor Bank & TrustBath Savings InstitutionCalvert Social Investment FundCamden National BankCoastal Enterprises, Inc.Finance Authority of MaineThe First, N.A.Gorham Savings BankKatahdin TrustKennebec Savings BankKennebunk Savings BankMachias Savings BankNorway Savings BankPeople’s United BankSaco & Biddeford Savings InstitutionThe Sandy River Charitable FoundationSanford Institution for SavingsSkowhegan Savings BankTD Bank, N.A.
Operational Assistance, CEI Community Ventures LLC
Brown & Company Chittenden BankCoastal Enterprises, Inc.Cook, Little, Rosenblatt and Manson Cope & Associates, Inc.Ernst & Young Ethos Marketing & DesignGallagher Flynn & Company LLPHeadwaters Strategy LLCMichael HorvathMaine Department of Environmental ProtectionNew Hampshire Community Development Finance Authority
Pierce Atwood LLP Rooks CommunicationSurdna FoundationUniversity of MaineUniversity of Southern Maine Small Business Technology Development Center
University of Vermont Yale Goldman Sachs Nonprofit Business Plan Award
Tax Credit Investors/Lenders, CEI Capital Management LLC
Appalachian Mountain Club (AMC)American Process, Inc.
Andover Holdings Axio Green LLCBangor Savings BankBank of America, N.A.Bank of Western MassachusettsBBP Financing LLCBLD PropertiesThe Boston ConservatoryCapital Hotel CompanyCapital Regional Development CouncilCapmark Capital, Inc.CEI Housing, Inc.Champlain Housing TrustCitibank, N.A.Citicorp USA, Inc.Citizens Bank of MassachusettsClaremont Development AuthorityCommonwealth Dairy HoldingsCommunity Guaranty Savings BankThe Conservation FundCooperative Fund of New EnglandCOUNTRY Mutual Insurance CompanyEducare Central Maine Emmi (USA) Inc.First Colebrook BankThe First, N.A.Foremost FarmsFranklin Savings BankGE Commercial FinanceGenesis Community Loan FundHabitat for HumanityHartland GroupHorsehead CorporationHousing VermontIngrahamJP Morgan ChaseKatahdin Trust CompanyKestrel Aircraft Co. KeyBank N.A. Lewiston/Auburn Economic Growth CouncilLocal Enterprise Assistance FundLyme Timber CompanyMascoma Savings BankMorgan StanleyThe Nature ConservancyNCB Capital ImpactNew Forest RenewableNew Hampshire Business Finance AuthorityNew Hampshire Community Development Finance Authority
New Hampshire Housing Finance AuthorityNewWood Corp.Northampton Cooperative Community MarketOchoco Lumber CompanyOhio National Life Insurance CompanyPBS Lumber Holdings LLCPioneer Valley Solar LLCPowerPayRC FundingRichford Health CenterRochester Economic Development CorporationSovereign BankSpeare Memorial HospitalStearns Bank, N.A.TD Bank, N.A.Trust for Public LandTransCapitalU.S. Bancorp Community Development Corp.USDA Rural DevelopmentVermont Community Loan FundVermont Economic Development AuthorityWainshal Partners LLCWainwright BankWebb Development of BuffaloWells Fargo Community Investment Holdings LLC
Western Massachusetts Enterprise Fund, Inc.The Westervelt CompanyWhite Mountain Apache TimberWoodsville Guaranty Savings BankWorcester Center for Performing Arts, Inc.ZeaChem, Inc.
CEI 2013 ANNUAL REPORT15
Coastal Enterprises, Inc. (CEI) Board of Directors
David L. Bennell, Freeport The Trust for Public Land
Betsy Biemann, Brunswick Harold W. Clossey, Robbinston
Maine Development FoundationErin Cooperrider, Edgecomb
Community Housing of Maine, Inc. Glenn Cummings, Portland
Good Will-HinckleyLaura Foye, Cape Elizabeth
TD BankDwight G. Havey, Falmouth
Capricorn Products, Inc.Susan B. Inches, No. Yarmouth (Chair)
Consultant, Business DevelopmentMark Millar, Cape ElizabethJohn A. Moore, Orono
Bangor Savings BankAnn Naimie, Cape Neddick
Norlantic EnterprisesRonald L. Phillips, Waldoboro
Coastal Enterprises, Inc.Peter R. Pitegoff, Yarmouth
University of Maine School of LawCordelia T. Pitman, R.A., LEED AP, Portland
Wright-Ryan Construction, Inc. Ellen Seidman, Washington, DCAnnee H. Tara, Brunswick
FreelancerDavid Vail, Brunswick
Bowdoin College EmeritusChrista Velasquez, Chicago, IL
University of ChicagoLee Webb, Union
Margaret Chase Smith Policy Center
General CounselMichael E. High, Portland
DrummondWoodsum
CEI Capital Management LLC (CCML) Board of Directors
Robert A. Burgess, Portland (Chair) Bangor Savings Bank
Lisa C. Hook, Portland People’s United Bank
Laura C. Foye, Cape Elizabeth TD Bank
Eric W. Kingsley, South Portland Innovative Natural Resource Solutions
Erin M. Kinsella, Portland Maine Public Employee Retirement System
Marten R. Jenkins, Shepherdstown, WV Natural Capital Investment Fund, Inc.
Ronald L. Phillips, Waldoboro Coastal Enterprises, Inc.
Matthew Polstein, Millinocket New England Outdoor Center
A. Jacqueline Wardell,* Bristol Coastal Enterprises, Inc.
CEI Capital Management LLC (CCML) Advisory Board
Will Belongia, Waterbury Center, VT Vermont Community Loan Fund
Mary J. Childs-Mayer, Boston, MA National Development Council
Elaine DiPietro, Columbia, MD Enterprise Community Investment, Inc.
Susan Hammond, Bangor Four Directions Development Corp.
Michael S. Levine, Brooklyn, NY Local Initiatives Support Corporation
Christopher Sikes, Holyoke, MA (Chair) Common Capital, Inc.
Scott Sporte, Oakland, CA NCB Capital Impact
Hubert Van Tol, Rochester, NY PathStone Enterprise Center
CEI Community Ventures, Inc. (CCVI)
Board of Directors Timothy P. Agnew, Yarmouth
Masthead Venture PartnersJohn F. Burns, East Blue Hill
Small Enterprise Growth FundNathaniel V. Henshaw, Brunswick
CEI Ventures, Inc.Ronald L. Phillips (Chair), Waldoboro
Coastal Enterprises, Inc.A. Jacqueline Wardell,* Bristol
Coastal Enterprises, Inc.
CEI Investment Notes, Inc. (CEI Notes) Board of Directors
David L. Bennell, Freeport The Trust for Public Land
Michael L. Finnegan, Edgecomb Coastal Enterprises, Inc.
Ellen F. Golden, Woolwich CEI Investment Notes, Inc.
Chip Newell, West Boothbay Harbor The NewHeight Group
Ronald L. Phillips, Waldoboro (Chair) Coastal Enterprises, Inc.
Kenneth Spirer, Portland A. Jacqueline Wardell,* Bristol
Coastal Enterprises, Inc
CEI Investment Notes, Inc. (CEI Notes) Advisory Board
Maria Arabatzis, Boston, MA Fresh Pond Capital
Betsy Biemann, Brunswick Joel D. Davis, Hallowell
Cribstone Capital Management Alison Pyott, Portsmouth, NH
Veris Wealth Partners LLCRandall P. Rice, Boston, MA
Trillium Asset ManagementD. Robinson Snow, Cumberland Center
Concord Trust CompanyAlan Spear, Portland
Coffee By Design
CEI Ventures, Inc. (CVI) Board of Directors
Robert H. Gardiner, Cumberland-Foreside Independence Wind LLC
Karin A. Gregory, Biddeford (Chair) Furman Gregory Deptula
Carlos Mello, Finance Authority of Maine Charles “Kip” G. Moore, Portland
Little Diamond CapitalRonald L. Phillips, Waldoboro
Coastal Enterprises, Inc.F. Stephen Ward, Damariscotta
The First, N.A.A. Jacqueline Wardell,* Bristol
Coastal Enterprises, Inc.
CEI Ventures, Inc. (CVI) Advisory Board
Art Casavant, Bridgeport, CT People’s United Bank
John C. Everett IV, Cape Elizabeth KeyBank N.A.
Deborah Jordan, Camden Camden National Bank
Carl Kopfinger, Philadelphia, PA TD Bank, N.A.
Bruce G. Nickerson, CPA, Bangor Bangor Savings Bank
C E I B O A R D S
*deceased
CEI 2013 ANNUAL REPORT 16
COASTAL ENTERPRISES, INC. AND SUBSIDIARIESConsolidated Statements of Financial Position September 30, 2013 (with comparative totals as of September 30, 2012)
Management has prepared and is responsible for the condensed financial information and selected financial data which are presented in this report. The data is excerpted from complete financial statements audited by Macpage LLC. The reader wishing for further information about Coastal Enterprises, Inc. and its subsidiaries should contact our office.
ASSETS 2013 2012 Current Assets Cash and cash equivalents $23,023,763 $26,800,503 Accounts receivable, net of allowance 2,192,225 1,840,471 Interest receivable 722,240 602,914 Notes receivable, current portion 4,034,664 1,811,790 Grants receivable 2,103,220 706,311 Prepaid expenses 218,438 202,704 Total Current Assets 32,294,550 31,964,693 Land, Property and Equipment, Net 15,052,137 15,143,102 Other Assets Notes receivable, net of current portion and net of loan loss reserve 20,721,154 16,207,678 Restricted cash 8,047,412 6,953,421 Due from affiliates 345,405 340,606 Investments 23,087,324 24,141,270 Security deposits 55,030 54,951 Deferred tax asset 7,625 7,413 Total Other Assets 52,263,950 47,705,339 TOTAL ASSETS $99,610,637 $94,813,134 LIABILITIES AND NET ASSETS Current Liabilities Accounts payable $194,559 $315,106 Accrued expenses 1,231,645 929,069 Long-term debt, current portion 6,518,365 4,316,175 Line of credit 1,035,219 Deferred fee income 3,022,012 2,869,331 Unapplied grant funds 1,523,288 1,399,719 Total Current Liabilities 13,525,088 9,829,400
Other Liabilities Security deposits 58,563 59,053 Long-term debt - net of current portion 40,935,570 41,326,415 Total Other Liabilities 40,994,133 41,385,468 Total Liabilities 54,519,221 51,214,868
Net Assets Unrestricted net assets, controlling interests’ portion 26,921,413 23,994,494 Temporarily restricted net assets 4,914,660 6,248,060 Permanently restricted net assets 2,956,187 2,956,187 Subtotal - net assets of controlling interests 34,792,260 33,198,741 Unrestricted net assets, non-controlling partners’ capital 10,299,156 10,399,525 Total Net Assets 45,091,416 43,598,266 TOTAL LIABILITIES AND NET ASSETS $99,610,637 $94,813,134
CEI 2013 ANNUAL REPORT17
INTEREST & DIVIDENDS FEE INCOME RENTAL INCOME FEDERAL & STATE PRIVATE OTHER
COASTAL ENTERPRISES, INC. AND SUBSIDIARIESConsolidated Statements of Activities September 30, 2013 (with comparative totals as of September 30, 2012)
Revenues 2013 2012 Interest and dividend income $1,612,368 $1,500,043 Federal and state sources 6,050,157 7,779,325 Private/public sources 825,433 1,329,666 Rental income 1,225,276 1,293,113 In-kind income 54,317 60,581 Fee income 6,109,472 8,403,750 Other revenue 696,930 733,968 Forgiveness of debt 804,693 266,868 Gain (Loss) on sale of properties (413,970) 95,512 Realized gain on investments 411,372 101,684 Net change in unrealized appreciation (depreciation) of investments (837,126) 4,872,375 Total Revenues 16,538,922 26,436,885
Expenses Salaries and fringe benefits 8,408,262 8,071,522 Consultants and contract services 1,250,776 1,069,969 Provision for loan losses 978,716 798,794 Provision for bad debts 6,402 Interest expense 1,363,300 1,391,484 In-kind service expense 213,798 248,650 Grants to third parties 77,131 36,651 Depreciation and amortization expense 441,614 462,079 Travel 355,210 352,769 Office expense 337,711 266,699 Occupancy 554,288 432,021 Communication expense 232,515 210,825 Staff and Board development 221,397 242,536 Advertising and promotion 134,398 67,150 Insurance 481,264 443,416 Property taxes 179,432 188,083 Operating and maintenance expense 409,130 445,587 Organizational costs 158,958 189,552 Income taxes 39,893 62,742 Miscellaneous expense 252,036 445,526 Total Expenses 16,089,829 15,432,457 Increase (Decrease) in Net Assets Before Activities of Noncontrolling Interests 449,093 11,004,428
Activities of Noncontrolling Interests Noncontrolling interests in Subsidiaries’ earnings 1,144,426 (2,608,930)
Increase (Decrease) in Net Assets 1,593,519 8,395,498
Net Assets Beginning of Year (Restated) 43,598,266 32,549,354
Noncontrolling Partners’ Net Capital Contribution 1,044,057 44,484
Activities of Noncontrolling Interests Noncontrolling interests in Subsidiaries’ earnings (1,144,426) 2,608,930 Net Assets End of Year $45,091,416 $43,598,266
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
NMTC SBA 504 HOUSING VENTURE ENTERPRISE DEVELOPMENT
MILLIONS
CEI 2013 ANNUAL REPORT
INTEREST & DIVIDENDS FEE INCOME RENTAL INCOME FEDERAL & STATE PRIVATE OTHER
SALARIES & FRINGE PROVISIONS FOR LOAN LOSS OCCUPANCY & COMMUNICATIONS INTEREST EXPENSE
CONSULTANTS & CONTRACTOR SERVICES OTHER
SOURCES OF REVENUE EXPENDITURES
37%
37%
10%
7%5% 4%
52%
17%
6%
8%
9%
8%
C U M U L A T I V E V A L U E O F C E I F I N A N C I N G A N D L E V E R A G E19
80
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$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
NMTC SBA 504 HOUSING VENTURE ENTERPRISE DEVELOPMENT
MILLIONS
CEI SHARE OF FINANCING AND LEVERAGE
$1.00 CEI Financing Leverages$2.89 From Other Sources
CEI 29%
LEVERAGE 71%
18
OUR MISSION To help create economically and environmentally healthy communities in which all people, especially those with low incomes, can reach their full potential.
© Copyright 2014 Coastal Enterprises, Inc.
Design: annie|catherine, inc., Portland, Maine. Printing: East Shore Studio & Print, Portland, Maine. This report is printed on Domtar Cougar paper that was harvested from a well-managed sustainable wood source.
36 WATER STREET P.O. BOX 268 WISCASSET ME 04578
207.882.7552 207.882.7308 FAX
[email protected] www.ceimaine.org
The board and staff of CEI value diversity in all aspects of
program participation and employment. CEI is an equal opportunity provider.
