Final self 2015 annual report dec 9 2015

Solar and Energy Loan Fund (SELF)

2400 Rhode Island Ave.

Ft. Pierce, Florida 34950

T. 772-468-1818 F. 772.468.1811

www.SolarEnergyLoanFund.org

ANNUAL REPORT FY 2015

SELF CLIENTS

2015 ANNUAL REPORT

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Contents

Message from the Executive Director ................................................................................................................. 3

Mission Statement .............................................................................................................................................. 4

SELF 2015 Highlights............................................................................................................................................ 5

About SELF (Solar and Energy Loan Fund) .......................................................................................................... 6

Market ................................................................................................................................................................. 7

Loan Products and Non-Financial Services ......................................................................................................... 8

Loan Activity (As of Sept 30, 2015) ..................................................................................................................... 9

Our Investors (2011-2015) ................................................................................................................................ 10

Our Partners ...................................................................................................................................................... 11

Triple Bottom Line Impact Model ..................................................................................................................... 12

Results ............................................................................................................................................................... 13

Financial Summary ............................................................................................................................................ 14

Governance ....................................................................................................................................................... 17

TESTIMONIALS .................................................................................................................................................. 18

........................................................................................................................................................................... 18

SELF SPECIAL MOMENTS ................................................................................................................................... 20

CONTACT INFORMATION .................................................................................................................................. 22

2015 ANNUAL REPORT

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Message from the Executive Director

SELF experienced a record breaking

fiscal year 2015 by completing three

times more lending activity compared

to last year and achieving several

other major milestones, including: (1)

reaching

$3 million in total lending; (2) raising

more than $1 million in new loan

capital;

(3) securing over $300,000 in grants; (4) finalizing SELF’s first consulting

contract; (5) operationalizing St. Lucie County’s new Commercial

Property-Assessed Clean Energy (PACE) program and closing the first 2

PACE projects; (6) establishing worldwide crowdfunding via KIVA.org; (7)

conceiving and operationalizing the new “Veterans Helping Veterans”

program in partnership with the Green Veterans Group; (8) increasing the

contractor base to 128; (9) completing our 1,000th energy audit; and, (10)

building a new partnership with the City of Orlando and expanding

lending activities into 17 counties throughout the Sunshine State.

The SELF Board of Directors, staff, and our many partners all deserve

special recognition for making this fiscal year our most successful to date.

As a mission-driven lender, we are pleased to be helping hundreds of

working class families and individuals complete much-needed sustainable

home improvement projects that have reduced energy consumption,

carbon footprint and operating costs, enhanced comfort and

livability, improved air quality, health benefits, and storm

mitigation, and increased overall home equity, local jobs and

economic development activities.

SELF will strive to continue growing geographically and

programmatically as we prudently scale and diversify the non-

profit community lending organization and chart out a path

towards greater self-sufficiency.

Thank you to all of our supporters for helping SELF along this

circuitous, challenging, and transformative path.

With your help, SELF is making a difference!

Doug Coward

Executive Director

Photo: Doug Coward (Right) with Fabian Dennis (left) who received an energy efficiency loan, and said, “I am now happy to go home because I have air conditioning

to keep me cool after work.”

“SELF experienced a

record breaking

year”

“Thank you to all of

our supporters for

helping SELF along

this circuitous,

challenging, and

transformative

path”

“With your help,

SELF is making a

difference!”

2015 ANNUAL REPORT

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Mission Statement

SELF is focused on providing affordable financing to help underserved

populations rebuild and empower their communities, one home and business at

a time.

SELF’s goal is to make financing accessible and affordable to all people and to

break down the financial and educational barriers for low- and moderate-income

populations to access and make use of technologies that will improve the value

and sustainability of their properties.

SELF provides affordable loans coupled with financial education, energy

expertise and project management to help our clients make the most cost-

effective decisions. SELF’s loans help people reduce operating costs through

savings on energy use and insurance premiums, while also reducing carbon

emissions into the environment and creating healthier communities.

Through our project management services, the SELF team ensures competitive

pricing and quality results from our network of over 130 pre-approved

contractors who are located across the state of Florida.

SELF’s mission is to help rebuild and

empower underserved communities by

providing access to affordable and

innovative financing for sustainable

property improvements including: energy

efficiency; renewable energy; wind-hazard

mitigation; and, water conservation.

SELF strives to create positive social,

economic and environmental impacts by

helping people improve the health, safety

and quality of life in their homes while

reducing their operating costs and carbon

footprint.

2015 ANNUAL REPORT

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SELF 2015 Highlights

300% INCREASE IN LENDING

SELF closed 188 loans valued at $1.4 million, breaking an all-time record in loans closed in previous years.

SELF raised $1.2 million in Loan Capital.

SELF received the 7th Socially Responsible Investment (SRI) from the “Sisters of the Holy Names of Jesus and Mary” for $250,000 to help more underserved populations improve their homes.

SELF was approved for its first “Impact Investment” of $300,000 from “Monarch Community Fund, LLC” by recommendation of Calvert Foundation.

Loans were closed in more than 33 jurisdictions in the state of Florida.

Through our partnership with KIVA, SELF

successfully crowd-funded 27 loans representing

$158,000 to help women and veterans in financial

distress make critical sustainable home

improvements.

HISTORIC MILESTONES

483 Total Projects Financed

benefitting over 1,400

people. $3,942,585 in

loans for sustainable home improvements.

1,646 retrofits completed

creating 15,396 job hours for local contractors in the hardest hit job sector in Florida.

66% of loans for Low and

Moderate Income Populations

41% of loans for women head

of households and over 20% are U.S. Veterans

$7.1 million raised in loan

capital and grants since 2012, from Socially Responsible Investors. Banks, Impact Investors and Peer to Peer crowdfunding (Kiva.org).

Launched St. Lucie County’s Commercial Property-Assessed Clean Energy (PACE) program.

Launched the “Veterans Helping Veterans” program to help Veterans improve their homes while putting other veterans back to work.

Treasure Coast Regional Program Manager, Melanie

Robles (right) with Lillieth Reece (left). Ms. Reece has

been a Hospice Nurse for over 16 years. She was unable

to afford $500+ energy bills due to her old air

conditioner. SELF approved her for a KIVA loan Client.

“SELF was able to give me a 5% 5 yr. loan that helped me

fix my A/C and improve my quality of Life”.

2015 ANNUAL REPORT

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About SELF (Solar and Energy Loan Fund) SELF is a certified non-profit Community Development Financial Institution (CDFI) whose mission is to provide financing for sustainable residential and non-residential property improvements, coupled with energy expertise and project management. The residential program offers micro- loans to underserved homeowners in Florida to help them complete an array of sustainable home improvement projects that include: (1) energy efficiency (e.g., weatherization, high-efficiency air conditioners); (2) renewable energy (e.g., solar water heaters); (3) wind-hazard mitigation (e.g., roofs, hurricane shutters, impact windows and doors); and, (4) water conservation projects. Typically, these assorted home improvement projects generate healthier living conditions and safer homes and also provide enhanced comfort and livability and reduced operating costs for the elderly, children, and persons with illness, disease, and other physical impairments. SELF also administers St. Lucie County’s Commercial Property-Assessed Clean Energy Program (PACE), which is an alternative financing program to help property owners make improvements to buildings and facilities, including: energy efficiency, renewable energy, wind hazard mitigation and water conservation projects. PACE financing is secured by equity in the subject property and is a voluntary assessment that is paid back over time on the property tax bill. PACE applies to commercial, industrial, agriculture, non-profit and multi—family property owners.

SELF began operations in 2011 after being selected as one of twenty programs in America to receive seed funds through the Energy Efficiency and Conservation Block Grant (EECBG) program, from the United States Department of Energy (DOE). Currently, SELF is a statewide program headquartered in St. Lucie County, Florida. SELF produces triple bottom line impacts by helping low and moderate income communities and underserved women and veterans, make much needed property improvements to help lower operating costs; enhance comfort

and livability, improve air quality and health benefits, bolster hurricane-resistance, and increase market value. The sustainable types of improvements financed by SELF contribute to the revitalization of residential and commercial neighborhoods, while spurring economic activity and sustainable development through the employment of local contractors and the installment of “green”, sustainable technologies.

2015 ANNUAL REPORT

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Market

Although the Treasure Coast region remains our home and the primary focus of our work, SELF continues to expand its footprint statewide and currently operates in 17 counties and 44 jurisdictions. Our conservative estimate is that SELF will be able to close a cumulative total of 1,800 loans for a total of $15 million by 2020. This level of activity will generate a net active loan balance of approximately $6 million at that time that will produce and average yield of 6% on the loans. Through this volume of activity, SELF will be able to achieve a 65%- 70% self-sufficiency level. These goals are based on accessing 3-5 year loan capital at an average interest rate of 3%; however, as SELF grows it has the possibility of accessing longer term capital which would allow for better yields and a higher self-sufficiency rate. Demand Market demand has been

steadily rising as SELF positions

itself as a unique CDFI which

provides alternative and

accessible loan products

focused on increasing home

equity, reducing operating costs

and enhancing the quality of life

for those who cannot qualify for

traditional financing options.

SELF reduces the risk of low

income and financially

distressed populations by

providing alternatives to

predatory lenders and helping to

break cycle of poverty while

fostering systemic change.

SELF Jurisdictions:

2015 ANNUAL REPORT

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Loan Products and Non-Financial Services

SELF’s residential (i.e., CDFI) and commercial lending (i.e., PACE) programs provide a full range of financial and non-financial services, including: education, training through workshops, and public events; speaking engagements; local conferences; seminars; and, social media outlets. Our financial products target two (2) main markets:

1) CDFI: Residential Homeowners. 2) PACE: Commercial, Industrial, Agricultural, Multi-Family and Non-Profit Property Owners.

The Residential program helps homeowners access affordable unsecured loans to make assorted improvements that contribute to energy savings, enhanced wind resistance and water conservation, and improved safety and quality of life in the home.

The Commercial Property-Assessed Clean Energy (PACE) is another alternative financing program available to

help Commercial, Industrial, Agricultural, Multi-family and Non-Profit property owners in St. Lucie County make

improvements to buildings and facilities, including: energy efficiency, renewable energy, wind-hazard mitigation,

and water conservation. PACE financing is secured by equity in the subject property and the voluntary assessment

is paid back over time on the property tax bill.

Loan Types:

Residential – Energy Efficiency, Wind-Hazard Mitigation, and Water Conservation Loans: Unsecured loans with 3-7 year terms at 5% -9.5% APR.

Residential – Solar Thermal, Solar Water Heaters, and Solar Photovoltaic (PV) Loans: Unsecured loans with 3-7 year terms at 5% -9.5%.

KIVA – Home Improvement (Energy Efficiency, Renewable Energy, and Wind-Hazard Mitigation): Unsecured crowdfunded loans with 5 year terms and 5% APR.

Contractor Equipment Financing: Revolving line of credit to approved contractors for of up to $15,000 for advance purchase of equipment needed for a SELF projects. SELF charges a one-time 4% fee and deducts the repayment from the final payment to the contractor upon completion of project.

Commercial Property-Assessed Clean Energy (PACE) Financing: Voluntary assessment with 5, 10, 15, and 20 year terms at 6-8.5% APR.

Climate Resiliency Loans Energy Loans

Energy Efficiency Loans

“I applied with SELF after

seeing an article on SELF’s

affordable loans. The energy

audit results showed that my

home was not leaking air, but

I needed to replace my air

conditioner due to age. The

process was smooth and I am

very happy that I financed my

A/C with SELF”

Mr. Lewis Harrison

2015 ANNUAL REPORT

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Loan Activity (As of Sept 30, 2015)

SELF is facing growing market demand

and has expanded its loan products to

better serve small businesses and

homeowners. In 2015, it provided loan

and credit rebuilding services in over 36

jurisdictions concentrated in the south

eastern and central eastern areas of

Florida. In just four months since adding

the wind hazard mitigation financing

option, roofs became 10% of the total

loan portfolio helping homeowners

achieve increased safety, efficiency,

peace of mind, and lower insurance

costs.

Loan Activity To Date

Loans Closed to Date

Loans Closed to Date ($)

# of Active Loans to Date 399

Outstanding Active Loan Portfolio

Average Loan Size

Average APR of New Loans disbursed

Retention Rate 83%

FY 2011-2015

483

$3,942,585

$2,408,086

$8,162.70

8.00%

2015 ANNUAL REPORT

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Our Investors (2011-2015)

The initial grant from

the U.S. Department

of Energy allowed

SELF to kick-start the

program and build the

organization’s internal

capacity and develop

effective processes to

help sustain SELF’s

future growth.

As of Sept. 30, 2015,

SELF had raised over

$4.1 million in loan

capital for the

residential lending program from 14 funders in 5 different sourcing categories: government grants, faith-based

organizations, banks (CRA investments), crowdfunding and impact investors. In addition, SELF secured $1 million

for the Commercial PACE program and another $2 million in grants and partner contributions. The total amount

raised by SELF between loan capital and grants is $7.2 million.

CAPITAL INVESTMENTS IN SELF (2011-2015) $$ APR% Terms Maturity Date

EECBG (Energy Efficiency and Conservation Block Grant) $1,654,215 Unrestricted grant

MERCY INVESTMENT FUND $200,000 3.00% 5 11/19/2017

ADRIAN DOMINICAN SISTERS 1 $235,000 2.00% 3 5/15/2016

SETON ENABLEMENT FUND $200,000 3.00% 5 7/1/2018

RELIGIOUS COMMUNITIES INVESTMENT FUND (RCIF) $100,000 3.50% 5 11/4/2018

SISTERS OF ST. FRANCIS OF PHILADELPHIA $50,000 3.00% 5 10/30/2018

PNC BANK $300,000 2.50% 3 5/6/2017

KIVA $400,000 0.00% 5 5/30/2019

NAZARETH LITERARY AND BENEVOLENT $50,000 0.50% 3 10/9/2017

BANKUNITED $150,000 3.75% 7 9/30/2021

FIRST GREEN BANK $250,000 4.25% 3 6/1/2018

SISTERS OF THE HOLY NAMES OF JESUS & MARY $250,000 2.00% 5 6/1/2020

MONARCH $300,000 3.00% 4 6/25/2019

Total Loan Capital Residential Program $4,139,215.00

INLAND GREEN CAPITAL (PACE) $1,000,000

2015 ANNUAL REPORT

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Our Partners

SELF has built robust partnerships with: local cities and counties; regional, state and federal government agencies; foundations; universities and colleges; banks; nonprofits; contractors; faith-based organizations; and, several utilities. In particular, SELF has worked closely with St. Lucie County and the Cities of Port St. Lucie, Fort Pierce, Orlando, and Stuart. These local governments have provided direct support through seed grants, collaboration with city leaders and multiple departments, and/or extensive in-kind support for marketing and community outreach. The Treasure Coast Regional Planning Council has also provided critical seed funding, office space, and in-kind support. SELF has also worked closely with Indian River State College’s student internship program, and is currently launching a new partnership with the Green Veterans training program and Palm Beach State College. SELF has also partnered with several utilities to provide low-cost energy audits and to disseminate information to customers about the non-profit lending program. SELF relies on these partnerships to help legitimize the program, build organizational capacity, and anchor and cultivate new jurisdictions. SELF is expanding statewide, region by region, and these partnerships provide the necessary resources and support needed to scale the program.

2015 ANNUAL REPORT

2015 ANNUAL REPORT

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Triple Bottom Line Impact Model

Building Climate Change Resiliency and Empowering Underserved Communities through: Access to affordable financing options; education and awareness of energy and sustainable best practices; financial education and: multi sector partnerships.

Environment

•Climate resiliency - strongerand safer homes.

•Reduced carbon emissions.

•Education on sustainability &green technologies.

Economic

•Financial inclusion.

•Job retention and creationfor local contractors.

•Rebuilding neighborhoods.

•Savings from reducedinsurance premiums andoperating costs.

Social

•Enhanced quality of life.

•Safe and Healthy homes

•Education - budgeting and credit restoration.

•Financial inclusion- access to affordable financing.

Rebuilding & Empowering

•Climate Resiliency

•Safer & Healthier Homes

•Improved Quality of Life

•Financial Empowerment

•Increased Equity

Reducing

•Carbon Footprint

•Operating Costs

•Financial Vulnerability

2015 ANNUAL REPORT

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Results

483 Projects Financed

benefitting over 1,400 people. $3,942,585 in loans for

sustainable home improvements.

Left: Girl Scouts receive education on Solar Energy.

Right: SELF volunteers at community events to educate and

create environmental and financial education.

Operations Indicators

Total # of Energy Audits

Total # of Retrofits

% of Energy Efficiency Retrofits

% of Renewable Energy Retrofits

(Solar PV & Solar Hot Water Heater)

% of Wind Hazard Mitigation Retrofits

74%

10%

16%

FY 2011-2015

1006

1646

Energy and Environmental Impacts

Cumulative Energy Savings (kWh)

Reduction in Co2 Emissions (Metric Tons)

Equivalency in Gallons of Gasoline Saved

1.293 M

991.7

111,590

FY 2011-2015

Total

Economic Impact Average % savings (kWH) per household

# of Hours Employed in Projects

Wages generated through projects (@ avg. $20/hr.)

# of Contractors Affiliated to Program 123

FY 2011-2015

Total

22%

15,396

$307,920

Community and Outreach# of

Events

# of

Attendees

# of Total Educational/ Awareness Events 353 48,924

# of Total Credit Rebuilding Seminars 4 105

# of Home Buyer Seminars 6 360

# of Energy Savings Seminars 4 40

FY 2011-2015

2015 ANNUAL REPORT

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Financial Summary

SELF CUMULATIVE PORTFOLIO PERFORMANCE (as of Sept. 30, 2015)

Total # of Loans Closed – 483

Total Loans Closed - $3,942,585

Loan Portfolio Balance -$2,435,822

Portfolio Performance FY 2011 FY 2012 FY 2013 FY2014 FY 2015

Total number Loans Closed (#) Cumulative 45 151 236 295 483

Total Loans Closed ($$) per Year $ 312,614.00 942,415.00$ $775,206.12 1,538,348$ 1,139,537$

Cumulative Loans Closed ($$) $ 312,614 1,255,029$ 2,063,513$ 2,515,007$ 3,942,585$

Loans Closed per Year 45 107$ 84 59 188

Total Loans Closed ($$) per Year 312,264$ 916,902$ 763,142$ 452,618$ 1,429,890$

Outstanding Active Loan Portfolio $ 312,264 1,083,288$ 1,643,939$ 1,686,500$ 2,379,407$

Interest Earned on Portfolio (per Yr) 4,757$ 31,745$ 56,945$ 86,582$ 120,266$

All other Fees and Misc Income earned (per yr.) $5,375 7,363$ 16,265$ 19,749$ 75,331$

Return on Loan Portfolio 1.52% 2.93% 3.46% 5.13% 5.05%

CAPITAL FY 2011 FY 2012 FY 2013 FY2014 FY 2015

# of Funding Sources (cumulative) 3 2 4 10 14

New Loan Capital Raised 1,654,215$ 435,000$ 850,000$ 1,200,000$

Average Cost of Capital (WACC) 0.74% 1.18% 1.48%

Total Assets 1,691,019$ 1,743,279$ 2,128,116$ 2,631,220$ 3,482,487$

Total Liabilities 1,354,855$ 380,948$ 535,367$ 1,293,588$ 2,404,310$

Unrestricted Net Assets 336,164$ 1,072,071$ 1,576,057$ 1,237,632$ 1,078,177$

Profit and Loss Statements FY 2011 FY 2012 FY 2013 FY2014 FY 2015

Total Revenue 674,511$ 1,912,243$ 870,265.00$ 357,803$ 479,511$

Earned Income (Interest and Fees, Consulting) 10,132$ 39,108$ 75,230$ 106,331$ 261,800$

Income From Grants 1,654,215$ 795,035$ 31,393$ 67,321$ 184,238$

Income from Contributions 102,815$ 33,473$

Loan Servicing Expenses 338,347$ 886,076$ 656,359$ 622,228$ 738,966$

Loan Loss Reserve (32,675)$ (113,202)$ (50,000)$ (50,000)$ (50,000)$

Loan Interest Paid -$ 4,675$ 16,984$ 39,860$

Net Surplus / (Loss) 336,164$ 1,026,167$ 213,726.00$ (264,425)$ (259,455)$

2015 ANNUAL REPORT

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Financial Performance

Financial Performance-COMPARED TO CDFI INDUSTRY STANDARDS (as of Interim Financials Sept 30, 2015)

SELF ACTIVE LOAN PORTFOLIO; DELINQUENCY & HISTORICAL WRITE OFFS SELF delinquency rate (> 30 days) has been consistently below 1% for the last 2 years.

Clients on with “Loan Modifications” are clients who had a life altering event and are on a temporarily modified payment plan, or, have

court ordered payment plans to bring their accounts current. These clients were not “re-financed” at the end of the term. DEFAULT RATE as of 09/30/15

SELF Financial Performance compared to CDFI Minimum Prudent Standards

2012 2013 2014 MPS REF

Financing Assets 61% 74% 47% 68% MPS >50%

Net Asset Ratio 78% 73% 51% 31% MPS >= 20%

Current Ratio (liquidity) 2.01 6.06 3.00 2.04 MPS = 1.25

Deployment Ratio 89% 75% 78% 98% MPS >= 50%

Financial Self Sufficiency 4% 11% 30% 35% MPS > 40%

Operating Liquidity Ratio 0.00 4.00 4.00 4.00 MPS =>1

Delinquency Ratio 0.2% 0.3% 0.2% 0.2% MPS =< 4%

Net Income $1,026,167 $213,906 -$264,425 -$259,455 MPS > $0

Earnings Ratio 0.59 0.10 -0.10 -0.07 NA

Liquidity Ratio 2.01 6.06 3.00 2.04 MPS =>1.25

Financing Assets 61% 74% 47% 68% MPS >50%

Leverage 0.00 0.26 0.64 1.45 <= 3.75

KEY FINANCIAL

INDICATORS 2015

Total Portfolio Balance

Delinquency # of

Loans

% of

Portfolio Total Balance

# of

Loans % of Portfolio Total Balance # of Loans % of Portfolio Total Balance

Delinquent 30+ days 2 0.68% 10,997.61$ 0 0.04% 1,071.77$ 0 0.00% -$

Delinquent 60 + days 0 0.00% -$ 0 0.18% 3,023.61$ 0 0.00% -$

Delinquent 90 +days 0 0.00% -$ 0 0.00% -$ 0 0.00% -$

Delinquent 120+ 4 2.10% 28,185.21$ 0 0.00% -$ 0 0.00% -$

Total Delinquency 6 2.78% 39,182.82$ 0 0.23% 4,095.38$ 0 0.00% -$

Total Loan Modifications 4 1.40% 27,233.53$

Average Delinquency YTD 4 0.16% 22,296.59$

FY 2013 FY 2015

$1,643,938.69

FY 2014

$2,408,085.59$1,645,895.12

Write Offs By Year 2011 2012 2013 2014 2015 Total Avg.

Amount Charged Off Per Year - 25,513 10,116 18,664 2,866 11,432

Active Portfolio Per Year 312,264 1,083,288 1,643,939 1,641,662 2,396,280 1,415,487

Average Delinquency 0.00% 2.36% 0.62% 1.14% 0.12% 0.85%

2015 ANNUAL REPORT

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NOTES ON FINANCIAL STATEMENTS AND PROJECTIONS: SELF is in the process of scaling and diversifying its operations with the goal of increasing its earned revenue and reducing its reliance on grants. In FY 2015 fiscal year, SELF had a 300% increase in loan activity from the previous year and increased its revenue by 42%. Despite multiple efforts to secure grants that would cover the revenue gap in FY 2015, SELF was able to secure roughly 72% of the targeted grant funds, producing a net loss that was covered by the revolving principal from the loan fund created with the initial DOE seed grant. The unrestricted DOE grant funds allow SELF to use the capital to sustain its operations while scaling and achieving long-term sustainability. SELF is prepared to use these unrestricted revolving loan funds as needed to be able to sustain the operations during the scaling phase; however, our goal is to produce more revenue by growing the portfolio and securing additional grants and contributions from government agencies, private foundations, and private companies.

Financial Strategy SELF management had anticipated a challenging path towards sustainability after the DOE grant funds were fully expended in 2013; therefore, a 3-year strategy was laid out to pave the way to long-term sustainability, based on the following actions:

a) Building the internal capacity to cover a broader service territory (e.g., last year SELF expanded its services into 17 counties);

b) Expanding geographically into new regions with key local partners (e.g., In 2015 SELF opened up the Orlando market in partnership with the City of Orlando and Orlando Utility Commission (OUC);

c) Diversifying the loan product offerings (e.g., last year SELF added wind-hazard mitigation and water conservation products into the allowable improvements for loans);

d) Increasing the loan activity and operational efficiencies to reduce administrative costs; and, e) Offering additional services including: underwriting; loan servicing; and, consulting (e.g., In FY 2015, SELF

secured its first consulting contract and brought in additional earned revenue). SELF also kick-started the Commercial PACE program in St. Lucie County and is currently their exclusive program administrator.

SELF’S Outlook for the Future Based on a conservative projection, SELF’s goal is to close $1.5 million in new loans in FY 2016. In order to scale and achieve sustainably, SELF has reduced full-time staff in our satellite locations; cut office and administrative costs by implementing better practices that include reduction of use of supplies; implemented paper recycling and other austerity measures; and, reduced direct marketing costs by developing broader partnerships with local governments, non-profits and private entities. In-kind contributions also help expand our community outreach events and marketing efforts at low or no cost to SELF. In September 2015, SELF was notified that we had been awarded the U.S. Treasury CDFI TA grant for $123,551, which in addition to the commitments from local government partners to grant another $100,000, will allow SELF to jump start FY 2016 with a sufficient cash flow and a stronger financial position. In addition, SELF has already applied for roughly $1 million in additional grants. The most critical aspect of the future sustainability of SELF is to be able to continue to secure loan capital in order to grow its loan portfolio and generate more earned revenue to reduce its reliance on grants and contributions.

2015 ANNUAL REPORT

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Governance

Board of Directors

SELF’s Board of Directors governs the organization ensuring programs are effective in furthering the mission of the organization. Board meetings are held quarterly. There are also Board sub-committees for both ongoing and special projects.

Kyle Abney

President

Abney & Abney Consultants Founding member of the U.S. Green Building Council’s Central Florida Chapter.

Robert Ludlum, Jr.

Vice President,

President and CEO of Aqua Dimensions Plumbing & Solar.

Thomas Cooper

Secretary

Architect, consultant to the Miami-Dade County School Board, Adjunct Professor of Architectural Design at University of Miami.

Tammy Crandell Treasurer Retail Banker.

Fran Ross

Attorney at Law.

Tax Collector Chris Craft,

St. Lucie County Tax Collector.

Roger Hudspeth II

Business Representative Sheet Metal

Bridgette Daley,

Retail Banker

2015 ANNUAL REPORT

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TESTIMONIALS

“SELF was a great experience! My A/C broke and I could not afford a new unit. I contacted SELF and they were

able provide financing at a fairly low APR compared to my bank. This helped my family greatly in Florida because we have 2 children and it was starting to get hot! SELF was able to get us approved and in less than a week we had our new unit installed.” Amount of Loan: $4,763.24 Terms: 60 Months, 5% Type of loan: Energy Efficiency (Veterans Helping Veterans Program)

“If it weren’t for SELF, I wouldn’t have been able to replace a badly aging

roof in time for hurricane season. Due to bank credit requirements, I was unable to get approved for a home equity loan. I had visible holes in my roof and when it rained, water poured in through ceiling in many rooms, including my son’s room. Mold was also beginning to form. SELF walked me through the entire process to select a contractor and then they verified that the job was completed. My new roof

was done in two days and is no longer a roof that collects water, but is a double layer of reflective shingle with a pitch that will never collect water and will last for years!”

Amount of Loan: $9,984.24 Terms: 60 Months, 5% Type of loan: Wind Hazard Mitigation (Roof Replacement)

“SELF’s customer service was superior. I was approved for a loan to get an air conditioner which has greatly

impacted my girls’ health and quality of life, especially the one who suffers from eczema & narcolepsy. Without cool air in the house, my daughter would break out & then fall asleep, and then she’d wake up drenched in sweat & not knowing if it was daytime or nighttime. We now have a cool house and save energy. I am very glad I found SELF. I am blessed & thankful.” Amount of Loan: $8,305.83 Terms: 60 Months, 5% Type of Loan: Energy Efficiency

“The SELF program is a great opportunity for home owners such as myself to replace items at home that will make a difference with saving energy and money at a low monthly cost that falls within one’s budget. It’s a truly amazing funding program.” Amount of Loan: $6,882 Terms: 60 Months, 5% Type of Loan: Energy Efficiency

JUSTIN NICHOLSON

Loan Impacts: Quality of Life,

Savings, Reduce Carbon Footprint

JENNIFER GARRISON

Loan Impacts: Safety, Health,

Quality of life & Asset Building

MARGARITA SOTO-WHYTE

Loan Impacts: Quality of Life

Savings, Reduced Carbon Footprint

TRIFFANY PAUL

Loan Impacts: Health, Quality

of Life, Asset Building

2015 ANNUAL REPORT

19

“SELF installed a new air conditioning unit that reduced my energy bill by over 50%. The home is cool and comfortable. I am now happy to go home because I have cool air conditioning” Amount of Loan: $4,476 Terms: 36 Months, 6.5% Type of Loan: Energy Efficiency

“I was impressed by the professionalism of the SELF staff. I especially appreciate the fact that contractors referred by the program were very knowledgeable. I was kept informed of the expectations, everyone was very prompt, and it was easy to coordinate between SELF and the contractor.” Amount of Loan: $15,785. Terms: 36 Months, 8% Type of Loan: Energy Efficiency / Wind Hazard

“I had been without an air conditioner all summer, and it was unbearable. I could see the effect it was having on me and my house. Due to the heat, my family, especially my great granddaughter, could not visit me. Now I am comfortable, and my family can visit!” Amount of Loan: $4,227 Terms: 60 Months, 5% Type of Loan: Energy Efficiency

“SELF helped us navigate through our home improvement project by connecting us with quality contractors and assisting us throughout the process with permits, expert energy advice and the interpretation of the energy audit.” Amount of Loan: $16,116 Terms: 79 Months, 7% Type of Loan: Wind Hazard and Energy Efficiency. “I’m a hard working single mother with limited funds and no family to assist me financially. I also have a debilitating health condition, which is exacerbated by the heat. SELF helped me obtain a new air conditioning unit that helps me preserve my health by keeping my home cool. As a single mother my financial struggles are many. I couldn’t have gotten an AC if it wasn’t for the SELF program.” Amount of Loan: $2,840 Terms: 60 Months, 5% Retrofit Installed: A/C Type of Loan: Energy Efficiency

PAUL ENGLAND

Loan Impacts: Safety, Asset

Building, Savings,

Reduced Carbon Footprint,

Quality of Life

ALTHA SMITH

Loan Impact: Quality of Life,

Health, Reduced Carbon Footprint

KARA WOOD

Loan Impacts: Safety, Savings, Asset

Building

AYLEEN MORENO

Loan Impacts: Health, Savings, Quality of Life

FABIAN DENNIS

Loan Impacts: Quality of Life, Savings,

Reduced Carbon Footprint

2015 ANNUAL REPORT

20

VIDEO TESTIMONIALS

Lillieth (Kiva client) Testimonial

https://www.youtube.com/watch?v=FpmDUdFeuLI

Channel 12 News Piece .Ms. Rowan - https://www.youtube.com/watch?v=Cbpf-f92mW4

Kwaku McNabb Testimonial (U.S. Veteran)- https://www.youtube.com/watch?v=3YkvtBSOZ9U

CBS News Veterans Helping Veterans - https://www.youtube.com/watch?v=97sZXGr1EpQ

2015 ANNUAL REPORT

21

SPECIAL MOMENTS

R

Receiving big smiles from SELF

Contest winners

Announcing Agreement between SELF, St. Lucie County and Inland Green Capital which provided the first $1 Million investment,

for the Commercial Property Assessed Clean Energy Program (PACE) in St. Lucie County

Receiving the 2103 Award for “Most Innovative Green Business”, from the 2013 South Florida

Chapter of the U.S. Green Business Council (USGBC)

Contractor Meeting at SELF Headquarters

Celebrating our 2015 Volunteer of the Year: Mrs. Rose Coward

2015 ANNUAL REPORT

22

CONTACT INFORMATION

Solar and Energy Loan Fund (SELF)

2400 Rhode Island Ave.

Ft. Pierce, Florida 34950

T. 772-468-1818/F. 772.468.1811

www.SolarEnergyLoanFund.org

Contact:

Doug Coward: Executive Director

[email protected]

Duanne Andrade: Senior Strategic Financial Advisor/ CFO

[email protected]