Concurrent Workshops

Tuesday, January 29, 2008

2:30 p.m. – 4:30 p.m.

A. Risk and Uncertainty — PRI Making in the Wake of Large-Scale Disasters

Hurricane Katrina was the worst urban disaster in U.S. history. Given the scale of the disaster and the tourism-driven economy of New Orleans, the risk and uncertainty associated with recovery were tremendous. Similarly, other natural and man-made disasters offer opportunities for foundations to step up to support recovery. This workshop will describe these efforts and discuss how, by underwriting much of the risk and uncertainty, PRIs can be a valuable financial tool in disaster response, the process of making and funding PRIs when disaster strikes, and how PRIs can be utilized to spur economic recovery and long-term development. Moderator: Christa Velasquez Annie E. Casey Foundation Speakers: Sandra Bass, The David and Lucile Packard Foundation Laurie Conkerton, Audubon Nature Institute Notes George McCarthy, The Ford Foundation Gabe Mehreteab, NHP Foundation

B. The Art and Science of Structuring PRIs

Although each PRI transaction is in some ways unique, foundations have been making PRIs for several decades, and key lessons can be drawn from this experience that help inform how a PRI might be best structured. This workshop will present specific, challenging PRI transactions from a range of investment options to be followed by a frank and open discussion of how challenges were evaluated and addressed. The workshop will illuminate how to avoid basic problems, and equally important, how a PRI maker can get a deal back on track when problems arise. Panelists will offer a refreshing and educational perspective on how to stay light on your feet to make the most of investment decisions.

Moderator: Steven Godeke, Godeke Consulting Speakers: Antony Bugg-Levine, The Rockefeller Foundation John Kinghorn, The Prudential Foundation Alvertha Penny, California Community Foundation

C. Workouts and Turnarounds

PRIs are great philanthropic tools, but what happens when these high risk investments go bad? This session is designed for PRI makers to discuss how to identify problem investments and what issues to think about when dealing with workouts and turnarounds. The panelists will discuss actual situations and be available to answer general and specific questions. Through a series of case studies, session participants will be exposed to topics including: identifying trouble signs, the role of covenants, managing boards of directors, collaborating with other funders, negotiating with other creditors, how to make hard decisions, your rights and responsibilities in the bankruptcy process, internal policies to manage your PRI portfolio.

Moderator: Debra Schwartz, John D. and Catherine T. MacArthur Foundation Panel Presentation Speakers: Christine Looney, The Ford Foundation Joshua Mintz, John D. and Catherine T. MacArthur Foundation Doug Smith, Rocky Mountain Mutual Housing Lori Chatman, Enterprise Community Partners

D. Insights into a PRI Relationship: Investors and Recipients Tell All

PRIs are designed to offer benefits to both PRI makers and their recipients. This workshop will use pairs of “PRI partners” to highlight some effective ways to build capacity and track record with PRIs. Panelists will include testimonials from funders, nonprofit organizations and intermediaries. The workshop will consider the important lessons that history offers, including the successes and challenges of PRI making from both sides of the deal.

Moderator: Dana Bezerra, F.B. Heron Foundation Speakers: Luis Pastor, Latino Community Credit Union Norah McVeigh, Nonprofit Finance Fund

E. Easy Does It! Collaborating through Intermediaries

PRI makers increasingly are taking advantage of intermediaries through syndicated loans, structured transactions and PRI products to drive capital to their program goals. Not only is such PRI making easier for those institutions whose objectives are well served this way, but it allows new PRI makers to build on the expertise of others to better manage risk. Learn how to source transactions and evaluate product options.

Moderator: Asad Mahmood, Global Social Investment Funds, Deutsche Bank Speakers: Shari Berenbach, Calvert Foundation Jean Pogge, ShoreBank

Wednesday, January 30, 2008

9:00 a.m. – 11:00 a.m.

F. Evaluating for Impact and ROI

Investing with a social mandate has never been easier to do -- or more profitable. While the business press plays a lively debate about financial returns, shines a light on the other half of the equation: the social returns. This workshop examines current practices in the field for measuring social returns among a range of leading edge investors. Topics for discussion will include -- indicators for social return, rolling up results across a range of asset classes, analytic tools, and reporting processes. The discussion should be valuable to investors interested in current practice as well as those building -- and evaluating -- a balanced portfolio.

Moderators: Huilan Yang and Tony Berkley, W. K. Kellogg Foundation Speakers: Beth Sirull, Pacific Community Ventures Brian Trelstad, Acumen Fund Kate Starr, F.B. Heron Foundation

G. The Other 95% -- Creating an MRI Program to Promote Your Mission

By law, many foundations must disburse 5% of their assets annually to support charitable work. Given the significant unmet needs in the communities we serve, a growing number of foundations recognize that we can and should harness more of our assets to support our missions. This panel will explore the emerging practice of mission related investing. We will examine how several foundations are deploying both PRIs and market rate investments to advance their service goals. We will discuss issues such as how to get started in the MRI field, staffing, representative investments, and the unique challenges that this work presents. The panelists will represent a wide range of foundations including large, small, regional, and community foundations with the unifying theme that mission related investing is for everyone.

Moderator: Ann Lininger, Meyer Memorial Trust Speakers: Doug Kridler, The Columbus Foundation Doug Stamm, Meyer Memorial Trust Luther M. Ragin, Jr., F.B. Heron Foundation Burt Sonenstein, Annie E. Casey Foundation Faith Brown, Vermont Community Foundation

H. More Bang for the Buck: International PRIs

Nowhere does a PRI have more impact than in the international arena. A PRI can address pressing social and developmental needs, can help create sustainable organizations, and can leverage other funding. This workshop will highlight funder experiences in a range of program interests, from alternative energies to land conservation to economic development to micro-business development. Content will cover deal structuring, use of intermediaries, direct investments, and the challenge of monitoring and oversight.

Moderator: Mary Anne Rodgers, The David and Lucile Packard Foundation Speakers: Jill Tucker, The Lemelson Foundation William Foote, Root Capital Dr. Harish Hande, SELCO Solar Light (P) Ltd. (India) Christine Eibs-Singer, E+Co Curt Riffle, The David and Lucile Packard Foundation

I. Partnering on PRIs: Collaborating on Direct Investments

For many foundations, direct project investing is the most rewarding way to use PRIs. It satisfies place-based investment strategies and offers a hands-on approach that is highly rewarding. Ppanelists will present a number of PRI examples; an interactive session that follows will illustrate innovative ways that local, regional and national funders can collaborate to leverage impact, resources and engage in peer learning. One particular example deals specifically with the joint underwriting of a secondary capital investment for the Latino Community Credit Union in Durham, NC.

Moderator: Chris Perez, F.B. Heron Foundation Speakers: Jeff Clarke, Rasmuson Foundation Dawkins Hodges, Mary Reynolds Babcock Foundation

J. Small Foundations: Practical Advice on Building a PRI Program

Small and medium-sized foundations face unique challenges in starting and growing PRI programs, with the need to balance increased impact with operating realities. Without the resources to build new infrastructure and staffing to manage a PRI operation, they must integrate PRIs into existing grant-making activities and capitalize on existing staffing and systems. This workshop will examine how smaller foundations use internal people and systems – and external legal services – to establish the PRI "department." PRIs don’t have to be complicated to have impact and they don’t have to be complicated to manage internally.

Moderators: Sandra Mikush, Mary Reynolds Babcock Foundation Kathryn Dunn, Helen Bader Foundation Speakers: Lisa Hiller, Helen Bader Foundation Laura Mountcastle, Mary Reynolds Babcock Foundation