X hits on this document

PDF document

The Manna 2004 Annual Report - page 3 / 11





3 / 11

JONI: Let me start off with asking you where did you get the idea of the cover?

GEORGE: Jim conceived a research project which dealt with equity buildup by Manna homeowners. He can discuss that. I liked the idea and thought it would make a good cover.

JIM: People want to know what kind of tangible benefits Manna’s work pro- duces. One among many benefits is that homeownership produces a transfer of and re-distribution of wealth like nothing else. I had staff do research which showed that Manna-developed properties allowed our owners to create 50 million dollars in eq- uity, or wealth, since Manna’s inception.

Not only does this represent wealth cre- ation for specific individuals, it represents commitments to the community, citizen participation, risk-taking in distressed areas, revitalization and a greater tax base for the city.

DOMINIC: And “a cow” symbolizes M a g g i e M o o s , o u r i c e c r e a m s t o r e i n S h a w .

JONI: George, how would you character- ize Manna’s overall performance in 2004? And, give me your Top Ten accomplish- ments for the year.

GEORGE: We had a very good year, but not a great year. Production was strong with substantial completion of our Syphax Village project, and we generated 37 settle- ments. We had revenues of $5,728, 253 down from $6,317,663 the (record) year before, which resulted in a loss of $8932. Actually a loss in excess of $80,000 was budgeted, so we did much better than an- ticipated. The reason for the loss related to the start-up costs at Manna Mortgage and Maggie Moo’s. This loss was reflected on our balance sheet which a showed a slight decline of net assets to $3,159,803 in 2004 from $3,168,735 in 2003.

We also measure our work in other ways, the principal one being impact. This measurement combines the performance of Manna’s own work with work we do in partnership with others where we have a significant role, but not the control of the

project. The total impact of our work last year in dollars was $8,161,738.

Our Top Ten accomplishments. Let me look at my notes. Okay, here they are:

  • 37 new Manna homeowners

  • Providence Construction completed Seekers Church and the Transitional Housing Corporation projects

  • Successfully raised outside funds for Sur- sum Corda as well as built board capacity and recruited a new property manage- ment company and legal counsel

  • Played significant role in securing full funding of the Housing Production Trust Fund

  • Organized and sponsored two leader- ship summits for Manna homeowners and tenant organizations working with Manna

  • Successfully encouraged Manna condo associations to vote to raise their own condo fees

  • Produced 20 graduates (to homeowner- ship) from the Manna Homebuyers Club and 11 graduates from the Manna IDA Program

  • Maintained administrative overhead at less than 12% of total expenses

  • Hired a second bi-lingual (Spanish & English) tenant organizer and a bi-lin- gual project development specialist

  • Held our 9th annual Friends of Manna Reception with Joe Horning as Honorary Chair which realized record contribu- tions/donations of $119,000

JONI: Dominic, the same question.

DOMINIC: We are very pleased with our overall financial and managerial perfor- mance. Manna CDC’s 2004 budget was only $606,000. We bring a lot of public and social value with this small budget and with a management team that is composed of only six full time staff. For example, we leveraged a $20 million housing deal after three years of tenant and community or- ganizing at 1330 7th Street, NW. This is a great measure of success for Manna CDC.

Our top ten accomplishments are in two categories. We measure success in a qualita- tive and quantitative way.

Let me look at my lists. Here are the top five qualitative accomplishments:

  • 2nd year of a functioning community advisory committee

  • 1st year of a functioning executive com- mittee of Board of Directors for Manna CDC

  • 35 residents and institutional stakehold- ers involved over 100 Shaw residents in establishing and negotiating our equitable development goals for public land development

  • Section 8 training and outreach was com- pleted in 6 buildings, reaching a total of 300 tenants

  • We used “popular education” in Board and leadership training for tenant associa- tions to build capacity based on people’s actual experiences and knowledge of their buildings and community

Here are our top five quantitative accom- plishments:

  • 1330 Seventh Street Tenant Association purchased their building in January 2004

  • We won a second round of funding from DHCD and Fannie Mae Foundation for tenant organizing work

  • The development and publication of “Building by Building: A Tenant Leader- ship Manual”

  • The CDC opened a MaggieMoo’s Ice Cream Treatery on U Street in Shaw

  • Enterprising Staffing Solutions sales rev- enue totaled over $230,000 for 2004

JONI: George, talk a little about how dif- ferent parts of Manna performed.

GEORGE: I’ll try to keep it short. Manna has a great staff which continually performs at very high levels, subject to constraints. We look to Project Development to struc- ture and obtain our financing and organize tenants; to Marketing to sell our homes; to Homebuyers Club & IDA to educate our

future buyers; to Property Management and Owner Support to provide quality control, condo governance and post-pur- chase training as well as low cost property management; to Design to create good living spaces; and to Construction to meet our production goals; to Accounting and Administration to manage cash and operations and maintain our reputation as a good creditor.

Last year we had severe delays in closing on financing for some projects because of underwriting issues within DHCD. In fact, we had to withdraw two projects because we couldn’t get definitive requirements in some areas. All our properties were sold well ahead of delivery date. Demand for homebuyer education and our IDA pro- gram continued at high levels but private funding started to dry up, which is a negative factor for future IDA funds for affordable housing. Our design staff was busy helping other nonprofits with their design needs as well, thus achieving our objectives when we established Studio M in house. The accounting staff remained intact throughout the year and performed at its usual high level.

I’d like to get in a plug for Manna Mort- gage Corp., affectionately known here as Manna Mo, which distinguishes it from Manna Moo and Maggie Moo. Frank Demarais has done a wonderful job of get- ting it up and running, spreading the word about our niche capabilities in first mort- gage lending and refinances, and providing excellent service to our customers. While the number of closings was a lower than expected, that can be attributed to the fact that many of the prospective buyers who qualified for loans couldn’t find homes they could afford. Frank recruited Patty Baker and Lewis Smith, two parttime volunteers with years and years of mortgage lending experience, to help him. Together they do the work of a full time staffer, and they’re committed to Manna’s mission and have been invaluable in establishing a founda- tion on which Manna Mo will be able to grow in the future.

Last year was a year when the CDC was successfully juggling a lot of balls and

“Manna-developed properties allowed our owners to create 50 million dollars in equity, or wealth, since Manna’s inception.

Not only is this wealth creation for specific individuals, it represents commitments to the community, citizen participation, risk-taking in distressed areas, revitalization, and a greater tax base for the city.”

Document info
Document views97
Page views104
Page last viewedSat Jan 21 20:25:48 UTC 2017