Self Directed IRA's and investments in CDFI's

[rdunn at cooperativefund.]

Hello all,
*Has anyone been able to find an organization, investment advisor or bank that will facilitate putting self-directed IRA's or pension funds into a Community Development Loan Fund? The Cooperative Fund of New England has potential investors, needs investment dollars yet can not find anyone to help us make it happen. The standard investment advisor to our potential investor*(Morgan Stanley) couldn't cooperate. Help. Any suggestions? Thanks,
*
Rebecca Dunn
Executive Director
Cooperative Fund of New England
rdunn@cooperativefund.org (rdunn@cooperativefund.org)
website: www.cooperativefund.org (http://www.cooperativefund.org)

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[dwheat at sriworld.com]

Rebecca,
*
You might try an advisor that works with socially responsible investors.* A few possibilities include:
- Trillium Asset Management - Boston
- Walden Asset Management - Boston
- Progressive Asset* Management - Nationwide network of investment advisors
- First Affirmative - Nationwide network of investment advisors.
*
Please check out the list of advisors on www.socialfunds.com (http://www.socialfunds.com) for contact information and names of specific professionals.* Please let me know if you have any questions.
*
Doug Wheat
SRI World Group
www.socialfunds.com (http://www.socialfunds.com)
802-251-0500
-----Original Message-----
From: owner-COMMUNITYDEVELOPMENTBANKING-L@cornell.edu [mailto:owner-COMMUNITYDEVELOPMENTBANKING-L@cornell.edu]On Behalf Of Rebecca Dunn
Sent: Wednesday, July 31, 2002 2:17 PM
To: WMyers@alternatives.org; communitydevelopmentbanking-l@cornell.edu
Subject: Self Directed IRA's and investments in CDFI's


Hello all,
*Has anyone been able to find an organization, investment advisor or bank that will facilitate putting self-directed IRA's or pension funds into a Community Development Loan Fund? The Cooperative Fund of New England has potential investors, needs investment dollars yet can not find anyone to help us make it happen. The standard investment advisor to our potential investor*(Morgan Stanley) couldn't cooperate. Help. Any suggestions? Thanks,
*
Rebecca Dunn
Executive Director
Cooperative Fund of New England
rdunn@cooperativefund.org (rdunn@cooperativefund.org)
website: www.cooperativefund.org (http://www.cooperativefund.org)

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[RevEmerson at aol.com]

The problem with using cummunity investments in IRAs and pension funds is that the *government does not consider them "prudent" investements for retirement purposes, since they typically earn only 3%. *This is something the socially responsible investment industry has been trying to address for some time and will hopefully come up for further action at SRI in the Rockies in October. *Given the current market situation, 3% doesn't look all that bad, so we might have a window for making a major policy change, especially if community investments were used as part--but not all--of a person's retirement funds. *

Several larger institutions have lobbied successfully for the right to offer CDs for use in IRAs. *ShoreBank in Chicago and Self Help Credit Union both have such products. *this won't help an investor who wants to invest on a specific local fund, however.

One way to make an investment in a specific fund and have the security enhancement of a larger institution is to work through Progressive Assest Management (PAM) on an investment in Calvert Foundation Community Investment Notes. *Because Calvert Foundation has an agreement with PAM all of the funds from a specific investor can be targeted to a fund like the Cooperative Fund of New England. *Although this would not at this point be able to be an IRA the tax liability could be zero if the zero % interest option were chosen. *The advantage to the investor of going through PAM/Calvert is that their investment would be made more secure by the 150 loan funds and CDs Calvert invests in.

Please let us know if we can help you make these arrangements. *And any of you out there who might want to work on lobbying to get Community Investments accepted in IRAs and pension funds, please let me know.

Dorothy Emerson
Marketing and Education Director
Rainbow Solutions/Progressive Asset Management
457 High Street, Medford, MA 02155
781-391-6455 ****
RevEmerson@aol.com


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[wlmmyers]

*I finally got to yes with this self directed IRA thing. Michael Scott from Pensco can set up the vehicle to direct your funds to CFNE or other non-profits. His number is 603-433-2626. Also try toll free 866-818-4472. There may be some fees involved, $50 application fee and a 4/10 of 1% maintenance fee. Let me know if you need any other information. Thanks, Rebecca
From: "Rebecca Dunn" <rdunn@cooperativefund.org>

At 02:17 PM 7/31/2002 -0400, you wrote:
Hello all,
*Has anyone been able to find an organization, investment advisor or bank that will facilitate putting self-directed IRA's or pension funds into a Community Development Loan Fund? The Cooperative Fund of New England has potential investors, needs investment dollars yet can not find anyone to help us make it happen. The standard investment advisor to our potential investor (Morgan Stanley) couldn't cooperate. Help. Any suggestions? Thanks,
*
Rebecca Dunn
Executive Director
Cooperative Fund of New England
rdunn@cooperativefund.org (rdunn@cooperativefund.org)
website: www.cooperativefund.org (http://www.cooperativefund.org)




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