This session is an open discussion based on the work of the member led Dismantling Racism & Inequality: Faith-Based Community Investing Working Group
Resources for Due Diligence and Investable CDFIs
https://www.asbnetwork.org/main-street-lendingcdfis

When most people think of investing, Wall Street usually comes to mind. But there is a different kind of investing that we need to be talking about: investing in the ways of Beloved Community that dismantle racism and oppression. This type of investing can have a powerful impact, not only financially but also socially and environmentally.

So what are some examples of how we can start engaging in this kind of investing? We are creating a beloved community to learn about the possibilities of Faith-based investing to dismantle racism and oppression.

In the fall of 2022, we began the “Introduction to Faith-Based Community Investing,” a series of convenings featuring dynamic speakers, clergy and congregations to introduce the Faith-Based Community Investing movement, including case studies from different faith communities. In addition, we provided an overview of the opportunities and how best to take advantage of them based on the unique perspectives and values of the attendees.

We are organizing this series under the theme of Beloved Community. Beloved Community happens when people of diverse racial, ethnic, educational, class, gender, abilities, sexual orientation backgrounds/identities come together in an interdependent relationship of love, mutual respect, and care that seeks to realize justice within the community and in the broader world. We believe developing relationships with and investing in local economies that serve under-resourced communities is an action that can help to dismantle racism accountably and other oppressions in ourselves, institutions and the economy.

We welcome you to join us in this conversation and in shaping the work moving forward to exploring how faith-based community investing can be expanded by adopting the principles of Beloved Community and developing a strategy to mobilize our assets in order to dismantle racism and oppression during this time.

Introduction: Babbie Jacobs / A founding member of this work, and other ASBN Working Groups, NY Chapter President – Investors Circle

Overview: Derek Peebles / Director, Public Policy & Advocacy for Inclusive Economy

Panelists:

Diane Keefe / Impact investor, advisor and deal maker for institutions committed to speeding the transition to a renewable energy driven economy.

Beth Sirull, President / President and CEO of the Jewish Community Foundation San Diego (JCFSD)

A Quaker Perspective – Diane Keefe

Diane Keefe, CFA, is a member of the New York Quarterly Meeting, (NYQM) Investment Committee which represents NYC metro area Quaker Meeting consolidated endowments. With total assets of $30 million, the assets have been gradually transitioned into significant allocations to CDFIs and stock and bond allocations that reflect Quaker concerns for the climate crisis. The majority of assets are managed through Friends Fiduciary Corporation which represents over $400 million in Quaker assets. Diane will discuss the process of selecting the community development investments and how the investment committee exerted influence at Friends Fiduciary to tilt the largest funds they run toward more climate focused investment strategies.

A Jewish Perspective – Beth Sirull

With approximately $700 million in assets under management, JCFSD manages philanthropy for 850 families through donor advised, restricted and endowment funds. JCFSD also manages endowments and custodial funds for more than 80 organizations, half of which are secular nonprofits. The Foundation generally grants about $100 million into the community each year. While assets are held at the foundation, JCFSD strives to provide impactful investment opportunities to donors. These include both concessionary as well as market rate options. JCFSD has steered donors to invest in affordable housing, economic development, and womens empowerment, in San Diego and Israel. The Foundation also operates an Impact Investment Pool, a market-rate, diversified impact pool that leverages shareholder advocacy in the public markets with targeted private market investments to support environmentally and socially positive outcomes and to combat antisemitism. Beth will share the steps the Foundation took to establish these programs, the obstacles that occurred and how they overcame them.