Organizational Information

Financials

Statement of Net Assets June 30, 2019

Enterprise Funds Operating and CEDAC Loan Funds Restricted Program Funds Loan Funds Under Management Total
Assets        
Total current assets $13,590,993 $8,574,153 $58,508,779 $80,673,925
Total other assets 17,169,403 — 6,751,293 23,920,696
Total assets $30,760,396 $8,574,153 $65,260,072 $104,594,621
Liabilities and Net Assets        
Total current liabilities 7,187,944 8,302,058 4,776,944 20,266,946
Long term notes payable 11,227,844 — 60,483,128 71,710,972
Total liabilities $18,415,788 $8,302,058 $65,260,072 $91,977,918
Net Assets        
Unrestricted net assets 8,415,341 — — 8,415,341
Invested in capital assets 255,473 — — 255,473
Restricted net assets – expendable 3,673,794 272,095 — 3,945,889
Total net assets $12,344,608 $272,095 — $12,616,703
Total liabilities and net assets $30,760,396 $8,574,153 $65,260,072 $104,594,621

Statement of Revenues, Expenses and Changes In Net Assets For the Year Ended June 30 2019

Enterprise Funds Operating and CEDAC Loan Funds Restricted Program Funds Loan Funds Under Management Total
Total operating revenues $3,565,416 $5,538,944 $801,709 $9,906,069
Total operating expenses 3,590,931 5,520,813 15,318 9,127,062
Changes in net assets from operations (25,515) 18,131 786,391 779,007
Net operations of loan funds not recourse to CEDAC — — (786,391) (786,391)
Changes in net position (25,515) 18,131 — (7,384)
Net Assets, beginning of year 12,370,123 253,964 — 12,624,087
Net Assets, end of year $12,344,608 $272,095 — $12,616,703

Funders

Fiscal Year 2019

Board of Directors & Staff List

Fiscal Year 2019

Board of Directors

  • Janelle Chan Chairperson
    Undersecretary Department of Housing & Community Development
  • Peter F. Daly Vice Chairperson
    Executive Director Homeowner’s Rehab, Inc.
  • Richard C. Muraida Treasurer
    Senior Vice President/Regional Manager, Commercial Banking Division, Rockland Trust
  • Melissa Fetterhoff
    President & CEO, Nashoba Valley Chamber of Commerce
  • Sharon Scott-Chandler
    COO & Executive Vice President, ABCD
  • Mark Teden
    Vice President for Multifamily Services, MassHousing
  • Margaret Wagner
    Vice President First Atlantic Capital, LLC.
  • Clark L. Ziegler
    Executive Director Massachusetts Housing Partnership
  • Sara G. Schnorr Corporate Clerk
    Of Counsel Locke Lord LLP

To those board members who left during the year to pursue other endeavors – thank you for your contributions to CEDAC:

  • Chrystal Kornegay
  • Beth Rubenstein

Staff List Fiscal Year 2019

  • Roger Herzog Executive Director
  • Erin Abberton Portfolio Assistant
  • Sara E. Barcan Director of Housing Development
  • Bill Brauner Director of Housing Preservation & Policy
  • Hien N.P. Burnham Senior Portfolio Accountant
  • Tess Carenbauer Public Relations & Marketing Associate
  • Pearl Chan Programmatic & Administrative Assistant
  • Rolando Del Villar Operations & Lending Assistant
  • Susan Gillam Home Modification Loan Program Project Manager
  • Bree Horwitz Senior Project Manager, Children’s Investment Fund
  • Theresa Jordan Director of Children’s Facilities Finance, Children’s Investment Fund
  • Cassie Mann Supportive Housing Project Manager
  • Sarah E. McKeever Senior Project Manager
  • Will Morgan Affordable Housing Project Manager
  • Madeline Nash Senior Project Manager
  • Jaclyn Pacejo Program Associate
  • Drusilla Pratt-Otto Associate Director of Finance
  • Dilia L. Ramirez Operations & Information Technology Manager
  • Lionel G. Romain Director of Housing for Central & Western Massachusetts
  • Debbie Schnitzer Director of Finance & Operations
  • Kira Taj Associate Director of Research & Development, Children’s Investment Fund
  • Daniel Vo Accountant
  • Stephan Weynicz Data & Portfolio Analyst
  • Carolyn Williams Finance & HR Manager

Thank you to former staff member Bronia Clifton for your contributions to CEDAC.

Next: CEDAC 40 Years

As required by section 6 of chapter 40h of the general laws, this annual report is respectfully made available to the public by being posted on cedac's website (www.Cedac.Org), and a copy of this annual Report is submitted to the clerk of the massachusetts senate and the clerk of the massachusetts house.

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