Organization

Financials

Statement of Net Assets June 30, 2020

Enterprise Funds Operating and CEDAC Loan Funds Restricted Program Funds Loan Funds Under Management Total
Assets        
Total current assets $29,447,652 $6,856,182 $50,144,242 $86,448,076
Total other assets 17,410,178 — 8,705,298 26,115,476
Total assets $46,857,830 $6,856,182 $58,849,540 $112,563,552
Liabilities and Net Assets        
Total current liabilities 6,356,043 6,485,465 3,273,446 16,114,954
Long term notes payable 17,567,403 — 55,576,094 73,143,497
Total liabilities $23,923,446 $6,485,465 $58,849,540 $89,258,451
Net Assets        
Unrestricted net assets 18,741,434 — — 18,741,434
Invested in capital assets 238,896 — — 238,896
Restricted net assets – expendable 3,954,054 370,717 — 4,324,771
Total net assets $22,934,384 $370,717 — $23,305,101
Total liabilities and net assets $46,857,830 $6,856,182 $58,849,540 $112,563,552

Statement of Revenues, Expenses and Changes In Net Assets For the Year Ended June 30 2020

Enterprise Funds Operating and CEDAC Loan Funds Restricted Program Funds Loan Funds Under Management Total
Total operating revenues $4,385,179 $4,785,170 $1,041,820 $10,212,169
Total operating expenses 3,795,403 4,686,548 — 8,481,951
Changes in net assets from operations 589,776 98,622 1,041,820 1,730,218
Unrestricted grants and contributions 10,000,000 — — 10,000,000
Net operations of loan funds not recourse to CEDAC — — (1,041,820) (1,041,820)
Changes in net position 10,589,776 98,622 — 10,688,398
Net assets, beginning of year 12,344,608 272,095 — 12,616,703
Net assets, end of year $22,934,384 $370,717 — $23,305,101

Funders & Partners

Fiscal Year 2020

Board of Directors & Staff List

Fiscal Year 2020

Board of Directors

  • Jennifer Maddox 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
  • Emily Cooper
    Chief Housing Officer, Executive Office of Elder Affairs
  • Sharon Scott-Chandler
    COO & Executive Vice President, Action for Boston Community Development
  • 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

Thank you to former Board Member Melissa Fetterhoff for her contributions to CEDAC.

CEDAC Board Chair Transition

Jennifer Maddox was appointed as Undersecretary of the Department of Housing and Community Development on February 21, 2020, just a few weeks prior to Governor Baker declaring a public health emergency. Jennifer also was designated as the Chair of the CEDAC Board of Directors, and attended her first Board meeting on March 5, 2020.

CEDAC would like to acknowledge and thank Janelle Chan, who served as CEDAC Board Chair and Undersecretary of Housing and Community Development from 2018-2020. Janelle brought a strong commitment to CEDAC's mission, given her prior work leading the Asian Community Development Corporation (ACDC) as executive director for six years.

Janelle helped CEDAC celebrate our 40th anniversary in March 2019, as you can see by her contributions to our anniversary video on YouTube and in our Annual Report from that year. We are grateful to Janelle for her efforts to strengthen communities across Massachusetts, and wish her the best in her future endeavors.

Staff List

  • 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 - 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
  • Daniel Vo Accountant
  • Stephan Weynicz Data & Portfolio Analyst
  • Kira Wilke Associate Director of Research & Development - Children's Investment Fund
  • Carolyn Williams Finance & HR Manager

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.