ISSUE 1 | 2017
TABLE OF CONTENTS A Note From Mark..................................... 4 By Mark McDaniel Culture: Building a Meaningful Culture to Motivate High Performers..................8 By Stan Hannah, Plante Moran Positive Defiance..................................... 10 By Jessica Tower, Plante Moran Storytelling: The Most Underutilized Tool to Influence Culture....................... 12 By Jessica Tower, Plante Moran The Value of Culture................... 16 By Denise Stein, Art of Leadership Advisors Afforable Housing Tax Credits and the Effects of Potential Tax Reform............................................. 18 Impactful News............................. 19 Culture........................................... 22 Advertisers.................................................31
| REFLECT
a note
FROM MARK
There are many different definitions of culture. There are the dictionary definitions, anthropology definitions, and many others. In our world of business; however, it would relate to the definition of a corporate culture. In this view, it defined as a shared belief system of values and processes within an organization. It is at the core of an organization and has both explicit and implicit characteristics.1 In an article I recently read, Dan Denison, Ph.D., University of Michigan, defined it as “the underlying values, beliefs, and principles that serve as a foundation for an organization’s management system as well as the practices and behaviors that both exemplify and reinforce those basic principles.”2 I have been asked many times over the years: How did you have the vision back then for what has become the culture of Cinnaire and its success? Honestly, I didn’t have some Harvard training model or any idea. All I set out to do was to work somewhere that I could help people have better life circumstances than they might otherwise have. That was it. Both for staff and the people we help in our communities. From the viewpoint of growing and managing a company, I took my previous work experiences and vowed not to recreate them. It meant seeing the members of our team as highly valued. Allowing them to be leaders, entrepreneurs, independent, and extend trust and loyalty to them. It is as simple as the Golden Rule: I wanted to treat them the way I wanted to be treated. That was the simple basis of what has become the award-winning culture of Cinnaire today.
All new Cinnaire staff goes through a year-long Leadership Academy. One of the touchstones that is developed is a personal life vision. My vision for my life is: Maintain the importance of family which empowers me to help other people. Thus, it is important to me that members of our team receive the appropriate support so that they can strengthen their own family growth and relationship. Through building a culture that is transparent, trusting, and places huge value on the person, our team has been able to find passion in the work they do every day. This has made our focus on diversity and inclusion a much more natural and comfortable evolution within the history of Cinnaire. This is something we are not yet satisfied with and have dedicated this year to developing a more robust and focused diversity and inclusion strategic plan. Some would like to say a culture is a cult, where everyone thinks the same and it evolves into a very narrow view of one or two people. Cinnaire is the opposite. For us to be successful, it can’t be in the image of one or two people. It would be a horrible legacy to leave if Cinnaire were in the image of just me or Jim Logue. We have worked hard to attract people of different talents, beliefs and backgrounds. We discourage group thinking. We want to be challenged by people’s opinions and ideas. It is an entrepreneurial culture of diverse people. It is the energy you feel when you come into our offices or meet members of our team at
1 JIM GRANT, WHAT IS WORKPLACE CULTURE AND WHY DOES IT MATTER? (WWW.VISIONOMICS.COM) 2 NICOLE STELTER, DEFINITION OF WORKPLACE CULTURE (WWW.EHOW.CO.UK/FACTS_5768486_DEFINITION-WORKPLACE-CULTURE.HTML) 4
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| REFLECT conferences and meetings. Because of that, we have been able to unlock an individual’s passion for what makes them happy in their life. We spend considerable effort in getting insight from every member of our team to measure how we are meeting our needs and desires in the
workplace. Twice a year we conduct extensive surveying to measure how we are strengthening the culture at Cinnaire. We have a committee in place that reviews the results of these third-party survey programs. Based on these findings we know what is working and what is not. Enhancements and improvements are put in place ev-
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ery year. Some of the biggest program introductions include a living succession plan and process, a performance and coaching program tied to a sophisticated corporate, department, and individual annual goal setting process, a newly adopted compensation plan that ties to all of the above, an Enterprise Risk Management (ERM) program, the adoption of an unlimited personal time-off policy, and the current work to develop stronger programming around diversity and inclusion. All driven by staff, leadership, and our board of directors. This edition of Avenues will address corporate culture building and the concept of why it is such an important focus all organizations should have to be sustainable, attractive places to work and personally grow. My goal was to simply have our team treat each other and our partners as they would want to be treated. That is all I wanted. None of this was learned in a book or class. Unfortunately, but luckily, it came from the hard lessons and gained knowledge learned as one’s career matures. I have come to understand very clearly that the most valued asset you have in any organization is the people you work with. They need to know they are valued and trusted. It is our goal as leaders to create that environment that unlocks every individual’s passion for what they want out of life. There is no end point to it. You have to be committed to living and breathing this every day of your life. For us it is what makes us Cinnaire, an organization that is always moving forward in a helpful, caring way.
Mark McDaniel
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| FEATURE
BY STAN HANNAH PLANTE MORAN
Building a Meaningful Culture to Motivate High Performers
W
hen you think of great organizational culture, you might go straight to the fun things: ice cream socials, jeans days, baseball outings, and holiday parties. But when it comes to motivating high performers, it’s not just perks and incentives, and it goes beyond encouraging words. You need to show staff you value their talents. This is especially true in service focused organizations where missions can only truly be supported by people with both the head and the heart required to serve. Let’s take a look at standard perceptions of what culture means to get to an understanding of why a focus on talent can bring about cultural success.
A Harvard Business Review article entitled What Is Organizational Culture? And Why Should We Care?1 provides valuable insight on what professionals think culture is. During a facilitated LinkedIn conversation of hundreds of participants, culture was boiled down to the following: • Culture is how organizations do things, or the observable patterns of behavior by the majority. • Culture is a product of compensation. Culture is something which requires incentive to produce once expectations are stated. • Culture requires a process of internal definition. It is a shared awareness or expectations of what is required to make the organization work. • Culture is a story. It answers “What is?” and “Why it is?” within organizations. • Culture is a social control system. Ouch! It sets the norms and consequences of not doing what is expected. • Culture is a micro-civilization within a company. It reflects a reaction to what the organization faces on the outside. • Culture is the monolith imposed on people which might ignore important subcultures within an organization.
raise the bar. In service organizations this leads to creative and fruitful solutions for servicing the communities and related organizations that need you.
The conversation and list went on. Culture might be some, none or all of these things depending on the perspective of your team members. The thing to focus on is that it was deemed important enough for an in-depth conversation and sharing by the talent of various organizations. Culture IS important, and you want the talent that drives your mission to understand and be motivated by your culture.
PROMOTE COGNITIVE DIVERSITY Cross collaboration is key to high performance as it provides diversity of thought. Different perspectives energize and engage individuals to achieve a common goal. Consider establishing a thought forum where team members are brought together to share ideas and problem solve against your company’s collective brain trust.
In our work with Cinnaire on culture building, particularly the focus on talent development and motivation, we discovered the following truths about the importance of talent during the process: “My motto has always been treat people how you want to be treated.” Said Mark McDaniel, CEO, Cinnaire. “When you value your staff, show that you truly trust them and provide them with the proper tools so they can realize and find the passion they have to make themselves happy in their life, you create true leaders.”
MAINTAIN YOUR STANDARD ON TALENT The biggest obstacle to successful collaboration is not enough talent. High-performing individuals can be frustrated by the lack of talented colleagues to bounce ideas off of and equally frustrated if they feel they’re pulling more weight than others. Maintain your standard on talent by establishing clear accountability, and show your staff you value high performance by consistently investing in talent. Learn from the Cleveland Cavaliers: had they invested in comparable talent, they may not have lost LeBron James to the Miami Heat for four years.
Just like we found at Cinnaire, we have found with many organizations that when you value staff, you’re setting expectations for high performance. These expectations are linked to a return on investment and, once you establish these high standards of performance, you continuously
So, how do you show your staff you value their talent? Some basic principles we applied to Cinnaire can be summarized as follows. KNOW THYSELF Above all else, you must know and define your company’s culture and goals. Before you can establish expectations for others, you must know your company’s vision and how you work. High performers need to know the direction of the company and their role in achieving its goals. PROVIDE AUTONOMY The quickest way to extinguish talent and drive people to your competitors? Limit them to a confined box with a pre-determined set of tools. By providing autonomy, people are free to bring their experiences and unique talents to each project. With freedom and flexibility, individuals are able to perform to their strengths.
In many industries, talent is a scarcity. Don’t just focus on the flashy perks to attract top minds; retaining and motivating your high performers are just as, if not more, important.
1 HARVARD BUSINESS REVIEW: “WHAT IS ORGANIZATIONAL CULTURE? AND WHY SHOULD WE CARE?” BY MICHAEL D. WATKINS, MAY 15, 2013, HTTPS://HBR.ORG/2013/05/WHAT-IS-ORGANIZATIONAL-CULTURE AVENUES TO AFFORDABILITY
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| FEATURE
BY JESSICA TOWER, PLANTE MORAN
F
or the sixth year in a row, Google has come in at #1 on Fortune’s list of Best Companies to Work For. This announcement produces endless news stories explaining what exactly is in Google’s “secret sauce” to make their employees so darn productive and
ilar results. We diagnose the problem of trying to copy another organization’s culture to lead you to the solution positive deviance can offer.
NIH syndrome is very real and must be considered for organizational change to take place. Looking at the definition of culture is a good place to start.
One organization emulating another’s culture is problematic. What works in one setting may not work in another, for a variety of unforeseeable reasons. Like the human body can reject
Organizational culture is often defined colloquially as “the way we do things around here.” It comprises the assumptions, values and behaviors that are shared among members of the organization. Under the surface, there are multiple dimensions to culture, or “the way we do things around here,” including: • People’s knowledge and understanding of world (The Head); • The affective, or people’s attitudes (The Heart); and, • The actual skills or behaviors that people exhibit (The Hands). Lasting behavioral change requires attention to all three – the head, the heart, and the hands. Leaders must logically devise a solution and convince others (appeal to the head), change people’s attitudes by motivating and inspiring (appeal to the heart), and give them the skills and behavioral direction of what to do (appeal to the hands).
happy. It also inspires other companies to emulate Google’s culture. After all, it’s tempting to think that adopting Google’s flashy perks such as gourmet food and nap rooms will result in the positive employer brand and financial success Google enjoys. Unfortunately, an attempt to adopt another company’s cultural practices won’t always work for your organization. However, an approach called “positive deviance” might get you close to sim-
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an organ transplant, an organization can reject changes that are imposed externally, a phenomenon commonly known as the “Not Invented Here” (NIH) syndrome. It is generally understood that the NIH syndrome is the result of the outsized ego of some organizational members, but there may also be real reasons that an imposed change will not work in an organization that an outside perspective may not detect. Regardless of the cause, the
Adopting another company’s process often misses one or more of the three dimensions. Implementing trendy perks, like a flexible work schedule, will fail if leadership’s attitude towards “face time” is not addressed. Likewise, championing diversity without being explicit about what people need to do differently, is not likely to deliver lasting results. Fortunately, the best solutions to improve culture and performance may already exist within the organization. Often these solutions may not be
CINNAIRE
readily apparent to outsiders or leadership, and instead are hidden within the organization. The process for uncovering the solutions and improvements already within the organization is known as positive deviance. Positive deviance’s most well-known application is in public health, rather than the business world. Monique and Jerry Sternin went to Vietnam to study the malnutrition of children. This was a seemingly intractable problem with many challenging causes, including poverty of the families. Yet, the Sternins discovered that there were families whose children were not suffering from malnourishment. Although these families faced the same challenges and constraints that other families faced, they did a few things differently, and as a result, their children were much healthier. By studying the differences between families with malnourished children versus families with healthier children, the Sternins uncovered some solutions to malnutrition within the community all along: • The common wisdom was to not feed children who had diarrhea. Families with healthier children continued to feed them if they had diarrhea. • Families with healthier children fed their children foods that were considered inappropriate for children, including shrimp and sweet potato greens. • Instead of feeding their children twice a day as was customary, families with healthier children fed their children three or more times a day. Once the Sternins had uncovered these solutions, they were tasked with culture change. Their recommendations would directly challenge “the way we do things around here” at the Vietnamese village. The Sternins understood the power of the NIH syn-
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drome, and instead of simply telling the families to make these changes, they helped these families share their practices with others. Specifically, the families with healthier children invited other parents into their homes where they showed them how to prepare meals using shrimp and sweet potato greens. In other words, they started with “hands,” helping families learn how to cook new foods. By sharing data on the children’s weight, the Sternins were able to effectively change the villager’s heads and hearts as well. It was apparent that certain approaches were more effective than others, and the common wisdom was successfully challenged. The result? Malnutrition in the village dropped by 85 percent, and the behavioral changes stuck – a follow-up study revealed that children who were born even after the Sternins visit were healthier. They had clearly improved “the way we do things around here.” For leaders who want to practice positive deviance in their own organizations, it requires a different approach than the traditional top-down style of management. They must lead from behind the scenes rather than in the spotlight at the forefront of change. They must take off their expert hats and put on their facilitator hats. They must listen and amplify the voices of others, rather than sharing their own answers and perspective. Specifically, applying positive deviance requires the following methods: • Start counting things. A data-driven approach is necessary for positive deviance to be successful. Often, the solutions will challenge the conventional wisdom. Hard data is needed to make the case for change. • Identify deviants and their uncommon practices. Discover who is generating outsized results, and
•
then study what they do differently. Help deviants evangelize their practices. Quite often, deviants are flying under the organizational radar. They may be challenging social mores or processes within the organization, and as a result they can tend to keep quiet in order to survive. Help them share their practices with others within the organization by providing a platform that will allow them to role model desired behaviors.
While Google didn’t specifically seek to apply positive deviance to their organization, their successful approach to culture does share several principles. Lazlo Bock, former Senior Vice President of People Operations at Google, wrote a book called Work Rules! Insights from inside Google that will transform how you live and lead. He provided the following insights: • Looking outside the organization for answers can be futile: “Benchmarking and best practices tell you what worked elsewhere, but not what will work for you.” • On discovering the “secrets” of top performance: “Put your best people under a microscope.” • On the wisdom already inherent in your organization: “Your best teachers already work for you...let them teach!” Perhaps what most famously made Google’s culture so innovative was their data-driven, evidence-based approach. They lived the first principle of positive deviance: count and measure whatever you can. Without hard data, it’s virtually impossible to challenge conventional wisdom and the inertia of “the way we do things around here.” Perhaps some Google practices can be emulated, after all.
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| FEATURE
STORYTELLING: BY JESSICA TOWER, PLANTE MORAN
Some years ago, I worked for a senior living provider. In my first few weeks on the job, I met with Julie, the Director of Nursing. Although the purpose of our meeting was predominantly technical in nature, she took the time to tell me the story of how she originally joined the company. To summarize Julie’s story: “I was working as a nurse at a competitor during a large power outage that affected the entire region and went on for days. I had been working virtually around the clock, as were many of my coworkers, partly due to the fact that our employ-
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The Most Underutilized Tool to Influence Culture
er didn’t have a backup generator. A few weeks later, I was in the car with my husband and we happened to drive by [my current organization]. He noticed a generator next to the building, and said, ‘They have a generator. Why aren’t you working there?’ I immediately applied and have been working here for twenty years.” From this short introduction, I was able to learn a lot about Julie, including factual information such as her tenure and her background before she joined the organization. More importantly, I learned why she worked there — the generator is evidence of
the company’s preparation, and maybe even superior approach to care, and the manager’s actions in the story makes it clear how much she values that. Within five minutes of meeting her, she was instantly relatable, credible, and authentic to me as a leader — and all because of a story. STORIES SHAPE CULTURE Julie knew one of the best-kept secrets of leadership: storytelling. Storytelling is about sharing and empathy. Not only is the storyteller sharing information and events, she is sharing
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Tia
her perspective. As the audience listens, they are also empathizing and validating at once. When a story is shared, a human connection is made. In fact, it appears that we are wired to think and communicate in stories. Research suggests that people remember stories at much higher rates than they remember facts. You may not remember much, if any, of the last lecture you attended, but you likely remember stories that were told to you in your childhood. Linguists believe that humans have been sharing stories as long as we have had spoken language. Storytelling is part of the human experience — no matter what your cultural background, stories helped shape that culture. Consider these important cultural stories: • The nearly 5,000-year-old Mesopotamian flood story of Gilgamesh, widely accepted as the oldest known work of literature • The Aztec story of the founding of Tenochtitlan, illustrated on the Mexican flag • The Biblical story of Adam and Eve • Arabian Nights, arguably the most famous of the Arabic hakawati stories
near and dear: George Washington cutting down the cherry tree (“I cannot tell a lie,”), and Rosa Parks bravely refusing to give up her seat on the bus. These two stories bring people together by creating shared meaning
around events (both true and folklore). The morals of these two stories give us insight into the values that American culture considers paramount: the power of the individual, and a commitment to justice.
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These stories provide more than facts and data; they give interpretation and meaning. They expand the Oral histories and stories are one of the main ways that cultures survive through generations, even without the written word. Important cultural stories like these often answer essential questions like, “Why are we here?” and, “What’s really important to us?” Often, societies or organizations are tasked with helping people from diverse backgrounds identify with one another. Two of my favorite stories from American culture exemplify the values that we as Americans hold AVENUES TO AFFORDABILITY
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| FEATURE STORIES SHAPE CULTURE...AT YOUR ORGANIZATION Just as America has its distinct culture, so does your organization. Stories that employees share in your organization act like the little voice in your head that talks to you all day long: they form a substantial core of the employee experience.
needs of employees and patients first. What other employees tell you to expect and experience powerfully frames your own experience. This means that stories can become self-fulfilling prophesies, in a way. Positive, mission-affirming stories can inspire and reinforce positive, mission-affirming behavior from your team.
Newcomers are especially influenced by stories. Without past experience to rely on, new employees use work stories to cultivate and create expectations around their relationship with their new manager, other employees, clients, and customers. Based on the story about the generator that the Director of Nursing shared with me, I expected the company to put the
If a person wants to change the culture of their workplace, storytelling is a powerful tool in the toolbox. Think about it: how do YOU want to be communicated with? Memos, emails, charts, essays, lectures, PowerPoint slides…or stories? They are intimate, emotional, and important. Once we hear one story, we are hungry for another.
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When leaders of an organization are looking for ways to improve culture, engagement or morale, there’s often a misunderstanding that it will be an expensive and time-consuming proposition. Yet, often some of the most powerful (and free!) levers for controlling culture are overlooked: maybe your office doesn’t need a ping pong table to improve its culture, and instead it needs to be more intentional about the stories it tells. HOW ARE YOU LEADING YOUR ORGANIZATION’S CULTURE? Through the stories they tell, everyone within an organization, regardless of position or authority, impacts the culture of the organization. The stories can be both major (“This is how we got our first customer…”) and minor (“Let me tell you what happened here yesterday…”). The question at hand is not whether you as a leader are telling stories, but what stories are you telling? (Remember, stories are one of our primal ways of communicating – it’s virtually impossible to avoid telling stories.) So, how might your stories be impacting the culture of your organization? There’s one type of organizational story that I like to call “war stories,” that typically center on a particularly challenging or grating customer. I’m sure you’ve witnessed them swapped between employees at some point or another in your career. While these “war stories” are mostly seen as a benign way of blowing off steam, they’re quite harmful to organizational culture. These stories frame the relationship between employees and customers as inherently antagonistic and encourage “us vs. them” thinking among the audience. Imagine a new employee hearing these stories on his or her first day at work. The new employee will likely leave with an understanding that the customer’s wants or needs are in opposition to his or her own needs, CINNAIRE
and it’s likely this person will bring those attitudes into his or her next encounter with a customer. I challenge you to listen with a fresh ear the stories that are told within your organization. Think critically about what values and behaviors they reinforce. Similarly, what impact are the stories you tell having on your company’s culture? Are your stories about employees achieving goals and fulfilling the company’s mission, or are they little more than complaining? TELLING BETTER STORIES TO BUILD A BETTER CULTURE If you want to improve your company’s culture, one of the best places to start is with your own stories. Consider these helpful tips from The Moth, a nonprofit organization dedicated to
the art of live storytelling. While you may not always find yourself onstage in front of hundreds of people like the storytellers at a live Moth event, their storytelling principles that apply to the corporate storyteller just as much as the storyteller on stage: • Your story must be true. Nothing erodes credibility faster than telling an exaggerated, embellished, or just plain made up story. • Your story must have stakes. The events of Julie’s story are small: she’s driving around in her neighborhood with her husband, who spots a generator behind a building. However, the meaning behind the story was big. Because of the generator, she chooses to switch employers and ultimately reaffirms her commitment to quality care.
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| FEATURE
THE VALUE OF CULTURE Culture doesn’t just happen...culture is created, either consciously or unconsciously, and it is always subject to change.
but an environment in which he — must continuously be wary of those who are supposed to be on his side! Thom, a brilliant, energetic, committed employee of over 20 years is wornout by the toxic culture of his organization and of his own team.
Thom Smith (not his real name), a high-level executive with a major corporation, recently shared with me that he was bored with the monotony of his job. While his narrative, on the surface, was about his “job,” he didn’t describe his actual work, the exciting, high-stakes and complex business
It wasn’t always this way. During our coaching relationship, Thom has shared stories of the early days, as he entered and grew in his career; he speaks of the many twists and turns that his career has taken, and he reflects gratefully on those who have helped him along the way. He speaks
BY DENISE STEIN, ART OF LEADERSHIP ADVISORS
If you don’t like the narrative, change it! If you don’t like the way that things are done around here, take it on, and make a difference! challenges involved with multi-million dollar contract negotiations, he instead described the way that people in his department and organization treat one another so poorly. He spoke of some of the ‘human’ challenges that his company faces and their apparent lack of ability to effectively acknowledge, address, and resolve everyday issues. My client, Thom, holds an enviable position; there are many who would love to live and work in his world of high-stakes business, negotiation, sophisticated challenges, and huge financial and personal reward. While Thom LOVES his work, he has grown weary of a subversive, distrusting, competitive, cover-your-ass culture. He’s fatigued by an environment in which he, and others, must constantly be wary — not of the adversaries with whom they negotiate 16
of a former boss who had an intense work-ethic, strong convictions, who took people to task, yet who enjoyed fierce loyalty from everyone on the team. “That was a time,” he said, when our culture was strong (in a good way) and we were much more successful than we are now!” There were some who didn’t see things his way (the former boss), it was apparent that they didn’t fit, and they somehow found other options for their careers. The remaining team was solid, supportive, and kicked-butt! Thom is a thoughtful man, who holds a deep commitment to others, to do what he can to contribute to people and to society overall. He’s one of those people to whom others turn in times of trouble, and he is always there to lend an open ear, a helping hand, and even some tough-love advice. This commitment is tied directly
to Thom’s “Core Values.” As Thom and I completed our final coaching session, I challenged him: “If you don’t like the narrative, change it! If you don’t like the way that things are done around here, take it on, and make a difference!” I knew, when I walked out of his office, that he would do just that. WHAT MAKES “CULTURE?” As you’ve read in the previous articles in this issue of Avenues, culture is a multi-faceted and complex idea. While culture may include fun things like team outings and rewards, an effective culture motivates high performers, shows staff that you value their talents, and engages both the head and the heart in pursuit of the organization’s mission. Insights from the Harvard Business Review speak of culture as a micro-civilization, a monolith imposed on people, and a story that answers “What is?” and “Why is it?”. Storytelling is cited as a powerful tool, using stories as intimate, emotional, and important vehicles to deliver messages rich in both content and context. If I had to guess how Thom will proceed, knowing that he is a committed, inspirational leader, I’d venture the following; he will: • Begin with Core Values: the fundamental beliefs which form the foundation on which he performs his work and conducts himself. • Help others, beginning with his own team, to identify and to examine their Core Values. • Engage in a dialogue to discover the commonality of Core Values within the team that help to shape a Shared Vision for their work. • Use storytelling to exemplify the CINNAIRE
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essence of the values; communicate in a variety of ways, to provide an opportunity to include others. Utilize the team’s shared Vision as a framework for understanding and embracing the organization’s Mission. Assess departmental and organizational Goals, as they provide fulfillment of the Mission and Vision. Create a focal point, a scoreboard, to display the Quantifiable Results that represent the fulfillment of Goals. Assess existing practices, Methods of Operating (MO’s), that support the achievement of Goals and the team’s shared values and vision. Eliminate and/or replace MO’s that do not support shared values and vision. Use Positive Deviance, putting the best people under a microscope to learn from their wisdom and to let them teach. Create a narrative with the team, share stories with others, across the organization, that support the culture of choice. Create a work space that supports the culture, values, vision, mission, and goals of the organization. Engage visual, auditory, and kinesthetic elements to enhance and to support the new, chosen culture. Foster, foster, foster the culture of choice, or it, too, will be subject to change!
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I know this to be true of Thom, because through the use of storytelling, he has revealed himself to me. I know him to be an ethical, hard-working, proud man who would have nothing less for himself and for those with whom he works and plays.
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| EQUITY NEWS
AFFORDABLE HOUSING TAX CREDITS
AND THE EFFECTS OF POTENTIAL TAX REFORM The Low Income Housing Tax Credit (LIHTC) was established in 1986 under the Reagan administration. It is administered by the U.S. Department of Treasury. The program has enjoyed bi-partisan support in both the House and Senate. It is our country’s primary public/private financing mechanism to support the development and rehabilitation of rental housing for low-income families, seniors and veterans. PROSPECTS FOR TAX REFORM LEGISLATION Immediately after the November 2016 election, the prospect of tax reform caused most Housing Tax Credit investors to “hit the pause button”. They began asking, “How would tax reform (with a lower corporate tax rate) impact their previous and future investments in Housing Tax Credit Funds?” Nationally recognized accounting firms analyzed the possible impacts of lower corporate tax rates for LIHTC investors starting with the premise that investors receive two different financial benefits: • Tax Credits comprise about 75% of the total tax benefits, enabling investors to reduce (dollar for dollar) their federal income tax payment each year for 10 years after each apartment building achieves “qualified occupancy”. The Housing Tax Credits themselves would not be directly impacted by tax reform. • Tax Losses comprise about 25% of the total investor benefits. Tax losses (primarily interest expense and depreciation) are derived from the Investment Fund’s ownership interest in qualified rental
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properties. Real estate tax losses are applied against a corporation’s tax rate to calculate the tax benefit. If the corporate tax rate is reduced to 15%, this could significantly reduce this portion of the tax benefits associated with the underlying real estate. However, affordable housing industry leaders (including national banks and insurance companies) believe the corporate tax rate will probably land in the 25 to 28 percent range if tax reform legislation is passed by Congress. Given the budget deficit, such leaders believe the reduction in the corporate tax rate will likely be modest. STATUS OF LIHTC INVESTING Shortly after the November election, affordable housing developers saw a substantial drop in LIHTC equity pricing. Before the election, they were receiving $1.00 (or more) of investor equity for each Tax Credit dollar awarded to their projects. Now, as investors assume the corporate tax rate will land in the 25 to 28 percent range, the amount of equity provided to developers has dropped to about 90 cents for each Tax Credit dollar. Since LIHTC-supported apartments have restricted rents, developers cannot increase the amount of project debt in order to close funding gaps created by the reduction in private equity. Many government subsidy programs have been cut, which would have otherwise been used to close funding gaps. As such, more developers are looking to their bank partners to submit applications to FHLB’s Af-
fordable Housing Program (AHP). PROSPECTS FOR TAX REFORM LEGISLATION The Trump administration and Congress initially tried to repeal and replace “ObamaCare” before tackling tax reform legislation. Shortly thereafter, Congress needed to focus on passing the Continuing Resolution bill. It now appears tax reform legislation may be delayed until late 2017 or early 2018. Since there always has been (and continues to be) strong bi-partisan support for the Housing Tax Credit program, discussions are underway with Congressional leaders to include provisions in proposed tax reform legislation that would enable investors to receive tax benefits as if the corporate tax rate remains at 35 percent. For example, LIHTC investors could receive accelerated (or “bonus”) depreciation for their previous investments in LIHTC supported apartment communities. SUMMARY We have come through a period of ambiguity about where the corporate tax rate might land if tax reform is enacted; but national LIHTC investors and accounting firms believe it will likely be in the 25 to 28 percent range. With this minor adjustment, Housing Tax Credit investments will continue to serve as an opportunity for banks to receive a safe and solid ROI while receiving positive consideration by regulators under the Community Reinvestment Act.
CINNAIRE
| IMPACTFUL NEWS GRAND RE-OPENING AND NEW IDENTITY FOR DETROIT’S COLONY AND FISHER ARMS APARTMENTS Colony and Fisher Arms, one of the most problematic buildings in Detroit’s history, recently embarked on a $24 million-dollar rehabilitation and historic restoration process. It required a multi-tiered source of financing, which included $3.6M in Federal Historic Tax Credits, $15M in Federal Low Income Housing Tax Credits, a $6M FHA loan, a renewal of Section 8 rental subsidy, $500K Federal Home Loan Bank of Indianapolis Affordable Housing Program Funds and vacant city owned property that was utilized for secure parking.
President Brenda Jones. This award signifies their commitment and dedication to making a significant impact in Detroit. The River Crest Apartment project is part of Cinnaire’s $500 million investment in Detroit over the
past 23 years. “Detroit appreciates you and all that you have done,” Councilwoman Jones said to Mark McDaniel. “Keep doing the good work you are doing here!”
Colony and Fisher Arms Apartments is a 161-unit apartment community that provides safe and affordable housing. Prominently located adjacent to Detroit’s Gold Coast, Indian Village and East Village historic neighborhoods, Colony and Fisher Arms is a true representation of the revitalization efforts taking place in the City of Detroit. Not only are buildings and communities being revived, but lives are being renewed through these efforts. Recently, Cinnaire joined Mayor Mike Duggan, Detroit Police Chief James Craig, Detroit City Council President Brenda Jones as well as representatives from HUD, MSHDA, Huntington National Bank, Chesapeake Community Advisors, Building Blocks and Continental Management to celebrate the joyous reopening of this historic Detroit building. At the celebration, the new name was unveiled – Colony and Fisher Arms is now known as River Crest Apartments. With over 100 people in attendance, the event was a celebration to be remembered. Cinnaire, Building Blocks and Chesapeake Community Advisors were honored to receive the Spirit of Detroit Award from City Council AVENUES TO AFFORDABILITY
Cinnaire was honored to receive the Spirit of Detroit Award from City Council President Brenda Jone
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| IMPACTFUL NEWS CINNAIRE AND MICHIGAN CERTIFIED DEVELOPMENT CORPORATION PROVIDE $90,000 GRANT FUNDING TO SUPPORT SMALL BUSINESSES Cinnaire joined the Michigan Certified Development Corporation (MCDC) to provide grant funding to support the Metro Community Development Fund (Metro). In partnership with the Michigan Economic Development Corporation (MEDC) and Huntington Bank, Metro has established a $2M loan fund to provide capital to micro and small businesses. The loans will be in the range of $5,000 - $250,000. Metro will focus on issuing loans in the Flint and Saginaw areas. Cinnaire provided a $50,000 grant, while MCDC provided a $40,000 grant.
GATEWAY TOWER RENOVATION CELEBRATION One Roof Community Housing and Center City Housing recently celebrated the renovation of Gateway Tower Apartments in Duluth, Minnesota. Center City and One Roof worked with the Duluth HRA to prevent foreclosure of Gateway Tower and save the 150 units of affordable rental housing. The project will bring major upgrades and new ownership to the 40-year-old, 14 story building. The $18.5 million renovation includes a
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$15.5 million LIHTC allocation secured by the Minnesota Equity Fund and Cinnaire. Additional partners include the City of Duluth, the Duluth Housing and Redevelopment Authority, Local Initiatives Support Corporation (LISC), Minnesota Housing and the Greater Minnesota Housing Fund. Originally designed for senior citizens, in recent years Gateway Tower has become home to many people
with disabilities and from vulnerable populations. As part of the renovation, 11 apartments will be dedicated to high-barrier homeless youth, ages 1824. Life House of Duluth will employ staff on-site to provide services to the young people transitioning from homelessness, while the Human Development Center will have on-site staff to provide mental health services.
CINNAIRE
CDFIs INVEST IN AMERICA Our designation as a CDFI allows Cinnaire to fulfill our mission to support community stabilization and economic development by leveraging this critically needed federal funding with private investment dollars. For every one dollar of CDFI Fund funding, CDFI’s can leverage ten dollars of additional capital. These investments support economically distressed communities, provide affordable housing, support small businesses, develop community facilities and spur economic growth through job creation. While traditional banks measure their success in profits, CDFIs are mission driven financial institutions that work to deliver responsible, affordable lending to low-income communities and disadvantaged people. Our success is measured not only in numbers, but by the impact we create to improve communities. Cinnaire has invested over $3.7B in communities throughout our footprint, creating $7B in community impact. We have raised over $2.6B in Low Income Housing Tax Credit (LIHTC) investments, with 58 housing tax credit equity funds under management. We have provided more than 500 affordable housing and community development loans, totaling more than $400M and have over $500M of New Market Tax Credit allocations under management. These investments have supported 676 housing developments, provided over 47,000 affordable apartment homes and creating over 65,000 jobs.
AVENUES TO AFFORDABILITY
Cuts to CDFI Fund Funding would be a direct hit to Americans living in some of our most economically distressed communities. Eliminating these funds will prevent CDFIs from delivering much needed resources to our most vulnerable population. Traditional banks and private financial institutions are not positioned or willing to fulfill this critical funding need. CDFIs are recognized for their ability
to drive capital to neighborhoods and communities that traditional investors believe are high-risk investments. At Cinnaire, we have always said It’s About the People. CDFIs Invest in People. CDFIs Invest in America. As we continue to work with our partners to advocate on behalf of the CDFI Industry, we will provide you with further updates on the budget.
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| CULTURE
LIVE TOGETHER AS BROTHERS Over 1,400 people gathered at the Lansing Center to celebrate the 32nd Annaul Martin Luther King Annual Luncheon produced by the Greater Lansing MLK Commission. This year’s theme was “We must learn to live together as brothers or perish together as fools”, words spoken by Dr. King in 1964. For the second year, Mark McDaniel, served as the honorary chairperson and emcee. In his opening remarks, he shared his thoughts about the importance of the day and the spirit of harmony that he could feel in the room. As a side remark, he told the audience that he was disappointed that his mother could not attend because she had been hospitalized the previous evening.
Shortly after concluding his opening remarks and returning to his seat, a young man named Elijah Boatley handed Mark a poem he had written for him impromptu. Elijah told Mark the poem was to uplift him and help him through the pain he was feeling since his mother was unable to attend the event. The poem read: “Together” We love, with love we Solve, we go through pain, suffering, grief, strife, but we still love. Together we fight, with love, as a community we solve with love. Hardships will come and go, and humanity will evolve, with smiles and love we will overcome all. This act was a testament of how one selfless act can uplift someone in a time of distress. The Luncheon was moving full steam ahead until organizers received word that the Keynote Speaker had encountered an unexpected travel delay. After some quick maneuvering, the audience enjoyed some traditional gospel music from the Flint Citywide Choir and special guest artist, the Grammy-award winning India Arie. Ms. Arie has traveled the world and sold over 10 million albums. She performed two songs and paid tribute to her grandmother, Ernestine McMullen. Ms. McMullen was the 2017 King Legacy and Service Award recipient, posthumously. She was a devoted community activist in the city of Lansing and started its first drug rehab facility. The King Legacy and Service Award is given annually to an outstanding citizen that has exhibited outstanding community service. Cinnaire has been a long-standing partner of the Commission. Cinnaire is the official presenting sponsor of the Commission’s scholarship program. Through this partnership, five graduating area high school students received scholarships to pursue higher learning received $17,500 in awards. The recipients were required to write a personal essay around the luncheon theme and obtain letters of recommendation. A panel of volunteer community educators selected the winners. The keynote address was delivered by Mrs. Myrlie-Evers Williams, widow of slain Civil Rights Activist, Medgar Evers and former National President of the National Association for the Advancement of Colored People (NAACP). Medgar was murdered in his driveway in 1963 for working to end segregation at the University of Mississippi and register-
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ing people to vote. Mrs. Evers delivered a moving address giving a firsthand account of her journey to get justice for her husband and continue his work. Through adversity and much resistance, she ultimately succeeded in her fight for justice. She also founded the Medgar & Myrlie Evers Institute, an organization dedicated cultivating positive change, intergenerational civic engagement, and social and economic justice. The day was supercharged with positive energy and recognizing the impact you can have when you stay the course, even if the odds are against you. Cinniare is proud to be a monumental partner to the Commission. With similar vision and goals, helping people obtain better lives is at the forefront of each organization’s goals.
AVENUES TO AFFORDABILITY
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| CULTURE BETO SANCHEZ RECEIVES PRESTIGIOUS FEDERAL HOME LOAN BANK OF CHICAGO AWARD Recently, the Federal Home Loan Bank of Chicago (FHLBC) announced one of their 2017 Community First® Awards. The awards recognize outstanding achievements of the FHLBC’s member institutions and local partners that work together to strengthen their communities through affordable housing and economic development initiatives. Award categories include partnership, project or program, pioneer, and emerging leader. Award winners identify a nonprofit organization to receive up to $10,000. Cinnaire is proud to announce the FHLBC selected Beto Sanchez as the 2017 Community First Emerging Leader. The Emerging Leader category recognizes the potential of an individual who is new to the affordable housing and community development field. “The momentum of community development depends on those leading the efforts, so it’s exciting to recognize Beto as an emerging leader in the field,” said Suzi Thackston, FHLBC Community Investment Officer. “We look forward to continuing our partnership with Beto for years to come.” Beto began his career at Cinnaire in 2014 as an Underwriter in our Chicago office. In that time, he has accomplished significant achievements with his work in Affordable Housing Program (AHP) initiatives. “Beto’s contributions to our organization have made a tremendous impact on many fronts – most notably the AHP work we have done with the FHLBC,” said Katey Forth, Cinnaire Lending President. “Beto has taken the lead on all the applications we have submitted for the past two years. In just two rounds, Beto has led successful applications for 12 projects representing 24
a total of 641 new homes. His work provided each deal with this critical financial resource to create high quality, safe, and affordable housing options for those who need it most.” Beto is valued by his colleagues at Cinnaire for his dedication to community, perseverance and genuine compassion. He is committed to fulfilling Cinnaire’s mission to stabilize and support community and economic development throughout our footprint. Beto lives in Chicago with his wife and son, where he enjoys cheering on his beloved Chicago Cubs, attending
plays and volunteering at his church. Beto has selected New Life Community Church to receive the $10,000 cash award. New Life Community Church has churches in over 20 locations in Chicago, Indiana and Internationally. Beto intends for the donation to be used to support the Summer Youth Ministry Program, providing young people in Chicago a positive activity to participate in over the summer, and the “Be the Change” campaign, which will support the renovation and expansion at the main auditorium at the Midway church location. CINNAIRE
FRED HASH RETIRES FROM CINNAIRE Fred retired from Cinnaire in December 2017. His decision to retire was inspired by his mother, who had big plans for retirement, but sadly passed away a short time after leaving her career. Fred will continue his commitment to helping others, while allowing himself to enjoy some of his favorite activities in his retirement, including golf, baking and attending sporting events. To celebrate his retirement, our staff joined Fred’s family, friends and colleagues at the JW Marriot in Indianapolis to honor his long-time commitment to affordable housing. Mark McDaniel, Keith Broadnax, Jim Hammond, Darwin May, Erick Strickland and Jim Logue shared stories. Mark presented Fred with a gift to kick-off his retirement and thank him for his commitment to Cinnaire — a weeklong stay at the Culinary Institute of America. As many know, Fred is famous for his homemade pies. With his newfound free time in retirement, who knows what Fred will perfect next?! Maybe his week at the Institute will inspire another famous Fred Hash culinary delight! We sure hope so — and Fred, don’t forget to share with all your friends at Speaking of Fred’s famous pies...Fred Hash (left) delivers one of his famous pies to Bill Brooks, author of the column, Babbling Brooks, Urban Times. Newsclip courtesy of Urban Times. Cinnaire!
We Do More Than Just Answer Your Questions... WE CREATE THE SOLUTIONS! “My properties have shown incredible improvement since you started working with them. I can’t believe how much better the sites are doing today. I don’t know what took me so long to get you involved!” Lora D. Gilbert, Vice President of Asset Management, Larc Properties, Inc.
Operations • Marketing • Leasing Training Specialists • Compliance Call today to reduce expenses and increase your occupancy. 800.865.0948 | WWW.OCCUPANCYSOLUTIONS.COM AVENUES TO AFFORDABILITY
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| CULTURE CINNAIRE STAFF SUMMIT Every January, Cinnaire staff meets in Lansing for two full days of personal leadership development. This year, staff completed the DiSC workplace assessment, a simple tool that’s been helping people to connect better for over thirty years. The individual assessment data, generated from the survey staff completed, provides a wealth of information about individual workplace priorities and preferences. In addition, we learned how to connect better with our colleagues whose priorities and preferences may differ from our own. Our partners from Plante Moran administered the DiSC assessments and presented the information to our staff during the summit. We kicked off the Summit with a staff family event that included bowling, arcade games, laser tag, bumper cars and a limbo contest. Many of our staff’s children were able to attend and had a great time. The limbo contest was one of the more memorable events of the night! Anthony Winston came in 1st place, with Ruqayyah Polk coming in a close 2nd. At the Summit, Mark recognized staff that reached milestones in their careers at Cinnaire. This year, Mark recognized and thanked the following staff for their many years of dedication to Cinnaire and their commitment to serving those in need: 5 YEARS: Kelly Graf, Trey Phillips, Zina Risk, Tim Shand, and Josh White 10 YEARS: Yulonda Byrd, Katey Forth, and James White 15 YEARS: Keith Broadnax, and Tom Edmiston 20 YEARS: Karen Bensen, and Jennifer Everhart
Above: Cinnaire staff met in January for two days of personal leadership development.
Mark also presents a very special award — the Cinnaire Bulldog Award. Bulldogs are recognized throughout the world as a symbol of willpower
Bulldog award recipients (L to R): Katie Adkins, Christ Laurent, and Peter Giles. Peter is the first Cinnaire staff to receive the Bulldog award twice!
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CINNAIRE
and determination. A Cinnaire Bulldog is someone who has been observed going above and beyond throughout the prior year to achieve their goals on behalf of Cinnaire. The award is not competitive. There is no formal system for receiving the award. Simply, Mark chooses to honor staff that have shown the level of willpower and determination a bulldog would to GET THE JOB DONE. This year, Mark honored three Bulldogs: • Katie Adkins • Chris Laurent • Peter Giles FOR MORE INFORMATION ON THE DISC MODEL, PLEASE CONTACT JENNIFER CALERY AT JEN@ALTMGMTSOLUTIONS.COM.
When it comes to economic development, we’re all in.
It’s time to count on more. Clark Hill’s Economic Development Team plays a significant role for our clients by being instrumental in major economic development transactions. We have received national recognition for innovative financial structures, the ability to build bridges between business and government, and positive contributions to the communities we serve. clarkhill.com
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| CULTURE CINNAIRE STAFF ANNOUNCEMENTS CINNAIRE ANNOUNCES ORGANIZATIONAL CHANGES Cinnaire recently announced changes to the Lansing, Michigan based company’s organizational strucCRAWLEY ture and staff. Jim Logue will assume the newly created position of Chief Strategy Officer (CSO), leaving his current role LOGUE as Chief Operating Officer (COO). Kevin Crawley, currently Executive Vice President, will be promoted to COO. “This has been in the works for some time” explained Cinnaire President and CEO Mark McDaniel. “As we have needed Jim to spend more time on geographic and programmatic growth, Kevin has taken on increasing responsibility for the internal operations of the company. Our new organizational structure, and formalizing the role of CSO, is a timely response to the opportunities and challenges we will face going forward.” In his new role, Jim will be responsible for developing Cinnaire’s strategic direction, translating it into action for Cinnaire’s employees across functions and business units, and driving organizational change. In addition, he will be responsible for assessing whether strategic initiatives are in alignment with Cinnaire’s corporate culture and mission. Working closely with the Cinnaire executive staff, Jim will help direct the marketing and business de28
velopment work of Cinnaire. He will continue to oversee Cinnaire’s capital development and public policy work. As COO, Kevin will oversee the organization’s major business operations and foster employee alignment with Cinnaire’s corporate goals. He will direct the day-to-day operations of the tax credit investing division, underwriting, asset management, administrative services and legal services functions of the company. Jim joined Cinnaire in 2003, having spent twelve years as Executive Director of the Michigan State Housing Development Authority. Jim has 42 years of experience in affordable housing, including as Executive Director of the New Jersey Housing and Mortgage Finance Agency, Director of Programs and Policy at the National Council of State Housing Agencies (NCSHA), and Deputy Assistant Secretary for Multifamily Housing Programs at the United States Department of Housing and Urban Development in Washington, DC. Jim also served as President of NCSHA, and chaired its committee for best practices for the Low Income Housing Tax Credit. Kevin joined Cinnaire in 2003, and prior to his recent promotion, served as an Executive Vice President. He has over 20 years’ experience in affordable housing. Prior to becoming an Executive Vice President, he held various positions such as Vice President of Asset Management and Vice President of Investor Relations and Fund Management. Kevin is a CPA and, prior to joining Cinnaire, spent seven years with Plante Moran, PLLC, where he provided audit, tax, and consulting services to real estate and affordable housing clients. Kevin holds a Bachelor of Arts degree in Accounting from Michigan State University.
PROMOTIONS
Luan Nguyen has been promoted to Disposition Relationship Manager. In his new role, Luan will be responsible for all aspects of connecting and negotiating with our partners as we move towards a post 15 year exit. NEW HIRES
Kemeng Wang joined the Cinnaire Lansing office in January as a Financial Analyst. Kemeng recently graduated from Michigan State University with a Master of Science degree in Accounting. She also has a Bachelor of Science in Business Administration from Coastal Carolina University and a Bachelor of Science in Business Administration from Gansu Agricultural University, located in Lanzhou, China. Kemeng recently completed an internship at the Michigan State Housing Development Authority (MSHDA), where she worked as a grant fund intern in the Housing Initiative Department. She previously completed internships with Ruihua Certified Public Accountants in Lanzhou, China as well as the Internal Revenue Service in Conway, South Carolina. In her free time, Kemeng enjoys running, playing badminton, traveling and enjoying life! She is driven by her passion to help others and improve herself. CINNAIRE
Devin Nicholson joined the Cinnaire Lansing office in January as a Financial Analyst. Devin recently graduated from Central Michigan University with a Bachelor of Science in Business Administration degree.
Sarah Offerman has worked at Cinnaire for over a year as a temp at the Receptionist station in our Lansing office. We are excited to announce she recently accepted the full-time position as Capital Group Coordinator.
While enrolled in college, Devin worked for Central Michigan University, first as a clerical assistant in the Accounts Payable Department and then as a Student Assistant for the College of Communication and Fine Arts – Dean’s Office.
Sarah received her Bachelor’s degree in International Business from Grand Valley State University and her Master’s degree in Business Administra-
In his free time, Devin enjoys drawing, drumming, reading, investing, learning, talking and playing competitive strategy games. He is the oldest of four brothers. Devin is passionate about achieving success and helping people.
tion from Cornerstone University. Prior to joining Cinnaire, Sarah worked at Lake Trust Credit Union as a customer care representative and the University of Washington as a computer support analyst. Sarah enjoys spending time with friends, family, reading and traveling. She is planning to make Alaska her next vacation destination. Sarah is passionate about education. She believes it is important to learn as much as you can and share it with others. Welcome to Cinnaire, Kemeng, Devin and Sarah!
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AVENUES TO AFFORDABILITY
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| CULTURE CINNAIRE STAFF & PARTNERS HOLIDAY FOOD DRIVE In December, Cinnaire staff and partners joined to collect 294 food items to donate to the Greater Lansing Food Bank (GLFB). GLFB is a nonprofit organization that provides emergency food to individuals and families in need in Ingham, Eaton, Clinton, Shiawassee, Clare, Isabella and Gratiot counties. Food is distributed through an extensive network of food pantries and community kitchens located throughout the region. Luan Nguyen, Cinnaire Disposition Relationship Manager, serves as a member of the GLFB host committee. Luan challenged Cinnaire staff to donate to this cause and our partners stepped up to help us meet our goal. For each item donated, Cinnaire matched a $1 monetary donation for a total of $294. The GLFB will use these funds to purchase food throughout the winter months for partner agencies. According to the GLFB, $1 of donation can purchase 7 lbs. of food, providing one meal for a family of four. Cinnaire’s donation equates to
potentially 2,058 lbs. of food for 1, 176 individuals and 294 meals! Thank you, Luan, for challenging Cinnaire staff and partners to join in your efforts to support GLFB!
SaVE ThE DaTE! Keynote speaker confirmed: SaRah BRaBBS Author of “So People Say You’re an Asshole.”
DATE!
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CINNAIRE
HAVEN HOUSE PANCAKE PALOOZA
GOVERNING BOARD Wendell Johns, Chair Retired, Fannie Mae
ADVERTISERS
James W. Stretz, Vice-Chair George K. Baum & Company
Clark Hill, PLC................................................. 27
Michael J. Taylor, Secretary/Treasurer PNC Bank Catherine A. Cawthon Fifth Third CDC Derrick K. Collins Chicago State University Christine R. Hobbs Retired, Freddie Mac Multifamily Brett Macleod JP Morgan Chase
Sister Pat Newhouse, Jim Patterson, Mark McDaniel, Danielle Robinson, Ryan Robinson. Look out Mark, Ryan already has his eye on the trophy for 2018!
William C. Perkins Retired, WPHD
Many of our partners know of Mark McDaniel’s long time commitment to Haven House, a homeless shelter that provides emergency housing and supportive services for families with children. His passion for the organization shines each year at the annual Pancake Palooza fundraiser, a fun family event where all tips for the celebrity servers are donated to support Haven House. Silly dances, a pie to the face, dressing up like a chicken – there isn’t much Mark won’t do to support Haven House!
Sheldon Schreiberg Pepper Hamilton LLP
Mark is proud to have successfully raised the most funds at this event for the last seven years. We are thrilled to announce 2017 is his 8th year as the Pancake Trophy Champion! The competition to raise the most donations was fierce between Mark and Ryan and Danielle Robinson. In the end, Mark raised $25,294, which is more than the total amount raised in 2016. Together with Ryan Robinson, Danielle Robinson, Sister Pat Newhouse and Jim Patterson, the celebrity servers raised a whopping $52,000 for Haven House! While Mark still holds the trophy, it’s the families Haven House supports that are the real winners. Thank you to Cinnaire staff and our partners for joining Mark and Ryan in supporting Haven House! AVENUES TO AFFORDABILITY
Carl Riedy State Street Global Advisors
Donald F. Tucker Don Tucker Consulting Paul J. Weaver Retired, FHLBI CORPORATE OFFICERS Mark S. McDaniel, President & CEO Christopher C. Cox, CFO James L. Logue III, COO Kevin Crawley, Executive Vice President Jennifer A. Everhart, Executive Vice President Rick Laber, Executive Vice President Marge Novak, Executive Vice President Jim Peffley, Executive Vice President LOCATIONS Lansing Headquarters 1118 S. Washington Avenue Lansing, MI 48910 Phone 517.482.8555 Detroit Office 2111 Woodward Avenue, Suite 600 Detroit, MI 48201 Phone 313.841.3751 Illinois Office 225 West Washington, Suite 1350 C Chicago, IL 60606 Phone 708.781.9603 Indianapolis Office 320 N. Meridian, Suite 516 Indianapolis, IN 46204 Phone 317.423.8880 Wisconsin Office 2 E. Mifflin Street, Suite 403 Madison, WI 53703 Phone 608.234.5291 Delaware Office 100 W. 10th Street, Suite 302 Wilmington, DE 19801
Blystone & Bailey........................................... 13
Community Economic Development Association of Michigan................................17 Dauby O’Connor & Zaleski, LLC................ 29 Ginosko Development Company.................5 Keller Development....................................... 14 KMG Prestige, Inc........................................... 13 Leon N. Weiner and Associates................ 27 Loomis, Ewert, Parsley, Davis & Gotting...... 15 Love Funding....................................................17 Maner Costerisan, P.C................................... 21 Medallion Management, Inc..........................6 MHT Housing, Inc............................................. 7 O’Brien Construction Company, Inc......... 32 Occupancy Solutions, LLC.......................... 25 Plante Moran....................................................17 PM Environmental, Inc....................................6 Rohde Construction.........................................2 INTERESTED IN ADVERTISING? Contact Jennifer Calery at 517.896.0873 or jen@altmgmtsolutions.com for more information. MANAGING EDITOR Mary McDaniel, CMP Alternative Solutions, LLC EDITORIAL Kelly Rogers Pixie Publishing, LLC ADVERTISING Jennifer Calery Alternative Solutions, LLC GRAPHIC DESIGN Melissa Travis Ink Ideas Graphic Design, LLC Avenues to Affordability magazine is published quarterly by Cinnaire. This publication is copyrighted. The reproduction of Avenues to Affordability is prohibited by law. For additional copies, comments, concerns or to be added to the mailing list, please contact Mary McDaniel at 517.230.5494 or visit www.cinnnaire.com.
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