MCCF
The Roger Umbaugh Impact Investing Fund
A little history…
I’ve talked about my friend, Roger Umbaugh, a couple of times here. Roger was a past board member of on the Marshall County Community Foundation (MCCF). While on that board, he was also on the MCCF Investment Committee. When I joined the MCCF board, I also joined the MCCF Investment Committee.
One of Roger’s goals was to get MCCF into a better home. While the generosity of Key Bank was always appreciated, it was not always the best solution. On top of that, the Community Foundation had grown and needed more space than was available at Key Bank. When financing for the community pool project was under discussion, Roger found a way to finance it using New Market Tax Credits and to put MCCF in a position to facilitate this while also getting a new home as part of the deal.
Another of Roger’s goals was to see some of MCCF’s investment funds invested back into the community. He always thought it would serve two purposes… providing some income and doing good in the community. At the start, he didn’t know that there was a name for this: Impact Investing.
When the New Market Tax Credit project needed additional funding, Roger broached the subject of MCCF providing the funding gap as a loan. This resulted in $500k of Community Foundation funds be loaned to the project. This was a win-win for MCCF and project.
After Roger’s passing, I wanted to carry this forward for him. In his name, I championed designating the $500k as the start of an Impact Investing Fund. I also suggested that the fund be named the Roger Umbaugh Impact Investing Fund. The board voted to approve both measures. I have the feeling that this will be a draw to a different kind of donor for the Community Foundation. Another win-win.
This is still new. I have sat in on a seminar on Impact Investing. I have done a little research. There appears to be a lot of different ways we could approach this. At the last MCCF board meeting, I suggested that we should start this process by setting some goals which we’ll be doing in a future meeting. This seems to range from self-run scenarios to hands-off options where 95% of the heavy lifting is done using outside financial institutions.
So… I’m throwing this out here to see if there is any input from followers. This is your chance to add suggestions on how this new venture should be structured. Any ideas? Contact me by email (mail@easterdayconstruction.com) or feel free to use the comments.
Roger Umbaugh
Easterday Construction lost another good friend last week. Roger Umbaugh passed away Thursday evening, August 5th. (Obituary here.) We completed several projects for Roger at his home on 12th Road, including a re-siding project with Mary Ellen Rudisell. That was one of those projects that could have become contentious as it seemed that every day we would find a new underlying problem that we couldn’t foresee. The home was a RT house that Roger’s father had constructed and that designer/builder had a reputation that his homes were guaranteed to leak. It was a cool home though! Roger and Carol took the odd construction discoveries and issues in stride.
Personally, I really became friends with Roger when we were tapped to start the Marshall County Economic Development Corporation (MCEDC) in 2007. Roger was asked to do this by Kevin Overmyer as a representative of Marshall County. I represented the town of Culver. At first meeting of the group, Roger forgot to invite me! He followed up, apologized, and we went out to dinner with our wives, Carol & Becky, so he could bring me up to speed. That went so well and we all got along so well, that it became a regular thing. We rarely went more than a month without a night out together and one year we vacationed with them at their cabin in Pagosa Springs, CO.
Roger and I shared a sense of pragmatism and impatience that fortunately wasn’t turned against each other too often. (No relationship is perfect, ha!) We both were officers for MCEDC nearly our whole tenure there. For better or worse, we went through 4 executive directors. In the end, the issues caused by the last one under our tenure became too stressful for Roger and he had to step down. I had stepped down a couple months prior to that and Roger said that played into his decision as it wasn’t as much fun without us there together.
Roger helped make this building possible.
Roger left a legacy at MCEDC as a founding member, but at times that legacy was as much in his support role as when he was out in front. He was my vice chair when I chaired the organization. When I wanted to gather the communities together to foster better understanding and cooperation, he worked behind the scenes to help me. That became the quarterly County Development for the Future (CDFF) meetings, which made Culver Stellar designation and Marshall County Stellar designation possible. I don’t know that I could have made those county meetings happen without his help. He was also the one that made the New Market Tax Credit project happen. Without him, the financing of the pool and the new building for the Marshall County Community Foundation (MCCF) would never have happened. It was his knowledge and contacts with the State that made it viable. These are just a couple of the things that I was closely tied with and can relate. I know there are many others. But Roger wasn’t one to want credit. He was just happy to see the groups he supported succeed.
We remained friends after MCEDC, kabitzing from the sidelines. We also served on the MCCF Investment Committee together, so our civic service together continued to the end. We continued to have nights out together though the last couple of years they were fewer due to Covid and Roger’s health issues. Both of these fueled his impatience. He never liked dealing with things he couldn’t affect!
Thanks for all the great times, wonderful support and unending wisdom, Roger!
Kevin
Marshall County Crossroads Presentation at the Statehouse
Tuesday morning I braved the elements to head to Indianapolis to support the Marshall County Crossroads team for their Stellar Presentation. This was their last effort and last chance to make an impression on the State officials that would be judging the competition this year. This was Marshall County’s second attempt at Stellar Region Designation. The experience they gained last year showed.
I had attended the workshops at Swan Lake, served on the housing committee and helped with the LIHTC portion of the application, so I was familiar with the goals and the changes from last year. I think this year’s application was much stronger than the year before. It was obvious that community engagement was better and the initial partnerships had grown. There was a lot more buy-in from community groups. An example of these expanded buy-in was through the Marshall County Community Foundation (MCCF). They purposefully reviewed the grants in their Fall round for projects that enhanced not just the Stellar application, but the overall Quality of Life plan. Linda Yoder, MCCF Executive Director, was one of the presenters.
Last year there was no IHCDA LIHTC project, but this year I stressed the importance of including LIHTC. This year there were two – one in LaPaz and one in Plymouth. I met with representatives of all of the communities, but only LaPaz and Plymouth felt that LIHTC was a fit for them, were able to come of with property and were willing to pass supportive resolutions. Brent Martin of SRKM Architecture also stepped up to spearhead the IHCDA Owner Occupied Housing portion of the application, so overall the housing section stood out.
While the presentation was well done, what really stood out was the Question & Answer section at the end. All the presenters were seated on the stage and the State Agency’s asked them questions about the initiatives. The answers were provided seamlessly by various representatives and without any competition for the microphone. They worked well together as a team. Some of us were in the audience as back-up if in depth questions came up. There were very few of those that the presenters couldn’t answer on their own. They were well prepared.
The team had arranged for students from some of the schools to be there. Unfortunately, due to the weather, the number of students were limited, but because of the efforts made to involve them, the attendance was appreciated. At one point, somewhat out of the blue, the INDOT representative turned to the students and asked them questions. With no preparation or expectation of this, the two students that spoke answered the questions flawlessly! Very Cool!
Overall I was impressed with Marshall County’s leadership for stepping up to this. The highest Kudos go to Ginny Munroe, Culver’s Town Council President, for stepping up to this challenge. On the heals of Culver’s Stellar Designation, this was a big undertaking. Culver has been moving their Stellar projects forward while this has been happening at the County level. Despite this, Ginny stepped up and lead our region, building on the experienced gained in Culver. I think that was key to making Marshall County competitive. If Marshall County wins, Culver’s assistance will have been a huge part of making it happen.
Big Splash
This past Saturday saw the individual ribbon cuttings for the combined Marshall County Philanthropy Center and the Dr. Susan Bardwell Aquatic Center project. The picture above is from The Pilot News documenting the speeches that were given before the ribbon cutting at the Philanthropy Center.
I represented Culver on the Marshall County Economic Development (MCEDC) Board and the Marshall County Community Foundation (MCCF) Board when these projects started. I helped more on the development side while at MCEDC and then helped MCCF with architectural plan reviews, construction site visits and oversight advice. I sometimes give public boards and commissions grief about not making the best use of community knowledge. Sharing expertise is the most valuable form of volunteering. MCCF took full advantage of what I could offer and I was glad to share it. A win-win all around! It’s always better to get involved than to just complain.
Regional Cities Initiative Helping
To the right is an article that appeared in The Pilot News, December 18, 2017 discussing the impact of the Regional Cities Initiative. The study was conducted by Ball State University and concluded that it is making a noticeable difference in attracting talented young workers to the area.
Marshall County is part of the North Central Region along with St. Joseph and Elkhart Counties. Most of the funds for our region have been allocated and in Marshall County we’re seeing the impact through assistance in worker housing, manufacturing centers, expanded Boys & Girls Club facilities and an Aquatic Center. In Culver alone, the initiative has helped the Town provide infrastructure to Sand Hill Farm for entry-level housing and money has been set aside for assistance with an E-Commerce center which may provide entrepreneurial opportunities and worker training space. (Culver was in line for additional RCI grants, but the 60% private equity requirement proved daunting for a small community to achieve.)
It’s important to recognize what our local organizations have done to achieve these goals. Marshall County would not have had this opportunity without the foresight of the Marshall County Community Foundation (MCCF) and their initial investment of $10k into the program. That seed money was what put us on the map for this and made the initial connections to St. Joseph and Elkhart Counties. If Linda Yoder hadn’t taking this to the MCCF board and sold it, it wouldn’t have happened.
The hand-off from there went to Marshall County Economic Development Corporation (MCEDC). Without their efforts, many of the projects submitted by Marshall County would not have made the list before the application was submitted. Then the follow up to keep the dollars allocated to Marshall County stayed with Marshall County largely came down to the shepherding of Jerry Chavez and MCEDC. They were able to get a reallocation of funds to housing initiatives when original projects fell through and then when one of the four housing projects didn’t come to fruition, they were able to secure the money towards the other projects that were viable.
The money that went to the housing project in Culver helped Culver achieve Stellar Community designation this year. It’s a domino effect and currently the dominos are falling in our direction. This was former Governor Mike Pence’s vision when he spearheaded this program. Inject funds into regions that demonstrate the desire and determination to move forward and great things can happen. Let’s hope this continues to buoy our region, county and communities creating the excitement and drive to move us forward.
