• Message from the Board Chair
• About Community Futures
• Our Volunteers
• Small Business Lending Activity
• Community Economic Development Projects

For your convenience, this report is also available in PDF format - click here to view.

To view the Statement of Financial Position 31 March 2012 in PDF format - click here to view

Revelstoke Community Futures is proudly celebrating 25 years of service to local entrepreneurs and support for community economic development initiatives.  Over those years we have lent almost $20 M to small businesses who have been refused financing from traditional lending institutions. Ours and their success is a tribute to our staff and loans committee who have shown demonstrable business acumen and good sense in managing what was a $250,000 loan and cash portfolio in 1988 to the $6.5 M portfolio that exists today.  This year another 17 loans worth $856,660 were approved.  Since our inception 633 business loans have been made, creating or maintaining 1,774 jobs.  There is no doubt that Revelstoke is a much richer place with an organization like Community Futures providing financial services where other lenders have feared to tread.

However, while we remain committed to nurturing local entrepreneurial spirit through our loan, business and skills training services, we are also involved in building capacity for a wide range of community initiatives.  Nineteen community development projects or events were initiated, continued or supported.  The Railway Museum, Community Foundation, Revelstoke Volunteers and the Visual Arts Society are a few examples of where we donate staff and volunteer time and money to community economic development work.

New this year is the Columbia Basin Trust providing $200,000 to regional Community Futures as a pilot project for community, regional or sub-regional economic development projects.  We will be involved in three regional projects: Business Productivity and Succession Planning Workshops and an Employment Lands Inventory; and one local project aimed at attracting groups for conferences, meetings and conventions to increase tourism and better utilize the tourism infrastructure and facilities available in Revelstoke.

The Self Employment program, which for Revelstoke was a very successful program providing entrepreneurial skills training, business advice and a bi-weekly grant has seen a dramatic reduction in participants.  This is due to new criteria for access to the program.  The changes were beyond our control and not something we would have wished for.  Regardless, we will do our utmost to serve the clients who do qualify.

We are very excited to finally be making plans to move to a home of our own with construction of a new visitor centre and office complex commencing this fall or early next spring.  This project will allow for the continued successful and efficient co-location with the Chamber of Commerce and the City of Revelstoke Director of Community Economic Development.

After another successful year and on behalf of the board, I would like to thank all our volunteers, the Self Employment and Loans Committee members, and our staff:  Darryl, Debra, Kevin, Lise, Margaret and Roberta for a job well done.

Respectfully submitted,
Mike Cummings, Chair

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About Community Futures

The corporation operated with an annual operating budget for 2011/12 of $423,682 which includes $273,482 core funding support from Western Economic Diversification Canada. 

Twenty five volunteers were actively involved with Community Futures providing 318 hours of volunteer time.

During the year:  
·  333 advisory services were provided to clients by the loans analyst, self employment program coordinator and the general manager. 
·  Seventeen loans were approved totalling $856,660.
·  Three clients were accepted to the Self Employment Benefit Program.  
·  78 jobs were created or maintained through these business service activities.
·  Nineteen community economic development projects or events were initiated, continued or supported.

 The corporation continues to co-locate with the Chamber of Commerce and the City of Revelstoke Director of Community Economic Development at the Business Information Centre.

Staff Members:
Darryl Willoughby, General Manager
Margaret Pacaud, Administrative Assistant
Kevin Dorrius, Loans Analyst
Roberta Ciolli, Self Employment Benefit Program
Debra Wozniak, Special Projects Coordinator
Lise Sommerville, Reception 

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Our Volunteers

Board of Directors:
Mike Cummings, Chair                 Jim Cook                    Jane McNab                              
Jill Zacharias, Vice Chair               Rob Buchanan            Cathy Burke
Jan Morehouse, Treasurer           Carol Palladino            John Simms                             
Laura Rooney, Past Chair      

Honourary Board Members:
Alan Mason, Director of Community Economic Development
Steve Bailey, Revelstoke Chamber of Commerce
Councillor Tony Scarcella, City of Revelstoke

Loan Committee Members:
Dean Hunter, Chair             Buddy McKenzie (resigned Nov 2011)
Jim Ottenbreit                     Brenda Resvick (resigned Dec 2011)
Cathy Burke                        John Simms (appointed Nov 2011)
Todd Arthurs                       Carol Palladino (appointed Jan 2012)
Kathryn Tompkins

Self Employment Benefit Committee Members:
Sharon Kelly, Chair               Jane McNab               John Simms                 
Jill Zacharias                         Eric Tompkins              Rob Silano
Karen Moore

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The Corporation manages a $6.445 million business loan portfolio.  Net interest reinvested in the loan portfolio during the year was $94,429. 

Over the course of the past twenty-five years $3.78 million has been reinvested into the loan funds as depicted in the Loan Portfolio Growth Chart below.

During the year, the Pooled Asset Lending Program terminated and the $225,000 investment was deposited in the Revelstoke Credit Union. 

$1,000,000 has been allotted for participation in syndicated loans with other CF’s around the province.   Revelstoke is currently involved in three syndicated loans with a total current receivable of $391,761.

Since 1988, $19.8 million has been loaned to 633 business loan applicants creating or maintaining 1,744 jobs. 

Current value of loans receivable is $4,078,910 representing 80 active loans. 

Generally, the maximum amount available for lending to a business is restricted to $150,000.  However, loan syndication agreements with partnering Community Futures corporations in the province allow for up to $500,000 loans.  The corporation has not applied for increased lending funds from the syndication agreement; however it currently participates in 3 larger business loans issued in other communities for a total disbursement of $425,000.

Community Futures Revelstoke Loans Analyst, Kevin Dorrius has been participating in two recently formed Provincial Committees:
· Business Analysts Business Mentorship Committee linking experienced and new loans analysts from around BC through mentorship.
· Investment Fund Task Force which looking at issues relating to excess loan capital being held by Community Futures

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Revelstoke Heritage Railway Society
Darryl Willoughby and Kevin Dorrius continue to work with the Society to develop a sustainability plan and expand the Railway Museum facilities.

Business Productivity Workshop
In October 2011, 14 participants attended an afternoon session facilitated by Paul Wiest of CF Central Kootenay to help local businesses become more profitable through increased productivity. 

Invest Kootenay
Invest Kootenay is a regional initiative that started in early 2005 with a focus on pursuing local and regional economic development activities aimed at attracting out of area investment.  Staff continues to participate in moving this initiative forward. For more information visit  www.investkootenay.com.

Affordable Housing
Staff time was contributed to assist with administration of the Revelstoke Community Housing Society.

Revelstoke Volunteers
A new awareness campaign was initiated to recognize citizens who have made outstanding volunteer contributions to our community.  Logo and poster design created by committee member, Rob  Buchanan.

Integrated Community Sustainability Plan
Kevin Dorrius will represent Community Futures on a newly formed committee that through a process of community consultation will identify community goals, priorities, actions, resources and measurable criteria; and propose reasonable timelines for completion of action plans that will advance community sustainability.  The plan will focus on community development issues including economic, social and environmental components.

Revelstoke Community Foundation 
The Foundation is our legacy project . On-going administrative support and office space are provided for foundation activities.  Darryl Willoughby is community futures’ representative as a director for the Society and was elected as board chair in June 2011. 

CFDC Scholarship Funds
The scholarship endowment fund was established in 2001 for a student planning to enter into small business following completion of post secondary education.  There was no applicant for the 2011 award. 

In early 2010 a new scholarship fund was created to recognize exemplary volunteer contributions by a student at Revelstoke Secondary School. The 2011 recipient of this award was Alei Mohr.

Community Social Development Committee
The City of Revelstoke appointed community representatives to provide information and recommendations on social challenges and priorities.  Jane McNab represented Community Futures on the committee.

2011 Columbia River Treaty Workshop
Local logistics assistance was provided to the Columbia Basin Trust for delivery of a community Information session on Nov 7-2011.

Revelstoke Visual Arts Society
Bookkeeping services are donated to the Society. 

Museums & Gallery Collective
Staff support assists the collective with their marketing initiatives.   

Economic Development Initiative Project
The Columbia Basin Trust provided $200,000 to regional CF’s as a pilot project for community, regional or sub-regional economic development projects.  Darryl Willoughby and Mike Cummings volunteered to sit on the project selection committee. 

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