annual report 2011 - fatcowjumaventures.fatcow.com/workspace/assets/uploads/juma...harvard business...

AnnuAl RepoRt 2011

2JUMA VENTURES ANNUAL REPORT 2011

JUMA VENTURES ANNUAL REPORTyEAR ENdEd 12.31.11

Table of ConTenTsANNUAL REPORT: Introduction .............................................................................................

Letter from the CEO .................................................................................

Program Overview ....................................................................................

Statement of Activities .............................................................................

Balance Sheet ..........................................................................................

Supporters ...............................................................................................

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JUMA VENTURES BREAKS THE CyCLE OF POVERTy By ENSURING THAT yOUNG PEOPLE COMPLETE A FOUR-yEAR COLLEGE dEGREE.

Juma is a nationally-recognized youth development program serving 1,100 low-income students each year in four cities: new York, oakland, san Diego, and san francisco.

“In this economy, there are not many low-risk, high-return investment options out there. education is an exception.”RobeRT KapITo, pResIDenT of blaCKRoCK


LETTER FROM THE CHIEF EXECUTIVE OFFICER“During the next three years, Juma will continue to deepen its impact in new York, oakland, san Diego and san francisco—and expand our services into new markets.”

It’s not easy to graduate high school in this economy. The class of 2012 faces two crises, each mutually reinforcing:

1. Youth employment is at an all-time low. a new report by the Center for labor Market studies shows that annual teen employment rates have dropped from nearly 46% in 2000 to 27%, the lowest rate recorded in the nation’s postwar history. even as overall employment began to recover in 2010, teen employment continued to fall.

2. Debt from student loans is at an all-time high. student loans recently surpassed consumer credit as the single greatest source of debt for american families. The average cost of tuition rose 8% in 2011. student loans now total more than $1 trillion nationally.

The evidence says that, now more than ever, a college degree predicts future earnings. nearly half of all U.s. adults have a high school degree or less. for those workers, when the labor market hit bottom two years ago, it never recovered, turning every job search into a zero sum game: In order for you to get a job, someone else had to lose his.

Juma’s model is to provide a uniquely comprehensive and complementary set of services that helps students get into and succeed in college. for our students, Juma is a first job, a first bank account, an after-school

tutor, and a career coach. The results have been impressive. for the fourth year in a row, more than 87% of our high school graduates have gone on to college. nearly three-quarters of those graduates are on track to complete a four-year college degree.

This annual Report is the story of Juma’s continued innovation. In 2011, Juma partnered with blackRock to launch Collegeset, a ground-breaking national initiative that will measurably improve the college graduation rate for low-income students.

Juma also partnered with the surdna foundation to develop a strategy for replicating our social enterprise model throughout the country. During the next three years, Juma will continue to deepen its impact in new York, oakland, san Diego and san francisco—and expand our services into new markets, beginning with new orleans in 2012.

We look forward to celebrating our successes with you along the way.

sincerely,

Marc spencer Chief executive officer


AN INNOVATIVE ANd AWARd-WINNING PROGRAM“a handful of success stories are told again and again—cases like Juma Ventures, the bay area organization that gives employment opportunities to local youth.”haRVaRD bUsIness ReVIeW: “shoUlD nonpRofITs seeK pRofITs”

In 1993, Juma Ventures became the first nonprofit organization to own and operate a commercial franchise—a single ben & Jerry’s Ice Cream shop that provided a handful of jobs to homeless youth in san francisco. since then, Juma has grown from a job-training and placement program serving 25 students to a nationally-recognized youth development organization operating seven social enterprises at major sports venues throughout the country. Juma has employed more than 3,000 students who have generated $17 million in enterprise revenue, earned $3 million in wages, and saved more than $2 million for higher education. over the past four years, 99% of Juma’s students have graduated from high school and more than 87% have successfully transitioned to post-secondary education, far outperforming their peers.

In 1999, Juma pioneered the concept of the Individual Development account for young people, becoming the first youth program to offer match savings accounts to teens. We have received numerous awards for our work including the national Youth employment Coalition’s pepnet award and a Community achievement award as the national organization of the year.

• Ofour2011highschoolseniors,100%graduatedfromhighschooland90%enrolledinpost- secondary education, defying the trends in their struggling districts. Juma continues to serve youth through college completion, providing on-going case management, financial aid, and paid internships.

• Atotalof303youngpeopleinSanFrancisco,OaklandandSanDiegowereemployedatJuma’ssocial enterprises, working more than 6,550 shifts at 300 events. Juma youth earned $313,500 in wages last year, with net revenue of $1.68 million.

• JumacontinuestooperatetheleadingyouthIndividualDevelopmentAccount(IDA)programinthe United states. In 2011, Juma received a $2 million investment from blackRock to launch Collegeset, a ground-breaking national initiative that will open an additional 1,000 savings accounts for low-income students in new York and the san francisco bay area. for more information, visit www.Collegeset.org.


SINCE 1993, JUMA yOUTH HAVE EARNEd $3 MILLION IN WAGES ANd SAVEd MORE THAN $2 MILLION FOR HIGHER EdUCATION.“We’re trying really hard to make it real. The harder you work, the more money you make.” san fRanCIsCo ChRonICle: “eXpeRIenCe? foR a YoUnG Job seeKeR, ThaT’ll WoRK” MaY 1, 2012JeRonIMo MaRTIn, enTeRpRIse DIReCToR, JUMa VenTURes


JUMA’S SOCIAL ENTERPRISES GENERATEd $1.68 MILLION IN REVENUE dURING 2011. post-secondary education is a proven path out of poverty. nationally, individuals without a high school diploma earn an average of $18,734, compared to $51,206 for those with a baccalaureate degree. according to the most recent Census data, a college degree is worth, on average, an additional $1 million in lifetime earnings.

Despite these figures, low-income youth are substantially less likely to enter or complete college than their more affluent peers. only 52% of poor high school graduates go on to college, compared to 85% in the top income quartile.

Closing this achievement gap is an essential strategy to creating a more just and equitable society, a challenge that has worsened in recent years. over a third of america’s college students, and over half our minority students, fail to earn a degree, even after six years.

Juma’s unique model combines employment in social enterprises, financial capability training, match savings, and academic support to ensure that young people get into and succeed in college. all Juma services are delivered through a comprehensive case management framework, supporting youth to develop skills for success in school and adulthood. for the past four years, more than 87% of our students have gone on to higher education, equipped with skills for success in college, the workplace, and adulthood.

Juma serves youth who live in communities with the highest rates of poverty and the lowest concentration of 18-24 year olds with a college degree. Juma recruitsyouthwhoarelow-income(i.e.,familyhousehold income within 200% of the federal poverty guideline)andfirst-in-familytogotocollege.Ofourcurrent participants, 97% are from communities of color.


COLLEGESET HELPS LOW-INCOME STUdENTS ENROLL IN, AFFORd, ANd GRAdUATE FROM COLLEGE.Co

In 2011, Juma launched Collegeset, a ground-breaking national initiative that measurably improves the financial future of low-income students by helping them to enroll in, afford, and successfully graduate from college. We open college savings accounts for students and provide a financial literacy education to ensure that they make the most of those accounts.

The program creates a multiplier effect that encourages students to save. participants receive adollar-for-dollarmatchoftheirownsavings(upto$500).Theyalsoreceivea$250depositintotheir savings account whenever they complete a key milestone on the path to a four-year college degree.

Research shows that students with a college savings account are seven times more likely to attend college than students without an account. In the first two years of the initiative, Collegeset will open savings accounts for more than one thousand students across the country—and put more than $1.5 million into those accounts for tuition and other educational expenses.

seed funding for Collegeset was provided by blackRock, the world’s largest asset management firm and a provider of global investment management, risk management and advisory services to investors around the world.


100% OF JUMA’S SENIORS GRAdUATEd FROM HIGH SCHOOL IN 2011. “When I found Juma, I knew I wanted to make some changes in my life, but I never thought I could make so many, so fast.” lonnIe sMITh, JUMa alUM

LEARN100% high school Graduation90% post-secondary enrollment73% enrolled in Universities83% College persistence

EARN303 students employed6,650 shifts Worked$313,509 Youth Wages$1.68 MM enterprise Revenue

SAVE488 IDas opened90% students saved Monthly$41,948 Total savings$376,565 scholarship

YOUTH DEMOGRAPHICS2% Pacific Islander3% White2% Middle Eastern/Arab13% Multi-ethnic/racial2% Other21% Latino/a20% Asian38% African American

SUPPORT AND REVENUE2.5% Special Events Income2% Miscellaneous Income1% Investment Income38% Employment Projects56.5% Grants and Contributions

EXPENSES4% Fundraising6% General and Administrative90% Program Services

44% Female

84% Low to Moderate Income

38% African American

21% Latina/o

20% Asian

2% Other13% Multi-ethnic/racial

2% Pacific Islander

3% White

2% Middle Eastern/Arab

ANNUAL REPORT CHARTS

56% Male


SUPPORT ANd REVENUEGrants and contributions $2,786,111employment projects, net $1,683,229Investment Income $8,530special events Income, net $73,979Miscellaneous Income $43,030______Total support and Revenue

$4,594,879

EXPENSESprogram services $3,898,366General and administrative $248,431fundraising $318,541______Total expenses

$4,465,338

STATEMENT OF ACTIVITIESfinal audited numbers for the period dated January 1 to December 31, 2011

Change in net assets $129,541net assets.beginning of the year $2,802,718_____net assetsend of year

$2,932,259


ASSETSCash and cash equivalents $2,364,128Receivables $395,242Investments $505,808property and equipment $91,086other assets $72,563_____Total assets

$3,428,825

LIABILITIESaccounts payable $296,362 accrued liabilities $200,206_____Total liabilities

$496,568

BALANCE SHEETfinal audited numbers on December 31, 2011

NET ASSETSUnrestricted $874,935Temporarily Restricted $2,057,324_____Total net assets

$2,932,259


ANyONE CAN dREAM. BUT IT’S THE FINANCIAL SUPPORT OF INdIVIdUALS ANd OUR PARTNERS THAT MAKE dREAMS REAL.$100,000+blackRock Citi foundation College access foundation of California etrade financial Gap foundation JpMorgan Chase foundation Kimball foundation levi strauss foundation san francisco Department of Children, Youth and their families May & stanley smith Charitable Trustsurdna foundation TK foundation U.s. Department of health & human services

$50,000+bank of america foundation federal home loan bank of san franciscoMulvaney foundation nYse euronext William Zimmerman foundation

$25,000+aT&T foundationJohn R. Cahill fund Ceres foundation Charles schwab bank Chevron Corporation Contra Costa County office of education Dreyer’s Grand Ice Cream Jonas family fund Mitchell Kapor foundation Thomas J. long foundationoracle foundation price Charities san francisco foundation Irene scully family foundation Y&h soda foundationWells fargo foundation

$10,000+

bothin foundation Corporation for enterpriseDevelopment(CFED)ara and Michelle Chackerian farrell family foundation friedman family

foundation David b. Gold foundation fred and emma Goltz Koret foundation Dean & Margaret lesher foundation san Diego Gas & electric lee and perry smith fund Vodafone americas foundation Tom and Cheryl Wyatt

$5,000+Anonymous(1)Center for economic progress Comerica bank David and lara Corey Dodge & Cox fundseaRn Morrison & foerster foundation Glenn Murphy amy schioldager T. Rowe price foundation Union bank of California United Way of the bay area Visa Thurman and eileen White

$1,000+all Covered all stars helping Kids Doug and leslie barry bay City Capital angel and Isabel Chavez Mei and herald Chen David Chen Melanie and Greg Christie Charlie and Karen Couric Del Monte first Republic bank skip folds scott and erika GarellGenentech noah Goldberg and linda frey bruce and Roberta Keller scott and Melissa Kepner hanmin liu edward McDermott and betsy Doepke Rajiv and Krutika patel peet’s Coffee & Tea progress Investment Management Company Kendra and erik Ragatz MacGregor and Mary Read ReDf Rsf social finance


Jonathan and paula sacks san Diego foundation silverman & light, Inc. Dina and scott smith Thomson Reuters Jason and Danielle Trimiew Trinet Total hR services Diane Wilsey Will and Kyra Wilson amelia Wolff arthur and Charlotte Zitrin

$500+

Gabrielle bravo sarah buckleyDavid and lillian Chun Karen Conwayeric filipek Jenny flores and anthony Valle Goldman sachs & Co.William Greathouse Robert and sarbrina

Green Marritje and Jamie Greene Kenneth and shirley hutchinson liz Jardine beth Johnson paul Kirincich and Kelly Kruse Kenton lewis Manpower John MoriartyMike and neda noorani leslie and Jon norris William paver anne and Robert pedrero pleasanton surgery Center llC paul Rees andy Rumer saatchi & saatchi s salesforce.com foundation anthony sauer Rebecca scherzer Jim schorr Jr.

Kim sokolnicki Tri-Valley bank Rory Weinstein sandra Zimmermann

$250+

Urmeet and Timothy arcuri David ardayfio Ken and Tammy bagchi Grant balfour Victoria barnes patte barry Jack bertges bruce billings Zachary blume Mark bodie Kyrus and Jasmine Caldwell francis Castaneda Cisco Citiscape property Management Clorox Company foundation

Carolyn and fred Corey penelope Douglas bill earley Marcus and alix fagersten Gary franzella Riccardo and Michelle Gale Richard Gale Juan Gallegos Garrett and Yoshi Gin Michael Greene laurence Griffin harry heeder Kara helander Jim hickman howard hills Robert holgate Justin hughes patrick Kearns and bonnie Klen Kenneth Kowalski Ronald and shoshana levy Kevin liu shep Maher


erik Moore adam oberweiser Joy pearlman Jessica pfeifer erica Ramos natalia Richards Johanna and brian Roberts Mark saltzgaber brian sauer susan solinsky and paul Duryea Keith Tafoya lisa Tarter and sean Carroll Viejas Casino Gregg and Marjorie Vignos amy Wender-hoch and John hoch Williams adley & Company Ca, llp David Wu

UP TO $249Debbie alcouloumre Jaren andersonKaren bachofer Kerry baird philip and Roberta ballard Mary banas hannah barr-DiChiara suzanne beltaire Todd and sara bennett Whitney benzian heather bernard Gail bernstein-Gold Chad bibler Dean blackman Trevor blair leona bridges linda brownandrew bryson Matthew and Jeanne bucci noah bussell lora byfiel pamela byrd

Cal Insurance & associates erica Campos Celina Caprio andrew Carey Veronica Chen stephen Chin Julia Clare Veronika Cole George Collier orville Coonce Colin Cooper Joshua Cronemeyer Jose Cruz Timothy Davis nicole Debery Kriss Deiglmeier Juliana Delucca Christy Dickie Dane Dobrinich Marissa and adam Dragoo Colby erickson Virginia erts Craig etlin and leslie Gordon Jay feldman bruce fisher Jennifer fong patricia fong Ken and akiko freeman naomi fukuda Tsendenia Gage David Garcia Dale Garell sharon Garell Chen Geng Michael Giddens Max Gilman Rauhu Gnanasekaran adrienne Go and Charles Johnson Gordon & Rees, llp noah Greer Kevin and Karen Growney Mario Guerrero eric hayes Carla hewitt Gary holsapple

hsu-Ting hsiang William and Jill hughes lucy hutchinsonelizabeth Ingram Mark Iverson and Wendy lowinger Justin Jahelka linda Jahnke Reg Javier Jeonju Munhwa broadcasting Corporation(MBC)sarah Jessee Ignacio Jimenez Karmen Johnson Terraine Jones soad Kader Gary Kaplan Diane and francis Kosak enn leszynski nick levinson Carlette lewis Kristen lewis Kristin lewis latoya lewis Carol lim Vandi linstrot Jennifer london Kurt loomis Jason lykissas Joshua Maloney billy Manning Mindy Maschmeyer laurie McClainJocelyn Mitchelmore Rizwan Mithani ben Moraga Dillon MorrisMarcy Morrison Jessica Mosier Gary Moss Don Mullen Ronald neal lynda nguyen Juliette noh Roxanne nurse Jennifer ohren susan orenstein Celisa orshal Carlyn peterson

liz pinckes lara pyle steve pyle asmat Qazi Joshua Rai Matt Raimi normandie Ramirez Dave and lori Rhodes Chris Richied Julian Riley Kaitlin Riley Jennifer Rompre anthony Rucker Richard Russell Kimberly and patrick sauer patrick sauer ana and ned sauthoff lynn sharpe-Underwood Cameron shaw Gail sheldon Maryanne shvodian Jason simmons akiba smith-francis steve sprinkel eva strnad nicholas subias luz Taleno amanda Thompson and nicole heederCarol Turner United Way California Capital Region Isabel Valdes Michelle Valencia anna Vallez sarah Vance nick Vidinsky Michele Vieux steve Vucinicil amy Wang and Michael liou sarah Wieland Karl and sarah Wiley Vincent Williams nina Woodard adnan Younis Gabriela Zink Jesse Zitrin


BOARd OF dIRECTORSJenny flores, ChairCommunity Relations Director, northern California Division, Citi

amy schioldager, Vice ChairManaging Director, Global head of Index equity, blackRock

David Corey, Treasurerpartner/Director, Credit suisse strategic partners

ara Chackerian, secretaryGeneral partner, asC Capital holdings

alexandra bernadottefounder & Ceo, beyond 12

angel Chavez, second Vice president, Wealth Management, Morgan stanley

scott GarellCeo, Goodsearch llC

Garrett GinDirector, Community Development, bank of america

Courtney hallManaging Director, hillcrest Venture parnters

Dan henklesenior Vice president, human Resources, Gap Inc.

anthony RodriguezJuma alumnus

Jason TrimiewManaging Director, ReDf

Isabel Valdesprincipal, Isabel Valdes Consulting

Thurman WhiteCeo, progress Investment Management Company

Daryle WhyteVice president, salesforce

IN-KINd SUPPORTedelmanPublic Relations

harvard business school Community partnersMarketing Strategy

John Mcneil studioBranding and Communications

Morrison & foersterLegal Counsel

SAN FRANCISCO131 steuart street, suite 201san francisco, Ca 94105415.371.0727(phone)415.371.1634(fax)

www.Juma.orgwww.Collegeset.org

NEW yORK155 Water st. 4th fl. 6bbrooklyn, nY 11201347.983.0879(phone)

OAKLANd360 22nd street, suite 520oakland, Ca 94612510.893.1986(phone)510.893.1986(fax)

SAN dIEGO625 broadway, suite 910san Diego, Ca 92101619.450.2521(phone)619.342.7519(fax)

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MANAGEMENT TEAMDr. Marc spencerChief Executive Officer

Jason Craparosan Diego site Director

adriane GambleManaging Director of programs

nick hutchinsonChief Development officer

Jared leidermanDirector of finance & administration

Jeronimo Martin enterprise Director

STAFFemily avilés sarah Chavez Traci Cho Charles Cole, III Melvin Cowan Imani farley Torrey fingal Kevin franco David Galvez David Garcia Vanessa Gonzaleslisa hunter sukie Jefferson Marshelle Johnson Mason Moore eddie ontiverosfira ostrovsky Krishna patel Rafael platas brittany Russell brian sauer sophie speer McKenzie stewart oleg strutsovski britt Taylor-Vernon andre Torrey Javonn Turner Irene Van beth WilliamsCharles Williamsalvin Yu Miranda Zhu


131 sTeUaRT sTReeTsUITe 201san fRanCIsCo, Ca 94105

T 415.371.0727f 415.371.1634WWW.JuMA.oRG

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