ANNUAL REPORT

14
5

TABLE OF
CONTENTS
Letters
Key Message Statement
Year In Review

FROM OUR RETIRING CEO
2-3
4
5-7

Community Partners

8

Loan Profiles

9

A Special Thanks

10

Board of Directors

11

Staff Profiles

12 - 14

Financials

15 - 16

To the JIFFI family,

Eleven months ago on the Friday after our last class as juniors, I remember grabbing a meal with Andrew
Weiler, Cristin Pacifico, and Alec Fogarty (who was calling in from Spain where he studied abroad) at a local
restaurant. Our meeting had one task: to determine the vision of JIFFI for the coming year. After much deliberation
and the realization that Peter really was going to be leaving us, we decided on three main goals: size up our impact,
solidify our processes, and serve the community.

Over the past year, these three pillars have complemented our mission statement and guided our
organization. We raised over $7,500 through our recent crowdfunding campaign and distributed seventeen loans
to clients. We analyzed our loan process and created a firm structure to be built on over the coming years. And we
established partnerships with nonprofit leaders and tested new ways to reach out to the community.

As with any start-up, our decisions were not always perfect, but we have learned much from our mistakes.
First, our trial run of summer operations taught us that client communication is of the utmost importance and
must be prioritized. Second, a re-evaluation of our loan process mid-year showed us that we need staff members
available to always pick up a client call. Lastly, our increase in the number of divisions forced us to emphasize
collaboration and unity throughout the entirety of JIFFI. While we can never guarantee flawless operations, be
assured that JIFFI will never make the same mistake twice, especially given our new leadership team.

I could not be happier to announce that Jack will be leading JIFFI this coming year. Jack has been a part of
JIFFI since he first arrived on Notre Dame’s campus, even attending a JIFFI meeting before his first class. Always
open to feedback and striving to take a holistic approach to innovation, Jack has extensive experience with financial
empowerment curriculum and has attended several conferences on microfinance. It has been a pleasure working
with him the past two years, in addition to Amanda, Helen, Victoria, and Sam, four individuals leading along with
him who have each contributed an enormous amount of time and effort to our organization.

I firmly believe that they will continue to advance JIFFI’s mission and make a positive impact on the South
Bend community.

Finally, I simply would like to extend my appreciation for each of you.

Thank you to Alec, Cristin, and Andrew for your assistance in decision-making and goal-setting. JIFFI would
have immediately fallen apart if I didn’t have you three by my side.

Thank you to the amazing JIFFI team for your unwavering dedication to do what is right for the community.
It is clear that your values are in the right place.

Thank you to Vanessa Carter, Executive Director of Lend for America, for seeing and treating us as a real
organization and not a student club. Your continual check-ups always forced us to take a step back and look at the
big picture.

Thank you to each of our Directors for your unique expertise and advising. Your diverse opinions and
backgrounds have been a priceless benefit.

To all donors, partners, advisors, and other stakeholders, thank you for the opportunity to take
everything that I learned in the classroom and apply it to the community. Thank you for giving a group of several
undergraduate students a chance to make a difference in the community. Thank you for allowing JIFFI to be what it
is today.
With sincere gratitude and high hopes for JIFFI’s future,

Jake, CEO 2014-2015

2

FROM OUR INCOMING CEO
Dear Friends of JIFFI,

I would like to begin this letter by saying that I could not possibly be more excited for the upcoming Fiscal
Year. It is unbelievable to look back at where JIFFI started as an organization and see how far we have come. As the
CEO, I hope to continue that trend. I am looking forward to seeing us grow: not in the number of people within our
organization, but the number that we are able to impact in the community. The nature of our organization as a
student-run non-profit with zero paid staff makes us extremely unique, and I hope for us to keep this identity while
furthering our mission.

For next year specifically, we have a three-pronged plan to increase our impact within the South Bend
community: Increase Our Volume of Clients, Test and Continuously Improve our Processes, and Further Establish
our Brand.

To assist us in these goals, I have created a new officer, the Chief Marketing Officer. The role of this
officer is to be in charge of all external relations for JIFFI. This includes oversight of our Development, Community
Relations, and Marketing Divisions. This position will be integral in allowing us to increase the volume of clients that
are going through our client process at JIFFI as well as further establishing our brand.

In addition to this new position within JIFFI, we hope to accomplish our three goals for Fiscal Year 2015
through an expansion of our community outreach. In order to Increase Our Volume of Clients, we will utilize
the relationships that we have with our current community partners as well as building new relationships with
organizations where people who could benefit from our products already go. This increase in client volume
will allow us to test the processes that we currently have in place for our client process as well as our Financial
Empowerment Program. We will see how well our processes work with a much higher volume of clients and see
if we need to make any changes in order to improve our products. Finally, we hope to further establish our brand
through the expansion of our partners in the community as well as offering our clients the highest quality of
service possible. If we are able to accomplish these three things, I cannot wait to see where we will be at this time
next year.
Sincerely,

Jack Markwalter

KEY MESSAGE STATEMENT
Who we are:
The Jubilee Initiative for Financial Inclusion (JIFFI) is a nonprofit community financial services provider
founded by University of Notre Dame and Saint Mary's students. We aim to replace predatory
payday lending that perpetuates poverty in South Bend. We offer cash advances supplemented by
helpful personal financial planning tools to help our clients get ahead instead of falling behind.
Our mission:
To enable our clients to unlock their full potential through affordable credit solutions, financial
empowerment programs, and supportive relationships.
Our vision:
To shape a better financial environment for our community and uphold the financial dignity of every
individual by providing access to fair credit and opportunities to build financial assets.
What we offer:
Affordable Credit Solutions

We provide emergency loans that alleviate financial hardship for clients facing difficult

circumstances. By lengthening loan terms and offering an APR of 21%, we present an

accommodating alternative to exploitative payday loans.

Achieving Financial Dignity

Our goal at JIFFI is to help each client realize his or her own financial dignity. We provide

access to fair credit opportunities to build financial assets so that our clients can focus on

their dreams and aspirations instead of worrying about making it to the next paycheck.

Through our financial empowerment programs, we help our clients build the financial

awareness they need to turn those dreams into reality.
Building Relationships That Last

We strive to form significant relationships with each one of our clients, growing in our shared

sense of community and developing our understanding of human solidarity in the process.

Each client brings a unique story that enables us to tailor potential loans to fit their specific

needs with the hope that our assistance will propel them to brighter and more stable futures.

3

4

YEAR IN REVIEW
JULY: ATTAIN A 501(C)3 STATUS
By receiving a 501(c)(3) status, JIFFI was able to raise more money and develop a
better loan process. We can now accept tax-deductible donations and have become
eligible for numerous grants and competitions. In terms of our loan process, the
non-profit status allowed us to receive free software from both Google for NonProfits and the Salesforce Foundation. Because of this, we are able to keep all of
our data on servers separate from the University of Notre Dame, providing for more
privacy and security.

NOVEMBER: LEND FOR AMERICA CONFERENCE
In November 2014, JIFFI sent a team of six members to the Lend for America
Summit in Berkeley, California. There, our team attended informational sessions
and workshops and presented about JIFFI’s mission to other members at the
Summit. JIFFI is truly thankful to be a part of such an amazing organization that
is vital to the success of so many micro finance institutions, including our own.

AUGUST: JIFFI PITCH COMPETITION
At the Irish Impact: Social Entrepreneurship at Notre Dame conference in
September 2014, JIFFI won the “Coffeehouse favorite” $2000 award! JIFFI extends
a huge thanks to the Zielsdorf family for making this possible. The Irish Impact
Conference is an event dedicated to social entrepreneurship, a movement that
continues to spark dialogue across the globe. The conference brings together
students, faculty, and social entrepreneurs from around the world in a wide variety
of industries. JIFFI was selected as a last-minute presenter in the Zielsdorf Pitch
Competition, which features six presentations in front of a panel
of judges with business (and start-up) experience.

5

JANUARY: IMPLEMENTED SALSEFORCE
This January, JIFFI’s Operations division switched our client processes to
Salesforce, one of the top cloud-based customer relationship management
providers in the world. So far, Salesforce has helped to streamline our client
process and collect important statistics on our client base. We look forward to
exploring more ways to utlize Salesforce in our operations in the coming year!

6

FEBRUARY: NEW JIFFI.ORG LAUNCH
In February, the Marketing team launched the latest and greatest version of our

COMMUNITY PARTNERS

webiste (www.jiffi.org). The site contains more timely JIFFI information and a sleeker
design that we hope enhances the experience of our clients and supporters!

MARCH: INDIEGOGO FINISH
JIFFI’s Development department launched our second ever crowdfunding
campaign through Indiegogo in January. After almost two months of fundraising,
JIFFI raised $7,670 through the generosity of our donors, exceeding our goal by
$170! The money raised will be used to help JIFFI get an Indiana lender’s license,
which will allow JIFFI to make more than 25 loans per calendar year. The success of
this campaign was a huge step forward to making this happen!

South Bend Heritage is a nonprofit organization that was established in July 1974 to help reverse the
physical and social decline taking place in South Bend’s urban neighborhoods. It is committed to the
stabilization and empowerment of the South Bend community, and its projects include rehabilitating
homes for resale, house moves and operating a loan fund that helped over 35 owners restore their
homes. Since its establishment, South Bend Heritage has cultivated and maintained $60 million in
direct residential and commercial development, and 311 residential rental units in four main sites
and several scattered sites.

St. Joseph County Bridges Out of Poverty
The St. Joseph County Bridges Out of Poverty Initiative takes a breakthrough framework to break
the cycle of poverty and create community sustainability. SJC Bridges and its partner organizations
have graduated more than 300 people from a 15-week workshop called GETTING AHEAD in a Just
Gettin’ By World. SJC Bridges also trains employers, schools, colleges, agencies, churches, schools
and individuals, and provides avenues to get involved. The success of SJC to educate, collaborate and
advocate is creating a group of citizens - working across sectors, political parties, and economic class
committed to the long-term sustainability and well-being of our community.

South Bend Center for the Homeless
The South Bend Center for the Homeless has provided more than 700,000 safe nights and over 1.5
million meals to more than 50,000 men, women and children. Its main focus, however, is not just
life-saving, but providing members with life-changing services by llinking them with the programs,
agencies and people who can break the cycle of homelessness. Its innovative service model offers
homeless families and individuals an on-site, structured, step-by-step process to achieve and
maintain self-sufficiency. Its mission is threefold: (1) break the cycle of homelessness, (2) bring
together disparate groups so that each can discover the worth, dignity and potential of the other,
and (3) pioneer a service model worthy of replication.

7

8

YEAR IN REVIEW

A SPECIAL
THANKS TO:
THANK
YOU

Age: 35
Purpose of loan: To help her pay for
fumigation of bed bugs and to pay for a
new muffler
Number of children: 3
Approx monthly income: $2,156-$2,756
Loan amount: $130

Age: 45
Purpose of loan: To help her finance buying a
car
Number of children: 1
Approx monthly income: $1,404
Loan amount: $500

Age: 23
Purpose of loan: To help her finance
furniture purchases
Number of children: 1
Approx monthly income: $938
Loan amount: $100

Age: 35
Purpose of loan: To help with her rent payments
Number of children: 3
Approx monthly income: $2,396-$2,888
Loan amount: $500

9

John Markwalter
Connie Mick
Mari Jones
Robert David
Jack Leahey
Brenda Chapa
Alberto Elizondo
Jacob Stanton
Liz Picone
Edward Mazelis
Diane Natale
Keun Woong Park
Tia Newell
Anne Marie Kaes
Maureen Conklin
Anna Gallo-Dohner
Joe and Sandra Corish
Tracy Smikle
Michael and Stephanie
Bode
Kristina Flathers
Jennifer Wiley
Maggie Thomann
Beth Serrill
Leo and Beth Fernandez
Gripple Inc.
Frank Li
Will Bottema
Chris Ruflin
Tyler Johnson
Teresa Elston
Miriam Provost

Vincent Vangaever
Jim Hull
John Hull
Joe and Mary Geraghty
Justin McCurdy
Scott Newman
Mr. and Mrs. Brian Hogan
William Fallon
Patty Donahue
Liz Picone
Catherine Fontana
Alisha Anderson
Ayun Brown
Alex Caton
Raymond Vander Heyden
Lydia Baek
Eric Huang
Hyung Woo
Peter Buttigieg
Stephen Reifenberg
Mathew Frazee
CJ Condon
Viviane Roura
Corey Lugauer
Samantha Masokas
Jennifer Waddell
Brian Moran
Jason Hoard
Pete Pietraszewski
Thomas Karam
Tim Sherman
Hanna Yang

Bryan Ricketts
Eric Palutsis
Adam Pasquinelly
Matt Bayer
Elliott Runburg
Diane Natale
Erin Callaghan
Dan Courtney
Marie Cole
Mr. and Mrs. Bebar
David Hurley
Joseph Catalano
Catherine Bolten
Peter White
Justin McCurdy
Isaiah Lee
Peter Woo
Sherrie Seitz
John & Barb Stana
Keira Heneghan
Judy Scharf
Kristina Downey
Amber Werner
Nicholas Paidosh
Walter Campbell
Sandy Pill
John and Mathilde
Sateri
Juanita Markwalter
Henry Gordon
William Hodges

10

BOARD OF DIRECTORS 2014-15

Melissa Paulsen, Chairman
Assistant Director at the
Gigot Center for
Entrepreneurship in the
Mendoza College of Business

Jake Bebar
Senior
Studying Management
Consulting at Notre Dame

Cristin Pacifico, Secretary
Senior
Studying Finance and Peace Studies
at Notre Dame

Peter Lombardo
Director for Community
Involvement at South Bend
Center for the Homeless

Andrew Weiler
Senior
Studying Economics, Philosophy, and Political Science at
Notre Dame

11

Jacob Stanton, Treasurer
Alumni
Studied Finance and Economics at
Notre Dame

Connie Mick, Ph. D
Director of Community Based
Learning, Co-director of the
Poverty Studies
Interdisciplinary Minor

Amber Werner
AmeriCorps service member,
Co-instructor at Bridges Out
of Poverty

STAFF 2014-15
2014-15
STAFF

Marc Ackerman, 2015
Senior Associate of
Operations
Major: Economics and
Finance

Jandra Aranguren, 2015
Associate of Marketing
Major: Computer Science &
Industrial Design

Jake Bebar, 2015
Chief Executive Officer
Major: Management
Consulting

Aaron Bode, 2017
VP of Human Asset
Management
Major: Economics and Applied Math

Ashley Calvani, 2017
Associate of Marketing
Major: Marketing and Economics

Emily Campbell, 2017
VP of Community Relations
Major: Business and English

Alex Caton, 2015
VP of Legal
Major: Political Science

Amanda Conklin, 2017
VP of Credit
Major: International
Economics

Gary Dai, 2017
Associate of Risk
Management
Major: Finance and ACMS

Emily David, 2017
Associate of Development
Major: Economics, Poverty
Studies, and Italian

Viviana Dewey, 2016
Associate of Credit
Major: PLS and Economics

Samantha DiMaggio, 2016
VP of Risk Management
Major: Finance

Aidan Dore 2017
Senior Associate of Risk
Management
Major: Finance and Arabic

Vicotria Etherton, 2017
Vp of Development
Major: Finance and
Applied Computers

Kristina Flathers, 2015
Senior Associate of
Accounting
Major: Accounting

Greg Florio, 2015
Senior Associate of
Accoutning
Major: Finance

William Schmuhl
Financial and Managerial
Accounting Professor at the
University of Notre Dame

Peter Woo
Alumni
Studied Finance and
Philosophy at Notre Dame

12

STAFF 2014-15

Alec Fogarty, 2015
Chief Inevestment Officer
Major: Finance,
Economics, and Spanish

Agustin Garcia, 2016
Internal Consultant
Major: Finance and
Economics

Nikhil Garg, 2018
Associate of Operations
Major: Finance and
Computer Appications

Jake Grabowski, 2017
Associate of Financial
Empowerment
Major: Finance and Romance
Languages

Cristina Gutierrez, 2016
Senior Associate of
Marketing
Major: Finance and
Psychology

Juan Gutierrez, 2016
Senior Associate of
Development
Major: Finance and French

John Haley, 2018
Associate of Marketing
Major: Finance and Film,
Television, and Theater

John Hayes, 2016
Senior Associate of
Marketing
Major: Finance,
Economics, and Italian

Patrick Hawley, 2017
Associate of Accounting
Major: Finance

Mchael Hayes, 2016
Associate of Accounting
Major: Accountancy

Megan Howell, 2017
Senior Assoiciate of Human
Asset Management
Major: Economics and Mathematics

Chris Hull, 2018
Associate of Credit
Major: Finance or
Accountancy

Eric Mazelis, 2015
Associate of Lega
Major: Finance and Political
Science

13

STAFF 2014-15

Jack Markwalter, 2017
VP of Financial
Empowerment
Major: Finance and
Political Science

Madeline McCormick, 2017
Associate of Credit
Major: Finance or
Accountancy

Phoebe Natale, 2018
Associate of Credit
Major: Finance or
Accountancy

Jenny Ng. 2017
Senior Associate of Financial
Empowerment
Major: Finance and
Portuguese

Edwin Onattu, 2016
Senior Associate of
Operations
Major: Computer Science

Cristin Pacifico, 2015
Chief Financial Officer
Major: Finance and Peace
Studies

Devon Roura, 2017
Associate of Development
Major: Finance and
Economics

Thomas Seitz, 2017
Associate of Develppment
Major: Finance and
Economics

Helen Sheng, 2017
VP of Marketing
Major: IT Management

Changhwa Sul, 2017
Associate of Risk
Management
Major: Finance

Margaret Thomann, 2018
Associate of Human Asset
Management
Major: Computer Science

Anvi Ton, 2017
Senior Associate of Financial
Empowerment
Major: Finance and
Sociology

Vince Vangaever, 2017
Associate of Financial Empowerment
Major: Finance and Political
Science

Victoria Velasquez, 2017
Associate of Community
Relations
Major: Management Consulting
and Political Science

Grace Watkins, 2017
Associate of Legal
Major: Economics

Andrew Weiler, 2015
Chief Operating Officer
Major: Economics

14

Financials
JULY:
Jubilee Initiative for Financial Inclusion
Statement of Financial Position
From July 2012 Through April 2015



2012
2013
2014

Jubilee Initiative for Financial Inclusion
Statement of Activities
From July 2012 Through April 2015



2012
2013
2014

ASSETS
Cash
$1,496
$8,759
$8,627
Loans Recievable
195
71
2253
(Loan Loss Reserve)
0
0
0
Net Loans Receivable
195
71
2253
Other Assets
0
0
0
Total Assets
1691 8830 10879

LIABILITIES
Short-Term Debt
0
0
0
Long-term Debt
0
0
0
Total Liabilities
0 0 0

Revenues
Unrestricted Donations
Interest on Loans
Loan Fees
Total Revenues

Total Liabilities & Net Assets

$1,691

$8,830

$10,879

$1,731
$9,200
$8,293
0
0
0
0
0
0
1731 9200 8293

Expenses
Administrative Expenses
40
2,146
7,524
Other
0
0
0
Total Admin Expense
40
2,146
7,524

Change in Net Assets
1,691
7,054
769
Beginning Net Assets
0
8,830
10,879
Net Assets, Ending
$1,691 $15,885 $11,649

AUGUST:

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