CHEFA INSIGHTS for January 2025

CHEFA Celebrates 60 Years of Service in 2025

Dear CHEFA Community,

As we enter 2025, a milestone year for CHEFA, I am thrilled to share our vision for the year ahead. 2025 marks our 60th anniversary-a momentous occasion to honor our legacy, celebrate our impact, and build on our mission to enhance the welfare and prosperity of Connecticut’s citizens through leadership in public finance.

Throughout the coming year, we will commemorate this milestone with special content that highlights six decades of service to educational institutions, healthcare providers, childcare providers, and other not-for-profit entities. From stories of impact to reflections from stakeholders, these celebrations will showcase the transformative work we’ve accomplished together.

Reflecting on 2024: Milestones and Achievements

As we look forward to this significant anniversary, we also take a moment to reflect on 2024 and the meaningful progress we’ve made:

• Bond Issuance Success: Our work in public finance continued with the issuance of over $832 million of bonds to eight institutions, including critical funding for Goodwin University, a first-time borrower for projects at both its East Hartford Campus and the University of Bridgeport campus. These efforts underscore our role as a trusted partner in supporting infrastructure investments and the nonprofit sector.
  
• Grantmaking Impact: In 2024, CHEFA awarded a total of $2.33 million in grants, supporting thirty-five organizations across our core priority areas of healthcare, education, childcare, and culture. Notable projects included a grant to the YMCA of Northern Middlesex County to expand access to mental healthcare support. The YMCA, in collaboration with Gilead Community Services through the Mental Health Service Navigator program, will increase its service to include evening availability to a broader range of members, including youth, families and seniors.
  
• Expansion of Capital Investments Loan Program well received: In May, CHEFA’s low cost (2.99%) Capital Investments Loan program funding limits were expanded to $200,000 for non-CHEFA Clients and $500,000 for institutions with bonds outstanding. A total of $1.4 million in loans was provided to four institutions to finance medical equipment, a new roof, transportation vehicles, and an energy efficiency project.
  
• Engaging Events: CHEFA hosted several successful events in 2024, including the annual CHEFA Nonprofit Forum where experts from the philanthropic and nonprofit sectors came together to discuss this year’s theme “Career Readiness: How Current Workforce Trends Affect Mission-Driven Nonprofits”. The event aimed to explore the challenges and opportunities in preparing individuals for the evolving job market. The forum provided attendees with an opportunity to connect and exchange ideas. The keynote presentation was given by Dr. Chauncy Lennon, Vice President for Learning and Work at the Lumina Foundation. Dr. Lennon’s expertise in workforce development, honed through his roles at Lumina Foundation and JPMorgan Chase & Co., provided those in attendance with valuable insights on equitable access to education and job opportunities. The event offered opportunities for collaboration, knowledge-sharing, and impactful discussions around key issues facing our communities. CHEFA also held its first Road Show event on November 14 at Quinnipiac University with approximately 75 attendees to learn about CHEFA’s financing products and grant programs to help achieve their mission more effectively.

These accomplishments not only reflect the dedication of CHEFA’s staff and Board but also the strength of our partnerships with organizations across Connecticut.

Exciting Plans for 2025

Our 60th anniversary is more than a celebration—it’s an opportunity to deepen our engagement and broaden our impact. Here’s a glimpse of what you can expect:

1. Special Content Throughout the Year: To honor CHEFA’s rich history, we will publish a series of articles, and multimedia features highlighting the evolution of our programs and the many organizations we’ve supported over the years.
   
2. Enhanced Client Conference Programming: At our annual client conference in May, we’ll feature special programming to reflect on CHEFA’s 60 years of service and explore how our work continues to address emerging challenges in healthcare, education, childcare, and culture. We look forward to welcoming thought leaders and partners to this inspiring event.
   
3. Launch of a Commemorative Podcast: To provide unique insights into CHEFA’s journey, we will debut a special podcast series. This platform will share stories from our past, celebrate current successes, and explore the future of public finance and philanthropy in Connecticut.
   
4. Continued Commitment to Grantmaking Excellence: Building on the successes of 2024, we will launch new initiatives to enhance our grantmaking programs, including exploring innovative approaches like Enterprise Capital to strengthen the capacity of organizations across Connecticut.

Looking Forward with Purpose

As we celebrate our 60th anniversary, we remain steadfast in our mission: to provide financial assistance to the organizations that form the backbone of Connecticut’s communities and to expand educational opportunities for students through our subsidiary, the Connecticut Higher Education Supplemental Loan Authority (CHESLA).

This milestone is not just a reflection of our past; it is a call to action for our future. Together, we will continue to support nonprofits throughout the state as they provide health care services, foster educational innovation, support cultural enrichment, and strengthen the fabric of our state.

Thank you for being part of our journey. We are excited to celebrate this anniversary year with you and look forward to a bright and impactful future.

Warm regards,

Jeanette W. Weldon