Peter Stein (left) and Lisa Cashdan (right) with Emilye Pelow Corbett, Senior Philanthropic Advisor at VCF, at the Center’s 560 Railroad Street building — a redevelopment project made possible by their co-investment in the Northern Forest Fund.
Why We Invest: Lisa Cashdan and Peter Stein, Vermont
From Grantmakers to Groundbreakers
When Northern Forest Center President Rob Riley asked long-time conservationists and philanthropists Lisa Cashdan and Peter Stein, “What if you could lend us $100,000 instead of giving a $5,000 grant?” — they didn’t hesitate.
They knew it would be transformational for the Center to have capital to deploy into projects without needing to fundraise every dollar first—especially when it came to creating middle-market housing in rural communities across the Northern Forest region. “Having low-cost capital would allow the Center to move at the pace of the market, rather than the pace of grant applications and awards,” said Peter.
That idea was part of something big. Not a shift away from grantmaking — but a bold move beyond it. Peter and Lisa use both grants and impact investments to advance the work they care about — and, with the Vermont Community Foundation (VCF), they’ve helped build a powerful new tool to do just that.
The Right Foundation, The Right Moment
VCF has long been a leader in place-based mission investing. In 2001, it became one of the first community foundations in the country to dedicate 5% of its principal to Vermont-focused investments—fueling local solutions in housing, forest and farm-based businesses, climate, and community development.
That early leadership paved the way. And it was Peter and Lisa’s urging—How can we do more? — that inspired VCF to go further. Thanks in part to Peter and Lisa’s prompting, VCF created a new mechanism: one that allows their fundholders to co-invest alongside the Foundation in high-impact, local projects and businesses, right from their Donor Advised Fund (DAF).
Peter and Lisa’s first DAF-allocated investment was a $100,000 loan to the Northern Forest Fund to help create 100 middle-market homes accessible to workers and families in rural communities across the region—an investment VCF had also made. “We trusted VCF’s good due diligence,” said Lisa. “And because we already had a long-standing relationship with the Center and its team, this was a natural next step.”
Act on A Bigger Vision, Fuel Need and Potential
Peter and Lisa still make grants. They always will. “Grants meet immediate needs,” said Lisa. “And investments help realize long-term potential.” VCF sees it the same way — and now offers fundholders the flexibility and tools to choose to do both.
Peter acknowledges that they also make private investments. “But the dollars in our DAF were already set aside for charitable purposes, and this was a way to put them to work in a different — and more impactful — way.”
By helping create this mechanism, Peter and Lisa have opened the door for others to step in with catalytic capital. And they’re not the only ones asking: more DAF holders want this option—and more community foundations can make it possible.
“VCF said yes,” said Lisa. “They helped us act on a bigger vision. Now we hope others will too.”
Read more about the Center’s housing work and the Vermont Community Fund’s impact investing in this Seven Days article.
