Climate United Fund, into which Biden EPA appears to have parked $6.97 billion, is a coalition of three 501(c)(3): Calvert Impact Capital, Community Preservation Corporation and Self-Help Credit Union.
The grant was originally announced by Kamala Harris youtube.com/watch?v=-NZqTJ…
Their EPA work plan here:
epa.gov/system/files/d…. Their work plan says that they have managed more than $30 billion in private and institutional capital.
I looked very quickly at the financial statements for each of the three participants.
Calvert Impact assets.ctfassets.net/4oaw9man1yeu/6… shows a 2023 balance sheet with $520 million in portfolio investments and $154 million in cash.
Calvert Impact streams money into a large number of smaller (mostly) non-profits, including for example Artspace boutique homes illustrated below.
Community Preservation Corporation 2023 balance sheet shows $847 million invested in mortgage loans; cash and restricted cash of $342 million, $370 million invested in hedge funds, $101 million in unconsolidated subsidiaries for overall assets of $1.8 billion.
Self-Help Corporation has loans of $3.42 billion, with total assets of $4.49 billion.
All three participants are substantial 501(c)(3) corporations, all three are in the lending business. But their total is nowhere near the $30 billion mentioned in their application. I wonder where the $30 billion comes from.
The business to date of the three participants has been loans. Someone is going to benefit from the infusion of $6.97 billion into these three companies. How will that work? Maybe Kamala Harris can explain.
One-quarter of the Climate United Fund will be spent on "electric transportation" - a topic on which the leader of DOGE is well informed.
They propose "Electric and/or plug-in
hybrid electric passenger vehicles replacing existing ICE cars" - 25,000 – 35,000 passenger vehicles electrified. They also propose "Electric medium duty vans
and trucks replacing existing
ICE fleets" - 500-750 vehicles.
What isn't explained is why three Democrat 501(c)(3)'s have any useful role to play in the acquisition of electric vehicles by ICE? Surely that's something that ICA can administer themselves.
Similarly they propose "Electric heavy-duty trucks replacing diesel trucks" and "Electric school buses replacing diesel buses". Whatever the merits of the scheme, how do the 501(c)(3)'s add value?
A reader points out that these 501(c)(3)s, like the USAID 501(c)(3)s and NGOs, pay handsome salaries to their executives, Limousine liberals, for sure.
here's a report from one of the Climate United Fund participants on their acquisition of the $6.97 billion grant
self-help.org/annual-report-… together with a link to Kamala Harris announcing the award. youtube.com/watch?v=-NZqTJ…
To be fair, it appears that Martin Eakes of Self-Help Credit Union pays himself and his staff frugally. Unlike many other government-supported 501(c)(3)s.
a reader points out that ICE in one of the above posts refers to Internal Combustion Engine, not ICE. So my snark about ICE needs to be withdrawn, but overall point questioning the insertion of Democrat 501(c)(3)'s as intermediaries remains valid.
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