Harvard Case - Mission Federal Credit Union
"Mission Federal Credit Union" Harvard business case study is written by Craig P. Dunn, Brian K. Burton. It deals with the challenges in the field of Social Enterprise. The case study is 7 page(s) long and it was first published on : Oct 1, 2010
At Fern Fort University, we recommend Mission Federal Credit Union (MFCU) adopt a hybrid organizational model that leverages its existing strengths in community engagement and financial services to launch a Social Impact Investment Fund (SIIF). This fund will invest in social enterprises and impact ventures aligned with MFCU's mission and values, creating a shared value creation model that benefits both the community and the credit union.
2. Background
Mission Federal Credit Union is a community-focused financial institution with a strong commitment to social responsibility. The case study highlights MFCU's desire to expand its impact beyond traditional lending and explore new avenues for social engagement. The main protagonists are the credit union's leadership team, who are grappling with the decision of how to best leverage MFCU's resources and expertise to address pressing social issues in the San Diego region.
3. Analysis of the Case Study
This case study presents a compelling opportunity for MFCU to explore social entrepreneurship and impact investing as a means of achieving its mission and fostering positive change in the community.
Strategic Framework: The Stakeholder Theory provides a valuable lens for analyzing MFCU's situation. By considering the needs and interests of its diverse stakeholders, including members, employees, community partners, and investors, MFCU can develop a strategy that aligns with its social mission and creates long-term value for all.
Key Considerations:
- Mission Alignment: MFCU's mission of 'improving the lives of its members and the community' aligns perfectly with the principles of social entrepreneurship and impact investing.
- Financial Sustainability: MFCU's strong financial performance provides a solid foundation for launching a SIIF. The fund can be structured to generate both social and financial returns, ensuring its long-term sustainability.
- Community Engagement: MFCU's existing relationships with community organizations and its deep understanding of local needs position it well to identify and support promising social enterprises.
- Competitive Advantage: By embracing social impact investing, MFCU can differentiate itself from traditional financial institutions and attract a new generation of members and investors who value social responsibility.
4. Recommendations
Launch a Social Impact Investment Fund (SIIF):
- Investment Focus: The SIIF should focus on investments in local social enterprises and impact ventures addressing key social challenges in the San Diego region, such as affordable housing, education, healthcare, and environmental sustainability.
- Investment Criteria: Investments should be evaluated based on both financial and social impact metrics, using a triple bottom line approach that considers economic, environmental, and social performance.
- Investment Structure: The SIIF can be structured as a separate entity or as a dedicated investment portfolio within MFCU.
- Governance: A dedicated investment committee should be established to oversee the SIIF, ensuring transparency and accountability.
- Marketing and Outreach: MFCU should actively market the SIIF to its members and the broader community, highlighting its commitment to social impact and the opportunity for investors to align their investments with their values.
Develop a Hybrid Organizational Model:
- Social Enterprise Partnerships: MFCU should explore strategic partnerships with existing social enterprises, leveraging their expertise and networks to expand the reach and impact of the SIIF.
- Social Innovation Labs: MFCU can establish social innovation labs or incubators to support the development of new social enterprises and impact ventures.
- Social Impact Measurement: MFCU should invest in robust social impact measurement tools to track and report on the social and environmental outcomes of its investments.
5. Basis of Recommendations
Core Competencies and Consistency with Mission: The SIIF aligns directly with MFCU's mission to improve the lives of its members and the community. It leverages MFCU's financial expertise and community engagement to create positive social change.
External Customers and Internal Clients: The SIIF caters to the growing demand for impact investing among MFCU members and the broader community. It also provides a new avenue for employees to engage in social responsibility initiatives.
Competitors: By embracing social entrepreneurship and impact investing, MFCU can differentiate itself from traditional financial institutions and attract a new generation of members and investors who value social responsibility.
Attractiveness: The SIIF has the potential to generate both financial and social returns, creating a blended value proposition for investors. The fund can be structured to generate a competitive return on investment while simultaneously addressing pressing social issues.
Assumptions:
- There is a growing demand for impact investing among MFCU members and the broader community.
- MFCU has the capacity to manage a SIIF effectively and to measure its social impact.
- The SIIF will be able to attract sufficient capital to make a meaningful impact.
6. Conclusion
By adopting a hybrid organizational model and launching a Social Impact Investment Fund, Mission Federal Credit Union can leverage its financial resources and community engagement to create a shared value creation model that benefits both the community and the credit union. This approach will allow MFCU to expand its social impact, attract new members and investors, and solidify its position as a leader in social entrepreneurship and impact investing.
7. Discussion
Alternatives:
- Philanthropic Foundation: MFCU could establish a separate philanthropic foundation to support social causes. However, this approach would require a significant financial commitment and might not be as impactful as a SIIF.
- Traditional Lending Programs: MFCU could expand its traditional lending programs to include loans to social enterprises. However, this approach might not be as effective in driving social change as a dedicated impact investment fund.
Risks and Assumptions:
- Investment Risk: There is inherent risk associated with any investment, including investments in social enterprises. MFCU should carefully assess the risks and develop a robust risk management framework.
- Social Impact Measurement: Measuring the social impact of investments can be challenging. MFCU should invest in robust social impact measurement tools and develop clear metrics for success.
- Governance: The SIIF should have a strong governance structure to ensure transparency, accountability, and alignment with MFCU's mission.
8. Next Steps
Timeline:
- Year 1: Conduct feasibility study, develop investment strategy, and establish governance structure for the SIIF.
- Year 2: Launch the SIIF, identify and invest in initial portfolio of social enterprises, and develop social impact measurement framework.
- Year 3: Expand the SIIF portfolio, build partnerships with social enterprises, and actively market the SIIF to members and the community.
Key Milestones:
- Secure board approval for the SIIF.
- Develop a detailed investment strategy and criteria.
- Establish a dedicated investment committee.
- Secure initial capital commitments for the SIIF.
- Identify and invest in a portfolio of high-impact social enterprises.
- Develop a comprehensive social impact measurement framework.
- Actively market the SIIF to members and the community.
By taking these steps, Mission Federal Credit Union can become a leader in social entrepreneurship and impact investing, creating a lasting legacy of positive social change in the San Diego region.
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Case Description
John Parsons, a senior vice president with Mission Federal Credit Union in San Diego, needed to decide whether to advocate for an initiative from a member of the credit union's board of directors to open a student-run branch in an inner-city region of San Diego. Such a branch would be ground-breaking-the first student-run credit union branch in the country open to the general community-and it would fit with Mission Federal's general philanthropic outlook, would be an example of social entrepreneurship and strategic philanthropy, and would have other advantages. But it would be located in an area far from current members, would take money away from other philanthropic efforts supported by long-term board members and give it to an effort proposed by a new and aggressive board member, in addition to other problems. Furthermore, the branch would become financially profitable only in the long run, if ever. Parsons needed to decide just how much he believed in this project.
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