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The biggest challenges of our time — climate change and the loss of cultural and biological diversity — know no political boundaries. Thus we work at home, in our own bioregion, in ways that can be replicated elsewhere. Ecotrust’s mission is to inspire fresh thinking that creates environmental, social and economic value.

In 2007 — our 17th year — Ecotrust did something new.

We engaged the Matale Line, a strategic communications firm based in Seattle, Washington, to talk

with board, staff, partners, donors and citizens of Salmon Nation. They held a mirror up to Ecotrust. Who

are we? What do we do best? How do we articulate the essence of this growing organization, engaged in

the tangled web of social, economic and environmental concerns?

“Innovate. That’s what you do best,” they said. “No organization combines think-tank and do-tank

the way you do. You helped invent the world's first environmental bank. You worked with the Haisla First

Nation to protect the magnificent 800,000-acre Kitlope River rain forest, supported the transition from an

industrial to a conservation economy in Clayoquot Sound, and helped create Ecotrust Canada in British

Columbia. You did the first LEED Gold green historic restoration in the U.S. with the Jean Vollum Natural

Capital Center, created a generous community brand called Salmon Nation, and launched the first forest

ecosystem investment fund with Ecotrust Forests LLC.”

What we do best, they said, is “create, capitalize and catalyze” opportunities for innovation in the

region we call home—but in ways that can be applied worldwide. In this mirror, this new way of talking

about Ecotrust’s work, we gained a fresh perspective on our long history of commitment to place,

brokering capital and expertise, building replicable models, and integrating data to create meaning. These

are the stories that we feature in this year’s Annual Report.

According to The Economist, the best definition of innovation is “fresh thinking that creates market

value.” Well, information technology-led innovation has certainly created enormous market value for

people engaged in the global knowledge economy.

But the real challenge of fresh thinking is to address the mutually reinforcing intersection of market,

social and environmental value. And that is precisely what Ecotrust does — with the extraordinary support

of our devoted board, staff, council, donors and partners.

Cameron Healy, Chairman

Spencer B. Beebe, President and Founder

CONTENTS

Letter of Introduction 1 • Stories from the Field 2 • Program Highlights 2007–08 10

Financial Statements 12 • Donors and Supporters 14 • Board and Council 16 • Staff 17

committed to place “Our ancestors,” Bobbie (Sisaawipam) Conner reminds us, “knew the landscape like they knew the lines on their mothers’ faces.” Accepting Ecotrust’s 2007 Award for Indigenous Leadership, Bobbie shared her stories of peoples connected to their homelands and of the commitment born of that rootedness. As director of the Tamástslikt Cultural Institute, she works for cultural preservation, protection and promotion among the Cayuse, Umatilla and Walla Walla peoples of the Columbia Plateau.

With this award, Bobbie joins 34 diverse and accomplished leaders in a network that stretches from Alaska to California. Since 2001, Ecotrust has invested millions in support of their community development, land repatriation and restoration initiatives. Addressing a wide range of challenges, their work and ours are united by the understanding that reliable prosperity derives from an intimate knowledge of place.

For Ecotrust, honoring and learning from indigenous leadership brings us closer to home.

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valuing nature's services Good land management yields more than just apples and 2x4s. It also contributes valuable public services, like carbon storage, water quality protection and habitat for fish. As attention turns to markets for nature’s services, including the carbon market now under design by the U.S. states and Canadian provinces of the Western Climate Initiative, there is an enormous opportunity to reward land management that serves the public good.

Proving these concepts on the ground is part of the work of Ecotrust Forests LLC, the forestland investment fund managed by Ecotrust, which owns 12,000 acres across western Washington and Oregon. In 2007, we launched an ecosystem services initiative to quantify the benefits of restorative management, shape both policy and markets, and develop standards that are suited to the productive lands of the bioregion.

Advancing incentives that count, Ecotrust builds nature’s services into the bottom line.

active on the ground Our watershed connection begins at the kitchen tap. That link explains the active interest that the City of Corvallis, Oregon, has taken as one of many partners in the restoration of the Marys River area, a sub-watershed of the Willamette and the source of the city’s water supply. In 2007, Ecotrust partnered with the Siuslaw National Forest to establish the Marys Peak Stewardship Group and to facilitate a shared vision of watershed and community health among agency officials, forest workers, tribal representatives, environmentalists and other area residents. Working together, the group has secured funds for restoration projects on both public and private lands.

Following the successful launch of the Marys Peak Stewardship Group, Ecotrust partnered with the Forest Service, National Oceanic and Atmospheric Administration and the Oregon Watershed Enhancement Board to create the $1 million Whole Watershed Restoration Initiative.

Brokering capital and expertise, Ecotrust helps lay the groundwork for a restorative economy.

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pioneering integrationUp in the atmosphere, carbon is carbon. But here along the West Coast, our “footprint" for carbon and other greenhouse gases looks quite different from the national average. In fact, thanks to advanced regulations, green innovations and power generated from the region's mighty rivers, the per-person share of emissions that we produce at home and at work is nearly half that of the U.S. overall. In this region, transportation represents our major challenge.

With regional responses to climate change gaining traction, this type of place-based understanding becomes essential. In 2007, as the Western Climate Initiative — a joint effort by six U.S. states and two Canadian provinces — took form, Ecotrust worked with the Stockholm Environment Institute to perform a bioregional carbon analysis that goes beyond the jurisdictions of any of the initiative's members.

Articulating a path to a low-carbon future is one way that Ecotrust integrates disparate data to create meaning.

seeding success

Imagine a landscape on which farms of all shapes and sizes thrive. Back in 2001, when the Portland Chapter of the Chefs Collaborative began building a regional food economy handshake by handshake, no one knew what the benefits would be. Seven years later, Ecotrust’s partnership with the Collaborative on the annual Farmer-Chef Connection conference and Guide to Local and Seasonal Products has helped farmers and food buyers create a $20 million trade network in regional foods.

Expanding on these successes, in 2007 we created the Building Local Food Networks toolkit and an online learning community to help others around the country jumpstart their own market connections programs. “Ecotrust’s toolkit was the spark that ignited the farm-to-fork revolution in New Orleans,” says Mischa Byruck, who recently organized that city’s first meetup.

Replicable models are an Ecotrust hallmark, both in our bioregion and beyond.

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making markets work Conventional wisdom says that owners make good stewards. That is part of the rationale behind fisheries “privatizations” in Alaska and British Columbia. Fishermen are allotted tradable quota shares and managers cap the harvest with a total allowable catch. But looking at the privatization of Alaska’s halibut and sablefish fisheries, we see that without clear social and environmental objectives from the start, there can be major shifts of ownership, with some coastal communities locked out.

In response, Ecotrust launched the North Pacific Fisheries Trust, which will deploy significant funds in support of community-based fisheries along the West Coast. To address new market opportunities on the front end, we convened a 2007 workshop with market design experts to discuss how specific quota programs can deliver greater social, ecological and financial value.

Strengthening community ownership and access: It’s an application of Ecotrust's fresh economic thinking.

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forestryEcotrust Forestry works to develop landscape-scale examples of ecological forest management that sustain biodiversity and provide more reliable economic opportunities for forest-dependent communities.

Ecosystem ServicesEcotrust is working to capture market forces and private capital for conservation through the development of ecosystem service markets that reward good land management.

Market ConnectionsEcotrust is connecting the growing demand for responsibly harvested wood products with a network of landowners who have met the Forest Stewardship Council (FSC) standard for exemplary forestry.

Public LandsIn the Siuslaw watershed, the Siuslaw Basin Partnership and Ecotrust are working with dozens of landowners to restore and protect high conservation value land, connect products from restorative forest management to local markets, and track, evaluate and describe ecosystem processes; and in the Marys River watershed, Ecotrust has worked with federal, tribal, state and city land managers, as well as private landowners and other community members, to form a collaborative management plan for public forestland on Marys Peak.

Whole Watershed Restoration InitiativeIn partnership with the Pacific Northwest Region of the Forest Service, National Oceanic and Atmospheric Administration and the Oregon Watershed Enhancement Board, Ecotrust has launched a Whole Watershed Restoration Initiative to target ecological restoration in high-priority basins in Oregon, Washington, California and Idaho.

fisheriesEcotrust Fisheries seeks full public disclosure of the status of Pacific salmon as well as fundamental institutional changes in the way fisheries, marine ecosystems and watersheds are managed.

State of the Salmon ConsortiumWild Salmon Center, Ecotrust and partners are producing knowledge products and convening a network of experts to inform and transform salmon conservation and management across the North Pacific.

MarineWe are working to bring market design and new capital approaches to the expansion of rights-based fisheries management.

Copper River ProgramIn the Copper River, Ecotrust is taking an ecosystem-based approach to wild salmon fisheries policy and management, using a community-driven knowledge system to drive new research and desired policy changes.

Community-Based Fisheries ManagementEcotrust and partners are working to develop and implement fisheries management practices that are responsive to the scale of communities and their fisheries.

native programsEcotrust Native Programs provide structured support for tribal leadership, indigenous conservation of resources and tribal expression of cultural, legal and natural resource rights.

Ecotrust Award for Indigenous LeadershipThe award has become one of the most important resources for supporting tribal leaders within the lands and waters of Salmon Nation.

Indigenous Youth Leadership ProgramSeeking to cultivate the indigenous leaders of the future, Ecotrust is joining tribal communities to support native youth education, outdoor ecological restoration and scholarships.

Native Knowledge SystemsEcotrust is investing in cutting-edge scientific and analytical tools to use in partnership with the indigenous communities of Salmon Nation.

Tribal Market ConnectionsOur programs help to increase market opportunities for tribal wood products and salmon catches.

Place-Based ProgramsIn western Washington, Alaska's Copper River watershed and the Klamath region of Oregon and California, Ecotrust is forming close partnerships with local tribes to achieve broad goals.

program highlights 2007–08

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natural capital fundWith total assets of $50 million, Ecotrust’s Natural Capital Fund is investing in sectors, businesses and projects that promote community outcomes that address economic, ecological and social needs.

Jean Vollum Natural Capital CenterEcotrust headquarters and Portland landmark, the Natural Capital Center serves as a marketplace for ideas, goods and services of a conservation economy. Designed for interaction, the building also provides four distinct rental spaces for events.

Ecotrust Forests LLCEcotrust Forests LLC is acquiring Pacific Northwest forestlands that will produce long-term value for investors, restoring ecologically important watersheds, creating local economic opportunities and achieving competitive financial returns.

North Pacific Fisheries TrustThe North Pacific Fisheries Trust is a nonprofit subsidiary of Ecotrust that supports the efforts of coastal communities and local fishermen to acquire and manage assets — such as licenses, permits, quotas and distribution capacity — that will allow them to participate in conservation fisheries.

ShoreBank PacificShoreBank Pacific, formed by Ecotrust and ShoreBank Corporation in 1997, provides FDIC-insured EcoDeposits® to over 3,000 customers and loans to businesses in Oregon and Washington with green building, energy conservation and improved farming, fishing and forestry practices.

knowledge systemsEcotrust Knowledge Systems develops approaches and tools that integrate data and information into meaning, building scalable frameworks for reliable prosperity in the bioregion.

Bioregional Future InitiativeEcotrust, Ecotrust Canada and partners are initiating a public-private partnership to articulate and demonstrate the path to a low-carbon future.

OCEANEcotrust is using an interactive toolkit to enable agencies, fishermen and others to visualize the effects of management decisions on coastal communities.

SEEDSWith this toolkit, Ecotrust imagines alternative land use practices and market conditions for regional food systems, including the effects of purchases on the landscape and the acreages required to feed growing populations in the bioregion.

TREESUsing real data for climate, soil conditions, market information and geography, this toolkit allows us to project forest growth, timber values and ecosystem service flows of naturally managed forest stands in the bioregion.

Salmon Life-Cycle AssessmentEcotrust and partners are calculating the life-cycle environmental and socioeconomic impacts of salmon fisheries and aquaculture in the northeast Pacific and the northeast Atlantic, and in Chile.

E3 NetworkEcotrust is fiscal sponsor of Economics for Equity and the Environment, a network of progressive economists who are developing and applying economic analysis to support the protection of human well-being and the natural environment.

Brokering IdeasThrough new media projects — the online journals People and Place and Cache — we synthesize disparate information to create meaning.

The Next WebCommitted to an open development philosophy, Ecotrust is actively exploring emerging ideas and technologies that can be harnessed for social change.

food & farmsEcotrust Food & Farms works to create a vibrant regional food system where sustainability is the underlying value of the mainstream food system — the norm rather than the exception.

Market ConnectionsOur business-to-business program connects food buyers with food producers through signature conferences, an annual buyer’s guide to local and seasonal products, online social networking sites, and relationships built one handshake at a time.

Edible PortlandEcotrust publishes Edible Portland, an award-winning quarterly magazine that celebrates the bounty of local products, season by season.

Farm to SchoolEcotrust’s Farm to School program assists school districts in our region to source more local, seasonal and sustainable products for the lunch line, tracks this growing market, trains food service directors in local procurement and pursues a legislative agenda that prioritizes local food systems.

program highlights 2007–08

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Consolidated Balance SheetsYears Ending December 31, 2007 and 2006

Assets 2007 2006Total cash $7,960,841 $2,835,519Grants & accounts receivable 754,961 357,083Notes receivable (net allowance) 10,443,758 10,449,834Investments 5,189,463 5,062,325Investment in Ecotrust Forests LLC 1,123,238 1,178,331Prepaid expenses and other assets 340,108 435,925Property and equipment (net) 11,524,729 11,854,467Forest property 12,631,372 12,732,923Total fixed assets $49,968,470 $44,906,407

Liabilities & Net Assets Accounts payable $128,603 $104,914Accrued liabilities 550,635 551,577Notes payable 29,874,978 24,223,598Forest property purchase option 3,631,372 3,631,372Total liabilities 34,185,588 28,511,461

Unrestricted net assets 10,543,921 10,333,768Temporarily restricted net assets 1,800,777 1,988,657Permanently restricted net assets 500,000 500,000Total net assets 12,844,698 12,822,425

Investor member interest 2,938,184 3,572,521

Total liabilities, net assets and member interest $49,968,470 $44,906,407

Consolidated Statements of ActivityYears ending December 31, 2007 and 2006

Revenue 2007 2006Grants and contributions $3,471,294 $4,076,817Contracts, services and special events 3,454,776 2,470,960Transfer of investment member interest 432,271 Total revenues $7,358,341 $6,547,777

ExpensesNative Programs 226,775 325,374Fisheries 1,039,742 961,809Forestry 623,090 485,812Food & Farms 443,410 624,702Citizenship 70,034 209,799Enabling tools Knowledge Systems 1,277,965 992,723 Natural Capital Fund 3,002,672 2,025,403Supporting services Management and general 398,279 446,366 Development 258,934 319,796Total expenses 7,340,901 6,391,784

Revenue in excess of expenses 17,440 155,993Investment member interest in loss 4,833 288,259

Increase (decrease) in net assets $22,273 $444,252

financial statements

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NativePrograms

Forestry Citizenship Natural CapitalFund

Development2006 2007

Fisheries Food &Farms

KnowledgeSystems

Management& General

Enabling Tools Supporting Services

2006 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 2007

Program Spending

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CorporationsAlima Cosmetics, Inc.Alling Henning Associates, Inc.Alora PropertyArt of CateringArtocracyAshland Food CooperativeBamboo RevolutionBank of America United Way CampaignBansen Enterprises, LLCBarrs & Genauer Construction, Inc.Bourquin EnterprisesCatch of the SeaClassic FoodsColumbia Oil Seed CooperativeEco Consulting LAEfuego Corp.Food Front Cooperative GroceryFood Services of AmericaSara L. Gabin, P.C.Grand Central BakeryHewlett Packard CompanyThe Holland, Inc. (Burgerville)Ken's Artisan BakeryKerr Pacific CorporationKettle Foods, Inc.Lefever-Holbrook RanchMaxwell Public RelationsMicrosoft Giving CampaignMonterey Gourmet FoodsNau, Inc.New Seasons MarketNoble Rot Restaurant and Wine BarOlsen Family VineyardsOrganic Valley Family of FarmsOrganically Grown Co.Park KitchenPastaworksPastini PastariaPatagonia, Inc.Pelican, Inc.PNC Wealth ManagementProper EatsRivers Edge ChèvreShepherd's GrainSiri Produce, Inc.Squidoo, LLCStahlbush Island FarmsStoel Rives LLP (in memory of Jean Vollum)Susan Hebert ImportsTonkon Torp LLP (in memory of Jean Vollum)Truitt Brothers, Inc.Unger Farms, Inc.Vita CafeW.R. Reed & Co. (in memory of Jean Vollum)Walsh Construction

Wieden + Kennedy, Inc.Willamette Valley VineyardsWillamette WeekYour True Nature

Educational OrganizationsUniversity of California - Santa Barbara

FoundationsAnonymous FoundationsArntz Family FoundationThe Barkley FundBauman Family FoundationThe Bill Healy FoundationBP Foundation Matching Fund ProgramsBullitt FoundationThe Charles Engelhard FoundationWiancko Family Donor Advised Fund of the Community Foundation of Jackson HoleAnchor Point Gift Fund of Bradley A. Feld and M. Amy Batchelor of The Community Foundation Serving Boulder CountyThe David & Lucile Packard FoundationDeborah J. and Peter A. Magowan Family Foundation, Inc.Deer Creek FoundationDemorest Family FoundationDouglas and Maria Bayer FoundationThe Dylan Todd Simonds Foundation, Inc.EcoTrustEcoworks FoundationEsmée Fairbairn FoundationFanwood Foundation/WestFriedman-Cohen Fund at the Friedman Family FoundationFurther FoundationGiles W. and Elise G. Mead FoundationThe Gordon and Betty Moore FoundationHoward G. Buffett FoundationMariposa Philanthropic Fund of the Jewish Community Endowment FundThe Jim and Patty Rouse Family FoundationJyn FoundationThe Keith Campbell Foundation for the EnvironmentKinship FoundationLamb FoundationThe Lawrence FoundationLighthouse FoundationMarisla FoundationNational Fish and Wildlife FoundationNewman's Own Foundation

North Star FoundationNorthwest Health FoundationThe NoVo Foundation (in honor of Ambassador Jack Vaughn)Oak FoundationDavid Axelrod and Marilyn Couch Fund of The Oregon Community FoundationEric Wan and Michele Goodman Fund of The Oregon Community FoundationThe Philanthropic CollaborativePlum Creek FoundationThe Robert C. & Nani S. Warren FoundationRose E. Tucker Charitable TrustThe Russell Family FoundationRuth H. Brown FoundationNancy G. Schaub Fund at the San Francisco FoundationFriedman/Kiehl Fund at the San Francisco FoundationSchwab Fund for Charitable Giving, advised by David G. RobboySchwab Fund for Charitable Giving, advised by Veronica A. MacdonaldSchwab Fund for Charitable Giving, advised by Robert and Elizabeth FisherThe John and Frances von Schlegell Family Fund at the Schwab Charitable FundSkaggs FoundationSurdna FoundationSwift FoundationThe Swigert FoundationTektronix Foundation Matching Gift ProgramThendara FoundationTides Foundation, advised by Tom and Gun DenhartThe Tim and Karen Hixon FoundationThe Jean Vollum Fund at the Vanguard Charitable Endowment Program (in honor of the Vollum Families)The Gun and Tom Denhart Family Fund at the Vanguard Charitable Endowment ProgramW.K. Kellogg Foundation

GovernmentCalifornia Coastal ConservancyNOAA - Office of Habitat ConservationNorth Pacific Research BoardOregon Watershed Enhancement BoardUSDA Forest Service, Pacific Northwest RegionUSDA Rural Business Enterprise Grants Program

USDA Sustainable Agriculture Research & EducationUS EPA - Watershed Initiative

NonprofitsGlobal ImpactJustGive.orgNational Farm to School NetworkNatureServeOregon TilthThomas Jefferson Agricultural InstituteUnited Way of the Columbia-WillametteWorld Wildlife Fund

Tribal AffiliatesAffiliated Tribes of NW Indians - PortlandConfederated Tribes of the Siletz Indians

IndividualsDeborah AccuardiSallie Aldape Jtwros and Mark AldapeHeather AlhadeffJosh AlsbergAriane AmstutzMarlys Amundson (in honor of Paul Amundson)Anonymous DonorsJoseph AnthonySteve Apotheker and Diane MeisenhelterRonelle ArmstrongWilliam and Helen Aron (in honor of John R. Donaldson)Jereme AxelrodDavid Bailey (in memory of Helen Louise Krull Bailey)Camille BalesNancy and Howard BalesMichael BarrettCarol BaumannLaura BaxterMac BeallDouglas BeanLenka BecvarMary L. Beebe and Charles ReillySpencer and Jane BeebeFrances Beinecke and Paul ElstonJennifer BellNatalie BennonCarol and Robert BiblerElizabeth BieckJames and Pat BingerLori Biondini (in honor of Theodore Biondini)Arwen BirdJennifer BissigDaniel BlankenheimT. William and Beatrice Booth

Dr. Edith BorieSarah BreezeJeff BrightMrs. Elizabeth BrookeMs. Barbara BrownToni BrownJulie BruningKathleen Bulin (in honor of Mr. and Mrs. H. Thomas Johnson)Patricia M. BurkeVirginia Butler and Andrew FountainDylan ButlerMichael CannarellaKim Carlson and James BerryCaitlin CarlsonDavid and Elizabeth CarrollPeter CarsonDagmar CarstensenJames CassidyBrian CavotoJohn ChessYvon and Malinda ChouinardMary ClareMatthew CleinmanMaribeth CollinsRobert ColmanCharles R. Conn IIIMs. Roberta ConnerSamantha Coppi (in honor of Vince Scalabrino)Alice Cornwell (in memory of Harold "Budd" Olsen)Laurence CottonJames and Anne CrumpackerPaul CummingsJustin DavidsonBrent Davies and John TromboldHeather De MunnChristine Denniston (in honor of Derek Denniston)Tom and Chris DevineLenox and Helene DickRebecca DobkinsGretchen DoeringMuriel DonaldsonStrachan Donnelley, Ph.D.Sheryllyn DoughertyLeigh DrakeChristine DupresC. Peter and Shelley DuttonJami DwyerRichard Dysart and Kathryn Jacobi-DysartSage EatonLindsay Eberts and Patti Paxton-EbertsCarol EdelmanStephanie ElliottBarnes EllisVictor EmanuelJohn and Jane EmrickDaniel EtraErik Everson

donors and supporters

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donors and supportersNadine Fiedler (in honor of John Cloud)Sheila FinkPatrick Finley (in honor of Michelle Loftus)Thomas FischerDodd and Nancy FischerEllen FleenorBruce and Diana FordAna FortinTom FoxGina FranzosaKenneth FreemanRobert Friedman and Kristina KiehlAndrew FullerRobert and Margaret FullerThe Honorable Elizabeth FurseLydia GarveyDavin GauthierPaul GerrieKaren GoeringAnnie GordonMargaret GriffithJere and Raymond GrimmSpring GunterEmily GustafsonRandall Hagenstein and Eve WittenDavid HallTom and Woesha HampsonAmelia HardGordon and Margaret HargravesMary HarrisKent HaskardNed and Sis HayesRobert HaysPaul HeikkilaFred HenningDavid Henry and Carol FuglestadDena and Scott HigginsP. David HillKathleen Hill and Joseph DuprisMary HirschDavid and Marcia HohlerCatherine HolmesMary Ann HoytDonna HunterWilliam and Lynda HuttonRobert IannaconeDick and Mary JaffeAmy JarvisBetsy JewettRees and Maryanne JohnsonMayo Johnson, M.D.Cynthia Rae JohnsonGregory JohnsonMike Jones (in honor of Wendy Miller)William and Elizabeth Josephson (in honor of Mary Josephson and Gregory Grennon)Charles Joy

Elliott KaplanMarianne Keddington-LangBob and Dixie KempMegan KempleDonald and Cameron KerrJeanne and Andrew KinneyEric KoeglerDeL'Aurore “Pam" Kyly (in memory of Jean Vollum)Skip LaitnerAlfred Lane IIIJames and Luise LaneAdam and Victoria LaneDan LangeFrazer Lanier (in honor of Bob and Marilyn Lanier)James LavadourRoss Lesko (in honor of Laura Ramsey)Marsha B. LivingstoneStephen LloydMatthew LongAmmi LudwickJean MaddenMichael MadiasWilliam and Linda MagavernAlan MahanJake and Meg MahoneyJane MalarkeyJames G. and Charlotte M. MaloneyE.D. MaltbyElizabeth and David MandyNino MarchettiKen MargolisDeborah MarshallMatthew MartinsenHeather Mattioli (in honor of Alex, Henry, Ben, Geoff, Matt, Shannon, Becky, and Kat)Ernest and Jackie McCartyPeter and Jill McDonaldElizabeth McDowellElle McKay and Analisa Gunnell McKayDebra MeisingerThomas MiddletonB. Jenkins MiddletonJennifer Middleton (in honor of Lydia, James, Teddy, Willie, and Spencer Reed)Prof. Robert MillerSally and Rob MillerSuzanne MilliessPaul and Laura MilneJohn MinerMark MinnisTeresa MonroeMrs. Albert MoormanDiane and Greg MorganJamie MurphyAnne MurrayWilliam and Sally NeukomMegan Newell-ChingVictor and Charlotte NoerdlingerShannon O'Fallon

James K. O'HalloranLeslie O'NeillKristine ObbinkBenjamin Zui OldsMichael Z. and Gloria B. OldsDolores OrfanakisMilo and Beverly OrmsethWilliam and Julie ParishWilliam G. PearcyAmanda Peden and Patrick LeonardSarah PetrasKrista PettisMaria and David PeyerwoldElaine PhillipsNancy PitneyLillian PittZachary PollackJoy PretcherJean QuinseyCecily QuintanaRose QuintanaEdgar and Prudence RagsdaleLidwien RahmanEd Rauw (in memory of Jean and Howard Vollum)Richard RayKristen RedshawBruce ReedZaakera Remnant StratmanTad ReynalesDavid and Margie RikertBernie RobeCurtis Robinhold and Angela UherbelauLinda RobinsonDaniel Rosenfeld and Heidi DucklerLois and Arthur RothMichael RoundsKelly RuppAllison RussellDavid and Deborah RutherfordCharles F. and Lori SamsChristina Scarzello and Michael HayakawaNancy G. SchaubDr. Astrid ScholzJulie SchneiderJennifer and Paul SeiloAnne Seward and Patrick KirkhuffLarry ShadboltJohn and Joan ShipleyBarbara SlaughterJoseph SmithEike SmithHillary SmithToni SmithAlbert SolheimAlexander SpeaksJesse StarrCharles StephensJoyce and Robert StockertLee StoneCarol Storthz

Mike and Bernadette StrandJohn and Carla StrohGeoff StrommerOfelia and Larry SvartDan SwerbilovMark SwitzerPaige TashnerTim and Billie TaylorMichelle Teeter-Van OrsowReid Ten KleySusan TerryJoseph J. Thaler (in honor of Ariel Stone)Marissa ThompsonBonnie ThompsonKarie and David ThomsonMark ThygesenElizabeth TonsmeireJohn TylerTom and Pat UnderwoodKrag UnsoeldJenny Vaught (in memory of Francis S. Bobbitt, M.D.)Dr. Judith VergunTyler and Lauren Vick (in honor of Taylor Simpson and Robin Wood)Eve VogelTristan J. WagnerDean WalchBenjamin WardLisa and Joel WattRichard WaxmanCynthia Wayburn and James RoushDr. M. Howard WeinsteinCarrie WhiteJoyce WhiteLawrence J. WhiteDan WiedenJanet and Sam WilliamsonElizabeth WillisLyndon WilsonWill WolcottEdward Wolf and Karen McKayMichael WolkRichard and Mary WorrellJeff Wright and Julie OmelchuckSilas WrightEthan YakeCarol Young and Glenn BrowningNathan YoungJo Zimmerman (in memory of Jean Vollum)Giovanna ZivnyOrcilia Zuniga Forbes

IN-KIND DONATIONS

Corporations & OrganizationsAndrew Burdick Photography/His and Her Photography

Cooking Up A Story (Potter Productions)ESRIHot Lips PizzaMichael Wilhelm PhotographyNaturally Durable, Inc.Powersim Software ASQuantec, LLCSpringfield Creamery/ Nancy's YogurtWillamette Valley Vineyards

IndividualsNancy and Howard BalesAndrew FullerCraig Jacobson and Kendra Morris-JacobsonRJ and Barclay KopchakAdam and Victoria LaneMichelle PetermanLisa SedlarTara Wefers

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Board of DirectorsSpencer B. Beebe - President Portland, OR

Gun Denhart - Vice Chair Portland, OR

Mark Edlen Portland, OR

Carol Edelman Portland, OR

Ian Gill Vancouver, BC

Ron Grzywinski Chicago, IL

Cameron Healy - Chair Portland, OR

William T. Hutton San Francisco, CA

Jim Lichatowich Columbia City, OR

Jack Loacker Portland, OR

Antone Minthorn Adams, OR

Nancy G. Schaub Half Moon Bay, CA

Kathleen Shaye Hill Chiloquin, OR

Dan Wieden Portland, OR

Chairs Emeritus: Robert E. Friedman Jack H. Vaughn

Ecotrust/Ecotrust Canada Advisory CouncilAndrea Alexander Seattle, WA

Gerald Amos Kitamaat Village, BC

Richard Atleo Nanaimo, BC

Gordon Baskerville Qualicum Beach, BC

Robert Bateman Salt Spring Island, BC

Constance Best San Francisco, CA

Clark Binkley Boston, MA

Christopher Brand San Francisco, CA

Stewart Brand Sausalito, CA

Kay Brown Anchorage, AK

Howard G. Buffett Decatur, IL

John Castles Portland, OR

Charles Collins San Francisco, CA

Roberta Conner Pendleton, OR

John Craighead Missoula, MT

Sophie Craighead Kelly, WY

Herman Daly College Park, MD

Jack Dangermond Redlands, CA

Wade Davis Washington, D.C.

David Denecke Portland, OR

Suzanne E. Edison Seattle, WA

Amos Eno South Freeport, ME

John R. Evans Toronto, ON

Kathy Fletcher Seattle, WA

Jerry F. Franklin Seattle, WA

John Fraser Vancouver, BC

Jhon Goes In Center Ft. Collins, CO

David Harrison Seattle, WA

Thom Henley Queen Charlotte City, BC

Carsten Henningsen Portland, OR

Mary Houghton Chicago, IL

Julie Lewis Portland, OR

Jane Lubchenco Corvallis, OR

Patricia Marchak Vancouver, BC

Ed Marston Paonia, CO

David Martin Vancouver, BC

Peter Meehan Santa Cruz, CA

Gary Miranda Portland, OR

Frederick F. Moon Cushing, ME

Robert Naiman Seattle, WA

Stephen Owen Vancouver, BC

Alan Parker Olympia, WA

George Patterson Tofino, BC

Daniel Pauly Vancouver, BC

T. Lester Purce Olympia, WA

James Quinn Portland, OR

David Rockefeller, Jr. Cambridge, MA

George Russell Gig Harbor, WA

Michael Sands Grayslake, IL

Leslie Sauer Philadelphia, PA

Peter Seligmann Washington, D.C.

Samuel D. Skaggs Juneau, AK

Leon Smith Chicago, IL

Nicholas Sonntag Vancouver, BC

Jeff Sullivan Seattle, WA

Carl Walters Vancouver, BC

Peter Warshall Tucson, AZ

Greg Watson Westborough, MA

Charles Wright Seattle, WA

board and council

ManagementSpencer B. Beebe President

Edward Backus Vice President, Fisheries Program

Sheryllyn Dougherty Vice President, Strategic Relationships

Craig Jacobson Vice President, Native Programs

Deborah Kane Vice President, Food & Farms

Adam Lane Chief Financial Officer and Chief Operating Officer

Astrid Scholz Vice President, Knowledge Systems

Bettina von Hagen Vice President, Natural Capital Fund and Forestry Program

StaffJosh Ahmann GIS Technician

Nancy Bales Development Manager

Tamara Briggie Forestry Program Assistant

Jon Bonkoski GIS Analyst

Ericka Carlson Marketing and Sales Manager, Food & Farms

Dagmar Carstensen Receptionist, Human Relations Coordinator

Brent Davies Director of Forestry

Charlie Dewberry Senior Stream Ecologist

Laleña Dolby Senior Event Coordinator

Laura Ford Program Assistant, Food & Farms

Andrew Fuller Senior Designer

Michael Geffel Natural Capital Center Gardener

Malka Geffen Communications Associate

Kent Goodyear Director of Market Connections, Forestry

Matthew Goslin GIS Analyst

Analisa Gunnell McKay Chief Cartographer and GIS Analyst

Marcus Hecht Assistant Network Administrator/Webmaster

Donna Marie Hicks Tribal Programs Coordinator, Copper River Program

Nate Hildebrand Night Porter

Raymond Hollander Controller

Cathy Kellon Research Coordinator, State of the Salmon

RJ Kopchak Director of Copper River Ecosystem Program

Sarah Kruse Staff Economist

Stephen Lloyd GIS and Database Technician

Ernest McCarty Staff Accountant

Elle McKay Development Coordinator

Sydney Mead Natural Capital Center Programs Manager and Director of Events

Michael Mertens Director of Spatial Analysis, GIS Manager

Lola Millholland Program Assistant, Food & Farms

Leif Olsson Managing Director and CEO, Ecotrust Forest Management, Inc.

Amanda Peden Executive Assistant, Ecotrust Forest Management, Inc.

Aaron Racicot GIS Programmer

Michelle Ratcliffe Farm to School Manager, Food & Farms

Pete Reed Conference Center Logistics and Security Manager

Howard Silverman Director of Public Information

Alex Speaks Network Administrator

Charles Steinback Senior GIS Analyst

Ofelia Svart Assistant to the President

Erica McCall Valentine Assistant Director, Copper River Program

Matt Weber Economic Analyst

Amanda Weiman Events Assistant

Tim Welch Applications Developer

Elizabeth Woody Director of Indigenous Leadership Program

Mariusz Wroblewski Fisheries Officer

On ContractAngela Allen, Kevin Allman, Kathleen Bauer, James Brady, Amy Brown, Tana Butler, Nadjeeb Chouaf, Tim Crosby, Andrew Daddio, EcoFor, Karl English - LGL, Harriet Fasenfest, Teri Gelber, Karen Gibson, Paul Greenberg, Ashley Griffin, Christine Hyatt, Ellen Jackson, Jean Johnson, DeL'Aurore "Pam" Kyly, Ivy Manning, Jen Marlow, Joanna Miller, Carol Mollet, Naomi Molstrom, Diane Morgan, Kelly Myers, Kerry Newberry, Erika Polmar, Rachel Ritchie, Greg Robillard, Angela Sanders, Kristen Sheeran, Sean Stevens, Melissa Tatge, Rachael Torchia, Gregor Torrence, N. Scott Trimble, Trout Mountain Forestry, John Valls, Kristen Vanberg, Kumar Venkat, Rachel Wagner, Stephanie Waite - Prince William Sound Science Center, Lisa Weiner, Bryan Wolf, Tae Won Yu, Heidi Yorkshire

InternsChris Long, Sara Lozito, Candace McCarty, Aaron S. Paul, Sonja Swift, Darin Toy

VolunteersNancy Bales, Josh Billeter, Tamara Briggie, Jon Broderick, Jim Brunberg, Dagmar Carstensen, Lincoln Crockett, Harold Culpus, David Densmore, Aaron Derwingson, Patrick Dixon, Amie Edelstein, Ed Edmo, April Ann Fong, Delbert Frank, Katheryn Frederick, Erin Fristad, Andrew Fuller, Malka Geffen, Analisa Gunnell McKay, Amy Hillman, Dennis Hitchcox, Sarah Johnson, Michelle Corrine Kasta, Barclay Kopchak, DeL'Aurore "Pam" Kyly, Dennis Lakusta, Joy Lawrence, Geno Leech, Jennifer Lemelson, Chris Long, Sara Lozito, Lindsey Maser, Mimi Matsuda, Kate McClellan, Elle McKay, Poppy Milliken, Cassandra Mick, Jon Middleton, Andrew O’Keefe, Hunter Paye, Alexa Wiley Pengelly, Anne Philipsborn, Evelyn Pinkerton, Maria Richardson, Cassandra Robertson, Ivan Rosenberg, Seth Samuels, Cory Schreiber, Howard Silverman, Mariee Sioux, Cameron Smith, Jane Stack, Kathy Stack, Ofelia Svart, Aspen Switzer, Indigo Teiwes, Nell Tessman

Best Wishes in 2008Zoë Bradbury, Linda Delgado, Daniel Etra, Greg Robillard, Andrew Haden, Jerry Ledesma, Jen Marlow, Kristin Saxton

staff

Publication CreditsWriters: Howard Silverman, Malka Geffen and Ecotrust

Designer: Andrew Fuller

Photos: front cover Craig Jacobson, Spencer B. Beebe, RJ Kopchak, Carole

Topalian • inside cover map Jon Bonkoski & Andrew Fuller • p2 Dallas

Dick • p4 Spencer B. Beebe • p5 Frank N. Davis • p6 Dennis Schwartz •

p7 Andrew Daddio • p8 Astrid Scholz • p9 Rik Bollman • p10 Spencer B.

Beebe • inside covers Melissa Tatge • back cover Spencer B. Beebe

Printed by Centerpoint Graphics in Portland, Oregon, on New Leaf

Imagination 100 paper.

Jean Vollum Natural Capital Center 721 NW Ninth Avenue, Suite 200 Portland, OR 97209

tel 503.227.6225 | fax 503.222.1517 info@ecotrust.org | www.ecotrust.org