Clintonian seal of approval for SIBs as the Australians look at using forgotten bank deposits for social impact…
Unclaimed Deposits To Be Directed At Social Impact Investing
Sydney Morning Herald
Unclaimed money in dormant bank accounts could be deployed towards social impact investment under a plan being considered by the financial system inquiry.
Australia had $677 million of unclaimed money in bank accounts, shares and insurance policies in 2012, according to the MoneySmart website of the Australian Securities and Investments Commission.
Sources close to the inquiry said its final report, to be delivered to Treasurer Joe Hockey next month, might recommend these funds be deployed into a trust that could then fund social impact bonds, new instruments where financial returns are linked to social benefits. This sector is expected to grow to $32 billion in Australia within a decade.
Actor/Producer/Philanthropist Dale Godboldo made a Commitment to Action at the 10th Clinton Global Initiative Annual Meeting called Project:NOW (PN), a non-profit initiative that stresses urgency in addressing the educational needs of at-risk youth in America. To help raise funding, PN held the Inaugural Legacy Project Dinner on Wednesday, September 24, 2014, honoring President George W. Bush.
Project:NOW is also developing leading-edge funding strategies, including public/private partnerships that utilize Social Impact Bonds (SIBs) to scale success.
“Project:NOW is at the forefront of a national movement to bring together investors, non-profits, and political figures in new and purposeful ways,” states Garner, Director of SIBs. “Our goal is to build a more efficient, cost effective, mutually beneficial society, that’s preventative rather than reactive when it comes to addressing social problems.”