A challenging reception for SIBs in a Senate hearing although as much as anything mistrust about the competence of US budgetary offices remains a key factor. Encouraging news from California and Third Sector Capital partners too…
SIBs Not Well Received At Senate Budget Hearing
Rick Cohen – Nonprofit Quarterly
The recent Senate Budget Committee hearing on social impact bonds was relatively low profile—surprisingly so for a subject whose advocates trumpet nearly anything and everything that concerns social impact bonds or pay-for-success programs. In digging through an early transcript of the hearing, there were plenty of nuggets for nonprofits and social enterprises to ponder. Try these comments on for size.
California Pay for Success Initiative Participants Announced
Philanthropy News Digest
The Nonprofit Finance Fund and the James Irvine Foundation have announced the projects selected to participate in the California Pay for Success Initiative, a social impact bond initiative launched by Irvine and NFF in January.
The initiative will provide $2.5 million in initial funding as well as technical assistance to five local government agencies and social service providers working to structure pay-for-success agreements in California over the next two years. In such an agreement, private investors fund promising interventions and receive a return on their investment from the government if results are achieved. Participants in the initiative also will form a learning cohort to share their experiences, challenges, and outcomes.
Third Sector Capital Partners, Inc. (Third Sector) a leading nonprofit provider of advisory services for parties pursuing Pay for Success, Social Innovation Finance (including Social Impact Bonds), and Growth Capital, and Social Solutions Global, Inc., the leading provider of performance management software for human services, today announced their partnership to provide Pay for Success (PFS) Readiness Assessment Services.
PFS is gaining momentum as more federal, state and local governments seek innovative strategies to improve outcomes for those most in need. The PFS Readiness Assessment is the first operational tool of its kind, providing organizations with an opportunity to better understand their strengths and weaknesses relative to a possible PFS effort at the federal, state or local level.
The PFS Readiness Assessment provides a forum for rapid insights and opportunities to gain actionable insight that enables the organization to better position itself for future PFS opportunities. Specifically, the PFS Readiness Assessment will offer personal, on-site resources to uncover and explore key elements and ingredients in a PFS initiative, including: significant needs and target population; strong data-driven evidence and performance management capabilities; organizational experience and capacity to scale; strong government and funder relationships; and ROI/financial/social benefit potential.