Social impact bond

Social Impact Bond diagram

A Social impact bond, also known as a Pay for Success Bond[1] or a Social Benefit Bond,[2] is a contract with the public sector in which a commitment is made to pay for improved social outcomes that result in public sector savings. The term was originally coined by Geoff Mulgan, Chief Executive of the Young Foundation.[3] The first Social Impact Bond was launched by UK-based Social Finance Ltd.[4] in September 2010.[5]

Social impact bonds are a type of bond, but not the most common type. While they operate over a fixed period of time, they do not offer a fixed rate of return. Repayment to investors is contingent upon specified social outcomes being achieved. Therefore, in terms of investment risk, Social impact bonds are more similar to that of a structured product or an equity investment.[6]

In developing countries, a Development impact bond (DIB) is a variation of the SIB model that would provide new sources of financing to achieve improved social outcomes in developing country contexts. As with SIBs, investors would provide external financing and only receive a return if pre-agreed outcomes are achieved. Funds to remunerate investors come from donors, the budget of the host country, or a combination of the two. Financial returns to investors are intended to be commensurate with the level of success. DIBs have the potential to improve aid efficiency and cost-effectiveness by shifting the focus onto implementation quality and the delivery of successful results. In October 2013, Social Finance Ltd. and the Center for Global Development released a report[7] outlining the findings of a high level working group set up to explore the potential of this new mechanism.

History

Social impact bonds are a non-tradable variant of Social policy bonds[8] invented by Ronnie Horesh, a New Zealand economist, in 1988.[9] The idea of the Social impact bond has been promoted and developed by a number of agencies and individuals in an attempt to address the paradox that investing in prevention of social and health problems saves the public sector money, but that it is currently difficult for public bodies to find the funds and incentives to do so.

The first Social impact bond was announced in the UK on 18 March 2010 by then Justice Secretary Jack Straw, to finance a prisoner rehabilitation program.[10][11] In the UK the Prime Minister’s Council on Social Action (a group of ‘innovators from every sector’ brought together to ‘generate ideas and initiatives through which Government and other key stakeholders can catalyse, celebrate and develop social action’)[12] was asked in 2007 to explore alternative models for financing social action. The group began to develop the idea of a Social Impact Bond, and the work is being taken forward by a number of organisations including Social Finance, an organization committed to increasing investment in the third sector,[13][14] the Young Foundation,[15] the Center for Social Impact in Australia, and other NGOs and private firms.

The idea of a Social Impact Bond has generated significant interest from across the political spectrum in multiple countries, including U.S., UK, and Australia. .[16][17][18][19]

Social impact bonds have also generated interest in the United States. In February 2011, Barack Obama’s proposed 2012 budget stated that up to $100m would be freed up to run Social impact bond pilot schemes.[2] In August, 2012, Massachusetts became the first state in the nation to use a competitive procurement process to secure social innovation financing for social services. The state legislature authorized spending up to $50 million on the initiatives.[16][20]

In Australia, the intention to trial Social impact bonds was announced in New South Wales in November 2010 by Premier Kristina Keneally of the Australian Labor Party.[21] The policy direction was continued by the Coalition (Australia) after a change in Government in 2011.[22]

In November 2012 Essex County Council became the first local authority in the UK to commission a Social impact bond in Children’s Services,[23][24] with the aim of providing therapeutic support and improving outcomes for adolescents at risk of going into care. Nick Hurd, the minister for civil society, commented: "Social impact bonds are opening up serious resources to tackle social problems in new and innovative ways. This is about communities, businesses and charities all working together to change people's lives, whilst at the same time making savings for the taxpayer."

In February 2013 Allia, a charitable social investment organisation, announced the first public opportunity in the UK to invest in a social impact bond.[25] Although the product was later withdrawn from sale due to lack of investors,[26] the Future for Children Bond combined a relatively low-risk ethical investment into affordable housing to provide the funds to repay capital to investors, with a higher risk investment into a social impact bond with the aim of delivering a high social impact and providing an additional variable return. It would have invested into the Social Impact Bond for Essex County Council to ‘improve the life outcomes’ of children aged 11–16 at risk of going into care.[27]

Definitions

There are a range of interpretations of what the term ‘Social impact bond’ means.

Social Finance US describes Social impact bonds as:

'A Social Impact Bond (SIB) is a specific type of social impact financing in which funds are raised from Investors to provide Social Service Provider(s) with the working capital to deliver their services. For example, a government may enter into a Pay for Success contract with an Intermediary and its Social Service Provider partners in which the government only pays if youth employment increases. The Intermediary would raise the working capital that the Social Service Providers need to operate the program from Investors. If the services are successful in improving youth employment rate, then the Government would repay Investors for the successful outcomes. If youth employment does not improve, then the Government does not pay and Investors risk losing their capital.'[28]

Third Sector Capital Partners describes Social impact bonds as:

'A social impact bond is one potential financing option available to support Pay for Success programs. Social Impact Bonds brings together government, service providers and investors/funders to implement existing and proven programs designed to accomplish clearly defined outcomes. Investors/funders provide the initial capital support and the government agrees to make payments to the program only when outcomes are achieved. So government pays for success.'[29]

Social Finance UK describes Social impact bonds as:

‘Social Impact Bonds are based on a commitment from government to use a proportion of the savings that result from improved social outcomes to reward non-government investors that fund the early intervention activities.’[30]

The Young Foundation describes Social impact bonds as:

‘a range of financial assets that entail raising money from third parties and making repayments according to the social impacts achieved.'[17]

Social Finance therefore specifies that the investment is from non-government bodies, whereas the Young Foundation envisages that public bodies could be potential investors.

Benefits and costs of Social impact bonds

Advocates of these performance-based investments claim that they encourage innovation and tackle difficult social problems, asserting that new and innovative programs have potential for success, but often have trouble securing government funding because it can be hard to rigorously prove their effectiveness.[31] This form of financing allows the government to partner with innovative and effective service providers and, if necessary, private foundations or other investors willing to cover the upfront costs and assume performance risk to expand promising programs, while assuring that taxpayers will not pay for the programs unless they demonstrate success in achieving the desired outcomes.[32] The expected public sector savings are used as a basis for raising investment for prevention and early intervention services that improve social outcomes.[33][16]

In many cases, Pay for Success programs can achieve positive social outcomes, may create fiscal savings for government, but also involve changes in funding arrangements that bring risks to service agencies. The assumed benefits makes Pay for Success politically attractive to governments and businesses. For example, $250 million of investments towards preventive programs that reduce recidivism might eventually make it possible to close prisons that cost taxpayers $1 billion per year to run.[34]

The benefits of Social impact bonds depends on the definition being used, but the broad benefits (though not measured and verified yet) are that:

Critics note that because the outcomes-based payments are dependent on governmental funds which must be budgeted,[37][38] Social impact bonds do not actually raise additional capital for social programs, but instead displace funding for other programs.[39] Given the need to budget for a return on investment, a program evaluation, middle managers, and the expenses of designing the complex financial and contractual mechanisms, social impact bonds, according to critics, may be an expensive method of operating social programs. Other criticisms include:

Pilots

Governments across the world are currently piloting Social Impact Bond initiatives. Below are a few examples of these initiatives.

Public safety and recidivism

UK

On 18 March 2010, Secretary of State for Justice Jack Straw announced a six-year Social Impact Bond (SIB) pilot scheme run by Social Finance that will see around 3,000 short term prisoners from Peterborough prison, serving less than 12 months, receiving intensive interventions both in prison and in the community. Funding from investors outside government will be initially used to pay for the services, which will be delivered by Third Sector providers with a proven track record of working with offenders. If reoffending is not reduced by at least 7.5% the investors will receive no recompense. The Social Impact Bond in Peterborough was launched by Secretary of State for Justice Kenneth Clarke MP and Prisons Minister Crispin Blunt on 10 September 2010.[43][44]

US

New York City: On February 2012, the City of New York issued a $9.6 million social bond for prisoner rehabilitation to be run by The Osborne Association with support from Friends of Island Academy.[45] Goldman Sachs bought the bond and will profit if recidivism decreases.[45] While the City of New York didn't actually issue bonds or put up-front capital for MDRC to run the program (this was done by Goldman Sachs directly with MDRC), the City may be liable for some amount if the program is successful, presumably to be paid with savings associated with reduced recidivism. An independent evaluation, performed by the Vera Institute of Justice, found the goal of reducing teenage recidivism by ten percent had not been met, at all, and the city paid nothing to Goldman Sachs.[46]

New York State: In mid-2012, the New York State Department of Labor (DOL) selected Social Finance US as its Intermediary partner in structuring an application for federal funding for a Social Impact Bond. In 2013, New York approved $30 million in its budget to support Social impact bonds over the subsequent five years. In September 2013, New York State received a $12 million grant from the United States Department of Labor (USDOL) to fund a Pay for Success project designed to increase employment and reduce recidivism among 2,000 formerly incarcerated individuals in partnership with Social Finance US and the Center for Employment Opportunities. This was the largest grant awarded by USDOL for Pay for Success projects.[47]

Massachusetts: On August 1, 2012, the Commonwealth of Massachusetts announced that Third Sector Capital Partners will serve as lead intermediary, in partnership with New Profit Inc., for the youth recidivism initiative. Roca, United Way of Massachusetts Bay and Merrimack Valley, and Youth Options Unlimited will also participate in the youth recidivism project.The program, called Social Innovation Financing, operates on a simple “pay for success” model, in which nonprofits must demonstrate that by keeping youth from being reincarcerated.[48] According to the state’s press release, the juvenile justice contract “will be designed with the specific goal of reducing recidivism and improving education and employment outcomes over several years for a significant segment of the more than 750 youth who exit the juvenile justice system, and the several thousand who exit the probation system annually.”[32]

Federal: The U.S. Department of Justice gave “Priority Consideration” to Fiscal Year 2012 Second Chance Act grant applications that include a Pay for Success component.[49] The Second Chance Act (P.L. 110-199) authorizes federal grants to support services that help reduce recidivism.[50] In 2013, the U.S. Department of Labor awarded nearly $24 million in grants for Pay for Success projects that provide employment services to formerly-incarcerated individuals in order to increase employment and reduce recidivism.[51]

Australia

The Government of New South Wales, Australia, announced on 20 March 2012 that it will develop a pilot to reduce adult recidivism with Social Ventures Australia[52] and Mission Australia.[53]

Rough Sleeping and Chronic Homelessness

UK

Housing Minister Grant Shapps and London Mayor Boris Johnson announced in March 2012 that a Social Impact Bond would be launched to help London's persistent rough sleepers off the streets and into secure homes.[54] The two Social impact bonds under this programme were launched in December 2012.[55]

US

Massachusetts: The second of two pilots launched by the Commonwealth of Massachusetts in 2012 addresses the issue of chronic homelessness. In this Pay for Success model, Third Sector Capital Partners will partner with the Massachusetts Housing and Shelter Alliance (MHSA), lead intermediary for a chronic homelessness project, as well as the Corporation for Supportive Housing and United Way.[32] The Massachusetts Housing and Shelter Alliance represents nonprofit housing organizations that provide housing and support services, such as medical care and vocational training. The consortium will try to raise the number of housing units it provides to around 600 from 220.[48][56] Through the social innovation financing contract, MHSA and its partners plan to expand MHSA’s Home & Healthy for Good (HHG) low-threshold housing initiative. HHG has demonstrated that the often traumatic and undertreated health conditions which beset chronically homeless individuals are better treated after a person gains the basic level of stabilization that permanent housing provides. In addition to successfully housing those often considered the hardest to serve, HHG has demonstrated significant cost savings to the Commonwealth.[57]

Health

US

Fresno, CA: In April 2013 Social Finance US and Collective Health launched an asthma management demonstration project in Fresno, California. This two-year project is designed to prove the effectiveness of up-front investment in asthma management, by focusing on solid evidence and performance measurement. Fresno is one of the nation’s asthma hot spots; around 20 percent of its children have been diagnosed with the disease, which takes an especially heavy toll among poor communities. Two service providers with proven track records, Central California Asthma Collaborative and Clinica Sierra Vista, will work with the families of 200 low-income children with asthma to provide home care, education, and support in reducing environmental triggers ranging from cigarette smoke to dust mites. Social Finance expects that the program will produce meaningful cost savings and quality of life improvement for these children, and will deploy rigorous data collection and analysis techniques to prove its effectiveness. This proof-of-concept project will build a foundation for the first health-focused Social Impact Bond, and will pave the way for future SIB opportunities in the health arena.[58]

Communities

UK

The chief secretary to the Treasury, Liam Byrne, announced that Social Impact Bond trials could be expanded across government departments. “The Department for Children, Schools and Families have pledged to explore the potential of SIBs to lever in additional resources to support early intervention approaches with children and young people,” he said in Parliament.“Communities and Local Government are also working with Leeds City Council and NHS Leeds to enable them to use a SIB approach to reduce health and social care costs among older people. Similarly Bradford Metropolitan District Council are considering applying this model as part of their involvement in the government’s Total Place programme.”[59]

US

Federal: The U.S. Department of Housing and Urban Development (HUD) announced in 2013 it will provide $5 billion in grant dollars to assist in the rebuilding and strengthening effort following Hurricane Sandy and encouraged the five states impacted by the storm to make use of evidence-based, Pay for Success strategies where appropriate.[60] In 2013, the Department of the Treasury issued a Request for Information (RFI) that will help design a proposed $300 million Incentive Fund to further expand Pay for Success. The Fund is intended to empower cities, states and nonprofits to test new Pay for Success models. This same Fund was also part of the President’s commitment of nearly $500 million in this year’s Budget to expand Pay for Success strategies.[60]

Children and families

UK

Social Finance worked with UK local authorities to assess the potential for social impact bonds to improve family support services. These studies assessed the potential of social impact bonds to fund preventive and early intervention services which improve outcomes for children and generate cost savings for Local Authorities.[61][62]

In March 2012 Manchester City Council announced a social impact bond to fund Multi-dimensional treatment foster care.[63]

Australia

New South Wales: The Government of New South Wales, Australia, announced on 20 March 2012 that it will develop three pilots in the area of child protection / foster care and Juvenile Justice. One of the child protection pilots is with a consortium involving the Benevolent Society, Westpac Bank and the Commonwealth Bank of Australia. The other child protection pilot is led by UnitingCare Burnside, a division of UnitingCare Australia. The juvenile justice pilot to be delivered by Mission Australia[53] did not go ahead.

US

Utah: In August 2013, the Goldman Sachs Urban Investment Group (UIG) together with the United Way of Salt Lake and J.B. Pritzker formed a partnership to create the first ever Social Impact Bond designed to finance early childhood. Goldman Sachs and Pritzker jointly committed up to $7 million to finance The Utah High Quality Preschool Program, a high impact and targeted curriculum focused on increasing school readiness and academic performance among at-risk 3 and 4 year olds in Utah. As a result of entering kindergarten better prepared, it is expected that fewer children will use special education and remedial services in kindergarten through 12th grade, which results in cost savings for school districts, the State of Utah and other government entities. The first $1 million investment in this program will enable approximately 600 children to attend pre-school in the fall of 2013.[64]

Illinois: On May 5, 2014, the State of Illinois announced the state’s first Pay for Success (PFS) contract will increase support for at-risk youth who are involved in both the child welfare and juvenile justice systems in Illinois.[65] The first contract awarded under this innovative initiative will go to One Hope United, in partnership with the Conscience Community Network (CCN). The program is intended to generate new private investment for support programs targeting at-risk youth, putting them on the right path by reducing their dependence on the state’s welfare and criminal justice systems, which will lead to long-term savings for taxpayers.[66][67]

Early stage exploration

US

States across the country are currently exploring opportunities to use Social impact bonds to achieve their social goals, including:[68]

Intermediaries and technical assistance providers

A list of over 20 intermediaries and providers of technical assistance in the UK is maintained[72] as part of the Big Lottery Fund's Commissioning Better Outcomes programme.

Publications

See also

References

  1. "Social Benefit Bonds". nsw.gov.au.
  2. 1 2 "Performance bonds: Who succeeds gets paid - The Economist". The Economist.
  3. http://www.socialfinance.org.uk/sites/default/files/SIB_report_web.pdf
  4. "Social Finance - Homelessness". socialfinance.org.uk.
  5. Travis, Alan (6 October 2010). "Will social impact bonds solve society's most intractable problems?". The Guardian (London).
  6. 1 2 http://www.socialfinance.org.uk/downloads/SIB_report_web.pdf
  7. "Social Finance – Investing in Social Outcomes: Development Impact Bonds". socialfinance.org.uk.
  8. Ronnie Horesh. "Social Policy Bonds". socialgoals.com.
  9. "Papers presented at the New Zealand Branch, Australian Agricultural Economics Society Conference, Blenheim, July 1988". lincoln.ac.nz.
  10. Peter Walker. "Investors to pay for prisoner rehabilitation". the Guardian.
  11. "Bond offers return for lower offending". Financial Times.
  12. "Promoting social action: encouraging and enabling people to play a more active part in society". cabinetoffice.gov.uk.
  13. "Publications - Our National Work - Community Links". community-links.org.
  14. "Social Finance". socialfinance.org.uk.
  15. "Home - The Young Foundation - A leading independent centre for disruptive social innovation". The Young Foundation.
  16. 1 2 3 "A first for Massachusetts: Social innovation financing - The Boston Globe". BostonGlobe.com.
  17. 1 2 John Loder, Geoff Mulgan, Neil Reeder & Anton Shelupanov (2010), Financing social value: implementing Social Impact Bonds. Young Foundation
  18. "Sir Ronald Cohen: capitalism has its consequences". Telegraph.co.uk. 26 June 2010.
  19. "Progress - News and debate from the progressive community - Progress Online". progressives.org.uk.
  20. Foundation Center. "Massachusetts Announces Nonprofit Partners in 'Pay for Success' Experiment". Philanthropy News Digest (PND).
  21. Keneally, Kristina (November 25, 2010). "Social Impact Bonds – First in Australia" (PDF).
  22. "NSW Engages Private Sector to Tackle Social Challenges with Innovative Bond" (PDF). Budget 2011-12. NSW Government. June 9, 2011.
  23. "New social impact bonds launched in London and Essex". BBC News website (BBC). 23 November 2012. Retrieved 25 January 2013.
  24. Patrick, Wintour (23 November 2012). "Social impact bond launched to help teenagers in care and the homeless". The Guardian (London). Retrieved 25 January 2013.
  25. Julian Knight (3 February 2013). "All in a good cause: The investment bond that lets you make a social impact, too". The Independent On Sunday (London). Retrieved 4 February 2013.
  26. "Future for Children Bond offer closed". 17 April 2013. Retrieved 23 April 2014.
  27. "First social impact retail bond for UK". The Financial Times. 3 February 2013. Retrieved 4 February 2013.
  28. "What is Pay for Success Financing?". socialfinanceus.org.
  29. "What is Pay for Success?". Third Sector Capital Partners.
  30. Social Finance (2009) Social Impact Bonds: Rethinking finance for social outcomes
  31. Vanderwal, Peter. "Rising private investment in EMs provides opportunities for new financing mechanisms". Economic Times. Retrieved 12 June 2015.
  32. 1 2 3 anf. "MA Announces Bidders for "Pay for Success" Contracts". Administration and Finance.
  33. Alan Travis. "Will social impact bonds solve society's most intractable problems?". the Guardian.
  34. 1 2 http://www.thirdsectorcap.org/what-is-pay-for-success/pay-for-success-benefits-risks/
  35. Cabinet Office (2009), Putting the front line first: smarter government
  36. "Towards a New Social Economy: Blended value creation through Social Impacts Bonds" (PDF).
  37. "Debunking the Myths Behind Social Impact Bond Speculation". ssireview.org.
  38. 1 2 http://www.smf.co.uk/files/7713/7518/4818/Risky_Business_final.pdf
  39. Jon Pratt. "Flaws in the Social Impact Bond/Pay for Success Craze". nonprofitquarterly.org.
  40. Kriesberg, Joe (2011). "Will Social Impact Bonds Really Improve Nonprofit Performance?". The Massachusetts Association of Community Development Corporations.
  41. Ronnie Horesh. "Why the bonds must be tradeable - Social Policy Bonds". socialgoals.com.
  42. Ronnie Horesh. "Why I don't like Social Impact Bonds - Social Policy Bonds". socialgoals.com.
  43. "Bond project aims to cut rate of reoffending". Financial Times.
  44. "BBC News - Private backers fund scheme to cut prisoner reoffending". BBC News.
  45. 1 2 http://www.nytimes.com/2012/08/02/nyregion/goldman-to-invest-in-new-york-city-jail-program.html
  46. Porter, Eduardo (July 28, 2015). "Wall St. Money Meets Social Policy at Rikers Island". The New York Times. ISSN 0362-4331. Retrieved 2015-08-12.
  47. "Governor Cuomo Announces $12 Million Federal Grant for 'Pay for Success'". Governor Andrew M. Cuomo.
  48. 1 2 "Massachusetts is among first to ‘pay for success’ in social programs - The Boston Globe". BostonGlobe.com.
  49. "Pay for Success and the Department of Justice's Second Chance Act Programs Frequently Asked Questions" (PDF). U.S. Department of Justice, Bureau of Justice Assistance. Retrieved 28 September 2012.
  50. "Second Chance Act". National Reentry Resource Center. Retrieved 28 September 2012.
  51. "ETA News Release: US Labor Department awards nearly $24 million in Pay for Success grants [09/23/2013]". dol.gov.
  52. "Homepage - Social Ventures Australia". Social Ventures Australia.
  53. 1 2 "New South Wales Social Benefit Bonds Trial – Request for Proposal Outcome" (PDF). March 20, 2012.
  54. Department for Communities and Local Government, "Grant Shapps: New £5m 'payment by results' deal to get rough sleepers off London's streets". Retrieved 15 March 2012.
  55. The Guardian Amelia Gentleman (11 December 2012). "Social bond: tackling homelessness through payment by results". The Guardian (London). Retrieved 22 February 2013.
  56. "First-in-the-Nation "Pay for Success" Contracts Announced". philanthropyjournal.org.
  57. http://www.mhsa.net/matriarch/MultiPiecePage.asp_Q_PageID_E_145_A_PageName_E_SocialInnovationFinancingPress
  58. http://socialfinanceus.org/sites/socialfinanceus.org/files/Fresno%20Asthma%20Demonstration%20Project%20Press%20Release.pdf
  59. "Treasury hints at more Social Impact Bond trials". Civil Society - Finance.
  60. 1 2 http://www.whitehouse.gov/blog/2013/11/20/building-smarter-more-efficient-government-through-pay-success.
  61. http://www.thirdsector.co.uk/news/Article/1048566/Councils-consider-social-impact-bond-reduce-number-children-care/
  62. Gentleman, Amelia (19 January 2011). "Making the case for early intervention". The Guardian (London).
  63. http://www.cypnow.co.uk/news/1122556/manchester-gives-green-light-social-impact-bond-scheme/
  64. "Goldman Sachs - Urban Investments - Social Impact Bond For Early Childhood Education". Goldman Sachs.
  65. "Governor Quinn Announces Illinois’ First Pay for Success Project". Illinois Government News Network. State of Illinois. Retrieved 18 August 2015.
  66. Guy, Sandra (30 August 2015). "Sunday Sitdown with Marc J. Lane: Use Business to Fix Social Problems". Chicago Sun-Times. Retrieved 1 September 2015.
  67. Guy, Sandra (26 August 2015). "Sitdown: Attorney Marc J. Lane". Chicago Sun-Times. Retrieved 1 September 2015.
  68. "The United States". socialfinanceus.org.
  69. "Counties eye social impact bonds to fund human services needs". naco.org.
  70. "The Office of Colorado Governor John W. Hickenlooper". colorado.gov.
  71. Dodge, Ken (2013). "Randomized Controlled Trial of Universal Postnatal Nurse Home Visiting: Impact on Emergency Care" (PDF). Pediatrics 132 (S140): 132. doi:10.1542/peds.2013-1021M.
  72. "Directory of SIB service providers". socialfinance.org.uk.
  73. "D. Capital Partners". dcapitalpartners.com.
  74. "About Us". Finance for Good.
  75. Lane, Marc; Bodor, Brandon; Agha, Mavara (January 2013). Preliminary Report (PDF) (Report). Governor’s Task Force on Social Innovation, Entrepreneurship, and Enterprise.
  76. "Instiglio". instiglio.org.
  77. "Impact4Health". Impact4Health, LLC.
  78. "Policy Innovation Lab". Policy Innovation Lab.
  79. "Private Capital for Public Good". Private Capital for Public Good.
  80. "About Social Finance Israel - Social Finance Israel". socialfinance.org.il.
  81. "Social Finance - History". socialfinance.org.uk.
  82. "Our Approach". socialfinanceus.org.
  83. "Third Sector Capital Partners Mission & Values". Third Sector Capital Partners.
  84. http://socialgoals.com/ieaspbs.pdf
  85. http://www.socialfinance.org.uk/downloads/Towards_A_New_Social_Economy_web.pdf
  86. http://www.youngfoundation.org/social-impact-investment-november-2010
  87. http://www.socialfinance.org.uk/resources/social-finance/Technical_Guide_Overview.pdf
  88. http://www.americanprogress.org/issues/2011/02/pdf/social_impact_bonds.pdf
  89. http://www.sanitationfinance.org/sites/www.sanitationfinance.org/files/11_Martin_Four%20Revolutions%20in%20Global%20Philanthropy_IE%20WP_1.pdf
  90. "Social Finance - A Technical Guide to commissioning Social Impact Bonds". socialfinance.org.uk.
  91. "Social Finance - Social Impact Bonds: The One Service. One year on". socialfinance.org.uk.
  92. https://www.rand.org/content/dam/rand/pubs/technical_reports/2011/RAND_TR1166.pdf
  93. http://socialfinanceus.org/sites/socialfinanceus.org/files/small.SocialFinanceWPSingleFINAL_0.pdf
  94. http://www.bu.edu/law/central/jd/organizations/journals/banking/archives/documents/volume31/FinancingHomelessnessPreventionPrograms.pdf
  95. http://mgaleg.maryland.gov/Pubs/BudgetFiscal/2013-Evaluating-Social-Impact-Bonds.pdf
  96. "Case Study: Preparing for a Pay for Success Opportunity". Third Sector Capital Partners.
  97. http://nzinitiative.org.nz/site/nzinitiative/files/publications/publications-2015/Social%20Bonds%20-%20web.pdf

External links

This article is issued from Wikipedia - version of the Friday, January 22, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.