Cheers,
Katharine
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Upcoming SIB Webinar First-Mover States - What Are They Doing and Why? Join us on June 9th, 1:00 – 2:15pm EST Sign Up! Social Impact Bonds (SIB) have generated considerable interest in the United States. Much of this interest centers on the potential embedded in the SIB structure for bringing positive changes to the financing, delivery and cost of social programs that is built on the core concept of "pay for performance." President Obama's budget for 2012 galvanized this interest in its proposal to provide $100 million in funding to support "Pay for Success" projects. Recently, some states have begun to take concrete steps to investigate the possibility of implementing comprehensive pay for performance financing programs. In this webinar, two first-mover states that are taking different approaches to pay-for-performance financing, Massachusetts and Minnesota, discuss: (i) what factors led them to take their respective approaches, (ii) what their approaches involve, (iii) the current status of their efforts and (v) what they hope to accomplish. Massachusetts' Request for Information (RFI) In issuing its Request for Information to explore 'Social Innovation Financing,' Massachusetts is the first state to take formal steps towards a comprehensive social innovation financing program that includes social impact bonds or pay-for-success contracts in response to President Obama's Pay for Success initiative launched earlier this year. Minnesota's 'Human Capital Performance Bond' The Minnesota House and Senate recently passed a State Government Bill that contains a provision for a $20 million pilot for 'human capital performance bonds.' Under this provision in the bill, the bonds would be issued in the municipal bond market by Minnesota, under the bonding authority of the State. Bond proceeds would provide a pool of capital that would be used to support pay for performance based programs delivered by pre-qualified service providers (learn more here). Minnesota's human capital performance bond legislation is based on Twin Cities Rise!, a successful, 13-year pay for performance contracting program in the State. This is the first approach to consider issuing bonds in the capital markets for the sole purpose of supporting pay for performance programs. Panelists Greg Mennis: Assistant Secretary for Finance and Infrastructure, Massachusetts Executive Office for Administration and Finance Steve Rothschild: Founder and President of Invest in Outcomes (IIO). IIO is a nonprofit piloting a "Human Capital Performance Bond" Sign up for the webinar here! Or paste this link into your browser: https://www1.gotomeeting.com/ 4/28 Webinar Pay for Success Projects and Social Impact Bonds: Structuring Considerations and Adaptations Arising from the Field Thanks for joining us for the April webinar. If you missed it, you can find the webinar recording in the SIB Learning Group. (You'll need to be logged in to access these links.) Along with the slides and video of the webinar, Nicola Bacon from The Young Foundation and Kylie Charlton and Les Hems from the Centre for Social Impact have responded to additional questions in the Q&A post. Thanks for your participation in the Webinar! NFF's SIB team What is SIB? What is Pay for Success? Learn more about NFF's SIB Learning Group Questions about the Webinar? Contact Jessica LaBarbera. Having trouble signing up for the SIB Learning Group? Contact Andrew Schwalm. |
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