May 8, 2017
Katie Reberg, Senior Associate, Sorenson Impact Center
firstname.lastname@example.org • 801.581.6406
The Sorenson Impact Center and Social Finance Re-Open Pay for Success Competition
Three Awardees to Receive Technical Assistance and Up to $100,000 in Cash Grants to Scale High-Impact Programs in Their Communities
SALT LAKE CITY—May 8, 2017—The Sorenson Impact Center and Social Finance today reopened their nationwide Pay for Success (PFS) competition to develop PFS projects that expand high-impact social interventions to measurably improve the lives of those in need. The competition is supported through funding from the Social Innovation Fund (SIF) at the Corporation for National and Community Service (CNCS).
“We’re encouraged by the impact Pay for Success projects have made throughout the country,” said Jeremy Keele, President & CEO of the Sorenson Impact Center. “Our partnership with Social Finance will drive measurable, lasting impact by developing and building off of local expertise to launch and support effective programs in committed communities.”
Social Finance and the Sorenson Impact Center will provide technical assistance for up to three communities to help them structure high-quality PFS projects and prepare for long-term success. This assistance will be accompanied by a cash grant of up to $100,000 to support organizations in hiring staff dedicated to their Pay for Success efforts.
“By pairing technical assistance with a monetary award, Social Finance and Sorenson Impact Center will support applicants in building robust Pay for Success projects that deliver long-lasting outcomes in communities across the country,” said Tracy Palandjian, CEO and Co-Founder of Social Finance.
Pay for Success is an innovative public-private partnership model that combines nonprofit expertise, private funding and independent evaluation to transform how government leaders respond to chronic social problems. Pay for Success unites three key stakeholders—investors, nonprofit service providers, and government—leveraging private capital to scale effective programs and ensure that government only pays for results.
Since the SIF’s inception in 2009, it has awarded 51 grants to grant making institutions supporting more than 490 nonprofits working in 46 states and the District of Columbia.
Applications may come from nonprofit organizations, public or nonprofit universities, state and local governments, tribes, and faith-based organizations. In addition to cash grants, awardees will receive direct assistance, active performance management support, capacity-building resources to manage projects over the long-term, and comprehensive communications and stakeholder engagement strategies. Awardees will work collaboratively with the Sorenson Impact Center and Social Finance to structure a PFS transaction.
The deadline for applications is June 9, 2017.
For more information, visit http://sorensonimpact.com/sif-structuring-grant.
About the Social Innovation Fund
The Social Innovation Fund is a program of the Corporation for National and Community Service, a federal agency that engages millions of Americans in service through its AmeriCorps, Senior Corps and Volunteer Generation Fund programs, and leads the nation’s volunteer and service efforts. SIF positions the federal government to be a catalyst for impact—using public and private resources to find and grow community-based nonprofits with evidence of results. The Social Innovation Fund focuses on overcoming challenges confronting low-income Americans in three areas of priority need: economic opportunity, healthy futures, and youth development. To learn more, visit www.nationalservice.gov/sif
About the Sorenson Impact Center
The Sorenson Impact Center, housed at the University of Utah’s David Eccles School of Business, is a think-and-do tank that marshals capital for social good, empowers data-driven programs, breaks down silos across sectors, and equips the next generation of leaders with social purpose. To learn more, visit www.sorensonimpact.com
About Social Finance, Inc.
Social Finance, Inc. is a nonprofit dedicated to Pay for Success (PFS) and outcomes-based financing. As a Pay for Success intermediary, Social Finance helps drive government performance to achieve greater impact and builds the field through research and advocacy. Our sister organization, Social Finance UK, launched the world’s first Social Impact Bond in 2010.