NEW YORK and SAN FRANCISCO, April 14, 2016 /PRNewswire-USNewswire/ -- Nonprofit Finance Fund (NFF) is partnering with the Federal Reserve Bank of San Francisco on a collaborative effort to examine how results-based funding could revolutionize America's approach to entrenched social issues. The project addresses the opportunities, challenges and practical considerations of the move toward results-based funding, and includes the launch of an online learning hub, a book slated for publication in early 2017, and a knowledge campaign that will include convenings and workshops to support skill-building for nonprofits and funders.
The effort is guided by an advisory committee of nonprofit, foundation, government and financial-sector leaders who have direct experience using outcomes-focused funding to address critical issues such as homelessness, workforce development, education and criminal justice.
"Entrenched poverty and a widening income gap demand that we radically re-imagine how we might create a better future," said David Erickson, director of the Center for Community Development Investments of the Federal Reserve Bank of San Francisco. "Orienting around outcomes presents an opportunity for everyone who is invested in positive social change to rethink existing roles and practices and work together in new ways toward shared goals."
Through the website, the book, meetings and other national communications efforts, this project will explore issues related to funding social services based on the results they produce. These include:
- Triumphs and pitfalls of early experiments in outcomes-based funding
- How service providers are measuring (sometimes hard-to-quantify) results
- Implications of changes for government funding practices, and what types of funding models and prototypes are feasible
- How related social entrepreneurship and impact investing are influencing the shift toward results-based funding
"Strong leadership is a critical ingredient to building effective cross-sector partnerships that yield measurable results that can be scaled," said Kerry Sullivan, president of the Bank of America Charitable Foundation. "This project will help accelerate the dialogue and opportunities to advance social change."
The advisory committee for the project will help create content and drive conversation around the core issues. Committee members are: Nancy Andrews, President & CEO, Low Income Investment Fund; Gordon Berlin, President, MDRC; Dash Boyer-Olson, Director, Bank of America Merrill Lynch; Xav Briggs, Vice President, Ford Foundation; John Cassidy, Senior Manager, Deloitte; Kimberlee Cornett, Director, Kresge Foundation; Michele Jolin, CEO, Results for America; Jeremy Keele, Managing Director, Sorenson Impact Center; Zia Khan, Vice President, Initiatives and Strategy, The Rockefeller Foundation; Jitinder Kohli, Director, Public Sector Strategy, Deloitte; Terri Ludwig, President & CEO, Enterprise Community Partners; Andy McMahon, Managing Director, Government Affairs & Innovations, Corporation for Supportive Housing; Tyler Norris, Vice President of Total Health Partnerships, Kaiser Permanente; George Overholser, CEO, Third Sector Capital Partners; Tracy Palandjian, CEO, Social Finance; Don Schwarz, Vice President, Program, Robert Wood Johnson Foundation; Sonal Shah, Executive Director, Beeck Center for Social Impact & Innovation; Kathy Stack, Vice President of Evidence-Based Innovation, Laura and John Arnold Foundation; Kerry Sullivan, President of Bank of America Charitable Foundation; and Dave Wilkinson, Director, White House Office of Social Innovation.
"Excitement around Pay for Success has thrust 'outcomes-based funding' into the spotlight, but Pay for Success is only one small part of a much broader movement that has the potential to improve our ability as a society to meet pressing needs," said Antony Bugg-Levine, CEO of Nonprofit Finance Fund. "This project is a clear-eyed look at what is possible and what it will take to shift from a focus on what we spend money on in the social sector to a focus on how we get the best results for our spending."
After publication of the book, events will be hosted at Federal Reserve Bank branches across the United States to bring together regional leaders from government, the investment community, the nonprofit community, philanthropy and academia to discuss the implications of the book's insights and to catalyze their response. For information about this effort as it unfolds, visit http://bit.ly/valueoutcomes.
About Nonprofit Finance Fund
Nonprofit Finance Fund (NFF) unlocks the potential of mission-driven organizations through tailored investments, strategic advice and accessible insights. Founded in 1980, NFF helps organizations connect money to mission effectively through established and innovative approaches to social sector finance. A leading community development financial institution with over $300 million in assets under management, NFF has provided $575 million in financing and access to additional capital in support of over $1.5 billion in projects for thousands of organizations nationwide. NFF is headquartered in New York City and serves clients from five offices across the country.
About Federal Reserve Bank of San Francisco
The mission of the Federal Reserve System is to promote low inflation, full employment and financial stability, and provide services to financial institutions and the Treasury. The Federal Reserve Bank of San Francisco is one of 12 Reserve Banks across the country. The San Francisco Fed has unique responsibilities and areas of expertise within the Federal Reserve System. It is the headquarters for the Federal Reserve's Cash Product Office, which oversees and supports the entire system's cash distribution process. The San Francisco Fed hosts two specialized research centers, one in Economic Research and one in Community Development. The Center for Pacific Basin Studies promotes cooperation among central banks in the Asia-Pacific region and enhances public understanding of major Pacific Basin monetary and economic policy issues. The Center for Community Development Investments serves as a national clearinghouse of Community Reinvestment Act (CRA) investment opportunities across the country and promotes research and dialogue in the field, supporting financial institutions' investment in community development projects such as affordable housing and small businesses.
About Bank of America
At Bank of America, corporate social responsibility (CSR) is critical to fulfilling our core purpose of making people's financial lives better. A commitment to growing our business responsibly is embedded in every aspect of our company, from our policies and practices to our services, products, governance and employee benefits. An important part of that commitment is forming strong partnerships across sectors, including nonprofit organizations serving community needs, bringing our collective networks and expertise to achieve greater impact. We're proud of our employees' volunteer efforts, support of diversity and inclusion, and environmental and social responsibility. Across our company, we're focused on simplifying banking and investing, advancing better money habits and making an impact in communities around the world. Learn more at www.bankofamerica.com/about and follow us on Twitter at @BofA_News.
SOURCE Nonprofit Finance Fund