The Sorenson Impact Center and Social Finance today launched a Pay for Success (PFS) competition with a geographical focus 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).
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. Through the PFS model, the government repays private investors only if the program meets predetermined outcomes. Independent evaluators measure the effects of a program based on specific metrics that benefit both individuals and society and generate value for taxpayers.
“Pay for Success drives resources toward programs that help individuals and families in our communities,” said Jeremy Keele, Managing Director at Sorenson Impact Center. “It’s great to partner with Social Finance and be part of the growing national movement to better understand—and fund—what’s working to address tough social problems.”
Social Finance and the Sorenson Impact Center will provide technical assistance for up to five communities to help them structure high-quality PFS projects and prepare for long-term success.
“Social Finance is honored to partner with the Sorenson Impact Center to build on the momentum of Pay for Success to bring on new regions,” said Tracy Palandjian, Social Finance CEO and Co-Founder. “Whether a program is focused on reducing recidivism or improving child well-being, Pay for Success encourages greater investment in prevention, with the goal of achieving measurable, sustainable outcomes for our most vulnerable communities.”
Proposals may come from nonprofit organizations, public or nonprofit universities, state and local governments, tribes, and faith-based organizations. Awardees will receive direct assistance, active performance management support, capacity-building to manage projects over the long-term, and comprehensive communications and stakeholder engagement strategies.
Each award will enable recipients to build its capacity to structure a PFS project. The value of the assistance provided will range from $420,000 to $520,000, based on the needs of the recipient and the project.
The deadline for applications is December 1, 2016 for applicants that want to receive transaction structuring services in the first quarter of 2017. Other applicants may apply on a rolling basis. Applicants submitting under the rolling deadline should submit an application 90 days prior to when services are expected to begin.
For more information, visit Eccles.Utah.edu/Sorenson-Impact-Center/rfp.