NC & SC High Performing Orgs Gather in Charlotte to talk Social Impact Bonds

And WINGS was there!

Last month, the Nonprofit Finance Fund and the Institute for Child Success selected a handful of high performing non-profits from South Carolina and North Carolina to participate in a regional discussion on social impact bonds and outcome measurements. Hosted by the Foundation for the Carolinas, “Readiness Incubator: Adapting for an Outcomes-Based World” offered a day of action-oriented discussion and tangible takeaways. As a high-performing social sector organization operating in the Carolinas, WINGS was chosen to participate in this recent Readiness Incubator session in Charlotte, NC.

Here’s why this gathering is important:

The state of South Carolina was recently awarded a Social Impact Bond grant, and is the only Southern state among the six grantees chosen in a national competition by the Rockefeller Foundation and the Social Impact Bond Technical Assistance Lab (SIB Lab) at the Harvard Kennedy School.

Social impact bonds offer the possibility of a true win-win scenario. The investor gets money if the government's costs are reduced. If the government's costs are reduced, the taxpayer wins because that money can be spent elsewhere. A simple definition of social impact bonds: An arrangement between one or more government agencies and an external organization where the government specifies an outcome (or outcomes) and promises to pay the external organization a pre-agreed sum (or sums) if it is able to accomplish the outcome(s).

The Institute for Child Success, a nonpartisan research and policy organization, will help manage and implement South Carolina’s Social Impact Bond grant. And, as part of the SC grant, the Institute for Child Success is working with the Nonprofit Finance Fund to provide readiness incubators for cohorts of service providers in five different geographies. The intent is to help organizations better prepare for successful participation in an outcomes based funding environment.

With our intense focus on producing meaningful outcomes with kids, we are excited to watch the social impact bond movement move forward.

This short animation does a great job at breaking down what SIB's are and how they work.

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