Explore this section for latest announcements, ideas, and stories from Nonprofit Finance Fund (NFF) and the Federal Reserve Bank of San Francisco (SF Fed) on Investing in Results.

News 

The Evolving Promise of Pay for Success

By Sindhu Lakshmanan, Roger Low, & Caroline Whistler

Despite growing pains, the pay for success funding model is finding renewed success in communities across the United States and is primed to evolve into an ever-more-powerful tool for social change. In this article, the authors discuss the difference between PFS and PFS financing, how PFS can be useful in today's political cycle, and the need for a focus on equitable practices.

Visit Site

News 

New Report! Pay for Success: The First 25

NFF's Pay for Success Team

Pay for Success: The First 25 is a detailed, comparative analysis of the first 25 projects to launch in the United States, drawn from NFF’s own experience as well as the invaluable contributions of peers in the field. This report builds on NFF research and analysis previously published in “Pay for Success: The First Generation” and in the book “Payment by Results and Social Impact Bonds.” It highlights lessons and contributions from these pioneering projects along with case studies and tables that look at everything from project structure to results, payments, and more.

Visit Site

News 

Can investors and donors co-exist while nonprofits thrive?

The Nonprofit Times

What Matters authors Lindsay Beck and Catarina Schwab, co-founders of NPX Advisors, have announced their first Impact Security in which both donors and investors give money to a project, with potential for the investors to earn a return if certain goals are met. The first four-year pilot involves The Last Mile, a nonprofit dedicated to fund a web development shop inside San Quentin State Prison. While Beck and Schwab believe this represents a new, more outcomes-oriented avenue for philanthropists, Phil Buchanan of Center for Effective Philanthropy believes this vehicle represents too much "business-ificiation" of the social sector, and puts nonprofits in a precarious position.

Visit Site

News 

Getting to Better Health Care at Lower Cost

Antony Bugg-Levine and David Waters

Medically tailored meals are proven to save money. So how can we scale them? This article moves beyond the food is medicine movement to describe the funding necessary to realize the benefits of reorienting our healthcare system to center around partnerships between hospitals and insurance companies, and community based organizations improving conditions that allow people to stay healthy. David Waters will be speaking at our upcoming event, Invest in Results Boston.

Visit Site

News 

Nonprofit Resource Equity and Access: A Call to Close the Gap

By Kate Crisalli and Peter Kramer

More funders are looking for nonprofits to show evidence that what they are doing is working, which means that stronger nonprofits with the capacity to collect and analyze data are better equipped to do so and thus receive more funding than under-resourced nonprofits who struggle to make ends meet. While being able to articulate and prove your outcomes is important, it's equally important that the sector support nonprofits to build their infrastructure around impact measurement to get to this point, especially since the under-supported nonprofits are often even more connected to marginalized communities that need their services. In this article, NFF's Kate Crisalli and Peter Kramer call on funders to fund a continuum of capacity improvement, form trusting and communicative partnerships with their grantees, grant flexible funds, and look for nontraditional measures of success. In this way, we can better spread resources across the sector and achieve even more outcomes for our communities.

Visit Site

News 

Partnerships for Shared Outcomes at 501(c)onference Los Angeles

If you're Los Angeles, make sure to swing by Center for Nonprofit Management's 501(c)onference tomorrow to hear NFF's Annie Chang, Associate Director of Advisory Services, moderate a panel on effective partnerships for shared outcomes featuring Interface Children & Family Services' Erik Sternad, Ventura County Probation'sTheresa Hart, and Ventura County Executive Office's Frank Chow and Chrissy Madden.


America cannot meet the ever-increasing need for social services with current approaches. We must find innovative ways to apply knowledge, data, resources, and government purchasing power to improve outcomes while managing costs to support, advance, and engage people and communities. This session will illustrate how three diverse organizations have successfully partnered to launch the Ventura County Project to Support Reentry. All audience members will leave with a free copy of a new book on outcomes – What Matters: Investing in Results to Build Strong, Vibrant Communities – and a tool to assess their organization’s readiness to participate in outcomes-oriented projects.

Visit Site

News 

Troy’s Kresge Foundation, New Jersey’s Prudential Financial, and the Ballmer Family Invest in the Largest U.S. Pay-For-Success Fund to Date

Grace Turner

Prudential Financial Inc., Steve and Connie Ballmer, and The Kresge Foundation have committed a $40 million investment to The Community Outcomes Fund, created to scale Pay for Success investments in the US. The fully raised fund is expected to be $75 million, and will help align government resources with evidence-based solutions to social challenges.

Visit Site

News 

A New Model for Financing Nonprofits

by Andrew Ross Sorkin

NPX launched the Social Impact Security on Tuesday. This new financial instrument works by pooling donations into a donor fund, and a separate group of investors then buy into performance-based bonds. The bond money goes to financing the nonprofit, and if its pre-determined outcomes are achieved, the donor funds are used to pay the bondholders.

Visit Site