PRIs in the Media

RSF Launches Food & Agriculture Fund

July 2010 Investing in sustainable food systems is key to strengthening local economies and improving the health of our communities. To help accomplish this, RSF Social Finance has launched a Food & Agriculture PRI Fund that allows foundations to make PRI investments in a range of food enterprises, including a nonprofit that has created a replicable model for distributing local organic food to institutions, including hospitals, universities, and schools. RSF Social Finance's new fund offers foundations an efficient way to "recycle" grant dollars through PRI investment while supporting innovative models for large scale change.

$6 Million Working Capital Loan Fund Established

July 2010 New York City-based Clark Foundation allocated $2 million to the Nonprofit Finance Fund to establish a working capital loan fund for nonprofit organizations that are struggling financially. The PRI, made from the Foundation's endowment fund, will allow NFF to make an additional $4 million available to Clark grantees. This fund aims to help alleviate the operational strain that many nonprofits experience due to gaps in cash flow.

Social Investments to Further Scientific Research

June 2010 The Iacocca Family Foundation is investing in Kineta , a Seattle-based biotech company working on the development of a new drug for type 1 diabetes.

The Meadows Foundation Invests $500,000 in Low-Income Housing

June 2010 The Meadows Foundation awarded the Texas State Affordable Housing Coporation (TSAHC) a $500,000 PRI in support of acquiring foreclosed homes and lots for development and rehabilitation via 16 nonprofit housing providers.

New York Foundations Put a "Terrific Tool" - PRIs- to Work

May 2010 Foundations such as the Community Health Foundation of Western and Central New York, The John R. Oishei Foundation and The Wendt Foundation are using PRIs to support housing, social services and economic development projects.

Gates and Schwab Foundations Help Bond Aspire Public Schools

May 2010 The Bill & Melinda Gates Foundation and the Charles and Helen Schwab Foundation announced their support to help secure $93 million in a tax-exempt bond issuance that will help Aspire Public Schools, a leading California nonprofit public charter school management organization, offer high-quality, permanent facilities to more students.

New $200 Million Fund Opens for Small Business CDFIs

May 2010 By Citigroup Inc.

Calvert Foundation, Opportunitity Finance Network, and Citi launched the $200 million Communities at Work Fund to lend to low-income communities in the US.

Impact Investing: a Focus on More Than Returns

April 2010 By Paul Sullivan, New York Times

Paul Sullivan of the New York Times writes about the phrase "impact investing" as an emerging hybrid of philanthropy and private equity that proponents say is about to become more widespread.

Annie E. Casey Foundation Pledges Additional $25 Million for Socially Responsible Investment Practices

March 2010 By Annie E. Casey Foundation

The Annie E. Casey Foundation announced an additional $25 million allocation for social investments – a set of strategies that would use endowment dollars to generate financial returns as well as social returns that advance the Foundation’s mission to improve the lives of vulnerable children and families.

Guarantees an Important Tool in Disaster Recovery: Special Member Interview - Meyer Memorial Trust

February 2010 By Kim Martin, PRI Makers Network Meyer Memorial Trust, ShoreBank Enterprise Cascadia, and the Community Action Team partner to repair hundreds of homes ravaged by the late 2007 floods in the Pacific Northwest. A loan guarantee and grant made by the Meyer Memorial Trust has helped the Community Action Team (CAT) finance the repair of over 140 homes. We interviewed Jim Tierney, deputy director of CAT and head of the community investment program, about the investment.

CARS™ Rates Five CDFIs in the Fourth Quarter and Launches New Annual Subscription Option for 2010

January 2010 By Opportunity Finance Network Five community development financial institutions(CDFIs)from across the United States were rated by the CDFI Assessment and Ratings System(CARS™) in the fourth quarter of 2009. CARS™ released 21 ratings during 2009, with five more in process that will be released during the first quarter of 2010. Read more...

Gates Foundation Provides $30 Million Credit Support Agreement to Secure $300 Million in Charter School Facility Financing

November 2009 By Bill & Melinda Gates Foundation The Bill & Melinda Gates Foundation will provide a $30 million credit support agreement to help secure $300 million in tax-exempt bond issuance to further high-quality public charter school expansion in Houston. This marks the foundation's first US investments as part of an initiative announced in September that commits a total of $400-million in PRIs. The PRI will be managed and supported by a $3 million guaranty from the Local Initiatives Support Corporation (LISC).

Consider it an Investment

November 2009 By Shelly Banjo, The Wall Street Journal With fewer resources to go around, philanthropists are using a host of methods to stretch their charitable dollars. Instead of simply giving money away to a cause, groups and individuals are plowing their funds into financial vehicles—known as program-related investments—that let their money grow while it does good…Consider It an Investment

With Third-quarter Awards Totaling $43.7 Million, The Kresge Foundation Helps Those Hardest Hit by the Economic Crisis

October 2009 By The Kresge Foundation The 85-year-old Kresge Foundation awarded Feeding America, the nation's largest domestic hunger-relief agency, a $2.5 million program-related investment to finance the purchase of 20 to 25 refrigerated trucks.. The trucks will be used by organizations in their 63,000-member network of food banks and mobile pantries to acquire and distribute donated food.

CARS™ Rates 50th CDFI, Adds Five New Subscribers, and Launches New Website in Third Quarter

October 2009 By Opportunity Finance Network Four community development financial institutions (CDFIs) from across the United States were rated by the CDFI Assessment and Ratings System (CARS™) in the third quarter of 2009. This brings the total number of rated CDFIs to 50. Of those, almost one-third have been re-rated, demonstrating CDFIs’ ongoing commitment to transparency and rigorous performance standards. Investors that subscribe to CARS™ receive detailed analyses that assess the financial strength and performance and impact performance for each CDFI. Investors use CARS™ ratings to identify opportunities that meet their social investment criteria and risk parameters, augment their own underwriting, and increase monitoring efficiency, which has become increasingly critical in the face of budget constraints and down-sizing. Read more...

Loan Fund Available To Help King County Small Businesses

August 2009 By The Puget Sound Business Journal Seattle Foundation creates the "Grow Seattle-King County Fund” in partnership with the National Development Council. Loan Fund Available To Help King County Small Businesses

Charity Loans: a Creative, Underused Form of Support

May 2009 By Jim Bildner and Mark Kramer The current economic crisis has left no one unscathed — and sadly, that is particularly true for those who are most in need. As foundations face significantly reduced assets available to meet those needs, nonprofit groups face even greater demand for their services. As a result, foundations across the country must meet the challenges inherent in this crisis by making significant and real changes. Just as investors in the capital markets are rethinking their investment strategies, foundations, donors, and nonprofit organizations are also at a critical reflection point. Chronicle of Philanthropy Article

More for Mission BLOG: Consultants in Responsible Investing show MRI Opportunities Abound

April 2009 By Lisa Hagerman A distinguished group of investment consultants ranging from larger consultants to the boutique firms gathered at Boston College to discuss the field of responsible investing consulting at a one-day event, "The Evolution of Responsible Investment Consulting." The day included thoughtful discussion and exchange on the state of the field and definitional issues, crafting a methodology in responsible investing, and tools needed to advance the field on both the demand and supply side. The lively discussion showed that there is a growing pipeline of product offerings across both the public and private markets by asset classes targeting market-rate financial returns along with ancillary social impacts. MRI Opportunities Abound

The Monitor Institute on Impact Investing

April 2009 A growing group of investors around the world is seeking to make investments that generate social and environmental value as well as financial return. This emerging industry of impact investing has the potential to become a potent force for addressing global challenges. But how might it succeed or fail? Will it take the next five to 10 years? 25 years? Or will it not happen at all? This report examines impact investing and how leaders could accelerate the industry's evolution and increase its ultimate impact in the world. It explores how impact investing has emerged and how it might evolve, including profiles of a wide range of impact investors. The report also provides a blueprint of initiatives to catalyze the industry. Investing for Social and Environmental Impact

RSF Social Finance's Blog: Reimagine Money

March 2009 RSF Social Finance is a pioneering nonprofit organization dedicated to using the tools of finance to bring about positive, real-world change. Our goal is not only to make capital available to innovative projects; it’s to fundamentally transform the way the world works with money. PRI: Doing More with Less

As The Economic Crisis Deepens, Socially Oriented Capital Emerges

March 2009 By Robin Hacke, Living Cities The current bear market has led investors to plumb alternative vehicles for their increasingly scarce investment dollars. Although the concept of impact investing is not new, investors are looking more deeply into the possibilities. OnPhilanthropy Article

Social Investing On Upswing, Foundation Manager Says

March 2009 Do-good funds are encouraged to make nice with advisers. Investors who previously ignored socially conscious investments are eyeing them now. Read more at Investment News.

PRI Challenges and Opportunities

February 2009 The recent member survey and a teleconference led by Kate Starr (Heron Foundation), Jeff Clarke and Chris Perez (Rasmuson Foundation) and Debra Schwartz (MacArthur Foundation), captured the ways in which the economic crisis has generated new challenges, need and opportunities for PRI Makers. The responses within the field are varied and clearly still evolving. PRIs in the Current Economic Climate

MacArthur Foundation Announces New Grants and PRIs in Window of Opportunity

February 2009 The John D. and Catherine T. MacArthur Foundation announced the latest round of grants and PRIs ($32.5 million) to 12 states and cities to help preserve more than 70,000 affordable rental homes. This significant investment is part of the Foundation’s new Window of Opportunity initiative, a $150 million, 10-year effort to preserve affordable rental homes. Meyer Memorial Trust is a key partner on these investments in Oregon and several other foundations – including community and regional foundations -- are making PRIs for funds in Denver, Los Angeles, Florida, and other locations to leverage additional impact. This initiative is a successful example of national and local/regional efforts using PRIs and working together to meet mutual objectives. Go to: Window of Opportunity - MacArthur Foundation

New Resources Available to Support Mission-Related Investing

January 2009 With funding from Meyer Memorial Trust and the Annie E. Casey and F.B. Heron foundations, the Boston College Center for Corporate Citizenship has established a web-based resource to help foundations leverage their endowments through mission-related investments. The resource is part of the More for Mission Campaign, which challenges other foundations to increase mission investments by at least 2 percent of total foundation assets, which would generate an estimated $12 billion over the next five years, for advance philanthropic goals. The center will also work with the PRI Makers Network and others to encourage and support efforts to broaden the reach of mission-related investments domestically and internationally. According to the resource center’s director, Lisa Hagerman, "The More for Mission Campaign Resource Center is available as a resource for foundations as they develop their mission investing platforms. We encourage practitioners to share with us their experiences in the field and to contact the center with questions about mission investing strategies and investment resources available to start the practice." Go to: www.moreformission.org

SocialFunds.com

February 2008 Foundations Move Toward Mission-related Investing One Foundation at a Time: A small, but growing number of foundations is stepping up to confront and fight climate change on two fronts. First, more foundations are supporting work that mitigates climate change in their missions and as part of their charitable giving. Second, more foundations are seeing the importance of managing their investment portfolios and proxy votes to support clean energy and address climate change....Foundations Move Toward Mission-related Investing...

Wall Street Journal on PRIs

December 10, 2007 Charitable foundations typically give away money to fulfill their philanthropic missions. But increasingly, they expect their money back -- with interest...Giving...and Receiving