Up-front multi-year funding

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1. Black-led Philanthropic Endowment Fund
2. Social Innovation and Social Finance Strategy - Social Finance Fund

1. Black-led Philanthropic Endowment Fund

General information on up-front multi-year funding to the Foundation for Black Communities

Recipient information: Foundation for Black Communities

Start date: to be determined

End date: to be determined

Link to departmental result(s): not for profit organizations, communities and other groups have an enhanced capacity to address a range of social issues such as the social inclusion of persons with disabilities, the engagement of seniors and support for children and families.

Link to department’s Program Inventory:

• core responsibility: social development
• program: black-led philanthropic endowment fund

Purpose and objectives of transfer payment program: the black-led philanthropic endowment fund seeks to provide a sustainable source of funding for black communities in Canada. It will endow Foundation for Black Communities, who would be responsible for investing the endowment and using the investment income to provide funding to black-led, black-focused and black-serving organizations across the country, including those serving Black individuals at the intersection of multiple forms of oppression.

Total funding approved (dollars): $0^{Footnote 1}

Total funding received (dollars): $0

Planned funding in 2022 to 23 (dollars): $0

Planned funding in 2023 to 24 (dollars): $0

Planned funding in 2024 to 25 (dollars): $0

Summary of recipient’s annual plans: to be determined. Application process currently open.

2. Social Innovation and Social Finance Strategy - Social Finance Fund

General information on up-front multi-year funding to the recipients [agreements with recipients to be finalized during fourth quarter of fiscal year 2022 to 2023]

Recipient information: agreements with social finance fund (SFF) recipients will not be finalized until the fourth quarter of fiscal year 2022 to 2023. As such, annual performance expectations and planned expenditures for funding will not be available until after that date.

Start date: April 1, 2021

End date: March 31, 2037

Link to departmental result(s): not for profit organizations, communities and other groups have an enhanced capacity to address a range of social issues such as the social inclusion of persons with disabilities, the engagement of seniors and support for children and families.

Link to department’s Program Inventory:

• core responsibility: social development
• program: social innovation and social finance strategy

Purpose and objectives of transfer payment program: the social finance fund (SFF) seeks to accelerate the growth of a vibrant and self-sustaining social finance market in Canada. It seeks to attract new investment in social finance, and improve access to capital for social purpose organizations. This will increase the capacity of those organizations to generate social and environmental impacts by providing repayable and non-repayable contributions to social finance wholesalers (in other words, professional investment managers).

Total funding approved (dollars): $460 000 000

Total funding received (dollars): $0

Planned funding in 2022 to 23 (dollars): $ 110 000 000

Planned funding in 2023 to 24 (dollars): $ 110 000 000

Planned funding in 2024 to 25 (dollars): $ 60 000 000

Summary of recipient’s annual plans: agreements with Social Finance Fund (SFF) recipients will not be finalized until the fourth quarter of fiscal year 2022 to 2023. As such, annual performance expectations and planned expenditures for funding will not be available until after that date.