Up-front multi-year funding
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Black-led Philanthropic Endowment Fund
General information on up-front multi-year funding to the recipient [recipient to be determined as the application process is currently open]
Recipient information: Foundation for Black Communities
Start date: March 31, 2024
End date: March 31, 2034
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 led by and for Black communities in Canada. The department has selected the Foundation for Black Communities to administer the fund. This involves investing the endowment and using the investment income to provide funding to Black-led, Black-focused and Black-serving charities and non-profits across the country. This also includes organizations serving Black individuals at the intersection of multiple forms of oppression.
Total funding approved (dollars): $199,476,227
Total funding received (dollars): $199,476,227
Planned funding in 2024 to 2025 (dollars): $0
Planned funding in 2025 to 2026 (dollars): $0
Planned funding in 2026 to 2027 (dollars): $0
Summary of recipient’s annual plans: the Foundation for Black Communities will submit to the department the first Annual Operating Plan for the Black-led Philanthropic Endowment Fund in winter 2024.
Social Innovation and Social Finance Strategy - Social Finance Fund
General information on up-front multi-year funding for the recipients.
Recipient information:
- Boann Social Impact L.P./Boann Impact GP Inc.
- Fonds de finance sociale - CAP Finance
- Realize Capital Partners Investco Inc./Realize Capital Partners Inc
Start date: March 2023
End date: March 31, 2039
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 (i.e., professional investment managers).
Total funding approved (dollars): $400,000,000
Total funding received (dollars): $179,014,133
Planned funding in 2024 to 2025 (dollars): $60,000,000
Planned funding in 2054 to 2026 (dollars): $60,000,000
Planned funding in 2026 to 2027 (dollars): $60,000,000
Summary of recipient’s annual plans: in fiscal year 2024 to 2025, recipients will have finalized their governance and investment structures. Recipients will deploy repayable funding to Social Finance Intermediaries and Social Purpose Organizations according to their respective investment strategies. Recipients will also deploy non-repayable funding for the purpose of market-building activities, such as reducing the cost of capital, capacity-building, and raising awareness about social finance.
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