Up-front multi-year funding
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- Black-led Philanthropic Endowment Fund
- Social Innovation and Social Finance Strategy - Social Finance Fund
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 (FFBC)
Start date: March 31, 2023
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 endowment was provided to FFBC as an upfront multi-year funding. No additional funding is planned for the fiscal years dating from 2025 to 2026 to 2027 to 2028.
The recipient's annual plan for the period between fiscal years 2025 to 2026 and 2027 to 2028 is currently unavailable. Starting in 2024 to 2025, FFBC will provide the Fund's annual operating plan to ESDC 60 days before the start of each fiscal year. The operating plan will include planned activities and outputs for the year.
From fiscal years 2025 to 2026 to 2027 to 2028, Foundation for Black Communities will continue to use the endowment's investment income to support B3 Charities and Non-profits to implement projects aimed at combating anti-Black racism and improve social and economic outcomes for Black communities.
The Fund's return on investment is expected to be at least 6% per year to sustain the endowment over time.
As the Black-led organization responsible for managing the Fund, the Foundation for Black communities will continue to carry out the following broad activities related to the Fund:
- raising awareness of the fund
- investing the fund
- soliciting additional sources of funding
- creating a process for organizations to apply for funding
- incorporating feedback from black communities into funding decisions
- distributing funding to B3 charities and non-profits
Social Innovation and Social Finance Strategy - Social Finance Fund
General information on up-front multi-year funding for the recipients.
Recipient information: Social Finance Fund
Start date: March 31, 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 (for example: professional investment managers).
Total funding approved (dollars): $400,000,000
Total funding received (dollars): $250,471,642
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): $0
Summary of recipient's annual plans: in fiscal year 2025 to 2026, recipients will continue to deploy repayable funding to Social Finance Intermediaries and Social Purpose Organizations according to their respective investment strategies. Recipients will also continue to deploy non-repayable funding for the purpose of market-building activities, such as providing capacity-building support, reducing the cost of capital, and raising awareness about social finance.