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 Foundation for Black Communities
Recipient information: Foundation for Black Communities
Start date: August 15, 2022
End date: March 31, 2033, with possibility of extension after Ministerial review
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 non-profit organizations and registered charities in Canada. It will endow Foundation for Black Communities, which 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
Audit findings by the recipient during the reporting year, and future plan: not applicable
Evaluation findings by the recipient during the reporting year, and future plan: not applicable. The first program evaluation is planned for no later than fiscal year 2027 to 2028
Summary of results achieved by the recipient: not applicable. The funding agreement with the recipient was signed late in the fiscal year. Results are expected to begin being generated in fiscal year 2023 to 2024 and reported to the department in early fiscal year 2024 to 2025
Total funding approved (dollars): $199,476,227
Total funding received (dollars): $199,476,227
Financial information (dollars)
Planned spending in fiscal year 2022 to 2023: $0
Total authorities available for use in fiscal year 2022 to 2023: $199,476,227
Actual spending (authorities used) in fiscal year 2022 to 2023: $199,476,227
Variance (fiscal year 2022 to 2023 actual minus fiscal year 2022 to 2023 planned): $199,476,227
Explanation of variance: The variance between planned and actual spending in fiscal year 2022 to 2023 is due to new funding accessed by the department in-year as per the Budget 2021 for the Black-Led Philanthropic Endowment Fund Program.
2. Social Innovation and Social Finance Strategy - Social Finance Fund
General information on up-front multi-year funding to 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: April 1, 2021
End date: March 31, 2039
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. The SFF will provide repayable and non-repayable contributions to social finance wholesalers (in other words, professional investment managers) that will in turn, invest in social finance intermediaries and subsequently in social purpose organizations, to increase the capacity of those organizations to generate social and environmental impacts
Audit findings by the recipient during the reporting year, and future plan: not applicable
Evaluation findings by the recipient during the reporting year, and future plan: not applicable. The first program evaluation is planned for no later than fiscal year 2027 to 2028
Summary of results achieved by the recipient: not applicable. Contribution agreements with recipients were signed late in the fiscal year. Results are expected to start being generated in fiscal year 2023 to 2024 and reported to the department in early fiscal year 2024 to 2025.
Total funding approved (dollars): $400,000,000
Total funding received (dollars): $109,373,426
Financial information (dollars)
Planned spending in fiscal year 2022 to 2023: $110,000,000
Total authorities available for use in fiscal year 2022 to 2023: $109,373,426
Actual spending (authorities used) in fiscal year 2022 to 2023: $109,373,426
Variance (fiscal year 2022 to 2023 actual minus fiscal year 2022 to 2023 planned): $-626,574
Explanation of variance: No significant variance