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 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: 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 the 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. This includes organizations 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: the program will conduct an external evaluation as per the Directive on Transfer Payments, which will be provided to the Department prior to September 30, 2027
Summary of results achieved by the recipient: in December 2023, the Foundation for Black Communities launched the first call for proposals supported by the Black-led Philanthropic Endowment Fund. The call for proposals closed in February 2024 and distributed a total of $9.1 million, including $5.9 million from the Fund, to support more than 100 projects working to fight anti-Black racism and improve social and economic outcomes for Black communities in Canada
Total funding approved (dollars): $199,476,227
Total funding received (dollars): $199,476,227
Financial information (dollars)
Planned spending in 2023 to 2024: $0
Total authorities available for use in 2023 to 2024: $0
Actual spending (authorities used) in 2023 to 2024: $0
Variance (2023 to 2024 actual minus 2023 to 2024 planned): $0
Explanation of variance: no variance
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: March 31, 2023
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: 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: no evaluation was completed in fiscal year 2023 to 2024. The next evaluation is planned to be completed in fiscal year 2027 to 2028
Summary of results achieved by the recipient: initial investments were made in 2023 to 2024 and results are expected to be generated in fiscal year 2024 to 2025. Results will be reported to the department in fiscal year 2025 to 2026
Total funding approved (dollars): $400,000,000
Total funding received (dollars): $ 219,373,426
Financial information (dollars)
Planned spending in 2023 to 2024: $110,000,000
Total authorities available for use in 2023 to 2024: $110,000,000
Actual spending (authorities used) in 2023 to 2024: $110,000,000
Variance (2023 to 2024 actual minus 2023 to 2024 planned): $0
Explanation of variance: no variance
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