Up-front multi-year funding
On this page
Black-led Philanthropic Endowment Fund
General information on up-front multi-year funding to Foundation for Black Communities
Recipient information: Foundation for Black Communities (FFBC)
Start date: March 31, 2023
End date: March 31, 2034
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 has endowed the Foundation for Black Communities (FFBC), who is responsible for investing the endowment and using the investment income to provide funding to Black-led, Black-focused and Black-serving (B3) 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: in October 2024, the Foundation of Black Communities (FFBC) launched its second Call for Proposals (CFP). The projects funded aim to improve social and economic outcomes for Black communities. On March 31, 2025, FFBC announced the results of the second CFP- $9.5 million was provided to 161 organizations. The second CFP received over 1500 applications, requesting more than $150 million in funding. FFBC also made public their Annual Report for 2024 highlighting the activities and accomplishments of BLPEF
Total funding approved (dollars): $199,476,227
Total funding received (dollars): $199,476,227
Financial information (dollars)
Planned spending in fiscal year 2024 to 2025: $0
Total authorities available for use in fiscal year 2024 to 2025: $0
Actual spending (authorities used) in fiscal year 2024 to 2025: $0
Variance (fiscal year 2024 to 2025 actual minus fiscal year 2024 to 2025 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 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. This will 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 to be completed in fiscal year 2027 to 2028
Summary of results achieved by the recipient: as of December 31, 2024, the SFF wholesalers have committed over $177.13 million in 34 different Social Finance Intermediaries and directly into 1 Social Purpose Organization (SPO). These investments have reached at least 83 SPOs and social finance projects targeting a broad range of impacts including affordable housing, environment sustainability, and reduced inequalities. Wholesalers have reported over $322 million in private capital co-investment commitments at the wholesaler and intermediary level. Early results indicate that at least 32% of SFF investments at the intermediary level promote social equity, of which 16% are advancing gender equality
Total funding approved (dollars): $400,000,000
Total funding received (dollars): $283,422,489
Financial information (dollars)
Planned spending in fiscal year 2024 to 2025: $60,000,000
Total authorities available for use in fiscal year 2024 to 2025: $64,049,063
Actual spending (authorities used) in fiscal year 2024 to 2025: $64,049,063
Variance (fiscal year 2024 to 2025 actual minus fiscal year 2024 to 2025 planned): $4,049,063
Explanation of variance: no significant variance