The document discusses social impact bonds (SIBs), which are a new type of performance-based investment for financing social programs. SIBs work by private investors funding social service programs upfront, and the government only repaying investors if the programs achieve pre-agreed outcomes that save the government money. The key differences between SIBs and traditional bonds are that SIB returns are based on project performance, not fixed, and involve higher risk. SIBs benefit communities by funding new programs, investors by creating profitable programs, and governments by increasing efficiency and saving money long-term.
Report about Social Impacts Bonds prepared by ABN Amro. Taken from this web-site: http://www.abnamro.com/en/images/040_Sustainability/050_Reporting/Files/Summary_Sustainability_Report_2013_EN-.pdf
With increasing demand on limited public resources, national and local governments are recognizing the need for a new approach to social services that emphasizes the identification of effective, innovative ideas. However, a lack of available funding and the reluctance to take on the risk that a promising, but unproven, idea might fail have created obstacles to this new approach. The social impact bond model is designed to eliminate these obstacles.
Report about Social Impacts Bonds prepared by ABN Amro. Taken from this web-site: http://www.abnamro.com/en/images/040_Sustainability/050_Reporting/Files/Summary_Sustainability_Report_2013_EN-.pdf
With increasing demand on limited public resources, national and local governments are recognizing the need for a new approach to social services that emphasizes the identification of effective, innovative ideas. However, a lack of available funding and the reluctance to take on the risk that a promising, but unproven, idea might fail have created obstacles to this new approach. The social impact bond model is designed to eliminate these obstacles.
Forward-‐thinking defined contribution retirement plan sponsors are recognizing the benefits of communicating to employees in a language
they can understand: monthly income. Investment solutions focused on income fundamentally improve the participant experience and ultimately deliver better outcomes.
In today’s retirement plan industry, the unaddressed segment of the market is the one–third of private sector workers without
access to retirement benefits and Multiple Employer Plans (MEPs) are the disrupting force that can meet their needs.
I am mentioned several times in the September 2011 issue of Restaurant Finance Monitor John Hamburger. My input is directly loan based and I provide quick figures as to what you can expect by using our loan program for you next restaurant commercial financing project.
Congrats on surviving this year of multiple changes in the Employee Benefits industry. With more legal changes anticipated in 2020, we want to help you not only review your compliance readiness for the recently implemented laws, but help you and your team build a solid 2020 Watchlist for the new year.
Both focusing on 2019 year-end and looking ahead to 2020, this webinar will cover:
Multiple-employer plans -- What new guidance means for your business
New correction options under the IRS Employee Plans Compliance Resolution System, plus the most common 2019 plan errors we saw and how to fix them
Hardship distributions and participant loans -- Imminent deadlines for amendments and updated tips
New health reimbursement options -- How useful are they?
How to treat coupons used by plan participants to help pay for prescription drugs
New Medicare Secondary Payer reporting rules apply January 2020 -- What should you do?
The concern for financing in a private limited company is on focus. Various pros and cons have been described to come into decision which way of financing is appropriate for the company. To avail the financing facilities, the company went ‘public’, that is, it became a public limited company from the existing private limited company. Company sold its shares to investors and collected money required. They also considered with the excess demands to utilize that as well.
Mary Beth Gray provides a "how to" of the issues you need to consider when creating a distribution policy, and what is or is not permitted by the IRS. Tabitha Croscut discusses diversification language in plans and what the IRS decided was the definition of a "qualified participant."
Forward-‐thinking defined contribution retirement plan sponsors are recognizing the benefits of communicating to employees in a language
they can understand: monthly income. Investment solutions focused on income fundamentally improve the participant experience and ultimately deliver better outcomes.
In today’s retirement plan industry, the unaddressed segment of the market is the one–third of private sector workers without
access to retirement benefits and Multiple Employer Plans (MEPs) are the disrupting force that can meet their needs.
I am mentioned several times in the September 2011 issue of Restaurant Finance Monitor John Hamburger. My input is directly loan based and I provide quick figures as to what you can expect by using our loan program for you next restaurant commercial financing project.
Congrats on surviving this year of multiple changes in the Employee Benefits industry. With more legal changes anticipated in 2020, we want to help you not only review your compliance readiness for the recently implemented laws, but help you and your team build a solid 2020 Watchlist for the new year.
Both focusing on 2019 year-end and looking ahead to 2020, this webinar will cover:
Multiple-employer plans -- What new guidance means for your business
New correction options under the IRS Employee Plans Compliance Resolution System, plus the most common 2019 plan errors we saw and how to fix them
Hardship distributions and participant loans -- Imminent deadlines for amendments and updated tips
New health reimbursement options -- How useful are they?
How to treat coupons used by plan participants to help pay for prescription drugs
New Medicare Secondary Payer reporting rules apply January 2020 -- What should you do?
The concern for financing in a private limited company is on focus. Various pros and cons have been described to come into decision which way of financing is appropriate for the company. To avail the financing facilities, the company went ‘public’, that is, it became a public limited company from the existing private limited company. Company sold its shares to investors and collected money required. They also considered with the excess demands to utilize that as well.
Mary Beth Gray provides a "how to" of the issues you need to consider when creating a distribution policy, and what is or is not permitted by the IRS. Tabitha Croscut discusses diversification language in plans and what the IRS decided was the definition of a "qualified participant."
Dmitry Chastukhin, Director of security consulting at ERPScan, speaks at Deepsec Conference 2012 on SAP Security.
SAP is the most popular business application. There are more than one hundred eighty thousand installations all over the world. But people spend enormous amounts of money to install it and then forget about security. In ERP systems, all business processes are performed, all critical information is stored.
The presentation describes how SAP Portal works and kinds of attacks it can be exposed to.
Business applications like ERP, CRM, SRM, and others are one of the major topics in the field of computer security as these applications store business data and any vulnerabilities in these applications can cause a significant monetary and reputational loss or even stoppage of business.
Nonetheless, people still do not pay much attention to the technical side of SAP security.
As for SAP, we saw different vulnerabilities at all levels (architecture, software vulnerabilities and implementation).
Business applications like ERP, CRM, SRM, and others are one of the major topic of information security as these applications store business-critical data and any vulnerability in them can cause a significant monetary and reputational loss or even stoppage of business.
There are several myths about Business Applications Security such as:
Myth 1: Business Applications are available only internally.
Myth 2: ERP security is a vendors' problem.
Myth 3: Business Application internals are very specific and unknown to hackers.
Myth 4 ERP security is all about Segregation Of Duties.
Our findings explode these myths.
Injecting evil code in your SAP J2EE systems. Security of SAP Software Deploy...ERPScan
SAP is the most popular business application with more than two hundred forty thousand installations all over the world. But people spend enormous amounts of money to install it and then forget about security. However, in ERP systems, all business processes are performed, all critical information is stored like finances, HR, clients. Not to care about the security of this data is not very sensible.
SAP NetWeaver Development Infrastructure is a complex item. It combines the characteristics and advantages of local development environments with a server-based development landscape. All this stuff centrally provides opportunities to support the software, implement new features, manage lifecycle of a product, etc. So, the main aim is to control deployment of components in the system landscape in a standardized manner.
The key component in DI scheme is Software Deployment Manager (SDM). It is directly related to the production systems, that is why it is so critical.
The presentation describes special features of SDM and provides several SDM attack scenarios along with the ways to prevent them.
Oracle PeopleSoft applications are under attack (HITB AMS)ERPScan
Oracle is the second largest vendor on the ERP market, and its PeopleSoft is used in more than 7000 companies including about 50 % of Fortune 100. PeopleSoft applications are widespread over the world with more than 72% of customers in the USA.
On May 28, Alexey Tyurin, Head of Oracle Security Department at ERPScan, presented this talk at the Hack In The Box security conference.
The presentation describes PeopleSoft Architecture and provides several internal and external attack vectors. Let’s look at the most dangerous one. PeopleSoft systems are often accessible from the Internet. And some parts of the system have to be available before registration, for example, job application forms or “Forgot your password?” forms. For this purpose, there is a special user with minimal rights in PeopleSoft systems. When you enter, the system automatically authenticates you as this user. It is an opportunity to perform a privilege escalation attack by bruteforcing the authentication cookie called TokenID. TokenID is generated based on SHA1 hashing algorithm, and according to the latest information, 8-characters alpha-numeric password can be decrypted within one day on latest GPUs that cost about $ 500.
The interest in SAP security is growing exponentially, and not only among whitehats. Unfortunately, SAP users still pay little attention to SAP security.
Obtained findings were presented at RSA APAC Conference 2013.
This research focuses on statistics of SAP Vulnerabilities, threats from the Internet, known incidents and future trends.
The US National Advisory Board (NAB) on Impact Investing released its report of policy recommendations to mainstream impact investing within the United States at a White House event this morning. The initiative, focused on promoting public and private innovation and entrepreneurship in solving the United States’ greatest social challenges, addresses the most catalytic changes needed from a policy standpoint. The report, Private Capital, Public Good: How Smart Federal Policy Can Galvanize Impact Investing — and Why It’s Urgent, has been made public online at www.NABimpactinvesting.org.
About the NAB
The US National Advisory Board (NAB) to the Global Social Impact Investment Taskforce aims to catalyze the development of the global social impact investment market. It was established following the June 2013 G8 Social Impact Investment Forum in London. The NAB was formed to focus on the US domestic policy agenda. The NAB is comprised of 27 thought leaders, including private investors, entrepreneurs, foundations, academics, impact-oriented organizations, nonprofits, and intermediaries.
Other NGOs such as Dustho Shasthya Kendro (DSK), Nijera Kori, ASA etc should give an positive steps to follow BRAC, Grammen Bank and Gono Shasthya Kendro (GSK) to develop social business in order to earn fund in collaboration of overseas investors who consider the impact of their investment and profit. The local NGOs should change their mind and reform themselves to attract overseas investments.
USAID Cooperation for Growth Project (USAID CFG) is looking for ideas and methodologies that will improve the capacity of SMEs to articulate their specific needs and advocate for solutions. Find more details in the document.
75 words as reply to this post if you cite also reference Dunca.docxpriestmanmable
75 words as reply to this post if you cite also reference
Duncan Moogi
Hello class and prof.
It is important for organizations to create accurate and up-to-date annual budgets to maintain control over their finances, and to show funders exactly how their money is being used. How specific and complex the actual budget document needs to be, depends on how large the budget is, how many funders you have and what their requirements are, how many different programs or activities you are using the money for, etc. At some level, however, the budget will need to include:
Projected expenses. The amount of money expected to be spent in the coming fiscal year, broken down into the categories expect to be covered - salaries, office expenses, etc. Projected income. The amount of money expected to be taken in for the coming fiscal year, broken down by sources -- i.e., the amount expected from each funding source, including not only grants and contracts, but also internal fundraising efforts, memberships, and sales of goods or services. The interaction of expenses and income. What gets funded from which sources? In many cases, this is a condition of the funding: a funder agrees to provide money for a specific position, for instance, or for activities or items. If funding comes with restrictions, it is important to build those restrictions into the budget, to make sure money is spend as told to the funder. Adjustments to reflect reality as the year goes on. The budget will likely begin with estimates, and as the year progresses, those estimates need to be adjusted to be as accurate as possible to keep track of what is really happening.
Why have a financial plan?
It sharpens understanding of goals. It gives the real picture - by accurately showing what you can afford and where the gaps in funding are, the budget allows to plan beforehand to meet needs, and to decide what is able to be done each year. It also encourages effective ways of dealing with money issues - by showing what you cannot afford with known income, a budget can motivate you to be creative - and successful - in seeking out other sources of funding. It fills the need for required information - the completed budget is a necessary element of funding proposals and reports to funders and the community. It facilitates discussion of the financial realities of the organization. It helps you avoid surprises and maintain fiscal control. (community toolbox n.d.)
According to Jason Gordon (20 December 2020), operating budget is the daily expenses that are projected from daily operations, including raw materials, machinery, labor, and utility expenses, among others. The company will generally use income projections when planning for an operating budget. Operating budgets are usually created before the start of a new financial year. They are often presented in an income statement format with a schedule that allows the management to provide updates of monthly expenses incurred. In addition,.
1. April 2015 Business & Government Relations, 1
Social Impact Bonds
By: Ethan Choy, Ross Higgins, and Spencer Bezirdjian
How to cite this guide: Choy, E., Higgins, R., and Bezirdjian, S. A New Horizon for Impact Investment: The Future of Social Impact Bonds. Business & Government Relations Management Guide.
Washington DC, The George Washington University. Prepared under the supervision of Professor Jorge Rivera as a basis for class discussion.
_____________________________________________________________________________________________________________________
A New Horizon for Impact Investment: The Future of SocialImpact Bonds
A New Way to Finance Social Programs
What’s it all about? A Social impact bond is regarded as a
performance-based investment bond. This financial vehicle is
considered to be a part of the new impact investment market. The first
SIB was launched in the UK on March 18, 2010 by then Justice
Secretary Jack Straw to finance prisoner rehabilitation programs. The
idea is quickly catching the interest of countries such as: UK, US,
Australia, and India. On February 2011, President Obama proposed his
2012 budget, which included $100m going towards SIB projects. What
makes a SIB different from other types of bonds is that it does not
offer a fixed return on investment. Rather, ROI is based on the
efficiency of the project outcome. SIB’s contain higher than average
risks to outside investors willing to fund the projects, but offer the
potential for increased profits. Due to this high-risk investment, SIBs
have often been compared to equity investments or structured
products. The table below depicts the differences among both social
impact bonds and traditional bonds:
SOCIAL IMPACT BONDS
❏ Payment is not upfront
❏ Returns can vary
depending on the success
level of the project
❏ Relies on private
philanthropy and capital
markets for upfront
capital
❏ Outcomes are observable
and measurable within 3
to 8 years
❏ A lot of time spent on
contracting
❏ Many external
intermediaries
TRADITIONAL BONDS
❏ Payment is received
when incentivized
❏ The government will
pay a fixed return
❏ Government pays
investors directly
through debt
❏ Easier to measure
outcome as service is
more heavily
regulated
❏ Not as many
contracts to be issued
❏ Divided among
different agencies
How they Work: SIBs work through a legal contract between a
government agency and a private sector financing intermediary
or external organization. By providing an in-depth scope and
comprehensive analysis as to why the external organization would
like to conduct an intervention, the external organization initiates
the proposal of a SIB to a government agency. The agency then
suggests the set timeframe, payment level, and desired outcome.
Once the “Pay for Success” contract has been approved and signed,
the external organization takes the responsibility to form secondary
contracts with outside investors and service providers. If the
outcome is achieved, outside investors will be rewarded with a
return according to the level of program performance. However, if
the outcome is not achieved, the government will not pay for the
service. Because the outside investors and financial intermediary
assumes 100% of the risk, they must insure that the scope of the
service or project is both measurable and achievable. In conclusion,
service providers carry out the intervention and are overseen by the
external organization.
Pettus, Ashley. "Social Impact Bonds." Social Impact Bonds Harness Private Capital to Tackle Social Ills.
Harvard Magazine, July-Aug. 2013. Web. 26 Apr. 2015.
2. April 2015 Business & Government Relations, 2
Why is it Useful? Social impact bonds offer an opportunity to
improve social outcomes by providing an alternative source of funding
to public programs. SIBs are an alternative because they provide a
means of conditional funding based on the achieved outcome
performance as opposed to traditional financial methods that simply
measure inputs and outputs. SIB’s have the ability to benefit the
community, the government, and the investors. The community
benefits from the implementation of a new program designed to better
their environment. The investors benefit if they are able to create a
program that provides efficient results. The government benefits
because SIB’s free up valuable time and save money in the long-run
due to the increased efficiency of the process.
Application in Government
SIBs offer a new, innovative initiative for governments to influence an
effective change in the services that they offer through the “payment
for success” plan. By allowing outside investors and businesses to
collaborate and offer a strategy of implementation, the government is
relieved from their duties and concurrent obligations while the
contracting businesses work toward achieving the desired outcome. By
signing a SIB contract, the government actually saves the taxpayers’
money in the process (the underlying returns will be discussed in
further detail). One of the largest benefits of the government in
accordance with the social impact bond stems fromtheir ability to only
pay the cost to third party affiliates if the service was effectively
carried out and the set outcome was achieved (“payment for success”).
However, the government involved in the procurement of the bond
must be in absolute compliance throughout the process. Without
complete compliance, the bond issuer and the rest of the contractual
systemwill collapse.
Application in Business
Similar to the
government, the
contracting businesses
must clearly define the
project or service in
which they are choosing
to implement. The chart
on the left is a simplified
model of a service’s
financial feasibility, as
assessed by a company’s
own ability to effectively
achieve the project. A
good reason as to why a
company may choose to
take on the complexities
of reinstating a social
service is because it offers a new profitable market niche if the
company involved can implement and perform the tasks effectively
(profitability statements will be assessed in greater detail).
Programs with Potential
SIBs are considered to be a versatile tool that is applicable to
various program areas. Their effectiveness is most evident when
they address issues that save the government money in the long-
term and whose outcomes can be easily measured. In essence, SIBs
do not tackle preventative programs that try to stop issues from
growing too severe. They likely address remedial programs that
involve a problem after it has occurred like prison sentences.
The Center for American Progress has defined prison recidivism,
workforce development, and homelessness as examples of areas that
could benefit greatly from SIBs. Preventative programs have been
proven to be effective ways to deal with longstanding social
problems while saving money down the line. The only problem is
that preventative programs are also the most likely to have budget
shortfalls and get budget cuts - enter private investors who seek a
social impact as well as a financial return.
Other Resources
The Center for American Progress: CAP is a public policy
research and advocacy organization. They are “dedicated to
improving the lives of Americans through progressive ideas and
actions.” CAP has clearly defined industries that can benefit from
SIB’s.
Rockefeller Foundation: is an organization whose mission is to
“improve the well-being of humans around the world.” The
Rockefeller organization gives detailed information about the
various governments who have invested in SIB’s and the potential
commercial capital these SIB’s can provide.
Harvard Kennedy School: HKS has set up a Social Impact Bond
technical assistance lab, which provides users with all the
information they need to know about SIB’s. HKS also hires
contractors who are looking to take on various SIB’s. A list of SIB’s
currently in process can also be found here.
3. April 2015 Business & Government Relations, 3
Contracting for Success
SIBs center around multiple contracts that lay out the general terms for a proposed program. Important topics that need to be
addressed in a SIB contract are the beneficiary population that will be receiving services, compensation levels, measures of success,
and a timeframe. A major challenge of these contracts is clearly defining the beneficiary population. The government agency needs to
make sure that the external organization doesn’t have the opportunity to simply target the easiest cases, but works toward be ttering all
those affected by the chosen issue, including the most vulnerable. The implications of these challenges mean that the contract is
pivotal to the success or failure of the project. Furthermore, due to the complex nature of social problems in addition to th e number of
stakeholders involved in SIBs, it is important that all participating parties understand the causes of the social issue. An effectual
contract will reflect this understanding and guide the external organization in its actions.
The New York Social Impact
Bond Agreement
The chart to the right shows the
number projections for the SIB
between New York City and MDRC.
With a 10% reduction in re-
incarceration, the government pays
MDRC its initial investment of $9.6m.
At this break-even point, the
government is still projected to save
$1m in long-term savings. If re-
incarceration rates are reduced by less
than 10%, then MDRC is only paid
half of their initial investment. Even at
this rate, the government is still
projected to save $1m in long-term
savings. Conversely, if re-incarceration
is reduced by 20%, the city will pay
MDRC $11.7m, a price well above
their initial investment. At this price,
the city is projected to save over $20m
in long-term savings. This projection
chart is just one example of how the pay for performance process works.
The Bright Future ofSocial Impact
Bonds
What is possibly the most alluring aspect of the
social impact bond is the potential influence
that it may bring across the three key global
markets. These markets make up the triple
bottom line or the three pillars of
sustainability. Each bar (or pillar) on the graph
to the left represents a different market. In
order from left to right these markets are seen
as: US philanthropic giving (social), global
social screening and stakeholder advocacy
(environmental), global managed assets
(financial), and impact investing potential
market size. As much as 1% of global managed
assets ($500 Billion) can be channeled into the
impact investment market as a source of capital
to fund programs and introduce new innovative
techniques and operations to effectively
conduct social services. In theory, that there
boasts a potential win-win-win across all
platforms. For this reason, social impact
investment and, more specifically, social
impact bonds have the capacity by 2020 to
reach a market size of $1 Trillion. Governments around the world are beginning to invest in this new market in hopes of deliv ering a
business-driven strategy that will deliver positive results for both the environment and the community.
4. April 2015 Business & Government Relations, 4
Social Impact Bonds
From Around The World
Today, we live in a society
that is globally connected. It
is almost impossible to be
uninformed about subsequent
events that eventually
influence other countries
around the world. By now,
most people are tuned into
social media and other forms
of communication to deliver
them the latest and greatest
news about current events
happening in countries
halfway across the globe. For
this reason, social impact
bonds can gain a considerable
amount of momentum as
think tanks, and other industry
leaders, collaborate together
to better the welfare of the
community. The map above,
outlines the volume and
interrelatedness of the various contracted SIBs all over the world. Each program is faced with the challenge of raising the standard of
social service and thus, setting in motion a more efficient
operating systemin the way that we conduct services.
“With promising new vehicles such as
socialenterprises,social impact bonds,
impact investments, and benefit
corporations, we have a chance to use
public and private investment in ways
that generate real, measurable social
impact.” - Deloitte GovLabs
The graph to the right depicts the amount of SIBs that have been launched since 2010. The United Kingdomis seen as the dominant
contracting country that is setting the pace for the rest of the world to follow. Since the first social impact bond was issu ed in
Peterborough, England in 2010, the UK has strived to issue nearly 25 SIBs. Because of an ever-increasing optimism in the social
impact market, the amount of social impact bonds that have surfaced has reached to match nearly that of the UK. Due to the fact that
SIBs are still a new investment method, the certainty of the installment and operations process is not completely smoothed, however,
after considerable application and research, the complex procedural contracting process will become just a bump in the green road of
social impact investing. Hopefully, we will all enjoy the fruits of these new financial vehicles that bring the rest of the world one step
closer to a new horizon of efficiency that is impact investing.
5. April 2015 Business & Government Relations, 5
Sources:
Costa, Kristina, Sonal Shah, and Sam Ungar. "Frequently Asked Questions:Social Impact Bonds". Center for American Progress, 5 Dec. 2012. Web.
22 March 2015. <http://cdn.americanprogress.org/wp-content/uploads/2012/12/FAQSocialImpactBonds-1.pdf>.
Liebman, Jeffrey B. "Social Impact Bonds: A promising new financing model to accelerate social innovation and improve government performance".
Center for American Progress, 1 Feb. 2011. Web. 22 March 2015. <http://cdn.americanprogress.org/wp-
content/uploads/issues/2011/02/pdf/social_impact_bonds.pdf>.
Dermine, Thomas. "Establishing Social Impact Bonds in Continental Europe." N.p., 1 May 2014. Web. 22 March 2015.
<http://www.hks.harvard.edu/var/ezp_site/storage/fckeditor/file/dermine_final.pdf>.
"What is a Social Impact Bond?" Home. N.p., n.d. Web. 22 March 2015. <http://www.socialfinanceus.org/social-impact-financing/social-impact-
bonds/what-social-impact-bond>.
"Peterborough Social Impact Bond". Social Finance Limited, 1 Jan. 2011. Web. 22 March 2015.
<http://www.socialfinance.org.uk/sites/default/files/SF_Peterborough_SIB.pdf>.
"Fair Chance Fund." . Social Finance Limited, n.d. Web. 22 March 2015. <http://www.socialfinance.org.uk/fair-chance-fund>.
"Investment Example Essex Social Impact Bond." Investment Example Essex Social Impact Bond. ANANDA, n.d. Web. 22 March 2015.
<http://www.socialventurefund.com/eng/social_enterprises_portfolio/investment_example_essex_social_impact_bond/>.
"Social Impact Bond Project at Rikers Island." mdrc. MDRC, n.d. Web. 22 March 2015. <http://www.mdrc.org//project/social-impact-bond-project-
rikers-
island?gclid=CjkKEQjwttWcBRCuhYjhouveusIBEiQAwjy8IK9OwQknPEU65H3Y4lg4C1Gw8uW1l4I2eBJ3dTBXD6rw_wcB#featured_content>.
"Public Health Law and Policy Innovations: Social Impact Bonds". Centers for Disease Control and Prevention, n.d. Web. 22 March 2015.
<http://www.cdc.gov/phlp/docs/sib-brief.pdf>.
"Grant for Fresno asthma project paves way for Social Impact Bond." Collective Health. Collective Health, 25 Mar. 2013. Web. 22 March 2015.
<http://collectivehealth.wordpress.com/2013/03/25/grant-for-fresno-asthma-project-paves-way-for-social-impact-bond/>.
"A Bill for an Act: Relating to Social Impact Bonds". Houseof Representatives Twenty-Seventh Legislature, 1 Jan. 2013. Web. 22 March 2015.
<http://www.capitol.hawaii.gov/session2013/bills/HB1402_HD1_.htm>.
"Pay For Success Learning Hub." Washington DC Seeks a SIB to Reduce Teen Pregnancy. Nonprofit Finance Fund, 1 Jan. 2013. Web. 22 March
2015. <http://payforsuccess.org/resources/washington-dc-seeks-sib-reduce-teen-pregnancy>.
"Mayor Pursues Nation’s First Social Impact Bond for Financing Programs to Reduce Teen Pregnancy & Improve Education". Executive Office of
the Mayor, 14 May 2014. Web. 22 March 2015.
<http://payforsuccess.org/sites/default/files/mayor_pursues_nations_first_social_impact_bond_for_financing_programs_to_reduce_teen_pregnancy_
_improve_education___mayor.pdf>.
"Pay for Success Social Impact Finance." Working Groups: Pay for Success Working Groups. Council for a Strong America, n.d. Web. 22 March
2015. <http://www.readynation.org/PFS>.
Kahn, Zia. "Developing Social Impact Bonds: Where Next?": The Rockefeller Foundation. TheRockefeller Foundation, 16 July 2013. Web. 22
March 2015. <http://www.rockefellerfoundation.org/blog/developing-social-impact-bonds-where>.