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Institute for Child Success Awarded Grant to Support Early Childhood Outcomes

SIF_Logo_TaglineWASHINGTON, D.C. (October 1, 2014) – The Corporation for National and Community Service’s (CNCS) Social Innovation Fund (SIF) today announced that the Institute for Child Success (ICS) has been awarded more than $780,000 through a highly competitive open grant competition. Announced at an event co-hosted by the U.S. National Advisory Board on Impact Investing, SIF, and the Beeck Center for Social Impact and Innovation at Georgetown University, the investment aims to advance and evaluate emerging funding models that align payment for services with verified outcomes, an approach known as Pay for Success (PFS).

ICS applied for this investment as a national leader in PFS finance for early childhood programs. The grant will allow ICS to help jurisdictions from across the United States to use PFS financing to improve outcomes for young children and their families. In 2014, ICS organized the first national conference on PFS for early childhood with the business organization ReadyNation. ICS also conducted a 9-month PFS feasibility study on the Nurse-Family Partnership, which enabled South Carolina to move smoothly into PFS transaction structuring and should result in the investment of significant new dollars for services to nearly 4,000 families in need.

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ICS Submits Comments to Congressional Record for Hearing on Pay for Success and H.R. 4885

By Bryan Boroughs and Megan Golden

We have submitted comments, below, to the Congressional Record for the recent hearing about Pay for Success Financing and HR 4885.


Introduction

The Institute for Child Success is excited by the progress of discussions in Congress surrounding Pay for Success financing models (often called Social Impact Bonds). We thank Representatives Young and Delaney for their leadership in proposing H.R. 4885, and also thank Chairman Reichert for holding a Subcommittee hearing to discuss this topic on September 9, 2014.

The Institute for Child Success respectfully submits the following written comments to the hearing record for your consideration. In these comments, we begin with an overview of our perspective on the benefits of Pay for Success financing, and how these financing models can be particularly advantageous for programs serving our youngest children. We then discuss the substantial benefits of federal involvement, the reasons that legislation is necessary for meaningful federal engagement, and the ways in which H.R. 4885 responds to that need.

Like with any new and exciting innovations, we should also resist the temptation to treat Pay for Success financing as a cure for all ills. Indeed, many have voiced significant concerns – including one of the witnesses at the Subcommittee’s hearing on September 9, 2014. We too want to acknowledge the limitations of social impact bonds, and address how 4885 appropriately handles those limitations; we discuss several of these issues at the end of these comments.

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Interest in Pay for Success Continues to Build in Congress

On August 14, the Institute for Child Success convened a briefing for congressional staff on Pay for Success, how it can be used to scale successful early childhood programs, and about pending legislation in the field. The briefing was convened in partnership with Representatives Young's and Delaney’s offices, and both Harvard's SIB Lab and Third Sector Capital Partners joined us to add their invaluable perspectives. About 40 staffers in attendance represented a balanced mix of offices representing both Republicans and Democrats, from both the House and the Senate, as well as some non-congressional groups and agencies.
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