WASHINGTON, 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.