(Photo above: Ian Galloway)
Nonprofits and local businesses are invited to join us for a conversation with Ian Galloway, Sr. research associate and Oregon community development manager, Federal Reserve Bank of San Francisco on January 20. Galloway will lead the conversation with a focus on Pay for Success (also known as social impact bonds), a new nonprofit funding instrument based on the not-so-new notion that prevention pays — that is, upfront investments in human capital can bear long-term social and financial returns.
This kind of innovation, part of a movement toward outcomes-based funding or “pay-for-success financing,” has the potential to improve the social sector’s effectiveness by encouraging innovation, rewarding programs that produce real results, validating progress, and, when appropriate, attracting private capital to social causes. Pay for Success can also help community development organizations identify the hidden economic value that accrues to the public sector when difficult social challenges are solved.
Ken Wilhelm, Executive Director for United Way of Deschutes County,noted, “When we invest in people, beyond meeting basic needs, they become better parents, community members, and employees that are able to concentrate on fulfilling their and the organization’s visions. It’s one of the greatest investments we can make. We are excited to be partnering with NAO and the Federal Reserve to have Mr. Galloway discuss this innovative financing mechanism with us.”
The program will explore this new tool and provide guidance to nonprofits interested in accessing this new source of capital.The workshop, in partnership with the United Way of Deschutes County, the Nonprofit Association of Oregon and the Portland Branch of the Federal Reserve Bank of San Francisco, will be held January 20 from 9-11:30am at the Central Oregon Community College – Redmond Campus.
For more information or to register visit www.nonprofitoregon.org/training_convening/workshops, call 503-239-4001, ext. 123 or email firstname.lastname@example.org.
About United Way of Deschutes County: United Way of Deschutes County is addressing the issues and challenges that affect people in Deschutes County to achieve lasting impact in our community by focusing on the three building blocks of opportunity – education, income and health. We bring together people and organizations to make lasting, visible and measurable changes in our community, not just addressing immediate needs. Together we create a healthier and more prosperous community with opportunities for everyone. For more information about the United Way of Deschutes County, or to contribute, visit www.liveunitedco.org or call 541-389-6507.
About Nonprofit Association of Oregon: The Nonprofit Association of Oregon works in partnership with nonprofits, policy makers, philanthropists, and government agencies to ensure nonprofit success. Through training, consulting, executive transition services, and advocacy, the Nonprofit Association of Oregon helps build strong nonprofits which help build strong and vibrant communities. For additional information about the Nonprofit Association of Oregon, its programs and services, and its membership, visit www.nonprofitoregon.org.
About Federal Reserve Bank of San Francisco: The Federal Reserve Bank of San Francisco, with branch offices in Los Angeles, Seattle, Salt Lake City, and Portland, and a cash processing office in Phoenix, provides wholesale banking services to financial institutions throughout the nine western states. As the nation’s central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers certain consumer protection laws, and is fiscal agent for the U.S. government.
About Ian Galloway:Ian Galloway is a senior research associate and Oregon state community development field manager at the Federal Reserve Bank of San Francisco. Ian researches and presents regularly on a variety of community development topics including crowdfunding, investment tax credits, the social determinants of health, impact investing, and Pay for Success financing (Social Impact Bonds). He recently co-edited Investing in What Works for America’s Communities (link is external), a collection of essays jointly published with the Low Income Investment Fund on the future of anti-poverty policy. He also published the article “Using Pay for Success to Increase Investment in the Non-medical Determinants of Health” in the November, 2014 issue of the health policy journal Health Affairs. Previously, Ian developed a social enterprise (link is external) for the Portland, Oregon homeless youth agency Outside In. He holds a master’s degree in public policy from the University of Chicago and a bachelor’s degree in political science and philosophy from Colgate University.