Social Impact Finance for Early Childhood Development Feasibility Analysis Conference of Early Childhood Social Impact Performance Advisors Charlotte,

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Social Impact Finance for Early Childhood Development Feasibility Analysis Conference of Early Childhood Social Impact Performance Advisors Charlotte, North Carolina March 27-28, 2014 Janis Dubno, M.B.A. Voices for Utah Children

Early Childhood Social Impact Finance Feasibility  Indentify programs and models that are improving outcomes and reducing short and long term remediation costs.  Longitudinal outcomes and cost avoidance data and systems.  Independent evaluation.  Determine the potential economics of an investment.

Early Childhood Social Impact Finance Economics  There are three important relationships in a Social Impact Finance project for high quality prekindergarten:  (1) the ratio of the cost of the intervention (prekindergarten) to the cost of the remediation (special education).  (2) the ratio of intervention impact to non-intervention impact.  (3) the combination of private investor funding, state funding, and federal funding for PFS scholarships for economically disadvantaged children to attend high quality prekindergarten.

The Utah Social Impact Loan for High Quality Preschool The Process  Partnership with the United Way of Salt Lake (UWSL) and Granite Preschool Services. Philanthropic relationship between UWSL and Goldman Sachs Bank.  The Sustainable Financing Model for High Quality Preschool :  Longitudinal research quantifying cost avoidance in special education and academic performance outcomes.  Demonstration of the economics of an potential investment and the collaboration with Goldman Sachs and Imprint Capital.

The Utah Social Impact Loan for High Quality Preschool Overview  Lenders: Goldman Sachs Urban Investment Group is the senior lender; J.B. Pritzker is the subordinated lender.  Providers: Granite School District, Park City School District, the Guadalupe School (charter), YMCA (non profit), Childrens’ Express ( daycare center). Lit’l Scholars (daycare center).  The United Way of Salt Lake and Salt Lake County capitalized a repayment fund to repay the investors based on special education cost avoidance.  The United Way of Salt Lake is the intermediary.

The Utah Social Impact Loan for High Quality Preschool Overview  Through 6th grade: Success payments, equal to 95% of special-education cost avoidance, will be used to pay 5% annual interest and repay senior and subordinate debt principle.  After debt principle and interest have been repaid, investors receive "Success Fees" equal to 40% of special-education cost avoidance but only through 6th grade.  After 6th grade: 100% of all special-education cost avoidance will be retained by Utah

Social Impact Finance and Early Childhood Development ReadyNation Working Paper  “Financing Human Capital Development for Economically Disadvantaged Children: Applying “Pay for Success” Social Impact Finance to Early Childhood Development” Ready Nation Working Paper: authors: Janis A. Dubno, Robert H. Dugger, and Michele R. Smith  Link to the full paper Dubno%20Dugger%20Smith%20Paper% pdf Dubno%20Dugger%20Smith%20Paper% pdf

Contact Information Janis Dubno, M.B.A. Voices for Utah Children Early Childhood Senior Policy Analyst (801)