Impact Investing: A 21st Century Tool to Attract and Retain Donors
Impact Investing: A 21st Century Tool to Attract and Retain Donors
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影响力投资：21 世纪吸引和留住捐助者的工具
DOI：
10.4087/foundationreview-d-12-00009.1
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发表时间：
2013
期刊：
影响因子：
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通讯作者：
Robert N. Killins
中科院分区：
文献类型：
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作者：
Amy L. Cheney;Kathryn E. Merchant;Robert N. Killins
关键词：影响力投资、社区基金会、捐助者建议基金、任务相关投资、项目相关投资、社区发展、社区领导、影响力投资、捐助者参与、捐助者吸引和保留、尽职调查、社会回报、资本保全简介大辛辛那提基金会（GCF）是一个拥有 50 年历史、拥有近 5 亿美元资产的社区基金会，正在使用一种熟悉的私人基金会工具，作为吸引捐助者顾问为社区带来积极影响的一种方式。最初是专门针对私人基金会的税法手段，多年来一直被社区基金会采用，作为简单的低息贷款——理想情况下将慈善资本返还给基金会进行再投资的赠款的替代方案。GCF 扩展了对现在通常称为影响力投资的思考。他们可以超越传统的住房和社区发展投资，转向减少社区碳足迹和创造就业机会的投资。与此同时，基金会现在可以为捐助顾问提供参与这些投资的机会，以一种为社区提供社会回报以及少量财务回报的方式回收捐助者建议基金的慈善资本。 影响力投资的定义“影响力投资”一词是一个相对较新的术语，对不同的人来说有不同的含义。当基金会开始走上这条道路时，F.B. 的 Imprint Capital Advisors 进行了改编。海伦基金会的使命相关投资机会连续体特别有帮助。如图 1 所示，慈善工具的范围从赠款到混合纯粹慈善和金融工具的工具（提供社会回报至关重要，同时提供一些小额财务回报），到资本市场工具（提供市场利率回报，但很少或没有社会回报）。Hope Consulting 的“Money for Good”计划（2010 年）将影响力投资定义为以下机会：* 允许您将资金投入到创造社会或环境效益的机会，*尝试至少返还投资本金，* 提供资金回报（根据机会而有所不同），并且* 不可减税。GCF 理事会使用的定义是，除赠款外，还利用贷款和股权头寸利用基金会资产投资当地项目。作为社区基金会使命的一部分，GCF 的影响力投资工作在地理上主要集中在基金会的服务领域内。为什么要为社区基金会进行影响力投资？根据 Imprint Capital Advisors 的说法，影响力投资的优点是：* 更有效地利用资金：偿还的投资可以重新投资于更多投资或作为赠款发放。* 为关键社区需求提供资金：创造就业机会、为社会服务提供商和艺术组织提供营运资金，以及在满足以下条件时提供经济适用房贷款：银行正在撤退。* 促进社区投资资本：来自捐助者、地方金融机构、国家和地方基金会。 （Khor，2010）通过影响力投资，GCF 可能能够更快地看到社区中更显着的变化 - 仅仅是由于投资的规模。 （迄今为止，GCF 的平均影响力投资为 580,000 美元。）如果向社区发展组织提供赠款以一次购买和翻新一栋房屋，则 24 栋房屋项目的时间表可能需要六年。通过使用基金会提供的更多低息贷款，该组织能够不断购买和翻新更多房屋。这种有序的改造过程将在雇用承包商等领域产生规模经济。最终的效果是，当社区的变化能够在更广泛的范围和更集中的时间段内完成时，它应该会更加明显和更有力。 ……
Keywords: Impact investing, community foundation, donor-advised funds, mission-related investing, programrelated investing, community development, community leadership, impact investments, donor engagement, donor attraction and retention, due diligence, social return, preservation of capitalIntroductionA familiar private foundation tool is being used by the Greater Cincinnati Foundation (GCF), a 50-year-old community foundation with nearly $500 million in assets, as a way to engage donor advisors to make a positive difference in the community.Program-related investments, originally a taxcode device specific to private foundations, have for some years been adopted by community foundations as simply low-interest loans - an alternative to grants that ideally returns charitable capital to the foundation to be reinvested.GCF has expanded its thinking about what are now typically called impact investments. They can go beyond traditional housing and communitydevelopment investments to investments that reduce a community's carbon footprint and create jobs. At the same time, the foundation can now offer donor advisors the opportunity to partner in these investments, recycling their donor-advised fund's charitable capital in a way that provides a social return in the community as well as a small financial return.Defining Impact InvestingThe term "impact investing" is a relatively new term that means different things to different people. As the foundation started down this path, an adaptation by Imprint Capital Advisors of F.B. Heron Foundation's Mission-Related Investment Opportunity Continuum was particularly helpful. As shown in Figure 1, the spectrum of philanthropic tools ranges from grants to tools that blend pure philanthropy and financial tools (offering a social return is paramount while providing some small financial return), to tools of the capital markets (providing a market rate return, but little or no social return).The "Money for Good" initiative from Hope Consulting (2010) defines impact investing as opportunities that:* allow you to put money towards an opportunity that creates a social or environmental benefit,* attempt to return at least the principal invested,* offer a return on your money (which varies by opportunity), and* are not tax deductible.The definition used by GCF's governing board is leveraging foundation assets to invest in local projects using loans and equity positions in addition to grants. As part of its mission as a community foundation, GCF's impact-investing efforts are geographically focused within the service area of the foundation.Why Impact Investing for a Community Foundation?According to Imprint Capital Advisors, the advantages of impact investing are:* More efficient use of funds: investments that are repaid can be re-invested into more investments or given out as grants.* Provid[ing] capital for critical community needs: for job creation, working capital to social services providers and arts organizations, and affordable housing loans when banks are retreating.* Catalyz[ing] investment capital for the community: from donors, local financial institutions, national and local foundations. (Khor, 2010)Through an impact investment, GCF may be able to see a more significant difference in the community sooner - simply due to the size of the investments. (GCF's average impact investment to date is $580,000.) If a grant was awarded for a community-development organization to purchase and renovate one house at a time, the timeline for a 24-house project might take six years. By using a larger low-interest loan from the foundation, the organization is able to continually acquire and renovate more houses. This orderly process for renovation will yield economies of scale in areas such as hiring contractors. The net effect is that the change in the community should be more obvious and more powerful when it can be accomplished at a broader scale and in a more concentrated time period. …