This step by step accounting of procedural learning as experienced by the New York staff as they organized social impact bond at Riker’s Island is a must-read for anyone contemplating a criminal justice SIB.See detailed recommendations and suggestions at Lessons Learned.

The Rockefeller Foundation has taken a lead position in furthering Pay for Performance models in the United States. In addition to sponsoring numerous conferences of thought-leaders in the field of impact investing, the Rockefeller Foundation has also commissioned this report by Godeke Consulting which explains social impact bonds and related financing techniques.
Building a Healthy & Sustainable Social Impact Bond Market: The Investor Landscape
Godeke Consulting

Professor Jeff Liebman, Director of the SIB Lab at the Taubman Center for State and Local Government at the Harvard Kennedy School was one of the early leaders in the exploration of social impact bond funding for social service delivery. In 2013, the Harvard SIB Lab announced the award of SIB Lab technical assistance grants to assist in the development of Pay for Success contracts using social impact bonds. The six states to receive awards were Connecticut, California, Illinois, South Carolina, Ohio and Texas. The following publication, funded by the Rockefeller Foundation, provides background and technical guidance regarding the use of social impact bonds.

Harvard Kennedy School of Government
Social Impact Bond Technical Assistance Lab (SIB Lab)

Nonprofit Finance Fund Announces $2.5 Million California Pay for Success Initiative

The Nonprofit Finance Fund and The James Irvine Foundation have launched the California Pay for Success Initiative to catalyze innovative approaches to paying for improved social services throughout the state.

The fund will provide financing for California organization to structure pay for success agreements in California over the next two years.

For further information, contact Jessica LaBarbera, Director, Nonprofit Finance Fund, at

The concept of Pay for Success embodies various models, all of which are still evolving. The Vera Institute of Justice has explored the concept of performance incentive funding (“PIF”). In this model, PIF contracts provide for government entities to pay a premium to providers who achieve improved results with their interventions. The following publication by Vera details several PIF pilot projects designed to reduce correctional costs.

Performance Incentive Funding Aligning Fiscal and Operational Responsibility to Produce More Safety at Less Cost
Vera Institute of Justice

The Federal Reserve Bank of San Francisco has published what is unquestionably the most comprehensive collection to date of essays by current leaders  in the field of Pay for Success Financing. Edited by Ian Galloway, this valuable paperback is available free from the FRB at 101 Market Street, Mailstop 215, San Francisco, CA 94105-1530.

Community Development Investment Review
Pay for Success Financing
Volume 9, Issue 1, 2013

The Center for American Progress has issued a particularly comprehensive paper on the current status of the field of social finance. Authored by Sonal Shah and Kristina Costa, the report provides up-to-date information evolving methods of impact investing. The report is specific and detailed, with excellent references to current developments.

Social Finance: A Primer
Understanding Innovation funds, Impact Bonds, and Impact Investing