Understanding existing research evidence informs the selection of rigorous interventions, the local capacity needs to provide services, the pricing and performance targets for the PFS transaction and the evaluation expectations. This general overview of the strategic planning and five-step process needed to support high-quality PFS projects discusses current opportunities in criminal justice and highlights the models advantages and disadvantages.
This document describes the basics of Pay for Success (PFS), its advantages and disadvantages compared to traditional government financing, how a PFS-ready sector can be created, how to identify evidence-based PFS ready programs, the Five Steps to Pay for Success, and next steps in the PFS evolution.
Five Steps to Pay for Success: Implementing Pay for Success Projects in the Juvenile and Criminal Justice Systems
This technical report provides an in-depth review of the PFS model, the state of the field, and the strategic planning and five-step process needed to execute high-performing projects. The report contextualizes the PFS framework within the model of existing state and federal legislation and notes key issues and obstacles that jurisdictions interested in pursuing the model will need to address.
Social Impact Bonds: Testimony before the Committee of the Whole Council of the District of Columbia
Social impact bonds (SIBs) inject private-sector capital into public-sector activities for improved outcomes and innovation. Private investors fund interventions that are uncomfortably risky or expensive for the public sector. If established performance targets are met, investors are rewarded with the profits. Otherwise, the government does not pay for the services delivered. In the SIB model everybody may win: investors leverage resources for potential profit and provide a socially beneficial investment, while the government gets private-sector investment for a new intervention.
Social welfare problems in Maryland and elsewhere have remained intractable because their scale is beyond the ability of government to address alone, John Roman told the Appropriations Committee of the Maryland House of Delegates. Social impact bonds integration of private capital into traditionally public-sector activities is a promising mechanism for addressing these challenges. On March 6, 2013, this testimony was presented to the Maryland Senate Committee on Budget and Taxation regarding the Senate version of the social impact bond legislation.