Social Finance Fund resources for social finance intermediaries (SFIs)
Social finance intermediaries (SFIs) that receive investment from a wholesaler of the Government of Canada’s Social Finance Fund (SFF)—Boann Social Impact, Fonds de Finance sociale – Cap Finance or Realize Capital Partners—will be required to use the Common Impact Data Standard to report their impact.
What do SFIs need to know?
If you are not in our testing group, stay tuned! Your impact reporting obligations will begin in your second year of reporting. In the meantime, you can find additional information about what to expect here.
Eager to learn more? Please explore the additional resources and materials on this page.
If you have received investment in 2025, stay tuned! Your impact reporting obligations will begin in your second year of reporting. In the meantime, you can find additional information about what to expect here.
How does Common Approach support SFIs?
Over the past year, we’ve worked closely with SFIs and heard firsthand what’s working, what’s not, and where things feel unclear regarding Social Finance Fund impact measurement and the Common Impact Data Standard. Our key learnings were captured in “Reflections and readiness: evolving our approach for the Social Finance Fund”, which outlines how we’re shifting our strategy to better support SFIs.
The resources below will walk you through what you need to know throughout the process, whether you have yet to sign with a wholesaler or need to prepare for data collection.
Impact data will be collected and shared using Common Approach’s Common Impact Data Standard. All Social Finance Fund participants (SFIs and SPOs) will need to use the Data Standard to report their impact. Organizations “use” the Data Standard by using an aligned software or data utility for data collection and reporting. Alongside the Data Standard, the Common Framework will help SFIs and their wholesalers aggregate data from multiple investees without requiring the investees to use common indicators.
If you have questions, please feel free to get in touch!
The first things you need to know (even if you have not yet signed with a wholesaler!)
SFI who receive investment through the Social Finance Fund will need to understand what will be required of them and the SPOs they support in terms of impact data collection and reporting.
If you have applied, are considering applying, or have already signed with a funder, these resources will get you started:
- READ “SOCIAL FINANCE FUND IMPACT DATA COLLECTION FOR SOCIAL FINANCE INTERMEDIARIES.” Social finance intermediaries (SFIs) that receive investment will be required to collect data about the social purpose organizations (SPOs) they invest in. This document outlines the data collection strategy, which aims to benefit both SFIs and the SPOs they support.
- WATCH “DATA COLLECTION AND THE COMMON IMPACT DATA STANDARD.” This recording of a Common Approach info session is a review of the resource shared in the point above—“SOCIAL FINANCE FUND IMPACT DATA COLLECTION FOR SOCIAL FINANCE INTERMEDIARIES”—and an introduction to the Common Impact Data Standard for social finance intermediaries (SFIs).
- GET STARTED BY DOWNLOADING THE “SFF DATA COLLECTION WORKSHEET FOR SFIs.” This worksheet will help you assess alignment with SFF reporting requirements. This encompasses tracking data collection throughout the investment cycle, identifying any gaps in data reporting, and ensuring SFIs are collecting the right fields at the right frequency.
- REVIEW “IMPACT MEASUREMENT CYCLES FOR INVESTORS AND INVESTEES” to better understand how your impact measurement process connects to your wholesaler and the social purpose organizations you invest in.
- REVIEW “HOW DATA WILL FLOW FROM SPOs to SFIs TO WHOLESALERS.” This flowchart illustrates the recommended timeline for sharing required data of the SFF. Here, you’ll be able to see what data SFIs need to collect from the SPOs they invest in, and how that data will need to be reported back to wholesalers.
Once you have signed the agreement with your wholesaler,
Make sure you have the right software or data utility for data collection and reporting
SFIs will be required to use the Common Impact Data Standard. All you need to do to “use” the Data Standard is to use a data utility or software that is aligned. Common Approach is here to help you ensure you have a tool or software that meets your needs and SFF requirements. These resources will help:
- For SFIs planning to obtain new software or data utility,
- READ “A GUIDE FOR SFIS WHO NEED NEW SOFTWARE.” The easiest way to use the Common Impact Data Standard is to use an aligned software. If you are planning to obtain new software to meet this requirement, this document will help you navigate this process.
- WATCH “SOFTWARE ACQUISITION FOR SOCIAL FINANCE INTERMEDIARIES”. This previously recorded info session reviews the software acquisition process for Social Finance Intermediaries (SFIs).
- REVIEW “SOFTWARE ALIGNED WITH THE COMMON IMPACT DATA STANDARD.” Learn more about the softwares that are already aligned or in the process of aligning, with the Data Standard, including features and approximate cost.
- For software demonstrations from Data Standard-aligned developers, watch the “MEET THE ALIGNED SOFTWARE” VIDEOS.
- WATCH “COMMON IMPACT DATA STANDARD DEMO – IMPORT AND EXPORT” for examples of importing and exporting data with the Common Impact Data Standard using aligned software or an aligned data utility.
- For SFIs who are already using a software to collect data,
- READ “HOW TO ENSURE YOUR SOFTWARE MEETS SFF REQUIREMENTS. This document will walk you through how to work with your software provider or administrator to ensure the tool you are using meets SFF requirements.
- WATCH “SOFTWARE ACQUISITION FOR SOCIAL FINANCE INTERMEDIARIES”. This previously recorded info session covers how to get a software solution you prefer or are already using to align.
The benefits of widespread use of the Common Impact Data Standard include…
…reducing reporting burdens. The SPOs you invest in can log data in one place rather than re-entering information into multiple forms or logging into multiple reporting platforms.
…allowing for flexibility. SPOs will have the flexibility to choose the measurement approach (collection method, tools, indicator selection) most tailored to their needs. This will improve the quality of data reported back to funders and investors.
…helping with capacity-building. Many aligned softwares guide the user through data collection, and some support the development of a theory of change and choosing indicators. Rather than a one-off reporting tool, using aligned software will help refine and improve the impact measurement practices of those you invest in, meaning better data for everyone.
…creating opportunities for better impact. With all their data in one place—their own software rather than an investors’ portal—SPOs will be able to analyze their impact more easily and accurately, learn more from their data, and make informed decisions for improving their impact and the impact of your investments.
Working with the SPOs you support to collect and share data efficiently
It will be important to work closely with the SPOs you invest in, to ensure they understand the data collection and reporting requirements of the Social Finance Fund. Common Approach has tools to help you communicate these requirements. We also recommend using the Common Foundations as a tool during your selection process. It ensures that the SPO has the capability to submit the needed data, or can help identify gaps in the impact measurement process that can be address through capacity-building and other support.
- SHARE “AN INTRODUCTORY GUIDE TO SOCIAL FINANCE FUND IMPACT REPORTING FOR SOCIAL PURPOSE ORGANIZATION (SPO) INVESTEES” with the SPOs you are investing in. This document will provide the SPO with an overview of the data collection requirements, and what they need to do to ensure they meet them.
- REQUEST YOUR SPO COMPLETES “THE COMMON FOUNDATIONS SELF-ASSESSMENT”. This tool will help confirm the SPO meets the minimum standard for “good enough” impact measurement. You can ask the SPO to complete it and share their results, or you can walk through it together as an exercise. More on this can be found on page four of AN INTRODUCTORY GUIDE TO SOCIAL FINANCE FUND IMPACT REPORTING FOR SPO INVESTEES.
- IMPLEMENT THIS LANGUAGE INTO YOUR SIDE LETTERS AND OTHER AGREEMENTS: “A GUIDE FOR WRITTEN AGREEMENTS WITH SOCIAL PURPOSE ORGANIZATIONS.” Here you will find a checklist and sample language to facilitate collecting the data required by the SFF from SPOs. We recommend including reporting requirements in your written agreements to ensure transparency and effective communication.
Organizing your data for your own impact management
- WATCH “AGGREGATING PORTFOLIO INDICATORS USING A FLEXIBLE FRAMEWORK.” In this previously recorded info session, we review how the principles of the Common Framework will allow you to roll up dissimilar impact metrics from across your portfolio into an aggregated view.
- ONCE YOU HAVE SOME DATA, BOOK A MEETING with the Social Finance Fund team at Common Approach. If you already have data from two or three SPOs you have invested in and would like support from Common Approach in aggregating and analyzing your portfolio, we are here to help!
Additional background materials and resources
- Common Impact Data Standard (v.21) Basic Tier Definitions: A mini-glossary of the terms used in the Data Standard, to help funders and investees better understand what data an aligned software can store and report at the Basic Tier.
- The Social Finance Fund high-level process map: An overview of how the data collection requirements are being developed and rolled out across participants in the Social Finance Fund.
- What Common Approach adds to the IMM ecosystem: Learn more about what Common Approach is and is not, related to the impact measurement and management (IMM) ecosystem.
- Linking impact data: How a data ontology can ease impact data collection and analysis: This resource explains in depth what a data ontology is, and what problems it can help solve in impact measurement. The Common Impact Data Standard is an data ontology! You’ll learn more about it here too.
- Coursera course—Impact measurement and management for the SDGs: Developed with UNDP SDG Impact and CASE at Duke University, this free course covers how to improve your organization’s practice of impact measurement and management and align your ESG or impact activities and reporting with emerging global standards.
