Social Finance Fund Resources for social purpose organizations (SPOs) who have received investment
Social purpose organizations (SPOs)—which are enterprises, charities, nonprofits, and businesses with a social mission—who receive investment through the Government of Canada’s Social Finance Fund are required to report certain types of information about their organization and impact:
- themes/SDGS
- outcomes (of your choosing)
- indicators (of your choosing)
- Indicator report (the measure of each of your chosen indicators, reported each year)
This data must be reported using Common Approach’s Common Impact Data Standard. To use it, all that an organization needs to do is use an aligned software or digital utility.Common Approach will continue to add resources to this page as our work with the Social Finance Fund continues!
The first things you need to know
Social purpose organizations (SPOs) who receive funding from a social finance intermediary (SFI) as part of the Social Finance Fund (SFF) need to be sure they understand what information they will need to report to their SFI to meet SFF requirements.
- READ “AN INTRODUCTORY GUIDE TO SOCIAL FINANCE FUND IMPACT REPORTING FOR SOCIAL PURPOSE ORGANIZATION (SPO) INVESTEES”. This document will provide an overview of the data collection requirements of the SFF, and what you need to do to ensure you are able to meet them.
- COMPLETE “THE COMMON FOUNDATIONS SELF-ASSESSMENT.” This tool will help confirm you meet the minimum standard for “good enough” impact measurement. More on this can be found in “AN INTRODUCTORY GUIDE TO SOCIAL FINANCE FUND IMPACT REPORTING FOR SPO INVESTEES.”
- BOOK A MEETING with Mikayla Loyer, Manager, Business Integration at Common Approach.
Make sure you have the right software or data utility to report data
- For SPOs planning to obtain new software or data utility,
- 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 SPOs who are already using a software or other data utility to collect data, but it isn’t aligned with the Data Standard
- REVIEW “HOW TO ENSURE YOUR SOFTWARE MEETS SOCIAL FINANCE FUND 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.
Introduce Common Approach to the point person or system administrator of your digital tool to Mikayla Loyer. We can reach out to them and provide support to get the tool you’re using aligned.
The benefits of widespread use of the Common Impact Data Standard include…
…reducing reporting burdens. SPOs can log data in one place rather than re-entering information into multiple forms or logging into multiple reporting platforms.
…allowing for flexibility. Instead of being given a list of often unsuitable indicators or being forced into software that doesn’t meet their reporting needs, SPOs will have the flexibility to choose the measurement approach (collection method, tools, indicator selection) most tailored to their needs.
…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 SPOs refine and improve their overall impact measurement practices.
…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.
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.
- Introduction to the Common Impact Data Standard: This is a non-technical overview of the Data Standard, its benefits, and what you need to know to “use” it as a social purpose organization.
- 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.
