2025-11-17T16:02:20-05:00 2024-12-31 BDO USA ONE INTERNATIONAL PLACE BOSTON MA 02110 990 2024-01-01 274620963 Social Finance Inc % PAMELA YANG SOCI 6179399900 2 Atlantic Avenue 5th Floor Boston MA 02110 Kirstin Hill President & COO 6179399900 2025-11-17 true true Brian Vigneault P00540650 6174220700 2024 2025-03-06 01:10:19Z Kirstin Hill 2 Atlantic Avenue 5th Floor Boston MA 02110 98611375 false X www.socialfinance.org X 2011 MA SOCIAL FINANCE BUILDS INNOVATIVE PARTNERSHIPS AND INVESTMENTS THAT REALIGN SYSTEMS TO MEASURABLY IMPROVE LIVES. 15 14 137 14 0 0 24185912 64478252 11064040 8954646 3773111 5575592 193882 94335 39216945 79102825 1644263 1784668 0 0 20085571 22118264 0 0 325095 9846079 12500443 31575913 36403375 7641032 42699450 158209325 194299108 21001572 21662201 137207753 172636907 X SOCIAL FINANCE BUILDS INNOVATIVE PARTNERSHIPS AND INVESTMENTS THAT REALIGN SYSTEMS TO MEASURABLY IMPROVE LIVES. false false 18631542 1383864 701115 SEE SCHEDULE O 8411556 225804 7027899 SEE SCHEDULE O 2523039 175000 0 SEE SCHEDULE O 0 0 1319967 OTHER PROGRAM SERVICES 0 0 1319967 29566137 true true false true false false false false false false true false true false true true false true false true true true false false false false false true false true false false false false false false false false false false false false true true true true false false true 35 0 true 137 true false false false false false false false false false false false false X 15 14 false false true false false false false true true false false false true true true true false true true false CA MA NY X X PAMELA YANG 6179399900 2 ATLANTIC AVENUE 5TH FLOOR Boston MA 02110 X Tracy Palandjian CEO & Co-Founder 40.0 0.0 X X 789674 0 36797 KIRSTIN HILL President & COO 40.0 0.0 X 383937 0 27112 John Woods CHIEF FINANCIAL OFFICER 40.0 0.0 X 302680 0 31694 Jacob Segal MANAGING DIRECTOR, Impact Adv. 40.0 0.0 X 297535 0 27180 KAREN LYNN ANDERSON MANAGING DIR, SFI 40.0 0.0 X 291355 0 26166 Navjeet K Bal General Counsel(until 12/6/24) 40.0 0.0 X 249491 0 25841 Stephen Gaetano Vicinelli VP, Impact Investments 40.0 0.0 X 237195 0 36962 Andrew C Chen VP, Impact Investments 40.0 0.0 X 238720 0 26775 Catherine Dun Rappaport VP, Impact Investments 40.0 0.0 X 234695 0 29668 Jonathan S Edwards VP, Impact Investments 40.0 0.0 X 235720 0 25474 Justin Bakule VP, Impact Investments 40.0 0.0 X 234695 0 20086 Leslie Cornell GEN. COUNS. & CHIEF COMP. 40.0 0.0 X 218762 0 22756 Alexa Rachlin Director 2.0 0.0 X 0 0 0 BRACEBRIDGE H YOUNG JR Director 2.0 0.0 X 0 0 0 Doug Henderson Treasurer 2.0 0.0 X X 0 0 0 DR LAUREN SMITH Director 2.0 0.0 X 0 0 0 EDWARD L SHAPIRO Director 2.0 0.0 X 0 0 0 GOVERNOR DEVAL PATRICK Director 2.0 0.0 X 0 0 0 Ian Simmons Director 2.0 0.0 X 0 0 0 Karen Dynan Director 2.0 0.0 X 0 0 0 Laura Lauder Director 2.0 0.0 X 0 0 0 Laurene Sperling Director 2.0 0.0 X 0 0 0 ELIZABETH LEMPRES Director 2.0 0.0 X 0 0 0 Nancy Zimmerman Clerk 2.0 0.0 X X 0 0 0 PAMELA DIPPEL CHONEY Chair 2.0 0.0 X X 0 0 0 SANDRA A URIE DIRECTOR 2.0 0.0 X 0 0 0 3714459 0 336511 95 false true false BDO ONE INTERNATIONAL PLACE BOSTON MA 02110 ACCOUNTANT 188500 Focus Technology 10 Post Office Square Suite S1005 BOSTON MA 02109 INFORMATION TECH. 232049 Social Finance NL BV 64 MAURITSKADE AMSTERDAM 0 NL 1092 AD Generalist ContR. 184311 The Education Board Inc 536 W Moreland Avenue Ste C PHILADELPHIA PA 19118 Institute Fellow 112500 Pearl Street Collective 145 Chadwick Street NORTH ANDOVER MA 01845 Recruitment 107250 6 9341929 55136323 64478252 PROGRAM FEES 541611 8954646 8954646 8954646 6620026 6620026 0 0 0 0 0 18464116 19508550 -1044434 -1044434 -1044434 0 0 0 0 0 0 0 0 0 OTHER INCOME 541611 94335 94335 94335 79102825 9048981 5575592 1684053 1684053 0 100615 100615 0 2730980 2245529 447936 37515 0 15987057 14152293 1598028 236736 389019 389019 1853454 36376 1817078 1157754 1157754 119447 119447 139571 107040 32531 170730 148435 22295 0 0 0 2589253 2439084 143769 6400 176818 142794 30735 3289 492076 386727 101825 3524 798068 556830 233706 7532 0 1266232 859135 394387 12710 387268 346615 38590 2063 0 0 396403 396403 0 882638 813232 67239 2167 151349 116915 33359 1075 ALLOWANCE FOR LOAN RECEIVABLE 3483522 3483522 LIVING STIPEND 827862 827862 PROGRAM EVAULATOR (MDRC) 562050 562050 MISCELLANEOUS 32188 32188 24968 8992 3892 12084 36403375 29566137 6512143 325095 8771935 4433067 34813610 35123079 11638986 14779629 1960715 2301151 2526178 0 0 0 14484850 27012985 0 0 695071 1023435 1343494 758294 565813 585200 66535300 91118757 0 0 9207861 9790599 0 0 7009006 8131206 158209325 194299108 3919558 4589287 0 0 1898499 3517574 0 0 0 0 0 0 0 0 7483478 7892037 7700037 5663303 21001572 21662201 X 65844849 96635727 71362904 76001180 137207753 172636907 158209325 194299108 X 42699450 -528536 -6741760 X false true X true true true X 9805446 74358353 65663400 24185912 64478252 238491363 0 0 9805446 74358353 65663400 24185912 64478252 238491363 72560139 165931224 118040 36973 1415925 5249342 6620026 13440306 0 7500 46500 21450 193882 94335 363667 252295336 40831799 0.65769 0.66820 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 244693 105791 138902 740189 477636 262553 358612 174867 183745 585200 UP FUND, LP 3343549 F IMPACT FUND INVESTMENT MADE BY 1000000 F IMPACT FUND INVESTMENT MADE BY 5447050 F 9790599 0 LEASE LIABILTY 5663303 5663303 X SCHEDULE D, PART VIII, LINES 2-5: Impact Fund GP has subscribed $1,000,000 to the Impact Fund. Impact Fund LLC is a wholly-owned subsidiary of SFI and is a feeder fund and a Limited Partner of the Impact Fund. Impact Fund LLC has subscribed $5,447,050 to the Impact Fund. SCHEDULE D, PART X, LINE 2: THE ORGANIZATION FOLLOWS THE ACCOUNTING STANDARD FOR UNCERTAINTY IN INCOME TAXES. THE STANDARD PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE, AND TRANSITION. SHOULD THERE BE INTEREST ON UNDERPAYMENT OF INCOME TAX, THE ORGANIZATION WOULD CLASSIFY IT AS INTEREST EXPENSE. THE ORGANIZATION WOULD CLASSIFY PENALTIES IN CONNECTION WITH UNDERPAYMENT OF INCOME TAX AS OTHER EXPENSE. THE ORGANIZATION DOES NOT BELIEVE IT HAS TAKEN ANY MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, IT HAS NOT RECORDED ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. THE ORGANIZATION HAS FILED FOR AND RECEIVED INCOME TAX EXEMPTIONS IN THE JURISDICTIONS WHERE IT IS REQUIRED TO DO SO. ADDITIONALLY, THE ORGANIZATION HAS FILED ALL APPLICABLE RETURNS IN JURISDICTIONS WHERE SO REQUIRED. FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023, THERE WERE NO INTEREST OR PENALTIES RECORDED OR INCLUDED IN THE CONSOLIDATED STATEMENTS OF ACTIVITIES. true Europe (Including Iceland and Greenland) 0 2 Grantmaking 100615 0 2 0 2 100615 100615 Europe (Including Iceland and Greenland) TO DISBURSE CERTAIN GIFTS, GRANTS, CONTRIBUTIONS AND OTHER REVENUE TO SUPPORT THE ORGANIZATION'S PROGRAM ACTIVITIES. 100615 WIRE 1 0 false false false false false false SCHEDULE F, PART I, LINE 2: AS A FISCAL SPONSOR FOR SOCIAL FINANCE UK (SF UK). SOCIAL FINANCE HAS AGREED TO RECEIVE AND DISBURSE GRANTS IN SUPPORT OF PROJECTS OUTSIDE OF THE US THAT ALIGN WITH OUR MISSION. A FISCAL SPONSORSHIP AGREEMENT, EXECUTED BY BOTH PARTIES, ESTABLISHES THE PROCEDURE FOR MONITORING THESE GRANTS. THE AGREEMENT STATES THAT SOCIAL FINANCE RETAINS OVERSIGHT AUTHORITY TO ENSURE THAT THE FUNDS DISBURSED BY SOCIAL FINANCE TO SF UK ARE USED FOR THEIR INTENDED CHARITABLE PURPOSES, AND SOCIAL FINANCE HAS FULL ACCESS TO THE BOOKS, RECORDS, AND SENIOR MANAGEMENT AND FINANCIAL PERSONNEL OF SF UK WITH RESPECT TO THE SPONSORED ACTIVITIES, UPON REQUEST. THE TWO PARTIES HAVE AGREED TO PARTICIPATE IN REGULAR CALLS WITH DISCUSSION OF SPONSORED ACTIVITIES. PROJECT GOVERNANCE, AND COMPLIANCE WITH GRANT AGREEMENTS. AS APPROPRIATE. FINALLY, SF UK IS TO PROVIDE AN ANNUAL WRITTEN SUMMARY OF SPONSORED ACTIVITIES TO SOCIAL FINANCE TO THE EXTENT NOT COVERED BY REPORTS REQUIRED BY GRANTORS. SCHEDULE F, PART II, COLUMN (D): (A) REGION: EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORA, AUSTRIA, BELGIUM (D) PURPOSE OF GRANT: TO DISBURSE CERTAIN GIFTS, GRANTS, CONTRIBUTIONS AND OTHER REVENUE TO SUPPORT THE ORGANIZATION'S PROGRAM ACTIVITIES. true TREAC 3701 Loop Road Tuscaloosa AL 35404 631078214 501(C)(3) 692486 PAVE SIB Project Outcomes Payments Merit America 712 H STREET NE SUITE 1560 Washington DC 20002 842108762 501(C)(3) 417600 Google AI Startup Grant project Unidos 1126 16th St NW Suite 700 Washington DC 20036 860212873 501(C)(3) 32691 Google AI Startup Grant project 3 0 SCHEDULE I, PART I, LINE 2: SOCIAL FINANCE HOLDS REGULAR CALLS WITH GRANTEES TO ENSURE ACHIEVEMENT OF GRANT GOALS AND MONITOR COMPLIANCE. ADDITIONALLY, GRANTEES MAY BE PERIODICALLY REQUIRED TO SUBMIT DETAILED FINANCIAL AND PROGRAMMATIC REPORTING. SCHEDULE I, PART II: (1) TREAC 3701 Loop Road Tuscaloosa, AL 35404 PURPOSE OF GRANT- PAVE SIB Project Outcomes Payments (2) Merit America 712 H STREET NE, SUITE 1560 WASHINGTON, DC 20002 PURPOSE OF GRANT- Google AI Startup Grant project (3) Unidos 1126 16th St. NW Suite 700 WASHINGTON, DC 20036 PURPOSE OF GRANT- Google AI Startup Grant project X X X false false false false false false false false false Tracy Palandjian CEO & Co-Founder 475000 0 38000 0 276674 0 10350 0 26447 0 826471 0 0 0 KIRSTIN HILL President & COO 375000 0 8217 0 720 0 7538 0 19574 0 411049 0 0 0 John Woods CHIEF FINANCIAL OFFICER 281320 0 20640 0 720 0 7418 0 24276 0 334374 0 0 0 Jacob Segal MANAGING DIRECTOR, Impact Adv. 279000 0 17815 0 720 0 8370 0 18810 0 324715 0 0 0 KAREN LYNN ANDERSON MANAGING DIR, SFI 285000 0 5635 0 720 0 6056 0 20110 0 317521 0 0 0 Navjeet K Bal General Counsel(until 12/6/24) 236331 0 12500 0 660 0 6875 0 18966 0 275332 0 0 0 Andrew C Chen VP, Impact Investments 217500 0 20500 0 720 0 6525 0 20250 0 265495 0 0 0 Stephen Gaetano Vicinelli VP, Impact Investments 222500 0 13975 0 720 0 6675 0 30287 0 274157 0 0 0 Jonathan S Edwards VP, Impact Investments 215000 0 20000 0 720 0 6450 0 19024 0 261194 0 0 0 Justin Bakule VP, Impact Investments 220000 0 13975 0 720 0 6600 0 13486 0 254781 0 0 0 Catherine Dun Rappaport VP, Impact Investments 220000 0 13975 0 720 0 6600 0 23068 0 264363 0 0 0 Leslie Cornell GEN. COUNS. & CHIEF COMP. 198542 0 19500 0 720 0 5956 0 16800 0 241518 0 0 0 SCHEDULE J, PART II, LINE 1, COLUMNN (iii) OTHER REPORTABLE COMPENSATION: "OTHER REPORTABLE COMPENSATION" FOR TRACY PALANDJIAN: IN SEPTEMBER 2024, SOCIAL FINANCE, INC. ENTERED INTO A DEFERRED COMPENSATION PLAN WITH MS. PALANDJIAN, AFTER FOURTEEN YEARS OF SERVICE, TO PROVIDE INCENTIVES FOR LONG-TERM RETENTION, PROVIDED THAT MS. PALANDJIAN IS EMPLOYED BY SFI AND IN GOOD STANDING EACH YEAR. FORM 990, PART III, LINE 4A, IMPACT INVESTING SERVICES: Impact-First Investments Through its impact-first investing portfolio, SFI develops impact-first investments and innovative financing solutions that generate positive outcomes for people and communities. In May 2023, SF Advisors, LLC, a wholly-owned subsidiary of SFI, became a registered investment advisor and manages impact-first private funds designed to generate positive outcomes for people and communities. In addition, SF Advisors partners with individuals, family offices, and foundations to amplify their impact by directing more capital towards positive social and environmental outcomes. SF Advisors also provides impact-investment advisory services to community foundations, donor advised funds, family offices and similar investors on building impact investing portfolios. Under the Impact-First Investments Portfolio, SFI launched the impact-first fund, an open-end fund of fund developed to address the barriers that impact investors, including philanthropic capital investors like donor-advised funds, community and private foundations and any other PRI-makers face when pursuing innovative funds and investment strategies that support meaningful and measurable change for people and the planet. The Impact First Fund primarily invests in private market funds or pooled debt vehicles with the goal to catalyze positive, measurable environmental and social impact at scale as well as to make impact-first investing easier, more accessible, and more cost efficient. FORM 990, PART III, LINE 4B, Impact Advisory Services Public Sector Prac.: SFI partners with elected officials, policymakers, civic leaders, community members, and service providers to develop government funding tools that link funding to outcomes to maximize the impact of taxpayer dollars. SFI analyzes data to support better decision making and helps actively manage programs for outcomes. SFI establishes collaborative governance strategies to drive improvement and innovation. SFI also strengthens the capacity of government departments to enable more effective and equitable delivery of public service, and it supports partners in designing and executing innovative programs, practices, and partnerships, grounded in Pay for Success ("PFS") principles. FORM 990, PART III, LINE 4C, The Social Finance Institute: The Social Finance Institute is a unique field-building platform that was launched in 2023 within Social Finance. The Social Finance Institute leverages insights from practitioners and experts to develop networks, tools, and actionable resources to advance outcomes-based, impact-first funding models to measurably improve people's lives. FORM 990, PART III, LINE 4D, OTHER PROGRAM SERVICES: Workforce and Education Investments Through its workforce and education investments portfolio, SFI partners with governments, philanthropy and impact investors seeking to deploy funds to address barriers in access to training and upskilling for low-income populations and improve economic mobility. SFI workforce and education impact investments are structured either through equity, debt or other loan financing structures. SFI establishes separate affiliates or subsidiaries for each impact investment financing to hold the various contracts with its impact investors, governments (if applicable), the applicable service or training providers, as well as evaluators and loan or income share agreement originators and servicers. Workforce and education impact investment strategies employed to date FORM 990, PART VI, SECTION A, LINE 4: IN MARCH 2024, SOCIAL FINANCE INC. EDITED GOVERNING DOCUMENTS TO CHANGE THE ROLES AND RESPONSIBILITIES OF CERTAIN OFFICERS TO BEST ALIGN WITH CURRENT OPERATING STRUCTURES. FORM 990, PART VI, SECTION B, LINE 11B: THE 990 IS REVIEWED BY SFI'S FINANCE AND LEGAL TEAM. IT IS ALSO REVIEWED AND APPROVED BY EXECUTIVE MANAGEMENT AND THE AUDIT & RISK COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C: AN ANNUAL CONFLICT OF INTEREST POLICY STATEMENT IS DISTRIBUTED TO OFFICERS, DIRECTORS, AND MEMBERS OF ANY COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS FOR COMPLETION. ANY CONFLICT WILL BE DISCUSSED WITH THE INTERESTED PERSON AND THE GOVERNING BOARD BEFORE A DECISION IS MADE AS TO THE EXISTENCE OF A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15: ALL OFFICER'S AND SENIOR LEADERSHIP'S COMPENSATION WILL BE APPROVED BY A DISINTERESTED BOARD OF DIRECTORS AFTER RESEARCH IS PERFORMED REGARDING SALARIES PAID FOR COMPARABLE WORK IN SIMILARLY SITUATED ORGANIZATIONS AND OTHER APPROPRIATE SALARY SURVEY INFORMATION IS CONSIDERED. FORM 990, PART VI, SECTION C, LINE 19: THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: OTHER CHANGES IN NET ASSETS OR FUND BALANCES: PROVISION FOR LOAN LOSS -$6,741,760 SOCIAL FINANCE CAREER IMPACT BOND GENERA 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 834245427 SUPPORT DE 310766 1214683 SFI INC UP FUND GP LLC 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 843158563 ASSISTANCE DE 0 395964 SFI INC SF ADVISORS LLC 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 843150850 MANAGEMENT CO DE 881486 -189049 SFI INC UP FUND INVESTMENTS LLC 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 843874868 FEEDER FUND DE 76530 6186492 SFI INC SOCIAL FINANCE CAREER IMPACT BOND 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 834273633 SUPPORT DE 0 0 SFI INC DREAMERS GRADUATE EDUCATION FINANCING TR 2 ATLANTIC AVENUE 5TH FLOOR bostong MA 02110 876438000 education DE 899493 15280056 SFI INC PAY IT FORWARD NJ LLC 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 872634808 EDUCATION DE 7500000 15893638 SFI INC COLORADO PAY IT FORWARD FUND LLC 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 920441496 HEALTHCARE DE 0 1813578 SFI INC PAY IT FORWARD NY LLC 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 883292118 ECONOMIC MOBI DE 0 1499994 SFI INC CAREER CERTIFICATE FUND TRUST 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 886577881 ECONOMIC MOBI DE 228171 15643920 SFI INC SFIFF INVESTMENTS LLC 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 932025778 FEEDER FUND DE 57659 8353911 SFI INC SOCIAL FINANCE IMPACT-FIRST GP 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 923440003 EQUITY INTERE DE 0 955053 SFI INC HAWAII PAY IT FORWARD FUND LLC 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 992596336 EDUCATION DE 8489 500004 SFI INC ADVANCING CAREER TRUST FUND LLC 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 992702198 EDUCATION DE 143763 5865907 SFI INC RENEW FUND REINVESTING IN NURSING EDUCA 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 996554659 EDUCATION DE 84852 5260136 SFI INC SF ADVISORS II LLC 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 993908366 MANAGEMENT CO DE 542969 0 SFI INC UP FUND LP 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 843759377 CAPITAL PURCHASES DE NA N/A SOCIAL FINANCE IMPACT-FIRST FUND LP 2 ATLANTIC AVENUE 5TH FLOOR BOSTON MA 02110 923453138 INVESTMENTS DE NA N/A false true false false false false false false false false false true false false false false true false false SOCIAL FINANCE IMPACT-FIRST FUND LP b 4350000 COST UP FUND LP q 818289 COST SOCIAL FINANCE IMPACT-FIRST FUND LP q 133415 COST PART I, LINE 5: FULL NAME: SOCIAL FINANCE CAREER IMPACT BOND MANAGING MEMBER LLC PART III, IDENTIFICATION OF RELATED ORGANIZATIONS TAXABLE AS PARTNERSHIPS: NAME, ADDRESS, AND EIN OF RELATED ORGANIZATIONS: UP FUND, LP EIN: 84-3759377 2 ATLANTIC AVENUE, 5TH FLOOR BOSTON, MA 02110 SOCIAL FINANCE IMPACT-FIRST FUND, LP EIN: 92-3453138 2 ATLANTIC AVENUE, 5TH FLOOR BOSTON, MA 02110