Obama's Social Innovation Fund

Posted by: Mark Marich on January 14, 2010 Source: Policy Dialogue on Entrepreneurship

The Corporation for National and Community Service will receive public feedback on their draft Notice of Funding Availability (NOFA) for the Social Innovation Fund (SIF) until the end of this week.

SIF is a new public-private initiative created by the 2009 Edward M. Kennedy Serve America Act. It is designed to create new knowledge about how to solve social challenges in the areas of economic opportunity, youth development and school support, and healthy futures, and to improve our nation’s problem-solving infrastructure in low-income communities.

In Fiscal Year 2010, the Corporation for National and Community Service will award up to $50 million in Federal funding to an estimated five to seven intermediary organizations.  Annual awards, which will extend for five years, are expected to be in the range of $5 to $10 million and must be matched 1:1 in cash. Community organizations will receive financial support from intermediaries on the order of no less than $100,000 per year for three to five years, as well as strategic support in areas such as management, and evaluation.  Community organizations must also provide a 1:1 cash match for the total amount—Federal and private dollars—they receive from the intermediaries.

The feedback period ends on January 15th, 2010. The final NOFA is expected to be released in February of 2010.

Category:  Capitol Hill  Tags:  social innovation