ground breaking innovation - successful delivery of the first social bond by Genesis
In September 2017, Genesis was the first New Zealand registered charity to become the recipient of a Social Bond. This followed a four and a half year selection process, which began with 50 organisations applying for social investment funding, of which Genesis was the successful candidate. Genesis as the first Social Bond recipient is now in a privileged position of being resourced at a much higher level than previously and therefore able to grow our reach and our effectiveness.
With the Social Bond contract commencing, Genesis set up two wholly owned subsidiary companies to govern and manage the Social Bonds, which are subject to high levels of scrutiny. G-Op Ltd is charged with all performance management aspects of the Social Bond, while G-Fund Ltd is a Special Purpose Vehicle (SPV) overseeing the funding aspects from the Crown and Investor perspective. This is in line with the standard method of managing bond-sourced funds.
One of the key things the Social Bond has allowed Genesis to do is to become more targeted in the way we conduct assessments and create interventions. In August 2017 Genesis introduced the YLS-CMI assessment tool (Youth Level of Service/Case Management Inventory) which measures eight different areas of a young person’s criminogenic needs. The YLS-CMI is used as an initial assessment tool to measure risk factors once a young person is enrolled on the Social Bond, and then again used at regular intervals to measure the reduction in these recidivism risk factors.
The YLS-CMI tool also allows for the ability to create customised interventions for the young people we work with. Having a better understanding of each young person’s criminogenic needs allows us to focus our areas of intervention on the areas of greatest risk, which vary across our clients. Importantly, the Bond funding allows us to provide a holistic intervention that includes Social Work, Counselling, Mentoring, and Whānau Programmes. This wraparound service is delivered for a minimum of six months and up to two years for each young person.
The Social Bond gives Genesis the opportunity to become a high-performing organisation with measurable outputs and outcomes. The Bond provides us with the opportunity to innovate, to partner with others in the community to work towards achieving outcomes together, and to provide the best possible interventions for the young people we work with.
investors, supporters & sponsors
A huge thank you to our key stakeholders, sponsors and investors whose generous support allows us to make positive changes in the lives of our clients and their whānau.
