SIBs

The paper is in! Assignment complete!

So what have I been researching and writing about for these past few months? Ladies and gents, the answer is (drumroll please), Social Impact Bonds.

Melanie, what the heck is that?

Well, I'm so glad you asked.

A Social Impact Bond is a funding device designed to for not-for-profits who wish to run a program with minimum risk to funders, in particular, government agencies.

Did your head explode? Well, hang on, I'll explain.

In the current economic landscape when government agencies are being scrutinized for wasteful spending and need to gather data and analytics to prove the tax payers monies are going to fruitful enterprises, the Social Impact Bond or SIB is one way to tick the boxes. Not-for-profit agencies can experiment with new and unproven programs and get a pledge of funding from government agencies, or, trusts and foundations, who may also be keen to minimize risk. The SIB brings in an investor or investors who takes the financial risk. Much like a commercial business investor, the SIB investor agrees to supply the upfront capital needed to launch and run an inaugural program. If the program is a success, the investors capital plus interest is reimbursed by the funder, which may be that government agency I mentioned. If the program fails the investor, just like in the commercial business world, takes the financial hit and loses their money.

When the SIB is arranged, the three major parties involved; the non-profit organization or service provider, the funder, and the investor(s) design an agreement to qualify what constitutes a successful outcome for the program. During the course of the program the service provider, or, if agreed, an outside analytics agency, will process all the data and metrics gathered during the program. This can take years so, it's not a quick process. For a theatre company, this would not be the best way to raise money for a single production but, this could work if the company was looking to begin a new division or augment an existing program, for example, outreach and education. A SIB at a theatre might look something like this:

Theatre Company X wishes to build an education program to visit schools in underprivileged areas and introduce students to Shakespeare’s plays with a goal to improve engagement with and understanding of his work. Arts Council England or ACE (England's version of the National Endowment for the Arts) is willing to fund the program pending successful results and proof of achievement of the goals set forth in the SIB agreement with Theatre Company X. A High Net Worth Individual (HNWI) (e.g. a wealthy individual) has agreed to be the investor in the SIB agreement and provide the upfront capital to produce the program. If the program is successful, then ACE will pay the HNWI the amount of their original investment plus interest. The program will take six months to build and book into schools. There will be another ten months of initial trial within the school system. Students active in the first year of the program will be monitored for the following two years to determine if their engagement with and understanding of Shakespeare’s plays has improved. This will be calculated through whichever means is established in the SIB agreement. This may include test scores, trips to the theatre, participation with theatre groups, or other activities. After four years, the inaugural results will be clear and program success and recoupment of investment determined.

So that's a SIB. They were introduced in 1988 but have only really been in use in the past 10 years. SIBs first gained traction in the social sector and have been used for programs relating to an assortment of social concerns, for example, prisoner rehabilitation, education in underprivileged areas, and homelessness to name a few. Shakespeare's Globe in London is the first arts organization to initiate a SIB. They launched theirs in 2015 as a capital campaign to extend their education and research facilities and program. It is too early to tell The Globe's SIB is a success but as the Arts sector's need for new ways of fundraising continues to grow, our eyes will be on the Globe's SIB to monitor their progress.

The course is still in full swing and I am on to my last two assignments due at the end of June. Full steam ahead as I design a professional development plan and write a reflective essay on my scholastic experience. I'll keep you posted!

Take care!
-m

Dog Day

This past week's highlight has to be the visit from some furry friends. I live in student accommodations called Nido. The Nido staff are great about planning community events. Most of the time these are parties with bands or DJs. Those events are not usually my scene. But this past Wednesday Nido hosted Dog Therapy Day and that was lovely. Ned and Dash were brought by an organization that specializes in cheering people up with a little K9 attention. This was a lot of fun. Ned is a German Shepard mix and Dash a King Charles Spaniel. Dash, coincidently is also the name of Queen Victoria's favorite King Charles Spaniel. Many of the residents gathered in the lobby to hang out with our tail wagging visitors. Treats were provided so we could bribe the pups in our direction. It was fun to hang out with the dogs and unwind a little.

My focus has been and continues to be the final case study. It's due on Friday and I'm moving into the final stretch. These case study projects are all about research and academic rigor. My natural writing style is not the tone and technique that is needed so I have been visiting the writing centre at school to make sure I'm on the right track. I'm feeling good and ready for these last few days of work on this project. After which, I will move on to the last two assignments of the course.

Next weekend, there are bound to be some celebrations in having finished the case studies. I'm looking forward to them!

Take care!
-m

Egyptian Extravaganza!

So last night I went to the Egyptian Extravaganza. My friend and classmate Soha was the producer of this immersive theatre piece. It was an enjoyable evening. The show is a work-in-progress and they are looking to develop the piece further but I am so proud of what they accomplished and on a shoestring budget. The performers were delightful. They were bubbling with energy and welcomed the audience in with open arms.

What makes a theatre piece immersive is the audience is actually in the environment of the show. In this case, we were ushered into the lower level of the venue and entered a series of rooms that were decorated with rich fabrics and furnishing representing Egypt. Trinkets and props were places around the rooms, electric candles flickered and there was even the fragrance of incense in the air. Upbeat music from the 1920s played and the audience mingled and soaked up the atmosphere. Then the actors burst onto the scene and the show began. They represented a multitude of characters from ancient Egypt and from the 1920's when British archaeologist Howard Carter discovered King Tut and put him on display for the world to see. Carter's exhibit helped to create a fashion frenzy in 1920's Europe that brought Egyptian inspired consumable goods to the shops and closets of the trendiest.

As the play compared the true history with the fictionalized plots that ended up in films and pop culture of the 20's, the question arose about cultural appropriation and where are the ethical boundaries when celebrating a culture of which one has no experience. The show was presented in a fun and light hearted tone but did bring the audience to some questions worth contemplating in the end. Well done to Soha and her company!

This week is all about the writing. It's countdown time and this research paper needs to be completed and polished. I'll keep you posted!
Take care!
-m

Crafts and Class

This past week we had one of our rare class meetings. It was lovely to see everyone and receive more input on our final writing assignments. The due dates are approaching! I've also been utilizing the writing centre at Central to check in with the tutors and get advice on how best to construct the case study and other essays. They have been very helpful and it is nice to have some one on one instruction.

Also this past week, the design students at Central had their craft exhibition. These designers are all undergrads in their final year. The exhibition is a chance to show their abilities to the industry and the Central community. I was impressed when I saw the exhibition last year and this year was more confirmation of the incredible talent that comes out of our school. There were costumes, props and puppets displayed. Lighting and sound designers had demos and laptops with portfolios. Set designers and scenic artists had pieces of their work available for viewing as well. It was inspiring and I collected all their business cards in case I need to hire one of them for a show one day.

Coming up this week, I have a workshop on taxes and other government fees that producers need to think about when planning and running a show. And there are two shows I want to see that run only this week. I'll keep you posted.

Take care!
-m