Case Study: The Last Mile
The Last Mile is the first nonprofit to issue an Impact Security. The Impact Security allows a nonprofit to issue performance-based debt to investors and make required payments on the debt over time with donations from the established donor fund.
|Nonprofit Organization||The Last Mile|
|Program||The first-ever workforce development program that teaches incarcerated individuals computer coding and then hires them to do outsourced development work including websites, mobile and web apps.|
|Impact Metric||18,000 Hours Worked
by Incarcerated Program Graduates
At issuance, The Last Mile raised $800,000 from 11 investors and $900,000 from 16 donors. The $800,000 investment capital will go to The Last Mile immediately to fund the first-ever web development shop inside a U.S. prison at San Quentin State Prison in the Bay Area. As The Last Mile measurably progresses towards its impact goal of “inmate hours worked” over the next four years, the donor fund will disburse up to $900,000 to The Last Mile to re-pay the impact investors. The donor fund does not ensure that impact happens, but ensures that donations are only deployed if, and when, impact happens.
If The Last Mile falls short of its impact targets, investors may lose some or all of their investment and the donors in the fund will re-deploy the remaining funds to other nonprofits of their choosing.
NPX has transformed fundraising for nonprofits. The Impact Security enables us to focus on creating impact rather than hosting events and other fundraising tactics.
– Beverly Parenti, Executive Director of The Last Mile