OPERA BONDS: �A SOCIAL FINANCE INSTRUMENT FOR OPERA�

With

Christina Loewen, Executive Director, AOC

Andrea Nemtin, CEO, SI Canada

AGENDA

• Welcome & Introduction
• About Opera Bonds and Social Finance
• Example of Social Finance at Work in the Arts
• Case Study: Jane Bisbee, Social Enterprise Fund
• Case Study: Rudy Ruttimann, FLIP and SKETCH Working Arts
• Q&A session
• Breakout Discussions: How Social Finance can work for you

IN PARTNERSHIP WITH SI CANADA, WE ARE ENGAGED IN A SEED PROJECT TO EXPLORE THE FEASIBILITY AND USES OF A SOCIAL FINANCE INSTRUMENT, OPERA BONDS. ��OPPORTUNITIES:�

• Align and continue to address our work in social outcomes (Civic Impact Framework, Artistic, Education, Access, Community, Truth and Reconciliation)
• Connect more deeply with community priorities and partners.
• Stimulate revenue generation in funded programs.
• Mobilize our net assets in support of the sector in a RENEWABLE WAY.
• Expand the pie (diversify sources of capital).
• DESIGN FOR THE NEEDS OF THE OPERA SECTOR

OPERA BONDS - EXPLAINER�

A pool of capital raised through an investment opportunity. The capital raised would be loaned to organizations and individuals in the opera sector to fund programs and activities that generate a social and financial return.

​

​

THE WORLD OF SOCIAL FINANCE

Social finance is repayable investment that enables positive social, cultural, and environmental impact.*

​

It can take the form of loans and equity investments that organizations can use to advance their mission and carry out activities that generate savings or income that can then be used to repay investors. *Government of Canada

​

​

​

FEDERAL SOCIAL FINANCE FUND

​

​

• ​

​

• ​

​

• ​

​

​

Is a $755 million initiative that seeks to accelerate the growth of Canada’s social finance market.

It invest in social finance investors that - in turn - invest in Social Purpose Organizations (SPOs)..

The government has selected 3 Managers to manage the disbursement of these funds in the next 3 years.

SOCIAL FINANCE FUND

​

Fund capital flows from the Managers of the Social Finance Fund to social finance investors, through to SPOs.

• The Managers (or “wholesalers”) invest in existing or emerging social finance investors (“intermediaries”), e.g., limited and general partnerships, trusts, investment cooperatives
• The Social Finance Investors pool investments capital from individuals, foundations, and other institutions.
• They then invest in SPOs.

EXAMPLES OF SOCIAL FINANCE IN ART

​

• NESTA The Arts Impact Fund & Culture Impact Fund
• Community Forward Fund - The Theatre Centre
• Association for Opera in Canada launched the Co-Production Loan Fund
• Sketch Working Arts - Community Bonds
• Social Enterprise Fund

​

�

Jane Bisbee

​

Patient and imaginative capital for social entrepreneurs, carrying out social benefit missions across Alberta.

​

Since 2010, invested more than $90M in 90+ social entrepreneurs of all corporate structures. Approximately $35M repaid, then reinvested in community.

​

A quarter of the portfolio is arts and culture organizations, including theatres, dance companies, book publishers, opera companies, musicians and more.

​

​

​

​

​

​

​

​

​

​

SKETCH is a community arts enterprise engaging diverse young people, ages 16-29, from across Canada, who live homeless or on the margins and navigate poverty to:

• experience the transformative power of the arts
• build leadership and self-sufficiency in the arts
• cultivate social and environmental change through the arts

About Sketch Working Arts

​

Rudi Ruttimann

Resources

​

More than Money: how social finance can build resilience in the arts sector

The Social Finance Fund Hub, Government of Canada

Arts and Culture Impact Fund

Arts Impact Fund - case studies

Community Forward Fund (Canada)