Change (Reference)

(Text cited from the Whitney Biennial)

“For his contribution to the Biennial, Cameron Rowland asked the Whitney to make an investment in a Social Impact Bond, also known as a “Pay for Success” contract. Typically used by city or county governments as austerity measures, these bonds privatize social services, creating investment opportunities. Details regarding the operation of Social Impact Bonds are limited to investors, who sign a non-disclosure agreement to that effect. As of February 27, 2017, the Museum entered into an Agreement with Social Finance, Inc., and transferred funds to a Pay for Success project intended to reduce the rate of adult incarceration.

In the Biennial, Rowland has framed documents pertaining to this Agreement, including the temporary non-disclosure agreement and a copy of the $25,000 wire transfer, as well as the application for the Ventura County Project to Support Reentry, an example of a Pay for Success project that is currently in the capital fundraising phase. By utilizing the investment capacity of the Museum, Rowland provides a path for the public to receive information on this Social Impact Bond.”

Source:

The Whitney

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