Social Finance Fund
Social Finance Fund resources for SFIs
If you are a social finance intermediary (SFI) that received investment from a wholesaler of the Government of Canada’s Social Finance Fund (SFF), the following resources will help you report impact with the Common Impact Data Standard.
What do SFIs need to know?
Common Approach is currently working with SFF recipients who received investments in 2024 and are now entering their second year of reporting. If you are not part of this cohort, your Data Standard reporting obligations will begin in your second year of reporting as well. In the meantime, you can explore the resources on this page to learn more about what to expect and how to prepare.
If you have questions or would like support, you can contact the SFF team at Common Approach for current resources and next steps.
Learnings from SFIs
Over the past year, we’ve worked closely with SFIs and heard firsthand what’s working, what’s not, and where things feel unclear regarding SFF impact measurement and the Common Impact Data Standard. Our key learnings were captured in “Reflections and readiness: evolving our approach for the Social Finance Fund”, which outlines how we’re shifting our strategy to better support SFIs.
The resources below will walk you through what you need to know throughout the process, whether you have yet to sign with a wholesaler or need to prepare for data collection.
Impact data will be collected and shared using Common Approach’s Common Impact Data Standard. All Social Finance Fund participants (SFIs and social purpose organizations) will need to use the Data Standard to report their impact. Organizations “use” the Data Standard by using an aligned software or data utility for data collection and reporting. Alongside the Data Standard, the Common Framework will help SFIs and their wholesalers aggregate data from multiple investees without requiring the investees to use common indicators.
If you have questions, please get in touch!
The first things you need to know (even if you haven't signed with a wholesaler)
SFI who receive investment through the Social Finance Fund will need to understand what will be required of them and the SPOs they support in terms of impact data collection and reporting. If you have applied, are considering applying, or have already signed with a funder, these resources will get you started.
Read “An introductory guide to Social Finance Fund impact data collection for social finance intermediaries,” which outlines the data collection strategy for the SFF, which aims to benefit both SFIs and the SPOs they support.
Use the “Common Impact Data Standard implementation checklist and reporting timeline for SFIs in the SFF” to help you effectively prepare for SFF 2025 year-end reporting. It provides clear timelines and a consolidated list of the essential resources, tools, and supports available to you—so you know exactly what to do, when to do it, and where to find what you need.
Watch “Adopting the Common Impact Data Standard: An SFF reporting guide,” an orientation to adopting the Common Impact Data Standard for the SFF year-end 2025 reporting cycle. It provides the practical steps SFIs can take toward adopting the Data Standard, preparing both SFIs and their investees for year-end reporting.
Use the “SFF data collection worksheet for SFIs” to assess alignment with SFF reporting requirements. This encompasses tracking data collection throughout the investment cycle, identifying any gaps in data reporting, and ensuring SFIs are collecting the right fields at the right frequency.
Review the flowchart “The data flow from SPOs to SFIs to Wholesalers in the SFF,” which illustrates how SFIs submit required data from their investees to wholesalers. The flowchart clarifies which data points are required for all SFF investees as part of annual reporting to ESDC, and where in the investment cycle this information is typically gathered, managed, and reported.
Read “Impact measurement and management (IMM) support for the Social Finance Fund,” which outlines the free IMM support and resources available to SPOs and SFIs participating in the SFF, including tools, guidance, and hands-on support to help meet SFF reporting requirements and enhance IMM practices.
Once you have signed the agreement with your wholesaler, book a meeting with the Social Finance Fund team at Common Approach to get started.
Finding the right data reporting tool for emerging SFIs
SFIs will be required to use the Common Impact Data Standard. All you need to do to “use” the Data Standard is to use a tool that is aligned. The resources below will help emerging organizations— those starting from little to no existing data infrastructure—identify aligned tools that meet both SFF requirements and practical operational needs.
Read “A guide to SFIs who need new software” for guidelines on acquiring a new software aligned with the Common Impact Data Standard.
Watch “Software acquisition for Social Finance Intermediaries“ for a review of the software acquisition process for SFIs. This includes preparing for acquiring a new software and considerations for software selection.
Review “Software aligned with the Common Impact Data Standard” for details on software already aligned or in the process of aligning with the Data Standard. These details include features and approximate cost.
For software demonstrations from aligned developers, watch the “Meet the Aligned Software” video series.
Watch “Common Impact Data Standard demo – import and export” for examples of importing and exporting data with the Common Impact Data Standard using aligned software or data utility.
Aligning data reporting tools for established SFIs
If you are already using software or another data utility, these resources will help you align your existing tool(s) with the Common Impact Data Standard with minimal adjustments, so you can continue using what you have while meeting SFF requirements.
Read “How to ensure your software meets Social Finance Fund requirements,” a guide to working with your software provider or administrator to ensure the tool you are using meets SFF requirements.
Watch “Software acquisition for Social Finance Intermediaries“ for a discussion of how Common Approach works with software to get them aligned.
Watch “Common Impact Data Standard demo – import and export” for examples of importing and exporting data with the Common Impact Data Standard using aligned software or data utility.
Working with the SPOs you support to collect and share data efficiently
It will be important to work closely with the SPOs you invest in, to ensure they understand the data collection and reporting requirements of the Social Finance Fund. Common Approach has tools to help you communicate these requirements.
Review “A Guide For Written Agreements With Social Purpose Organizations,” which provides a checklist and sample language to facilitate collecting the data required by the SFF from SPOs. We recommend including reporting requirements in your written agreements to ensure transparency and effective communication.
Share “An Introductory Guide To Social Finance Fund Impact Reporting For Social Purpose Organization (SPO) Investees” with SPOs you are investing in. The guide provides SPOs with an overview of SFF impact reporting requirements, and explains what information they are expected to provide and how to prepare it to support SF reporting.
Send your SPOs the Wayfinder questionnaire. By completing the short questionnaire, they will gain a clear picture of their impact measurement & management stage, alongside tailored recommendations for cohort programs, coaching, and tools to help them prepare for SFF data reporting.
Organizing your data for your own impact management
Watch “Unpacking Common Approach | session 3” to learn how the principles of the Common Framework will allow you to roll up dissimilar impact metrics from across your portfolio into an aggregated view.
Watch “User stories | Grouping diverse metrics” for a short walk-through of how a funder aggregated 494 different impact metrics from across its portfolio into a portfolio-level view using a flexible approach rather than a uniform indicator set.
Once you have some data, book a meeting with the SFF team at Common Approach. If you already have data from two or three SPOs you have invested in and would like support from Common Approach in aggregating and analyzing your portfolio, we are here to help!
Additional background materials & resources
- FAQ – Data collection and reporting for the Government of Canada’s Social Finance Fund: this document is a general-purpose overview of the types of data that you may be asked to collect and report as part of the Government of Canada’s Social Finance Fund.
- Common Impact Data Standard (v.21) Basic Tier Definitions: A mini-glossary of the terms used in the Data Standard, to help funders and investees better understand what data an aligned software can store and report at the Basic Tier.
- What Common Approach adds to the IMM ecosystem: Learn more about what Common Approach is and is not, related to the impact measurement and management (IMM) ecosystem.
- Linking impact data: How a data ontology can ease impact data collection and analysis: This resource explains in depth what a data ontology is, and what problems it can help solve in impact measurement. The Common Impact Data Standard is an data ontology! You’ll learn more about it here too.
- Coursera course—Impact measurement and management for the SDGs: Developed with UNDP SDG Impact and CASE at Duke University, this free course covers how to improve your organization’s practice of impact measurement and management and align your ESG or impact activities and reporting with emerging global standards.