Bonds - The California Endowment

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See our audited financials & annual reports.</span></span></a></li><li class="mega-menu-item mega-menu-item-type-post_type mega-menu-item-object-page mega-has-description mega-menu-item-17254" id="mega-menu-item-17254"><a class="menu-image-title-after menu-image-not-hovered mega-menu-link" href="https://www.calendow.org/annual-report/"><span class="mega-description-group"><span class="mega-menu-title"><img width="20" height="20" src="https://www.calendow.org/app/uploads/2023/12/PropertyProperty4.svg" class="menu-image menu-image-title-after" alt="Property icon" decoding="async" /><span class="menu-image-title-after menu-image-title">2024 Annual Report</span></span><span class="mega-menu-description">Read about the work we are supporting and our partners who are changing California to a state of belonging and inclusion.</span></span></a></li> </ul> </li><li class="mega-menu-column mega-menu-columns-4-of-12" style="--span:4" id="mega-menu-13313-0-3"> <ul class="mega-sub-menu"> <li class="mega-menu-item mega-menu-item-type-widget widget_media_image mega-menu-item-media_image-9" id="mega-menu-item-media_image-9"><img width="384" height="300" src="https://www.calendow.org/app/uploads/2024/03/Rectangle-124-2.webp" class="image wp-image-13608 attachment-full size-full" alt="About - The California Endowment" style="max-width: 100%; height: auto;" decoding="async" fetchpriority="high" srcset="https://www.calendow.org/app/uploads/2024/03/Rectangle-124-2.webp 384w, https://www.calendow.org/app/uploads/2024/03/Rectangle-124-2-300x234.webp 300w, https://www.calendow.org/app/uploads/2024/03/Rectangle-124-2-24x19.webp 24w, https://www.calendow.org/app/uploads/2024/03/Rectangle-124-2-36x28.webp 36w, https://www.calendow.org/app/uploads/2024/03/Rectangle-124-2-48x38.webp 48w" sizes="(max-width: 384px) 100vw, 384px" /></li> </ul> </li> </ul> </li></ul> </li><li class="mega-no-link mega-work-menu mega-full-menu mega-menu-item mega-menu-item-type-custom mega-menu-item-object-custom mega-menu-item-has-children mega-menu-megamenu mega-menu-grid mega-align-bottom-left mega-menu-grid mega-menu-item-13318 no-link work-menu full-menu" id="mega-menu-item-13318"><a class="mega-menu-link" aria-expanded="false" tabindex="0">Our Work<span class="mega-indicator" aria-hidden="true"></span></a> <ul class="mega-sub-menu" role='presentation'> <li class="mega-menu-row" id="mega-menu-13318-0"> <ul class="mega-sub-menu" style='--columns:12' role='presentation'> <li class="mega-menu-column mega-menu-columns-12-of-12" style="--span:12" id="mega-menu-13318-0-0"> <ul class="mega-sub-menu"> <li class="mega-menu-item mega-menu-item-type-widget widget_custom_html mega-menu-item-custom_html-9" id="mega-menu-item-custom_html-9"><div class="textwidget custom-html-widget"><a class="back-link" href="#">Back</a></div></li> </ul> </li><li class="mega-menu-column mega-menu-columns-4-of-12" style="--span:4" id="mega-menu-13318-0-1"> <ul class="mega-sub-menu"> <li class="mega-menu-item mega-menu-item-type-post_type mega-menu-item-object-page mega-has-description mega-menu-item-13319" id="mega-menu-item-13319"><a class="menu-image-title-after menu-image-not-hovered mega-menu-link" href="https://www.calendow.org/focus-area-list/"><span class="mega-description-group"><span class="mega-menu-title"><img width="20" height="20" src="https://www.calendow.org/app/uploads/2023/12/PropertyFocus.svg" class="menu-image menu-image-title-after" alt="PropertyFocus" decoding="async" /><span class="menu-image-title-after menu-image-title">Our Focus Areas</span></span><span class="mega-menu-description">We target specific focus areas and geographical regions to achieve health and racial equity in California.</span></span></a></li><li class="mega-menu-item mega-menu-item-type-post_type mega-menu-item-object-page mega-has-description mega-menu-item-15889" id="mega-menu-item-15889"><a class="menu-image-title-after menu-image-not-hovered mega-menu-link" href="https://www.calendow.org/robert-k-ross-center-for-hope-and-healing/"><span class="mega-description-group"><span class="mega-menu-title"><img width="36" height="36" src="https://www.calendow.org/app/uploads/2024/06/action4.svg" class="menu-image menu-image-title-after" alt="action4" decoding="async" /><span class="menu-image-title-after menu-image-title">Robert K. Ross Center for Hope and Healing</span></span><span class="mega-menu-description">The visionary project for affordable housing, full-scale community and health services coming to life in DTLA.</span></span></a></li> </ul> </li><li class="mega-menu-column mega-menu-columns-4-of-12" style="--span:4" id="mega-menu-13318-0-2"> <ul class="mega-sub-menu"> <li class="mega-menu-item mega-menu-item-type-post_type mega-menu-item-object-page mega-has-description mega-menu-item-13321" id="mega-menu-item-13321"><a class="menu-image-title-after menu-image-not-hovered mega-menu-link" href="https://www.calendow.org/impact-investing/"><span class="mega-description-group"><span class="mega-menu-title"><img width="20" height="20" src="https://www.calendow.org/app/uploads/2023/12/PropertyChart.svg" class="menu-image menu-image-title-after" alt="Property chart" decoding="async" /><span class="menu-image-title-after menu-image-title">Impact Investing</span></span><span class="mega-menu-description">The California Endowment is committed to utilizing its investment capacity in alignment with its mission and values.</span></span></a></li> </ul> </li><li class="mega-menu-column mega-menu-columns-4-of-12" style="--span:4" id="mega-menu-13318-0-3"> <ul class="mega-sub-menu"> <li class="mega-menu-item mega-menu-item-type-widget widget_media_image mega-menu-item-media_image-10" id="mega-menu-item-media_image-10"><img width="384" height="309" src="https://www.calendow.org/app/uploads/2024/06/ow-menu1.webp" class="image wp-image-15891 attachment-full size-full" alt="Our Work - The California Endowment" style="max-width: 100%; height: auto;" decoding="async" srcset="https://www.calendow.org/app/uploads/2024/06/ow-menu1.webp 384w, https://www.calendow.org/app/uploads/2024/06/ow-menu1-300x241.webp 300w, https://www.calendow.org/app/uploads/2024/06/ow-menu1-24x19.webp 24w, https://www.calendow.org/app/uploads/2024/06/ow-menu1-36x29.webp 36w, 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News" decoding="async" /><span class="menu-image-title-after menu-image-title">BHC Learning and Engagement</span></span><span class="mega-menu-description">Explore the knowledge and insights from our Learning and Evaluation team</span></span></a></li><li class="mega-menu-item mega-menu-item-type-post_type mega-menu-item-object-page mega-has-description mega-menu-item-13327" id="mega-menu-item-13327"><a class="menu-image-title-after menu-image-not-hovered mega-menu-link" href="https://www.calendow.org/learning/executive-summary/"><span class="mega-description-group"><span class="mega-menu-title"><img width="20" height="20" src="https://www.calendow.org/app/uploads/2023/12/PropertyDashboard.svg" class="menu-image menu-image-title-after" alt="Property Dashboard" decoding="async" /><span class="menu-image-title-after menu-image-title">BHC Dashboard</span></span><span class="mega-menu-description">Overview of Building Healthy Communities, a 10-year, $1 billion comprehensive community change 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(max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px" /></li> </ul> </li> </ul> </li></ul> </li><li class="mega-no-link mega-full-menu mega-menu-item mega-menu-item-type-custom mega-menu-item-object-custom mega-menu-item-has-children mega-menu-megamenu mega-menu-grid mega-align-bottom-left mega-menu-grid mega-menu-item-13328 no-link full-menu" id="mega-menu-item-13328"><a class="mega-menu-link" aria-expanded="false" tabindex="0">Conference Centers<span class="mega-indicator" aria-hidden="true"></span></a> <ul class="mega-sub-menu" role='presentation'> <li class="mega-menu-row" id="mega-menu-13328-0"> <ul class="mega-sub-menu" style='--columns:12' role='presentation'> <li class="mega-menu-column mega-menu-columns-12-of-12" style="--span:12" id="mega-menu-13328-0-0"> <ul class="mega-sub-menu"> <li class="mega-menu-item mega-menu-item-type-widget widget_custom_html mega-menu-item-custom_html-11" id="mega-menu-item-custom_html-11"><div class="textwidget custom-html-widget"><a 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mega-menu-item-object-conference-center mega-has-description mega-menu-item-13332" id="mega-menu-item-13332"><a class="menu-image-title-after menu-image-not-hovered mega-menu-link" href="https://www.calendow.org/conference-center/oakland/"><span class="mega-description-group"><span class="mega-menu-title"><img width="20" height="20" src="https://www.calendow.org/app/uploads/2023/12/PropertySocial.svg" class="menu-image menu-image-title-after" alt="Property Social" decoding="async" /><span class="menu-image-title-after menu-image-title">Oakland</span></span><span class="mega-menu-description">Located near Lake Merritt in the heart of the business district.</span></span></a></li> </ul> </li><li class="mega-menu-column mega-menu-columns-4-of-12" style="--span:4" id="mega-menu-13328-0-2"> <ul class="mega-sub-menu"> <li class="mega-menu-item mega-menu-item-type-post_type mega-menu-item-object-conference-center mega-has-description mega-menu-item-13331" id="mega-menu-item-13331"><a 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src="https://www.calendow.org/app/uploads/2023/12/PropertySocial.svg" class="menu-image menu-image-title-after" alt="Property Social" decoding="async" /><span class="menu-image-title-after menu-image-title">Sacramento</span></span><span class="mega-menu-description">Located in the heart of the downtown district just blocks from the California State Capitol.</span></span></a></li> </ul> </li><li class="mega-menu-column mega-menu-columns-4-of-12" style="--span:4" id="mega-menu-13328-0-3"> <ul class="mega-sub-menu"> <li class="mega-menu-item mega-menu-item-type-widget widget_media_image mega-menu-item-media_image-12" id="mega-menu-item-media_image-12"><img width="384" height="300" src="https://www.calendow.org/app/uploads/2024/03/Rectangle-124-5.webp" class="image wp-image-13606 attachment-full size-full" alt="Conference Center - The California Endowment" style="max-width: 100%; height: auto;" decoding="async" srcset="https://www.calendow.org/app/uploads/2024/03/Rectangle-124-5.webp 384w, https://www.calendow.org/app/uploads/2024/03/Rectangle-124-5-300x234.webp 300w, https://www.calendow.org/app/uploads/2024/03/Rectangle-124-5-24x19.webp 24w, https://www.calendow.org/app/uploads/2024/03/Rectangle-124-5-36x28.webp 36w, https://www.calendow.org/app/uploads/2024/03/Rectangle-124-5-48x38.webp 48w" sizes="(max-width: 384px) 100vw, 384px" /></li> </ul> </li> </ul> </li></ul> </li><li class="mega-no-link mega-full-menu mega-menu-item mega-menu-item-type-custom mega-menu-item-object-custom mega-menu-item-has-children mega-menu-megamenu mega-menu-grid mega-align-bottom-left mega-menu-grid mega-menu-item-13333 no-link full-menu" id="mega-menu-item-13333"><a class="mega-menu-link" aria-expanded="false" tabindex="0">What's Happening<span class="mega-indicator" aria-hidden="true"></span></a> <ul class="mega-sub-menu" role='presentation'> <li class="mega-menu-row" id="mega-menu-13333-0"> <ul class="mega-sub-menu" style='--columns:12' role='presentation'> <li class="mega-menu-column 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</li><li class="mega-menu-column mega-menu-columns-4-of-12" style="--span:4" id="mega-menu-13333-0-2"> <ul class="mega-sub-menu"> <li class="mega-menu-item mega-menu-item-type-post_type mega-menu-item-object-page mega-has-description mega-menu-item-13335" id="mega-menu-item-13335"><a class="menu-image-title-after menu-image-not-hovered mega-menu-link" href="https://www.calendow.org/belonging-campaign/"><span class="mega-description-group"><span class="mega-menu-title"><img width="20" height="20" src="https://www.calendow.org/app/uploads/2023/12/PropertyWe-Belong.svg" class="menu-image menu-image-title-after" alt="Property We Belong" decoding="async" /><span class="menu-image-title-after menu-image-title">We Belong In CA</span></span><span class="mega-menu-description">Building a California for All requires not only a shift in power, but a shift to a more inclusive culture.</span></span></a></li><li class="mega-menu-item mega-menu-item-type-post_type mega-menu-item-object-page mega-has-description mega-menu-item-17636" id="mega-menu-item-17636"><a class="menu-image-title-after menu-image-not-hovered mega-menu-link" href="https://www.calendow.org/thank-you-dr-robert-k-ross/"><span class="mega-description-group"><span class="mega-menu-title"><img width="20" height="20" src="https://www.calendow.org/app/uploads/2024/08/Megamenu-Icons.svg" class="menu-image menu-image-title-after" alt="flower icon" decoding="async" /><span class="menu-image-title-after menu-image-title">Celebrating Dr. Robert K. Ross</span></span><span class="mega-menu-description">Thank you for your 24 years of leadership & building power as President & CEO</span></span></a></li> </ul> </li><li class="mega-menu-column mega-menu-columns-4-of-12" style="--span:4" id="mega-menu-13333-0-3"> <ul class="mega-sub-menu"> <li class="mega-menu-item mega-menu-item-type-widget widget_media_image mega-menu-item-media_image-13" id="mega-menu-item-media_image-13"><img width="384" height="300" src="https://www.calendow.org/app/uploads/2025/01/Rectangle-124.webp" class="image wp-image-18860 attachment-full size-full" alt="Whats happening" style="max-width: 100%; height: auto;" decoding="async" srcset="https://www.calendow.org/app/uploads/2025/01/Rectangle-124.webp 384w, https://www.calendow.org/app/uploads/2025/01/Rectangle-124-300x234.webp 300w, https://www.calendow.org/app/uploads/2025/01/Rectangle-124-24x19.webp 24w, https://www.calendow.org/app/uploads/2025/01/Rectangle-124-36x28.webp 36w, https://www.calendow.org/app/uploads/2025/01/Rectangle-124-48x38.webp 48w" sizes="(max-width: 384px) 100vw, 384px" /></li> </ul> </li> </ul> </li></ul> </li><li class="mega-no-link mega-social-menu mega-short-menu mega-menu-item mega-menu-item-type-custom mega-menu-item-object-custom mega-current-menu-ancestor mega-current-menu-parent mega-menu-item-has-children mega-menu-megamenu mega-menu-grid mega-align-bottom-left mega-menu-grid mega-menu-item-13338 no-link social-menu short-menu" id="mega-menu-item-13338"><a class="mega-menu-link" href="#" aria-expanded="false" tabindex="0">Social Bond<span class="mega-indicator" aria-hidden="true"></span></a> <ul class="mega-sub-menu" role='presentation'> <li class="mega-menu-row" id="mega-menu-13338-0"> <ul class="mega-sub-menu" style='--columns:12' role='presentation'> <li class="mega-menu-column mega-menu-columns-12-of-12" style="--span:12" id="mega-menu-13338-0-0"> <ul class="mega-sub-menu"> <li class="mega-menu-item mega-menu-item-type-widget widget_custom_html mega-menu-item-custom_html-13" id="mega-menu-item-custom_html-13"><div class="textwidget custom-html-widget"><a class="back-link" href="#">Back</a></div></li> </ul> </li><li class="mega-menu-column mega-menu-columns-6-of-12" style="--span:6" id="mega-menu-13338-0-1"> <ul class="mega-sub-menu"> <li class="mega-menu-item mega-menu-item-type-post_type mega-menu-item-object-page mega-current-menu-item mega-page_item mega-page-item-5625 mega-current_page_item mega-has-description mega-menu-item-13339" id="mega-menu-item-13339"><a class="menu-image-title-after menu-image-not-hovered mega-menu-link" href="https://www.calendow.org/bonds/" aria-current="page"><span class="mega-description-group"><span class="mega-menu-title"><img width="20" height="20" src="https://www.calendow.org/app/uploads/2023/12/PropertyProperty13.svg" class="menu-image menu-image-title-after" alt="Paper Icon" decoding="async" /><span class="menu-image-title-after menu-image-title">Social Bond Overview</span></span><span class="mega-menu-description">The California Endowment issued a historic $300-million Social Bond to advance racial justice and health equity in California in the decade ahead.</span></span></a></li><li class="mega-menu-item mega-menu-item-type-post_type mega-menu-item-object-page mega-has-description mega-menu-item-13340" id="mega-menu-item-13340"><a class="menu-image-title-after menu-image-not-hovered mega-menu-link" href="https://www.calendow.org/grantees-dashboard/"><span class="mega-description-group"><span class="mega-menu-title"><img width="20" height="20" src="https://www.calendow.org/app/uploads/2023/12/PropertyDashboard.svg" class="menu-image menu-image-title-after" alt="Property Dashboard" decoding="async" /><span class="menu-image-title-after menu-image-title">Grantees Dashboard</span></span><span class="mega-menu-description">See how we’ve distributed the Social Bond funds across our geographic regions and priority areas.</span></span></a></li> </ul> </li><li class="mega-menu-column mega-menu-columns-6-of-12" style="--span:6" id="mega-menu-13338-0-2"> <ul class="mega-sub-menu"> <li class="mega-menu-item mega-menu-item-type-widget widget_media_image mega-menu-item-media_image-14" id="mega-menu-item-media_image-14"><img width="384" height="300" src="https://www.calendow.org/app/uploads/2024/03/Rectangle-124-7.webp" class="image wp-image-13604 attachment-full size-full" alt="Social Bond - The California Endowment" style="max-width: 100%; height: auto;" decoding="async" srcset="https://www.calendow.org/app/uploads/2024/03/Rectangle-124-7.webp 384w, https://www.calendow.org/app/uploads/2024/03/Rectangle-124-7-300x234.webp 300w, https://www.calendow.org/app/uploads/2024/03/Rectangle-124-7-24x19.webp 24w, https://www.calendow.org/app/uploads/2024/03/Rectangle-124-7-36x28.webp 36w, https://www.calendow.org/app/uploads/2024/03/Rectangle-124-7-48x38.webp 48w" sizes="(max-width: 384px) 100vw, 384px" /></li> </ul> </li> </ul> </li></ul> </li></ul></div> </div> </nav> </div> </div> </div> </div> </header> <div class="header-overlay"></div> <div class="modal top-search-popup fade" id="topSearch" tabindex="-1" role="dialog" aria-labelledby="topSearch" aria-hidden="true"> <div class="modal-dialog" role="document"> <div class="modal-content"> <form class="text-14 position-relative container" role="search" method="get" action="https://www.calendow.org"> <input name="s" type="text" placeholder="Search keyword..."> <p>Hit Enter to search or ESC to close</p> <a href="javascript:;" class="close" data-bs-dismiss="modal" aria-label="Close"></a> </form> </div> </div> </div> <main role="main"><section class="cmn-page-hero social-bond-overview-hero"> <div class="container"> <div class="row"> <div class="col-lg-6"> <span class="text-18 d-block">Social Bond</span> <h1 class="h2">Funding 'good Troublemakers' Who Are Creating Systemic Change</h1> <a href="https://www.calendow.org/grantees-dashboard/" target="" class="btn btn-primary hover-yellow"> <span>Explore our Grantees Dashboard</span> </a> </div> </div> </div> <div class="hero-img"> <img style="background-image: url('https://www.calendow.org/app/uploads/2024/03/social-bond-banner.webp');" src="https://www.calendow.org/app/themes/tce/assets/images/0.gif" alt="good Troublemakers" class="f-border" height="515" width="680" /> <div class="rotate-play-btn" data-src="https://www.youtube.com/embed/jDwVZqBWam8" data-bs-toggle="modal" data-bs-target="#bsModal"> <img src="https://www.calendow.org/app/themes/tce/assets/images/playbutton-text.svg" class="img-fluid" alt="Play button" width="182" height="182" /> </div> </div> </section> <section class="wrapper-sub"> <div class="wrapper-subnav"> <div class="inner-subnav"> <h5>Jump to <span class="toggle-nav"><img src="https://www.calendow.org/app/themes/tce/assets/images/Dropdown-Chevron.svg" alt="Toggle"></span></h5> <ul class="nav"> <li class="nav-item"><a class="nav-link" href="#overview" title="Overview">Overview</a></li> <li class="nav-item"><a class="nav-link" href="#process" title="Process & Selection">Process & Selection</a></li> <li class="nav-item"><a class="nav-link" href="#bond-faq" title="FAQ">FAQ</a></li> </ul> </div> </div> </section> <section id="overview" class="social-bond-overview"> <div class="container"> <div class="row"> <div class="col-lg-5 pb-5 pb-lg-0"> <img src="https://www.calendow.org/app/uploads/2023/11/bond-overview-logo.svg" class="img-fluid" alt="$300-million" width="407" height="136"> </div> <div class="col-lg-7 text-20"> <h4>In 2021, The California Endowment issued a historic $300-million Social Bond to advance racial justice and health equity in California in the decade ahead.</h4> <p>Inspired by a quote from the late Congressman John Lewis of Georgia, “Get in good trouble, necessary trouble, and help redeem the soul of America,” the Social Bond funds the people and the organizations doing exactly that – creating good trouble to impact systemic change. We call them the “Good Troublemakers.”</p> </div> </div> <div class="row justify-content-between"> <div class="col-lg-6 order-2 order-lg-1"> <h2>This investment came out of years of research</h2> <p>It was also created in response to a worldwide reckoning on racial equity and the disproportionately negative impact the COVID-19 pandemic had on communities of color.</p> <p>It is Dr. Robert K. Ross, President and CEO of The California Endowment’s intention of a<span> </span><a href="https://www.calendow.org/bobs-blog-the-matter-of-belonging/">Beloved Community</a><span> </span>that makes the Social Bond a step forward beyond conventional grantmaking to meet the moment and commit to investing in innovative, long-term solutions throughout California.</p> <h4>One of the most important lessons</h4> <p>The Endowment learned over the past decade of listening and responding to partners is that<span> </span><a href="https://www.calendow.org/learning/">“it begins and ends with people power.”</a><span> </span>The Social Bond grantmaking process was guided by the practice of trust-based philanthropy and the recognition that people closest to the problem have the best understanding of the solutions.</p> </div> <div class="col-lg-5 order-1 order-lg-2 pb-5 pb-lg-0"> <div class="cmn-img-box bg-gradient5"> <img src="https://www.calendow.org/app/uploads/2024/03/bond-overview-banner.webp" class="img-fluid" width="482" height="508" alt="Beloved Community"> </div> </div> </div> </div> </section> <section class="social-bond-goal"> <div class="container"> <div class="row pb-1"> <div class="col-lg-10"> <h2>What is the goal of the Social Bond?</h2> </div> <div class="col-lg-8 text-20"> <p>The Social Bond will advance racial justice and health equity in California over the next ten years, focusing on three key goals:</p> </div> </div> <div class="row pb-135"> <div class="col-md-6 col-xl-4 d-flex"> <div class="fa-card yellow-card"> <div class="fa-img"> <img style="background-image: url('https://www.calendow.org/app/uploads/2024/03/fa-img-2-1.webp');" src="https://www.calendow.org/app/themes/tce/assets/images/0.gif" alt="People Power" height="348" width="408"> </div> <h3 class="h4 m-0">People Power</h3> <div class="fa-hover"> <div class="fa-icn"> <img src="https://www.calendow.org/app/uploads/2023/11/icon-peoplepower.svg" alt="People Power" height="48" width="48"> </div> <h4>People Power</h4> Developing young and adult leaders to work intergenerationally to raise up the voice of marginalized communities and promote greater civic activism as essential building blocks for an inclusive, equitably prosperous state. </div> </div> </div> <div class="col-md-6 col-xl-4 d-flex"> <div class="fa-card orange-card"> <div class="fa-img"> <img style="background-image: url('https://www.calendow.org/app/uploads/2024/03/Image-1.webp');" src="https://www.calendow.org/app/themes/tce/assets/images/0.gif" alt="Reimagined Public Institutions" height="348" width="408"> </div> <h3 class="h4 m-0">Reimagined Public Institutions</h3> <div class="fa-hover"> <div class="fa-icn"> <img src="https://www.calendow.org/app/uploads/2023/11/icon-institutions.svg" alt="Reimagined Public Institutions" height="48" width="48"> </div> <h4>Reimagined Public Institutions</h4> Transforming our public institutions to become significant investors in, and champions of, racial and social equity, and in the healthy development and success of young people for generations to come. </div> </div> </div> <div class="col-md-6 col-xl-4 d-flex"> <div class="fa-card green-card"> <div class="fa-img"> <img style="background-image: url('https://www.calendow.org/app/uploads/2024/03/Image.webp');" src="https://www.calendow.org/app/themes/tce/assets/images/0.gif" alt="Health for All" height="348" width="408"> </div> <h3 class="h4 m-0">A 21st Century “Health for All” System</h3> <div class="fa-hover"> <div class="fa-icn"> <img src="https://www.calendow.org/app/uploads/2023/11/icon-union.svg" alt="Health for All" height="48" width="48"> </div> <h4>A 21st Century “Health for All” System</h4> Ensuring prevention, community wellness, and access to quality health care for ALL Californians. </div> </div> </div> </div> <div class="col-lg-10 m-auto text-center"> <h4 class="fw-normal m-0">These three goals focus on four priority areas – defined by the community as areas where resources are most needed to support powerbuilding efforts.</h4> </div> </div> </section> <section data-wpr-lazyrender="1" class="social-bond-tab pt-0 cmn-alice-bg"> <div class="tce-tab cmn-alice-bg"> <div class="row g-0"> <div class="col-12"> <ul id="tabs" class="nav nav-tabs list-unstyled" role="tablist"> <li data-id="#slide0" class="nav-item"> <a id="tab-0" href="#pane-0" class="nav-link active" data-bs-toggle="tab" role="tab" aria-selected="true"> <h4>Power Infrastructure</h4> </a> </li> <li data-id="#slide1" class="nav-item"> <a id="tab-1" href="#pane-1" class="nav-link " data-bs-toggle="tab" role="tab" aria-selected="false"> <h4>Health Coverage</h4> </a> </li> <li data-id="#slide2" class="nav-item"> <a id="tab-2" href="#pane-2" class="nav-link " data-bs-toggle="tab" role="tab" aria-selected="false"> <h4>Resilient Communities</h4> </a> </li> <li data-id="#slide3" class="nav-item"> <a id="tab-3" href="#pane-3" class="nav-link " data-bs-toggle="tab" role="tab" aria-selected="false"> <h4>Research & Evaluation</h4> </a> </li> </ul> </div> </div> <div id="content" class="tab-content" role="tablist"> <div id="pane-0" class="card tab-pane fade active show" role="tabpanel" aria-labelledby="tab-0"> <div class="card-header" role="tab" id="heading-0">  <a class="" data-bs-toggle="collapse" href="#collapse-0" aria-expanded="true" aria-controls="collapse-0"> <h4>Power Infrastructure</h4> </a> </div>  <div id="collapse-0" class="collapse show" data-bs-parent="#content" role="tabpanel" aria-labelledby="heading-0"> <div class="card-body"> <div class="container"> <div class="row"> <div class="col-lg-5"> <div class="social-img mb-5 mb-lg-0"> <div class="bond-video"> <img class="img-fluid w-100" src="https://www.calendow.org/app/uploads/2024/03/bonds-img-new.webp" alt="Good Troublemakers" height="301" width="522"> <div class="rotate-play-btn" data-src="https://www.youtube.com/embed/J36iIdOLE9I" data-bs-toggle="modal" data-bs-target="#bsModal"> <img src="https://www.calendow.org/app/themes/tce/assets/images/playbutton-text.svg" class="img-fluid border-0" alt="Play button" width="182" height="182" /> </div> </div> <div class="video-text text-18"> <p>The California Endowment is proud to support “Good Troublemakers” in California who are building power to make healthy change for all. In this video you will hear from community organizers and power builders who are being supported to build a network of power throughout the state with resources from our historic $300 million Social Bond.</p> </div> </div> </div> <div class="col-lg-6 ms-auto"> <div class="w-100"> <h4>Goal</h4> <ul> <li>Strengthen and grow power-building infrastructure that centers organizing for transformative systems change</li> </ul> </div> <div class="w-100"> <h4>Outcomes / Impacts</h4> <ul> <li>Network of innovative regional and statewide centers</li> <li>Capital that supports exponential growth</li> <li>More BIPOC-led grassroots organizing groups</li> </ul> </div> <div class="w-100"> <h4>Focus Areas</h4> <ul> <li>Resource Sharing</li> <li>Infrastructure/Centers</li> <li>Leadership Development</li> </ul> </div> </div> </div> </div> </div> </div> </div> <div id="pane-1" class="card tab-pane fade " role="tabpanel" aria-labelledby="tab-1"> <div class="card-header" role="tab" id="heading-1">  <a class="collapsed" data-bs-toggle="collapse" href="#collapse-1" aria-expanded="false" aria-controls="collapse-1"> <h4>Health Coverage</h4> </a> </div>  <div id="collapse-1" class="collapse " data-bs-parent="#content" role="tabpanel" aria-labelledby="heading-1"> <div class="card-body"> <div class="container"> <div class="row"> <div class="col-lg-5"> <div class="social-img mb-5 mb-lg-0"> <img class="img-fluid w-100" src="https://www.calendow.org/app/uploads/2024/03/social-health-image.webp" alt="Health Coverage" height="522" width="522"> </div> </div> <div class="col-lg-6 ms-auto"> <div class="w-100"> <h4>Goal</h4> <ul> <li>Create a health system that advances racial equity by addressing prevention and coverage, strengthening community governance and building a diverse health workforce pipeline.</li> </ul> </div> <div class="w-100"> <h4>Outcomes / Impacts</h4> <ul> <li>Dedicated funding mechanisms to accelerate health system transformation and workforce diversity</li> <li>Statewide and local infrastructure for policy advocacy and campaigns for community-centered and community-led health system reforms</li> </ul> </div> <div class="w-100"> <h4>Focus Areas</h4> <ul> <li>People Power and Community Collaboratives</li> <li>Policy and Advocacy Infrastructure</li> <li>Financing for Health</li> <li>Democratized Data and Information</li> </ul> </div> <div class="w-100 event-loop border-orange"> <div class="event-loop-wrap download-card text-16"> <h5 class="text-20">See Health Care System Transformation in Practice</h5><p>Read more about how we're transforming the health system across the state of California.</p> <a href="https://www.calendow.org/app/uploads/2024/04/TCE_HealthSystems_TwoPager.pdf" class="btn btn-link btn-icon" target="_blank"> <img src="https://www.calendow.org/app/themes/tce/assets/images/icn-dwnld.svg" height="16" width="16" alt="download icon"> <span>Download PDF</span> </a> </div> </div> </div> </div> </div> </div> </div> </div> <div id="pane-2" class="card tab-pane fade " role="tabpanel" aria-labelledby="tab-2"> <div class="card-header" role="tab" id="heading-2">  <a class="collapsed" data-bs-toggle="collapse" href="#collapse-2" aria-expanded="false" aria-controls="collapse-2"> <h4>Resilient Communities</h4> </a> </div>  <div id="collapse-2" class="collapse " data-bs-parent="#content" role="tabpanel" aria-labelledby="heading-2"> <div class="card-body"> <div class="container"> <div class="row"> <div class="col-lg-5"> <div class="social-img mb-5 mb-lg-0"> <img class="img-fluid w-100" src="https://www.calendow.org/app/uploads/2024/03/social-health-image-2.webp" alt="Resilient Communities" height="522" width="522"> </div> </div> <div class="col-lg-6 ms-auto"> <div class="w-100"> <h4>Goal</h4> <ul> <li>Invest in communities most affected by the harmful impacts of climate change</li> </ul> </div> <div class="w-100"> <h4>Outcomes / Impacts</h4> <ul> <li>Practices and policies that prioritize racial equity, and honor tradition and culture</li> <li>A galvanized climate justice movement that values marginalized voices and communities</li> <li>Regional approaches that connect to a unified climate action agenda</li> </ul> </div> <div class="w-100"> <h4>Focus Areas</h4> <ul> <li>Climate and Environmental Justice</li> <li>Long-term Community Recovery and Resiliency</li> <li>Rural, Tribal, and Unincorporated Communities</li> </ul> </div> <div class="w-100 event-loop border-orange"> <div class="event-loop-wrap download-card text-16"> <h5 class="text-20">See the Steps We're Taking Towards Climate Resiliency</h5><p>Read more about how we are investing in community-led climate resiliency across California.</p> <a href="https://www.calendow.org/app/uploads/2024/04/TCE_ClimateResiliency_TwoPager.pdf" class="btn btn-link btn-icon" target="_blank"> <img src="https://www.calendow.org/app/themes/tce/assets/images/icn-dwnld.svg" height="16" width="16" alt="download icon"> <span>Download PDF</span> </a> </div> </div> </div> </div> </div> </div> </div> </div> <div id="pane-3" class="card tab-pane fade " role="tabpanel" aria-labelledby="tab-3"> <div class="card-header" role="tab" id="heading-3">  <a class="collapsed" data-bs-toggle="collapse" href="#collapse-3" aria-expanded="false" aria-controls="collapse-3"> <h4>Research & Evaluation</h4> </a> </div>  <div id="collapse-3" class="collapse " data-bs-parent="#content" role="tabpanel" aria-labelledby="heading-3"> <div class="card-body"> <div class="container"> <div class="row"> <div class="col-lg-5"> <div class="social-img mb-5 mb-lg-0"> <img class="img-fluid w-100" src="https://www.calendow.org/app/uploads/2024/03/social-health-image-3.webp" alt="Research & Evaluation" height="522" width="522"> </div> </div> <div class="col-lg-6 ms-auto"> <div class="w-100"> <h4>Goal</h4> <ul> <li>Grow strategic knowledge, learning capacity and data infrastructure to support powerbuilding for systems transformation</li> </ul> </div> <div class="w-100"> <h4>Outcomes / Impacts</h4> <ul> <li>Community-centered learning</li> <li>Collaborative learning networks</li> <li>Tested theories of powerbuilding</li> <li>An expanded bench of the next generation researchers/evaluators</li> <li>Sustainable statewide learning networks</li> </ul> </div> <div class="w-100"> <h4>Focus Areas</h4> <ul> <li>Learning Network Capacity</li> <li>Knowledge and Assessment of Power</li> <li>Innovation, Learning and Strategy</li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div> </section> <section data-wpr-lazyrender="1" id="process" class="social-garantees tce-step"> <div class="container"> <div class="row"> <div class="col-12"> <h2>How are Grantees Selected?</h2> <p>The Endowment’s leadership and program teams will be responsible for selecting the grantees.</p> </div> </div> <div class="row g-0"> <div class="col-lg-4 mt-3 step"> <div class="inner text-18"> <span class="d-block pb-1">Step 1</span> <h4>Proposal Application Process</h4> <p>Subject matter experts review grantee and Program-Related Investment (PRI) partner proposal applications</p> <div class="toggle-text"> <p>Grantee proposal applications evaluate prospective grantees based on a number of criteria including, but not limited to, (i) the issues their organization/project addresses, (ii) geographic focus and/or communities and populations their organization/project intends to support, (iii) long-term goals, (iv) existing revenue sources, (v) potential impact, (vi) prior experience and (vii) diversity goals and efforts.</p> <p>Proposals for grantees will be thoroughly reviewed to ensure The Endowment complies with all legal requirements (including, but not limited to, Internal Revenue Code requirements and U.S. anti-terrorism laws) for charitable giving. The Endowment has designed its grant making process – from preparation of the grant recommendation to processing final reports – to conform to applicable legal standards and The Endowment’s procedures and standards. Grantees will be monitored by The Endowment on an ongoing basis through visits, meetings, and written reports.</p> </div> <a href="javascript:;" class="plus-link" data-content="toggle-text"><span>Explore Details</span></a> </div> </div> <div class="col-lg-4 mt-3 step"> <div class="inner text-18"> <span class="d-block pb-1">Step 2</span> <h4>Management of Proceeds</h4> <p>The Endowment tracks the net proceeds of the Social Bond.</p> <div class="toggle-text"> <p>Until distributed, the net proceeds of the Bonds will be held in a segregated account at The Endowment’s custodian bank. Bond proceeds will be transferred, as needed, to an operating account for disbursement. A register will be established and managed by the CFO and his Finance department staff to record on an ongoing basis the allocation of the net proceeds of the Bonds to grantees</p> </div> <a href="javascript:;" class="plus-link" data-content="toggle-text"><span>Explore Details</span></a> </div> </div> <div class="col-lg-4 mt-3 step"> <div class="inner text-18"> <span class="d-block pb-1">Step 3</span> <h4>Reporting</h4> <p>Reporting will be posted on the website and will include recipients, location, subject area, and population served.</p> <div class="toggle-text"> <p>The Endowment currently reports on its grant-making by listing all of its grants and grantees on its website, updated monthly, as well as Form 990-PF tax filings, with ongoing updates on the work conducted in furtherance of its mission (https://www.calendow.org/).</p> <p>Information contained in The Endowment’s website is not part of this Offering Memorandum and is not incorporated by reference herein. All updates on the expenditure of bond proceeds are voluntary.</p> </div> <a href="javascript:;" class="plus-link" data-content="toggle-text"><span>Explore Details</span></a> </div> </div> </div> </div> </section> <section data-wpr-lazyrender="1" class="impact-social-bond"> <div class="container"> <div class="row justify-content-between"> <div class="col-lg-6"> <h2>What Is The Impact Of The Social Bond?</h2> <p>Over the next several years, the Endowment will continue supporting the Good Troublemakers – nonprofit organizations advancing racial justice and health equity in California for systemic and policy change.</p> <h3>This process includes:</h3> <ul> <li>Identifying projects</li> <li>Evaluating them</li> <li>Working together with partner organizations to develop proposals for approval by the foundation’s Board of Directors</li> </ul> <p>To learn more about The Endowment’s progress on the Social Bond, click the button below for an update from President and CEO Dr. Robert K. Ross and Board Chair Bishop Minerva Carcaño.</p> <a href="https://www.calendow.org/leadership/" class="btn btn-primary mt-2 hover-yellow" target=""><span>Hear from Dr. Ross & Bishop Carcaño</span></a> </div> <div class="col-lg-5 mb-5 mb-lg-0"> <div class="cmn-img-box bg-gradient9"> <img src="https://www.calendow.org/app/uploads/2024/03/impact-social-bond-frame.webp" class="img-fluid" width="482" height="505" alt="Impact Of The Social Bond"> </div> </div> </div> <div class="row justify-content-between"> <div class="col-lg-5 mb-5 mb-lg-0"> <div class="cmn-img-box bg-gradient12"> <img src="https://www.calendow.org/app/uploads/2024/03/impact-social-bond-frame-2.webp" class="img-fluid" width="494" height="471" alt="Social Bond project"> </div> </div> <div class="col-lg-6"> <h4>As the Social Bond project moves forward, the Endowment will continue to focus grantmaking on areas of greatest need, where inequity is highest, and to align with the community on goals and needs.</h4> <h4>Together, we will create good trouble to impact systemic change, create a more equitable and racially just California and achieve a Beloved Community.</h4> </div> </div> </div> </section> <section data-wpr-lazyrender="1" class="tce-faq" id="bond-faq"> <div class="container"> <div class="row accord-section pt-0"> <div class="col-lg-10 mx-auto"> <h2>Frequently Asked Questions</h2> <div class="accordion" id="accord"> <div class="accord-block active"> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond0" aria-expanded="true" aria-controls="bond0">What is a Bond?</a> </h3> <div id="bond0" class="collapse show" aria-labelledby="heading0" data-bs-parent="#accord"> <div class="card-body"> <p>Social bonds are loans contracted from private funding to support new and existing projects that achieve positive social outcomes.</p> <p>The California Endowment’s Social Justice Bond is a $300-million fund that provides a long-overdue opportunity to invest in much-needed organizational and power infrastructure to advance and sustain efforts to secure health, wellness and racial equity for California and Californians.</p> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond1" aria-expanded="false" aria-controls="bond1">What is Power Infrastructure?</a> </h3> <div id="bond1" class="collapse " aria-labelledby="heading1" data-bs-parent="#accord"> <div class="card-body"> <p><span>Power infrastructure is defined by the Grassroots Policy Project & PIVOT as “The people, systems and resources that provide the underlying foundation or basic framework needed for a long-lasting robust power-building ecosystem for transformative change. It includes the skills, capacities, organizational forms, resources and apparatuses to drive the agenda and build movement power.”</span></p> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond2" aria-expanded="false" aria-controls="bond2">Why offer a Bond now?</a> </h3> <div id="bond2" class="collapse " aria-labelledby="heading2" data-bs-parent="#accord"> <div class="card-body"> <p>In response to the COVID-19 global pandemic and its devastating impact on communities of color, along with the nation’s reckoning on racial justice, The Endowment seeks to substantially increase the impact of organizers and grassroots groups who are doing civic engagement work on the ground by providing the necessary funding for powerbuilding.</p> <p>The Endowment’s grantmaking in the coming years will provide new, dedicated support for the infrastructure and institutional needs of organizations in California driving transformational changes in health, public education, criminal justice, and community development systems and policies.</p> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond3" aria-expanded="false" aria-controls="bond3">How do you measure the return on a Bond, and how will The Endowment report this impact?</a> </h3> <div id="bond3" class="collapse " aria-labelledby="heading3" data-bs-parent="#accord"> <div class="card-body"> <p>The Endowment’s Social Bond specifically aims to advance social justice – racial and health justice specifically – by way of investing in infrastructure, the health workforce, climate resiliency and <span>Power infrastructure</span> to achieve policy solutions that create opportunities for health, wellness and access to healthcare for all.</p> <p>The Endowment intends to report on the grants financed through the Social Bond along with its other grantmaking activities on its website, which will include:</p> <ul> <li>Recipients</li> <li>Location</li> <li>Subject area</li> <li>Population serve</li> </ul> <p> </p> <p>In addition, we are conducting a formal evaluation of the Bond to assess its near-term and long-term impact.</p> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond4" aria-expanded="false" aria-controls="bond4">What has happened with the Bond over the last year?</a> </h3> <div id="bond4" class="collapse " aria-labelledby="heading4" data-bs-parent="#accord"> <div class="card-body"> <p>Since February of 2021, The Endowment has established a Bond committee, developed a grant assessment rubric, brought on consultants and an advisory committee, engaged directly with communities, partners and other stakeholders while creating strategy frameworks for its grantmaking priority areas.</p> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond5" aria-expanded="false" aria-controls="bond5">Who funds the Bond?</a> </h3> <div id="bond5" class="collapse " aria-labelledby="heading5" data-bs-parent="#accord"> <div class="card-body"> <p>The Endowment has committed to having 50 percent of the underwriting work supported by BIPOC-owned and women-owned firms – including Black-led underwriting firms Loop Capital and Siebert William Shank who partnered with JP Morgan to move the investor recruitment and execution phase forward.</p> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond6" aria-expanded="false" aria-controls="bond6">How much funding does the Bond allocate, and over how much time?</a> </h3> <div id="bond6" class="collapse " aria-labelledby="heading6" data-bs-parent="#accord"> <div class="card-body"> <p>The Social Bond will issue grants within the first three years to support nonprofit organizations and/or coalitions.</p> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond7" aria-expanded="false" aria-controls="bond7">When and how will The Endowment pay back the Bond?</a> </h3> <div id="bond7" class="collapse " aria-labelledby="heading7" data-bs-parent="#accord"> <div class="card-body"> <p>Principal repayment will be made at maturity in 2051, with funding from investment assets.</p> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond8" aria-expanded="false" aria-controls="bond8">What makes the Bond different from other investments from The Endowment?</a> </h3> <div id="bond8" class="collapse " aria-labelledby="heading8" data-bs-parent="#accord"> <div class="card-body"> <p>2020 was a historic time period – the COVID-19 pandemic; the unjust killings of George Floyd and Breonna Taylor (along with many other Black people killed by law enforcement); and the persistence of white supremacy – that unearthed deep inequities in the nation’s systems. The Social Bond represents a dedicated commitment to supporting infrastructure and power-building movements for social justice and health for all Californians. This is not a time for philanthropy as usual – this moment calls for unprecedented action for systemic transformation.</p> <p>The Endowment’s Social Bond is a commitment to make historic investments in building power and agency in communities and to dismantling racist systems that impede health and civic engagement. Through investing in lasting support, The Endowment seeks to address the ongoing harm of racist policies and practices and accelerate the impact of its partners far beyond traditional grantmaking.</p> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond9" aria-expanded="false" aria-controls="bond9">How does the Bond specifically uplift bold ideas and advance movement and power infrastructure in California for the next 10 years?</a> </h3> <div id="bond9" class="collapse " aria-labelledby="heading9" data-bs-parent="#accord"> <div class="card-body"> <p>The Endowment will fund organizations, programs and projects that are working toward long-term power-building and infrastructure. This includes “institutionalizing” or “endowing” collaborations that support grassroots community organizing and leadership development, building economic power by investing in the health workforce and strengthening policy and advocacy networks.</p> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond10" aria-expanded="false" aria-controls="bond10">Where will Bond funds be allocated, and how are those choices made? </a> </h3> <div id="bond10" class="collapse " aria-labelledby="heading10" data-bs-parent="#accord"> <div class="card-body"> <p>After a year of intense planning, The Endowment strategically determined priority areas to expand and strengthen the infrastructure for health, equity and racial justice across California. The Bond funds are allocated and invested across these priority areas:</p> <ul> <li>Power Infrastructure</li> <li>Health Systems (Coverage, Health and Wellness, Workforce)</li> <li>Resilient Communities (Climate Resiliency)</li> <li>Research and Evaluation</li> </ul> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond11" aria-expanded="false" aria-controls="bond11">Who is eligible to receive a grant from the Bond?</a> </h3> <div id="bond11" class="collapse " aria-labelledby="heading11" data-bs-parent="#accord"> <div class="card-body"> <p>Grants from the Social Bond are intended for nonprofit organizations, as well as projects and programs that address racial justice and anti-racist practices. Grantees’ mission, projects and/or programs must also be aligned with The Endowment’s current strategic plan.</p> <p>Each Bond project will be assessed based on the same criteria:</p> <ul> <li>Sustainable Impact</li> <li>Transformative System Change</li> <li>Scale</li> <li>Boldness</li> <li>Leverage</li> </ul> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond12" aria-expanded="false" aria-controls="bond12">How can people apply for grant funding from the Bond?</a> </h3> <div id="bond12" class="collapse " aria-labelledby="heading12" data-bs-parent="#accord"> <div class="card-body"> <p>Similar to <a href="https://www.calendow.org/grants/" rel="noopener">The Endowment’s other grants</a>, unsolicited letters of intent or proposals are not accepted. Funding opportunities are by invitation only.</p> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond13" aria-expanded="false" aria-controls="bond13">Have any grants for the Bond already been issued?</a> </h3> <div id="bond13" class="collapse " aria-labelledby="heading13" data-bs-parent="#accord"> <div class="card-body"> <p><span>Yes, initial grants have been issued to seven collaborative efforts – including the California Black Freedom Fund, Latino Community Foundation and Foundation for California Community Colleges. Additional grantees were announced in </span><a href="https://www.calendow.org/announcing-our-latest-round-of-social-bond-grantees/">September</a><span> and November 2022.</span></p> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond14" aria-expanded="false" aria-controls="bond14">What happens now?</a> </h3> <div id="bond14" class="collapse " aria-labelledby="heading14" data-bs-parent="#accord"> <div class="card-body"> <p>While there’s much more to be done, The Endowment has made substantial progress toward actualizing this vision in a historic way in tandem with community partners and initial grantees. Over the next year, as we embark on this next phase of the Social Bond, The Endowment plans to finalize the frameworks, identify projects the Bond will fund, evaluate them against its criteria and work with partner organizations to develop proposals for approval by the Endowment’s Board of Directors.</p> </div> </div> </div> <div class="accord-block "> <h3 class="mb-0 h4"> <a data-bs-toggle="collapse" data-bs-target="#bond15" aria-expanded="false" aria-controls="bond15">How will the bond proceeds be used?</a> </h3> <div id="bond15" class="collapse " aria-labelledby="heading15" data-bs-parent="#accord"> <div class="card-body"> <p>The Endowment will have broad discretion as to its use of the proceeds of the Social Bonds, provided that such use complies with The Endowment’s tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and The Endowment’s classification as a private foundation.</p> </div> </div> </div> </div> </div> </div> </div> </section>   <section data-wpr-lazyrender="1" id="bonds" class="hp-zigzag"> <div class="container"> <div class="row h-100 g-0"> <div class="col-lg-6 zigzag-txt"> <div class="zigzag-subtext"> <h2>Unveiling Our 2024 Annual Report</h2> </div> <div class="zig-explore"> <p>The California Endowment is proud to present our 2024 annual report. 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