The Governor Gavin Newsom announced the launch of the Guaranteed Income Sharing Fund, a philanthropic effort to help organizations fund their Guaranteed Income Pilot Programs by helping to unlock more than $25 million in state grants, which have enabled at least 1,975 Californians to They will benefit from up to $1,200.
"As people across the country battle global inflation, this guaranteed income pilot program provides much-needed support and respite to the most vulnerable Californians," Governor Newsom said.
“This public-private partnership will accelerate our ability to get money to these individuals and families, showing Californians coming together to support each other,” he stressed.
But how does it work?
The pool will support select state-funded guaranteed-revenue pilot projects that need additional resources to launch, maintain, or improve their pilot program.
The pilot projects will collectively provide more than 1,975 Californians ?primarily foster youth and pregnant individuals? with 600 to 1,200 per month, for 12 to 18 months.
To receive state funding, pilot project awardees must match 50 percent or more of the state award. The Common Fund announced this week will help pilot projects with this requirement.
Recipients come from across the state, including under-resourced rural and tribal communities. The Common Fund will distribute grants to grantees in these areas to ensure distributed access to additional resources.
Contributors to the pool include the Sierra Health Foundation, the Silicon Valley Community Foundation, the California Wellness Foundation, the Blue Shield of California Foundation, the May and Stanley Smith Charitable Trust, and the Weingart Foundation, with more contributions expected.
It should be noted that an advisory council with members of the Network of Asset Financiers, Mayors for a Guaranteed Income, the Economic Security and Social Finance Project will review all financing requests from interested beneficiaries of the Guaranteed Income Pilot financed by the state, will select the recipients and award the grants.
In turn, Social Finance, a nonprofit advisory and financing organization with national impact, will manage the fund's operations.
Pooled Fund partners hope to host an upcoming donor information session to provide the philanthropic community with more information about this and other opportunities to support guaranteed income initiatives in the state.
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