New funding tool could spur nonprofit innovation | Crain's New York Business

New funding tool could spur nonprofit innovation | Crain's New York Business: Mr. Rivera's therapy was paid for by an unusual funding mechanism known as a social-impact bond—an innovation that's becoming more prevalent in New York social-service and philanthropic circles. Announced by the city in 2012, Rikers' therapy program, aimed at reducing juvenile recidivism, was the nation's first social-bond initiative.