Bibliography

Grunin Banner 2019

Creating and Documenting New Impact Investing Products

Passoni, Cristina and Purtill, Alex, Private Equity and Impact Investing: Rethinking Exit Opportunities, Weil, Gotshal & Manges Global Private Equity Watch (March 20, 2019). Available at: https://privateequity. weil.com/private-equity-and-impact-investing-rethinking-exit-opportunities/

Emerging Markets Private Equity Association, Releases Year-End 2018 Private Capital Industry Statistics (March 5, 2019). Available at: https://www.empea.org/newsroom/16167-2/

Gutterman, Alan S., Simple agreement for future equity (“SAFE”), Business Transactions Solutions § 158:7 (March 2019 Update).

International Finance Corporation, “Reinventing Business Through Disruptive Technologies: Sector Trends and Investment Opportunities for Firms in Emerging Markets” (January 2019). Available at: https://www.ifc.org/wps/wcm/connect/publications_ext_content/ifc_external_publication_ site/publications_listing_page/reinventing-business

International Finance Corporation, “Blockchain: Opportunities for Private Enterprises in Emerging Markets” (January 2019). Available at: https://www.ifc.org/wps/wcm/connect/ publications_ext_content/ifc_external_publication_site/publications_listing_page/blockchain+report

Bartlett, Joseph W., Simple Agreement for Future Equity: The SAFE, Equity Finance: Venture Capital, Buyouts, Restructurings and Reorganizations § 6.13A (Aspen Publishers 2nd ed., 2019 Cumulative Supplement).

Bartlett, Joseph W., Developments in the First Year of Regulation Crowdfunding, Equity Finance: Venture Capital, Buyouts, Restructurings and Reorganizations § 6.22C (Aspen Publishers 2nd ed., 2019 Cumulative Supplement).

Impact Shares, NAACP Minority Empowerment ETF (December 31, 2018). Available at: https://impactetfs. org/wp-content/uploads/2018/11/IS_NACP_FS_102318_FINAL.pdf

Booth, Richard A., Simple agreement for future equity (SAFE), Financing the Corporation § 3:10 (November 2018 Update).

Chandra, Rahib and McGinnis, James, “Fund Names,” Mutual Funds and Exchange Traded Funds Regulation (Third Edition) PLI Item #32842 (November 2018). Available at: https://www.ropesgray.com/~/media/Files/articles/2013/12/Chapter2A_Mutual_Fund_Fund_Names.ashx

Cardozo Blockchain Project, “Smart Contracts” and Legal Enforceability (October 16, 2018). Available at: https://cardozo.yu.edu/sites/default/files/Smart%20Contracts%20 Report%20%232_0.pdf

Y Combinator, SAFE Financing Documents (September 2018). Available at: https://www.ycombinator. com/documents/ 

Y Combinator, SAFE User Guide. Available at: https://www.ycombinator. com/docs/Post%20Money%20Safe%20 User%20Guide.pdf

Arnone, Kim, Kaplan, Sarah, and Rhudy, Cameron, Advising Clients on Community Capital Offerings (July 31, 2018). Available at: https://www.pli.edu/programs/advising-clients-on-community-capital-offerings?t=ondemand&p=256029

U.S. Investment Company Act of 1940 (U.S.C. Title 15) [As Amended Through P.L. 115–174, Enacted May 24, 2018]. (See Section 3, esp. Section 3(a) and 3(b), and definitions referenced therein). Available at: https://legcounsel.house.gov/Comps/Investment%20Company%20Act%20Of%201940.pdf

Denton, Sarah and Pauwels, Eleonore, AI and Privacy Policy Report, Wilson Center (March 2018).

Catrina Luchsinger Gähwiler and Ronald Kogens, “Practical Aspects of Initial Token Offerings” (Part 1, January 25, 2018). Available at: https://blog. froriep.com/en/practical-aspects-of-initial-token-offerings-ito-ico-kogens-luchsinger-froriep-switzerland (Part 2, February 9, 2018). Available at: https://blog.froriep.com/en/practical-aspects-of-initial-token-offerings-ito-ico-part2-kogens-luchsinger-froriep-switzerland-0

Coyle, John F. and Green, Joseph M., The Safe, the Kiss, and the Note:  A Survey of Startup Seed Financing Contracts, 103 Minn. L. Rev. Headnotes 42, 51 (2018).

Clouse, Carol J. “Impact Holding Companies: Breaking the chains of the 10-year fund is harder than it looks,” ImpactAlpha (2018). Available at: https://impactalpha.com/impact-holding-companies-breaking-the-chains-of-the-10-year-fund-is-harder-than-it-looks/

Pauwels, Eleonore and Grevatt, N., The Social Benefits of Blockchain for Health Data: Securing Patient Privacy & Control, Policy Brief, Wilson Center (November 2017). Available at: https://www.wilsoncenter.org/publication/the-social-benefits-blockchain-for-health-data-securing-patient-privacy-and-control 

Blass, Davie, Chanda, Rajib, Healey, Christopher, Healey, and Ridley, Nicolas, A New Investment Company Status Exemptive Rule Could Provide a Boost to US Capital Markets Activity, The Investment Lawyer, Vol. 24, No. 11 (November 2017). Available at: https://www.stblaw.com/docs/default-source/related-link-pdfs/the-investment-lawyer_blasschandahealeyridley_ november2017.pdf

Pauwels, Eleonore, “Responsible Governance of Artificial Intelligence,” The AI Lab, Video (November 12, 2017). Available at: https://www. youtube.com/watch?v=CifAKKdjbuA 

CCH Incorporated, Federal Securities Law Reports 2776, Fed. Sec. L. Rep. P 2132038 (C.C.H.), 2017 WL 2132038 (May 18, 2017).

U.S. Securities and Exchange Commission, Investor Bulletin: Be Cautious of SAFEs in Crowdfunding, Investor Alerts and Bulletins (May 9, 2017). Available at: https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_safes

Cutting Edge Capital, Private Placement Strategies (May 1, 2017). Available at: https://www.cuttingedgecapital.com/breaking-down-private-placement-strategies/ 

Cutting Edge Capital, Community Investment Funds: Four Models (December 1, 2016). Available at: https://www.cuttingedgecapital.com/community-investment-funds-four-models/ 

Coyle, John F. and Green, Joseph M., Crowdfunding and the Not-So-Safe Safe, 102 Va. L. Rev. Online 168 (December 2016). Available at: http://www.virginialawreview.org/sites/virginialawreview.org/files/CoyleGreen_ Online.pdf

Bolton, Jennifer, Kurrik, Ilomai, and Pereira, Rebecca, Impact Investing Private Equity Fund Industry: Legal Considerations, GIIN/ISLP/Clifford Chance (April 30, 2015). Available at: https://thegiin.org/assets/documents/pub/impact-investing-legal-brief-2015.pdf

Wright, Aaron and De Filippi, Primavera, Decentralized Blockchain Technology and the Rise of Lex Cryptographia (March 10, 2015). Available at: https://ssrn.com/abstract=2580664 

Cutting Edge Capital, Regulation A (March 2015). Available at: https://www.cuttingedgecapital.com/regulation-a/ 

Coyle, John F. and Green, Joseph M., “Contractual Innovation in Venture Capital,” 66 Hastings L.J. 133, 169 (2014). 

Cutting Edge Capital, Direct Public Offerings (November 2013). Available at: https://www.cuttingedgecapital. com/direct-public-offering/

Staff of the Investment Adviser Regulation Office, Division of Investment Management, U.S. Securities and Exchange Commission, “Regulation of Investment Advisers by the U.S. Securities and Exchange Commission” (March 2013). Available at: https://www.sec.gov/about/offices/oia/oia_investman/rplaze-042012.pdf
 
Cohn, Paul and Aiello, John, Secondary Investing in Private Equity Funds: Primary Issues for General Partners, Weil, Gotshal & Manges Private Equity Alert (September 2013). Available at: https://www.weil.com/~/media/files/pdfs/pea_sep03.pdf

Shenov, Suchitra and Kanetkar, Shreedhar, “Lasting Impact: Investing via Open Holding Companies,” Stanford Social Impact Review (2013). Available at: https://ssir.org/articles/entry/lasting_impact_investing_via_ open_holding_companies

Cotton, Ryan, CTC Consulting, “The Benefits of Secondary Funds in a Private Equity Portfolio” (December 19, 2012). Available at: https://www.ctcmycfo.com/pdf/secondary-funds-benefit.pdf

Institutional Limited Partners Association (ILPA), Private Equity Principles (January 2011). Available at: https://ilpa.org/wp-content/uploads/2018/02/ILPA-Private-Equity-Principles-version-2.pdf 

Division of Trading and Markets, U.S. Securities and Exchange Commission, Guide to Broker-Dealer Registration (April 2008). Available at: https://www.sec.gov/reportspubs/investor-publications/divisionsmarketregbdguidehtm.html

Gonzalez, Edward and Charles Barrett, Internal Revenue Service, Exempt Organizations Continuing Professional Education, “UBIT: Royalty Income and Mailing Lists.” (1994). Available at: https://www.irs.gov/pub/irs-tege/eotopici94.pdf 

Emerging Markets Private Equity Association, Impact Investment Resources. Available at: https://www.empea.org/impact-investing-resources/

Embedding SDGS and ESG Into Deals and Enterprises

Alante Capital, Alante Musings: Why the Levi’s IPO Matters (March 22, 2019). Available at: https://www.alantecapital.com/updates 

Harvard Law School Forum on Corporate Governance and Financial Regulation, Top 10 Sustainability Developments in 2018 (March 7, 2019). Available at: https://corpgov.law.harvard.edu/2019/03/07/top-10-sustainability-developments-in-2018/

Geczy, Christopher, et al., Contracts with Benefits: The Implementation of Impact Investing (March 1, 2019). Available at: https://ssrn.com/abstract=3159731

Tideline, Catalytic Capital: Unlocking More Investment and Impact (March 2019). Available at: https://tideline.com/wp-content/uploads/Tideline_Catalytic-Capital_Unlocking-More-Investment-and-Impact_March-2019.pdf

BlackRock Investment Institute, Sustainability: The Future of Investing (February 2019). Available at: https://www.blackrock.com/institutions/en-us/literature/whitepaper/bii-sustainability-future-investing-jan-2019.pdf 

Smiles, Simon, et al., Awareness, Simplification, and Contribution: Core Requirements Needed to Actually Achieve the United Nations’ Sustainable Development Goals
UBS (January 2019). Available at: https://www.ubs.com/global/en/wealth-management/chief-investment-office/our-research/sustainable-investing/2019/wef-2019/_jcr_content/mainpar/toplevelgrid_150575147/col2/actionbutton.0775332183.file/ y9wYXRoPS9jb250ZW50L2Rh-bS9hc3 NldHMvd20vZ2xvYmFsL2Npby9kb2Mvd2VmLXdwLXVzLnBkZg==/wef-wp-us.pdf

Impact Management Project, Investor Contribution in Public and Private Markets (January 2019). Available at: http://impactmanagementproject. com/wp-content/uploads/Investor-Contribution-Discussion-Document.pdf

Mesa, Nilda, et al., A Pathway to Sustainable American Cities: A Guide to Implementing the SDGs, Sustainable Development Solutions Network (2019). Available at: http://unsdsn.org/wp-content/uploads/2019/01/190123-2019-us-cities-guide-INT.pdf

Morgan Stanley Institute for Sustainable Investing, Sustainable Signals: Growth and Opportunity in Asset Management (2019). Available at: https://www.morganstanley.com/assets/pdfs/2415532_Sustainable_ Signals_Asset_Manager_2019_L.pdf 

BlackRock, Real Assets Sustainable Investing Report (2019). (pdf available) 

Tideline, The Alpha in Impact: How Operating with an Impact Objective can add Financial Value for Investors (December 2018). Available at: https://tideline.com/wp-content/uploads/Tideline-ICM_Alpha_in_Impact.pdf

Di Miceli, Alexandre and Donaggio, Angela, Women in Business Leadership Boost ESG Performance: Existing Body of Evidence Makes Compelling Case (December 2018). Available at: https://www.ifc.org/wps/wcm/connect/0c46a0b8-cc3b-4da0-8dcf-bde5af9ac166/PSO42. pdf?MOD=AJPERES

UNEPFI, Rethinking Impact to Finance the SDGs (November 2018). Available at: https://www.unepfi.org/wordpress/wp-content/uploads/2018/11/Rethinking-Impact-to-Finance-the-SDGs.pdf

Jones Day, What Should Boards Really Be Doing About ESG? (October 2018). Available at: https://www.jonesday.com/What-Should-Boards-Really-Be-Doing-About-ESG-10-03-2018/

Schiff, Hannah and Dithrich, Hannah, The Global Impact Investing Network, Lasting Impact: The Need for Responsible Exits (January 11, 2018). Available at: https://thegiin.org/research/publication/responsible-exits

Pineiro, Aliana, et al., Financing the Sustainable Development Goals: Impact Investing in Action, Global Impact Investing Network (2018). Available at: https://thegiin.org/assets/Financing%20the%20SDGs_Impact%20Investing%20in%20Action_Final%20Webfile.pdf

Toniic, Powered Ascent Report: Insights From the Frontier of Impact Investing (2018). Available at: https://www.toniic.com/wp-content/uploads/2018/07/T100-Powered-Ascent-Report-2018_v2_July-27.pdf

EcoVadis and Affectio Mutandi, Sustainability Clauses in Commercial Contracts: The Key to Corporate Responsibility, 2018 Study of CSR Contractual Practices Among Buyers and Suppliers (2018). Available at: https://www.ecovadis.com/us/library/sustainability-clauses-commercial-contracts-key-corporate-responsibility/ 

EcoVadis, Responsible Sourcing Assessments for Unilever Suppliers, Frequently Asked Questions (2018). (pdf available)

Mudaliar, Abhilash, et al., The State of Impact Measurement and Management Practice (December 2017). Available at: https://thegiin.org/assets/2017_GIIN_IMM%20Survey_Web_Final.pdf

Mintz, Josh and Tyler, John, Legal and Exempt Organization Tax Aspects of Impact Investing (April 2017). Available at: https://www.macfound.org/media/files/Georgetown_2017-04-26_Legal_ and_EO_Tax_Aspects_of_Impact_Investing_fina....pdf 

Agarwal, Namit, et al., Raising the Bar: Rethinking the Role of Business in the Sustainable Development Goals, Oxfam (February 2017). Available at: https://www.oxfam.org/sites/files/dp-raising-the-bar-business-sdgs-130217-en_0.pdf 

Armeni, Andrea, Innovations in Financing Structures for Impact Enterprises: Spotlight on Latin America, Multilateral Investment Fund, The Rockefeller Foundation, and Transform Finance (2017). Available at: http://transformfinance.org/briefings/2017/9/1/innovations-in-financing-structures 

Burand, Deborah, Contracting for Impact: Embedding Social and Environmental Impact Goals into Loan Agreements, 13 N.Y.U. J.L. & Bus. 775 (2017). Available at: https://docs.wixstatic.com/ugd/716e9c_a875562ca 426478c8bb8f238399707a6.pdf

EcoVadis, Unilever Supplier Sustainability Assessment Initiative (2017). (pdf available)

Unilever, Unilever Responsible Sourcing Policy, Working in Partnership with our Suppliers (2017). Available at: https://www.unilever.com/Images/responsible-sourcing-policy-interactive-final_tcm244-504736_en.pdf 

Orrick, Herrington & Sutcliffe, Balancing Purpose and Profit: Legal Mechanisms to Lock In Social Missions for “Profit with Purpose” Businesses Across the G8—Addendum: Review of Legal and Policy Developments Since 2014 (June 2016). Available at: https://www.trust.org/contentAsset/raw-data/2435372d-3e6d-42d7-a726-a1fe21cba400/file
 
BlackRock, Exploring ESG: A Practitioner’s Perspective (June 2016). Available at: https://www.blackrock.com/institutions/en-us/literature/whitepaper/viewpoint-exploring-esg-a-practitioners-perspective-june-2016.pdf

UN Global Compact and Linklaters, Guide for General Counsel on Corporate Sustainability (June 2015). Available at: https://www.unglobalcompact.org/docs/publications/Guide_for_General_Counsel.pdf 

Orrick, Herrington & Sutcliffe, Balancing Profit and Purpose: Legal Mechanisms to Lock in Social Mission for “Profit with Purpose” Businesses Across the G8 (December 2014). Available at: https://www.trust.org/contentAsset/raw-data/1d3b4f99-2a65-49f9-9bc0-39585bc52cac/file
 
Basu, Ranajoy and Bourke, Aaron, Social Impact Investing: The Growing Trend of Financing for Good, 8 JIBFL 483A (2016). Available at: https://www.reedsmith.com/en/perspectives/2016/08/social-impact-investing-the-growing-trend-of-finan

Burand, Deborah, “Resolving Impact Investment Disputes: When Doing Good Goes Bad,” 48 Wash. U.J.L. & Pol’y 55 (2016). Available at: https://openscholarship.wustl.edu/law_journal_law_policy/vol48/iss1/9/

Aspen Network of Development Entrepreneurs (ANDE), Metrics to Align Mission with Financial Performance: Tips from Practitioners (2014). (A Synthesis of Discussion at 2014 ANDE Metrics Conference). Available at: https://cdn.ymaws.com/www.andeglobal.org/resource/resmgr/Files/Metrics_to_Align_Mission_wit.pdf

Impact Terms Project, Sample Term Sheets, Toniic Institute. Available at: https://www.impactterms.org/sample-term-sheets/

Blending Capital for Scale

Steffen, Robynn, Omidyar Network, The Rise of DAFs: Three Reasons Why We Invested in CapShift and ImpactAssets (December 19, 2018). Available at: www.omidyar.com/blog/rise-dafs-three-reasons-why-we-invested-capshift-and-impactassets

Tideline, Catalytic Capital: Unlocking more investment and impact (March 2019). Available at: https://tideline.com/wp-content/uploads/Tideline_Catalytic-Capital_Unlocking-More-Investment-and-Impact_March-2019.pdf 

Pease, Katherine and Duffy, Clara, Mobilizing Donor Advised Funds for Impact Investing (November 13, 2018). Available at: https://cornerstonecapinc.com/mobilizing-donor-advised-funds-for-impact-investing/ 

Salter, Nicholas, Five Ways to Boost the Flow of Donor-Advised Fund Capital to Impact Investments (November 5, 2018). Available at:  www.impactalpha.com/five-ways-to-boost-the-flow-of-donor-advised-fund-capital-to-impact-investments/

International Finance Corporation, Blended Concessional Finance: Scaling Up Private Investment in Lower-Income Countries (November 5, 2018). Available at: https://www.ifc.org/wps/wcm/connect/cb79d3ea-e077-4989-b821-769218b435ec/20181105-EMCompass-Note-60-Blended-Finance.pdf?MOD=AJPERES

Zappia, Maria Teresa and Stodiek, Nadina, Blended Finance 2.0 Giving voice to the Private Sector, Insights from a BlueOrchard survey on Private Investors,
BlueOrchard (October 2018). Available at http://www.blueorchard.com/wp-content/uploads/181016_BlueOrchard_Blended_Finance-2.0.pdf

International Finance Corporation, et al., DFI Working Group on Blended Concessional Finance for Private Sector Projects Joint Report (October 2018). Available at: https://www.ifc.org/wps/wcm/connect/9ae7c66a-d269-4707-9f4d-0fb79947ede8/201810_ DFI-Blended-Finance-Report.pdf?MOD=AJPERES 

Macpherson, Ryan, Kearney, Sarah, and Kulow, Emma, “How to Use Donor-Advised Funds to Make Impact Investments,” Stanford Social Innovation Review (October 2018). Available at: https://ssir.org/articles/entry/how_to_use_donor_advised_funds_to_make_impact_investments 

Woolworth, Nathalie, Donor-Advised Funds Are an Untapped Source of Impact Capital, Conservation Finance Network (August 22, 2018). Available at: www.conservationfinancenetwork.org/2018/08/22/donor-advised-funds-are-an-untapped-source-of-impact-capital 

MCE Social Capital, Private Global Economic Opportunity Notes Series A, Series B, Series C & Series X Offering Memorandum (June 30, 2018). (pdf available)

Salter, Nicholas, Is Impact Investing the Next Big Thing for Donor-Advised Funds? (March 1, 2018). Available at: www.insidephilanthropy.com/home/2018/4/2/is-impact-investing-the-next-big-thing-for-donor-advised-fund

Levitt, David A, NCFP, Family Giving News (March 1, 2018). Available at: www.ncfp.org/blog/2018/march-impact-investing-and-donor-advised-funds.html 

Savoy, Conor M. and Milner, Aaron N., Blended Finance and Aligning Private Investment with Global Development: Two Sides of the Same Coin, A Report of the Center for Strategic and International Studies Project on Prosperity and Development and the Royal Embassy of Denmark (March 2018). Available at: https://csis-prod.s3.amazonaws.com/s3fs-public/publication/180313_ Savoy_BlendedFinance_Web.pdf?oSIJoKLxku_odK1cyFix_DHeRoKunpuc

Organisation for Economic Co-Operation and Development, OECD DAC Blended Finance Principles for Unlocking Commercial Finance for the Sustainable Development Goals (January 2018). Available at: http://www.oecd.org/dac/financing-sustainable-development/development-finance-topics/OECD-Blended-Finance-Principles.pdf 

Blended Finance Taskforce, Better Finance Better World, Consultation Paper of the Blended Finance Taskforce (January 2018). Available at: s3.amazonaws.com/aws-bsdc/BFT_BetterFinance_final_01192018.pdf 

MCE Social Capital, Participation Agreement (2018). (pdf available)

Klavens, Jonathan and Caplan, Lauren, Klavens Law Group, Mission-Related Investing: A Legal Framework for Integrating Mission Into the Other 95% (2018). Available at: https://klavenslawgroup.com/wp-content/uploads/2018/02/Mission-Related-Investing.pdf 

United Nations Capital Development Fund, Blended Finance in the Least Developed Countries (2018). Available at: https://www.uncdf.org/bfldcs/home

Convergence, The State of Blended Finance (2018). Available at: https://www.convergence. finance/7LEqTu0YeceaQugSWaSKSk/view/


Convergence, Blended Finance Primer. Available at: https://www.convergence.finance/blended-finance

Dryburgh, Erik, The Law of Endowments: The Uniform Prudent Management of Institutional Funds Act (UPMIFA), Adler and Colvin, (December 2017). Available at: www.adlercolvin.com/wp-content/themes/adlercolvin/pdf/The-Law-of-Endowments-The-Uniform-Prudent-Management-of-Institutional-Funds-Act-UPMIFA.pdf

Schwartz, Deborah, Catalytic Capital: An Essential Tool for Impact, MacArthur Foundation (November 27, 2017). Available at: https://www.macfound.org/press/directors-reflection/catalytic-capital-essential-tool-impact/

Mintz, Josh and Tyler, John, Legal and Exempt Organization Tax Aspects of Impact Investing (April 2017). Available at: https://www.macfound.org/media/files/Georgetown_2017-04-26_Legal_ and_EO_Tax_Aspects_of_Impact_Investing_fina....pdf 

MCE Social Capital, Small and Growing Business Philanthropic Guarantee Agreement (March 2017). (pdf available)

Levitt, David A, Impact Investing Through a Donor Advised Fund, 25 Taxation of Exempts 03, 1 (2014).

MCE Social Capital, Philanthropic Guarantee Agreement (for Microfinance) (July 2012). (pdf available)

Department of the Treasury, Report to Congress on Supporting Organizations and Donor Advised Funds (December 2011). Available at: www.treasury.gov/resource-center/tax-policy/Documents/Report-Donor-Advised-Funds-2011.pdf

Feuss, Bert, et al., Driving Impact Through Donor Advised Funds: Community Foundations as Catalysts for Impact Investing. Available at: www.impactassets.org/files/Issue_Brief_12.pdf 

Internal Revenue Service, Donor Advised Fund Guide Sheet Explanation (July 31, 2008). Available at: https://www.irs.gov/pub/irs-tege/donor_ advised_explanation_073108.pdf

National Conference of Commissioners on Uniform State Laws, Uniform Prudent Management of Institutional Funds Act (November 8, 2007). Available at: https://www.uniformlaws.org/HigherLogic/System/DownloadDocumentFile. ashx?DocumentFileKey=d7b95667-ae72-0a3f-c293-cd8621ad1e44&forceDialog=0

Internal Revenue Service, IRS Notice 2017-73–Request for Comments on Application of Excise Taxes With Respect to Donor Advised Funds in Certain Situations. Available at: www.irs.gov/pub/irs-drop/n-17-73.pdf 

Internal Revenue Service, IRS Notice 2007-21–Study on Donor Advised Funds and Supporting Organizations. Available at: www.irs.gov/pub/irs-drop/n-07-21.pdf 

Internal Revenue Service, IRS Notice 2006-109–Interim Guidance Regarding Supporting Organizations and Donor Advised Funds. Available at: www.irs.gov/pub/irs-drop/n-06-109.pdf

Internal Revenue Service, Donor Advised Funds. Available at: www.irs.gov/charities-non-profits/charitable-organizations/donor-advised-funds

US Overseas Private Investment Corporation, The Build Act. Available at: https://www.opic.gov/build-act/overview

26 U.S. Code § 4966, Taxes on Taxable Distributions. Available at: www.law.cornell.edu/uscode/text/26/4966

26 U.S. Code § 4967, Taxes on Prohibited Benefits. Available at: www.law.cornell.edu/uscode/text/26/4967

Engaging in Place-Based Impact Investing and Social Entrepreneurship

Cornett, Kimberlee, The Problem With Opportunity Zones (March 7, 2019). Available at: https://www.governing.com/gov-institute/voices/col-opportunity-zones-reporting-community-benefit.html https://www.governing.com/gov-institute/voices/col-opportunity-zones-reporting-community-benefit.html 

Schultz, Abby, Private Sector Looks to Measure Impact of Opportunity Zones, Barrons (February 27, 2019). Available at: https://www.barrons.com/articles/private-sector-looks-to-measure-impact-of-opportunity-zones-01551278200 

Goldstein, Matthew and Tankersley, Jim, Wall Street, Seeking Big Tax Breaks, Sets Sights on Distressed Main Streets (February 20. 2019). Available at: https://www.nytimes.com/2019/02/20/business/taxes-hedge-funds-investors-opportunity-funds.html

Brest, Paul, Gilson, Ronald J., and Wolfson, Mark A., How Investors Can (and Can’t) Create Social Value (Winter 2019). Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3150347

Murray, Sarah, A New Local Movement (Fall 2018). Available at: https://ssir.org/articles/entry/a_new_local_movement#

Theodos, Brett et al., Measuring Community Needs, Capital Flows, and Capital Gaps, Urban Institute (November 15, 2018). Available at: https://www.urban.org/research/publication/measuring-community-needs-capital-flows-and-capital-gaps

Factor, Jason, Wollman, Diana, Reynolds, Daniel, and Lenas, Elizabeth, Tax Incentives for Investments in Opportunity Zones: New Regulations Provide Clarity and More Questions, Cleary Gottlieb Alert Memorandum (October 30, 2018). Available at: https://www.clearygottlieb.com/-/media/files/alert-memos-2018/tax-incentives-for-investments-in-opportunity-zones-new-regulations.pdf

Investing in Qualified Opportunity Funds, A Proposed Rule by the Internal Revenue Service (October 29, 2018). Available at: https://www.federalregister.gov/documents/2018/10/29/2018-23382/investing-in-qualified-opportunity-funds 

Arnone, Kim Kaplan, Sarah and Rhudy, Cameron, Advising Clients on Community Capital Offerings (July 31, 2018). Available at: https://www.pli.edu/programs/advising-clients-on-community-capital-offerings?t=ondemand&p=256029

Ashley, Shena and Ovalle, Joycelyn, Investing Together: Emerging Approaches in Collaborative Place-Based Impact Investing, Urban Institute (May 2018). Available at: https://www.urban.org/research/publication/investing-together-emerging-approaches-collaborative-place-based-impact-investing

Brewer, Cassady V., “Using a Taxable Nonprofit Corporation for Social Enterprise,” in The Cambridge Handbook of Social Enterprise Law (J. Yockey and B. Means, eds.) (2018).

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