 Welcome everyone. I'm excited to have you all here at the cutting edge of film traffic capital pooled donor funds for impact investing and as founder and executive director for strategic development and impact assets I'm pleased to welcome you to the conversation here with three founders you see on the screen here Gina Klein of smart job fund Derrick Morgan of hometown fund I am nation and king and group and John Mulligan of carbon labs and I'm not going to do like a whole bio thing I'll spare everybody that might slip up two two bits is ignore descriptions of your work but just a little headline item you know Gina's been a high-powered lawyer champion the rights people with disabilities Derek in addition being a venture partner also NFL linebacker with the Tennessee Titans I think that's pretty noteworthy John the CTO of Wayfair so you all got like a checkered past filled with all sorts of fun stuff but what what we've got here today is a really diverse group of innovators bringing catalytic capital to cutting-edge impact investing fees and just flashes disclaimer here for a second to mention we're not someone securities in this conversation today and that impact assets of the organizers the types of programs discussed here for donor purposes or for program-related investments from foundations just those are the clip notes on that incredibly dense disclaimer slide there and to start off I want to kind of seen set on donor advice funds aka dafts people may have heard them refer to us they've approached 150 billion dollars as a segment in the philanthropic endowment space and they take in cash and other asset donations including all types of appreciating securities and they give tax deductions up front to donors for the purposes of making grants to end charities and other charitable projects over time and they give donors much of the functionality of a private foundation but do so with kind of a benefit of that significant scale of a common platform where everybody's getting together in a community they invest those assets before the end grant making the charities or the project work but our thesis here today which will be reflecting certainly that of impact assets is that they are largely untapped market segment for catalytic capital and impact investing and they really mostly are sitting in the mattresses of the markets and not doing a heck of a lot of proactive good in the world so we believe strongly it's time for what I would say is a kind of a widespread movement and up swell of support towards increase and creative impact investing and dafts and we give them the tax deduction we think that they should be be moved quickly and and affirmatively towards high-impact gap-filling strategies in the United States and throughout the world in fact kind of the bottom here impact assets is a minute on it it's a firm I founded about 11 years ago spun out of Calver Impact Capital and where I was for like a decade before that and it's a nonprofit firm with more than 1.6 billion dollars in donor bias funds from about 1700 families and institutions and it's built completely upon impact investing it's made 100 sorry it's made 700 private debt and equity investments into funds and companies and community development of microfinance institutions and actually did 200 of those just in 2020 so that's about four per week that we're doing out of impact assets donor bias funds pushing towards one per every business day of the year and we're going to be at about a hundred hundred more maybe before the end of the year and might even break a thousand by the end of the year if we've kind of built about the largest institutional portfolio in the US by number at least of impact investments under one roof so what are we talking about today we're going to be walking through this pool donor fund model and and one that's focused on impact investing and strategic projects where innovative leaders like the folks who join me on this call are able to leverage this off-the-shelf architecture to create really fast strategic constructs that have deep impact capabilities and this allows impact investing infrastructure to be kind of rapidly created to benefit almost anything you can imagine from climate solutions to equity and opportunity for any target group the examples on this call today will be outlining in some depth how they translate that to their work and if you look at this graphic flow basically you have contributions from individual DAF accounts and new contributions for multiple donors can all be pulled into one tax deductible donor fund multiple donors can contribute basically at any level $10 credit card of these credit card on donations or multi-million dollar grants can all be put into the same pool and that allows these these pooled assets to then be put into investments into a whole range of private debt and equity funds and companies loans to nonprofits and also program program expenditures in pursuit of a charitable thesis and by partnering with DAF sponsors like impact assets initiatives that are seeking to raise capital can provide existing and new supporters kind of this way to invest with tax deductible philanthropic dollars through a pooled fund and it's it's something that we started playing around with maybe six or seven years ago sort of anecdotally and last year we actually launched a few initiatives one around COVID-19 one around wildfire resilience and one about racial equity and economic opportunity sort of test out the architecture a bit but we've opened it up to work with what is already just this year turned into about a dozen initiatives in the last well maybe through what court two four of last year three of which are represented here and we're gonna hear a bit more than them in just a minute but the real power of this model I think is that there's there's really no set of costs like there's no time to market building structuring it's it's all just right right out of the box it's kind of elegant architecture for impact investing and we're excited to do our part to try to popularize this for the industry and work with amazing partners like those that we're gonna hear from in a minute and and I think we've got a lot of a lot of use cases here that we can kind of plumb and we're gonna hear from three of them and I think I just say as we're talking through these models really encourage you to put some questions into the chat box thing there and also just kind of like let it swirl around in your head and think about like you know what is what ideas does this give you for the things that you care about the initiatives or organizations you're involved with or as funders like what what excites you to fund in this kind of a model including the three groups that are that are joining us here on this panel so let me pass it over to you Gina I think we're gonna call you first and let you walk through a smart job and I have a couple slides graciously sent in so why don't you take it away thank you and you know we're so grateful to be included on this panel with such other tremendous panelists but also just be included in the conference so thank you I'm the founder and CEO of smart job which is a new platform that is dedicated to leveraging impact investment to close to close the disability wealth gap which is a relatively new vertical I know it's new to the impact assets platform and we're so happy to be working with him in this type of structure it's exactly the structure that the disability market needs in order to find signal in the market test the market let me back up and say I spent the first 15 years of my career as a plaintiff's attorney representing workers with disabilities and at the Department of Justice enforcing the Americans with Disabilities Act so I went all over the United States representing workers and the problem the unique problem that we have here and that we collectively including our 13 board members who represent some of the most deeply track record leaders across disability and the disability groups that we work with every day what the problem we're trying to solve is one of a disability unemployment crisis there's nearly two-thirds of working age people who have disabilities in the world who are not working that's you know nearly roughly half of those that live in long-term poverty in the United States are people with disabilities we're talking about more than 40% of the same population unbanked underbanked so we're talking about really deeply embedded and historic inequality and particularly separation from the labor market the thing that is very interesting about the pandemic in the last 18 19 months is that we are experiencing tremendous and historic disruption to work it should ostensibly play to the favor of workers disabilities because after all they were the very first people in the world to demand flexible and remote work and yet they've had such a conspicuous absence from the labor market and from venture capital and from traditional avenues of risk capital and investment that they are not participating in the gains of the economic recovery and even recovery these are the first workers in the world to be fired during the pandemic and the last to be rehired so there's nearly a 60% group of people in the labor market who are designated as low and moderate income that have disabilities what we're doing at smart job is we are sourcing the the greatest ideas that we can find in the world Tim they fall into four impact categories and we're sourcing them to this pulled fund as various opportunities for upskilling and re-skilling work as applied to disability to support and allocate philanthropic grant capital to make recommendations to deploy grant capital to those accelerators incubator programs around the world that are led by disability and disability entrepreneurs to deploy catalytic capital to the next generation of work related technologies that will allow people with disabilities to join the future of work but it will also allow their designs which are catered to universal design to serve other workers without disabilities but to really drive tremendous changes in the way and the modes of working and then the final category of investment that we're really interested in sourcing deals for is seeding underrepresented founders with disabilities and these are founders that have tremendous ideas and that lack access to traditional capital the you know Tim is showing a diagram the essential structure of our fund the reason I said it was very beneficial to be working with impact assets and this particular pulled style fund is is helpful and useful is that we are often confronted in conversations with showing a use case for the tremendous signal in the disability market and this is allowing us the experimentation and both both us and our donors the experimentation in the market as between things that would be targets of investment for traditional capital but this have been overlooked versus things that are truly where traditional capital would not go it is the structure of this is allowing us to take those educated risks and to do it with within the rubric of measuring upward mobility for this workforce when we're talking upskilling and rescaling workers we're talking about the types of credentials that workers are not getting from public workforce systems around the world civil societies around the world have a multi-billion dollar spend country by country on workforce development for people with disabilities it's vastly over represented in spend on manual skills training what we're doing with one of our four categories is we're trying to find targeted investments in the type of upskilling that will materially change the entry level wage of workers with disabilities and we've seen quite a lot of opportunities just in the little while that we've been doing business in that area of upskilling we're also looking at really tremendous innovators around the world we've talked to and worked with hand-in-hand with accelerators around the world at this point who have really perfected this idea of disability as innovation not as deficit or as a medical model there is something that is inherently unique to the design thinking capabilities of people who solve problems every day to get through the front door to access the building to to to undergo activities of daily life with support there's a design thinking feature that creates universally designed products and services it's really something i want to put a big asterisk around when we look at the consumer spend of people with disabilities worldwide we're talking about between eight and ten trillion dollars which has been assessed by an economic evaluation just came out of canada there was discussing this as roughly the size of china and the european union in terms of the disposable spending power of this group and yet technologies have not been ideated or designed with this group in mind historically that we're looking to leverage we're not only testing the market with catalytic potential of a pool fund which achieves scale but we're also testing the designs that would be purchased by that really robust market that's looking for new consumer technologies at work and we know everybody's looking for the infrastructure around work right now to make it more flexible this diagram in particular is showing that we have an evergreen feature to the fund which is essentially allowing us to deploy the capital to make recommendations to impact assets i should say for for the deployment of capital but when there is upside on for instance a venture deal or an equity investment it rolls back into the fund in order to multiply the initial charitable contribution and spread the effect of that contribution to more and more and more entrepreneurs so it has this unique built-in feature of an evergreen fund out of a daf it also has the unique attribute as donors are involved for them to experiment that you know the the unique timing of the contribution is separated from the idea of smart job advising providing donor counseling to build a portfolio and a plan a giving plan providing the information sourcing the greatest ideas in the world that will materially impact employment labor market participation but allowing the donor the time and our curated insights into the field to decide which of these four impact categories that we're talking about most interest them in the beginning and middle and end of their giving plan and so this is our strategy for using Tim's very ingenious you know flexible structure here which is allowing us to prove as a use case that there is signal in this market it's in a number of different categories and there are some substantial targets for investment that will create traditional risk adjusted returns there are other targets of investment intentionally in this portfolio where traditional capital has not gone there are some things in the portfolio that would look very traditionally like philanthropic allocations of capital to non-profits but everything that we are procuring in the menu from around the world is geared and catered towards those impact those reportable measurable impact criteria that really are about building participation in this changing knowledge-based economy in the kinds of jobs that are going to advance workers into upward mobility and I have to say you know coming from my previous life when you evaluate under a microscope a public spend on workforce training we spend a high value of multi-billions of dollars on on workforce development without regard to the measurable outcome of those services particularly as it relates to the disability market and many many many folks around the world are cheering us on because we're adding a disciplined integrity to wanting to measure the outcome in the inter-relationship between charity and driving economic participation that's great and it's sort of almost like I'm going to be digging an acumen fund in a bottle it's like you've got all these diverse donors coming in deploying it um Derek let me switch over to you and walk us through a bit of about what hometown fund and iam nation is up to after you unmute or we could switch to john next can you guys hear me yeah there you are Derek got you on me okay can you uh start that over to him so I couldn't hear you for the last I was just I was just inviting you to sort of walk walk through the iam nation hometown fund model and and sort of the work of the the pool fund initiative and network that you're building and kind of how it applies to this conversation Tim I'm not picking you up maybe go to John and then I'll try to get the text forked out on my side but I'm not hearing okay we'll switch to John I didn't want to talk about carbon wearing labs um John you you sound great Derek so I can hear you John okay well you sound great so why don't you go ahead I I promise I think everyone else can hear you maybe you just can't hear Tim yeah um I'm assuming we're talking I didn't get the the queue up but um basically we've been um I've been talking with impact assets and Tim for maybe just under a year now I've personally had some experience with donor revised funds um just throughout my my time in the league and looking at different ways to be more intentional um with how I allocate my money how I strategically invested um and over the last nine months or so been really putting down the groundwork for our community that that we've launched called I am nation and essentially what I am nation represents is a community of business minded entrepreneurial minded professional athletes that really have ambitions beyond the game um believe it or not when you're in a locker room you're sitting right next to your teammates um but you're hyper focused on on a result and a goal week to week you know Sunday Monday whatever you play who's your opponent what is their scheme how can you attack and what are their weaknesses and you're collaborating on that um but a lot of the times you don't get to talk about other things outside of that realm so I may not know that my teammate is investing in you know multifamily real estate or this guy is looking at venture deals and we just don't have that environment that is conducive to to sharing ideas and collaborating and you know I just I feel it is such a missed opportunity because when do you get that much social influence and financial um you know influence and wealth in a room where you're not doing anything but going out and playing with a pig skin like for me that's that's a missed opportunity and I think a lot of the guys we find ourselves in silos a lot of the times um and we're just kind of off in our silo doing our own thing but a lot of us have similar interests and I think that there's a really a powerful element of a collective um moving together with intentionality and so what I am nation where has you know basically laid the the the foundation for is a means to organize professional athletes and to become a resource platform of sorts um where guys are trying to get you know education on different things whether it's investments or how to be you know more intentional with their philanthropic efforts and how could we collectively um you know collaborate amongst ourselves and so when we started talking with with impact assets around you know how can we get creative with deploying capital with leveraging resources um we started to go down this lane of okay let's let's create a a mechanism for our members to aid not only contribute money towards but to essentially come alongside of you know players causes so if there's a you know you know we call it the hometown fund a lot of us come from areas that are underserved overlooked um that don't get a lot of attention but that need investment that need intentionality um and need a lot of work and so for example i'm from a place called coachfield pennsylvania it's an old still town outside of philadelphia um still the the economy came and went with the steel industry um but there's a lot of work that needs to be done there and a lot of the times it may not be a market rate deal that's going to work in an area like this so you have to become creative with how you put together if we're talking about real estate how how we put together capital stacks right because there's got to be some soft money that's involved in these projects to make them all come together financially and so having uh you know an asset like uh you know a donor advice fund more specifically a hometown fund where we could say to our members hey look you want to go back into your hometown and eliminate food deserts okay great we have a we have an asset for you we have a tool for you to come alongside you and help you achieve your goals and accomplish what you're striving to accomplish and it's a really creative source of capital that can be deployed on like you said Tim at the beginning it's very flexible right and so a lot of our members have this this desire to go back and and and i i always talk about it like we do football camps right we do back to school drives and those things are great but how do we take it to the next level how do we uh create a new playbook for players to go back to their hometowns the places they live the places they come from and to really deploy creative capital for for causes that they that they feel strongly about and so i'm really excited about the partnership that that we've established and we're early on but i think that there's a lot of runway for us and really to create a model of sorts so that we can exemplify and point you to say look here's a way that you can really make change and do some meaningful things and i think it's really exciting too that you're you're sort of working on the amplification model of of of all the fans and the folks who care about the players too so there's like it's it's got a whole sort of network play that's really distributed and i think powerful and pretty unique so we're really excited by as we've learned more and more about what you're up to uh john why don't you pop in and completely different you know you're coming from a completely different place with with uh decarbonizing what you're interested in decarbonizing why don't you tell us about that and how you've been thinking about the fun absolutely um thanks for having me everyone so i one of the problems that the world's focused on right now is decarbonizing the global economy or really actually ensuring that you know by 2050 we're no longer adding any more greenhouse gases to the atmosphere which is an enormous task and it's actually scarier than many tasks because every week you delay and every you know gram of carbon dioxide you put in the atmosphere today is one less that you can put in a tomorrow and your path there it's not just that you you know i have to get there by 2050 but nature already passed a balanced budget amendment on the carbon budget and so one of the interesting things that's happened though is that a very small portion was a recent study that came out a very small portion of the world's philanthropic money is spent on on climate in the large part that's because i it's very difficult to know exactly what to do and though there's a great number of sustainability initiatives and ESG investing has taken huge steps forward how to actually deploy the world's philanthropic effort against what is not only critical for you know creating a livable planet but also from a justice perspective because those who will be you know hurt the worst by by you know worse than climate are those who are underrepresented and so it's you know it's a it's a terrific problem what we did was to set out to figure out where we could help unlock the barriers to decarbonization so we think of it as there being three components one of which is technological that's where we started i was the the CTO at Wayfarer in a you know a serial tech entrepreneur and involved with a number of other companies like Bombas and a few others that i have been very successful i at creating change but this is you know a really different question so there's you know technical question how do you do carbon dioxide removal how do you create substitutes for high carbon products that we all consume every day how do you create compliments for a you know for a low carbon future what is a you know future low carbon world look like from a technical perspective that's one you know barrier there's another barrier which is really governmental as i think anyone who's watching dc this week is as well aware and there's another that underscores that which is political which is how do we actually create the will the political will to you know support truly the changes that need to be made in order to have a low carbon future and i like to describe that as you know the creation of the single issue of decarbonization voter which is there are very few of i as of as of today and i think for understandable reasons because it's so challenging to explain all these complex issues so where we started was really as i you know with that first pillar with a technical statement to say we're going to be a vc when i started this two years ago there was a gap climate technology ventures were underfunding and i have times of change in the past two years there is more money flowing into climate tech than i've ever seen go into a space which is based on a presumed future move by governments to make carbon scarce or expensive right these companies won't actually you know a lot of them will not make a terrible amount of money and won't certainly want to achieve venture returns and let's govern ads and so we've we've moved and i'm sure we'll talk about that a little more but we've moved from being what was really going to be a philanthropic vc into being a catalyst for action on both the governmental and and political so now a lot of the work we're doing is to work with NGOs and think tanks on projects to envision what a low carbon future will look like from an agency perspective in dc and and globally and we're putting together plans for legislation and actual prototypes really of what agencies will look like they will enable a low carbon economy and a low carbon future and what intergovernmental cooperation will look like so that's really a policy act and then i what's much more nascent is the political and i don't mean from a 501c4 but i mean actually from a you know from a tax director or an issue advocacy orientation the question of how do you actually create affiliation groups that are focused on the creation of votive blocks that will i that will support these low carbon futures within government so really those are the there's the three legs you know to this point i actually i started with a number of other tech founders who've you know the family offices and others i you know who i know who have been able to help me raise the the initial capital but really more and more what i'm doing is actually when i say catalyst i truly mean it i'm helping create shovel ready projects not physical shovel ready but actual policy shovel ready projects and helping money move directly from foundations from family foundations and foundations proper to these NGOs and policy shops to do the advocacy work and so while i often put up a bit of my own money actually very i very often don't have to spend it because what i've done is i've catalyzed a connection between these NGOs and traditional funding organizations and so i'm doing trying to do my bit to help i begin to move the needle on what i started with that question why so little philanthropic money was going into truly climate-related spending so i anyway we've we've changed quite a bit but i we've maintained our focus on really the goal line i which is that you know 2050 balance budget and i'm getting all the way there and the three the three pillars we started with and we've shifted over time in terms of um actually what we're doing and it's been a short time so i'm a tech entrepreneur i'm used to shifting pretty fast and the structure is actually pretty remarkable because it's enabled me to do that um and i focus much more on impact than i would have i started a traditional organization traditional philanthropic organization and that's been a huge asset to our ability to to move quickly and achieve things yeah i was really uh i mean i thought that was really noteworthy just in our work watching you evolve in the early you know in the early months here is is to see how you you weren't locked in to you know the way it was supposed to be and had set up all these systems and infrastructure that that only worked one way and so i think that as you i just alluded to you know one of the advantages of this sort of asset light if you will kind of platform architecture is that you don't have to be right necessarily all you know from the get-go not that we're any of us are in that right the get-go but you know but the cost of the switching costs the and then also the inertia and you know that that sort of that that feeling like you have to keep going down a train track because you put the train on that track uh i think you've been really um you know really uh exemplary and just and just rolling with the punches of what you're you're learning as you go um and i think that's a testament to you know not just the initiative but also to the the good fit on the architecture um just just a question but just in terms of um where do you see this going i mean you sort of alluded to it in the in some of the pivoting you've been doing but like when you look out three to five years what and relative to this initiative and sort of the resources you want to bring and how you want to kind of internationally focus them more and more surgically to higher impact like what's where do you at what's success for carbon wear labs so i mean success in terms of outcomes would actually be you know government legislation which enshrines these nationally defined contributions um in uh in law um that's a huge lift right and so that maybe that's not a two or three you know your goal maybe that's a five year goal or a 10 year goal um but uh what i see is the creation of all of the pieces that would enable that to be right so the people can actually um say it would go from that's a you know that's a huge abstraction to actually i understand what the you know what the government agencies look like and they um exist on paper and now people have you know fine-tuned how they work and so i to the extent that you know i i that we can i i create that through creating ongoing activities really like you know active programs within a number of these think tanks that have done analogous work in tax policy or urban renewal and actually you know have them have large decarbonization programs we can catalyze that um done all succeeded so in a sense there's a there's a future that would be very very happy with but we have a staff we actually you know establish i you know ourselves as a proper philanthropy and are helping uh shepherd funds are out there's a path in which we no longer exist which i'd be very happy with in which the organizations that are best suited to do this work um have taken the reins and are interactively pursuing it and i'm really happy with either outcome i care much more about the the goal line with the you know the labs in our i in our in our name is incredibly intentionally chosen because we're experimenting and um i it may very well be that you know i we have the opportunity to to create large-scale ongoing programs that organizations that have had tremendous impact in a number of other domains i and that we we're no longer needed and i can go on to the next project and that would be great and i if it you know if it if it happens that there's an active uh shepherding process or a ongoing catalytic innovation process that needs to happen then that would be terrific too but i'm you know i'm i'm deferring judgment until you know until until i see what's needed um Gina you said something when uh when you were walking through your model about and which i'd love to hear just a little bit more depth about like walk us through that customized sort of programming process for a minute of like like institutional donor shows up they want to take a position in smart job fund they they they look at your you know your portfolio so to speak like how do you get from that point to them i don't know the first cycle if you could do that kind of quickly yeah absolutely i think i think that um what we're offering is very unique not only to the united states but to the world in essence you're allowing us to go through the flexibility and i really liked by john was noting this ability to adjust the way with it we we're um sort of improving the baseline of what a normal charitable contribution process is is that we're testing a market in the process we together with our donors in partnership are finding signal in this untapped market and we're doing it because we firmly believe there's tremendous potential in this market but also because we have to as a conditioned precedent to moving forward to commercializing this market further um and and mainstreaming uh these investment opportunities the donors coming to us and like many other folks this might be their first entree to the disability market or it might not but we the uniqueness of the appalled fund is allowing them to the the latitude for experimentation along with us where we are procuring the opportunity for immediate tax deductible charitable contribution and then a long-term planning strategy as to where they uh among our four impact categories are allocating you know the recommendation for allocation of capital doesn't need doesn't need to be made all at once on day one and can actually um sort of cross instruments and levels of risk over time which is a very unique and interesting strategy so in terms of instruments you know it we're allocating we're making recommendations to allocate great capital to accelerators and incubators but we might also be making a recommendation our donors might be interested in making available revenue-based financing they might be interested in making available um venture deals with with early-stage companies that are really working in work the next generation of really transformative workplace technologies and so that flexibility comes with a long-term planning strategy that's much like a portfolio as opposed to attack the box charitable contribution I think quite quite a number of people in in adept space have spent a lot of time sort of seeing it as transactional you know we are uh sort of guiding our funds towards you know this particular charity and we are seeing it less transactional and more relationship building with our donors that we're in this together um to build this market and to explore new and interesting terrain within that market and that means that there's a learning process it's iterative but we're providing ready to go I love John's use of the word shovel ready you know we've got shovel ready uh opportunities but we've got curated insight into the disability market we we're building a relationship with donors where we're explaining the impact and we're explaining the value proposition of these technologies of these you know programmatic opportunities and entrepreneurship building and so um what we're seeing is an experience for the donors it's an experience to learn about the market with us and also drive impact the unique thing is that you can dip your toe into higher and higher levels of risk over time and I think the more that our donors are socialized to how really revolutionary some of these early stage companies are that are higher risk uh capital bets um the more they they would like to realign their portfolio strategy from mostly allocating grant capital to uh really trying to diversify and look at that evergreen evergreen early stage investing in some of these technology companies that's great um I just if people have a couple questions they want to throw in the chat happy to pick them off and feed them in we've got five minutes left so we're gonna you know kind of burn towards the finish line here but uh Derek what uh do you see an interconnectivity from these hometown you know from from the different cities have kind of focused or do they are they each really kind of like their own little microcosm I mean it's like you see with sort of the national iam nation network that there'd be opportunity to kind of go sort of macro big with the story but maybe you'll lose this the intensity of the focus I have you all been wrestling with that or do you have a kind of a prognosis on where that ends up yeah it's so it's on both sides of the spectrum of there are a lot of intricacies and nuances in your local you know ecosystems right so in my hometown there's a big big push for quality education we're at the bottom 15 in the state and so a lot of the efforts going toward education uh in Nashville there's a big deficiency of affordable housing units so a lot of the push locally is around quality affordable housing and so I think that there are certain you know common denominators that you see in all of these markets but depending on where you're at geographically and what the major pain points are it depends and it dictates what the priorities are you know from a political from a grassroots you know so I think a lot of it is really just finding what aligns with your passion and like where do you feel yourself gravitating towards right so for me it's like it's the economics of like you know affordable housing getting access to capital to minority entrepreneurs and all the things that kind of fall within within that and so there are some overarching themes that could you know encompass a lot of the issues that we see but we essentially try to align the efforts with the passions of our members and and if somebody's going to be a lead on an initiative or partner with an initiative we want that to be very authentic and genuine to them yeah that makes sense um oh so Harold asks it's a cool find how do you input the specific desires donor advice aspect of the original donor or do you ensure that the donors just buy into the overall thesis that you put forward like I mean Regina Gina you you already answered this like it's both and like you can do deep customization donor by donor but you can also let them buy into to the pool I'm John not sure how it applies exactly if you have a comment on that sure I mean briefly I I I really ask for discretion um that folks who you know buy into the pool fund are trust me and they understand the exact dynamic that we've used to allocate they understand the KPIs we're shooting for and they understand the mechanics and themes and so but I like I said more often than not I'm actually now directing directly connecting investment vehicles or really you know I I uh philanthropies with donors who weren't aware that they could spend their money and to me to me that makes me very happy because that sets them on the path to actually having an ongoing program fund that can be very successful I you know in an ideal world I can continue to innovate and I can help lay the track for a really successful ongoing programs that I don't need to be in the middle of it's great well I would I know that we have run towards the top of the hour I we have tasted all the contact information websites of all four of us and I think the call to action is come ask us your questions give us your ideas connect us to your networks I'm happy to you know to give free consults out on on how this model might apply to you on I do think you know in sort of wrapping up here that the the punchline here is that there's this is just sort of a new way of thinking about organizing a value chain that doesn't have all the normal barriers to to participation to inclusion to going out on the deep end of the pool maybe faster with less surety so this is kind of like an innovation edge I think that it's uniquely suited to donor advice funds I wish there was a lot more of it going on this is not an impact assets only thing at all we're just kind of you know at that edge innovating a bit here but I think that Tides Foundation and others have have played around with some of these models too I want to acknowledge that you know we're just sort of reorganizing the palette from which you paint pictures but I think that there's as you can see here there's such a a plurality of ways to to make use of this kind of thinking and hopefully it inspired some of you on the on the line there to to think a little differently about what's possible and really thank you Gina and John and Derek for your impressive work and for lending us your time and thoughts today so thank you and thanks to Socap