As a funder, you want to know that your investment has made a return. The primary return from social programs is going to be social value.
The Australian Social Value Bank (ASVB) is the only social impact measurement tool available that calculates this value using a globally endorsed methodology, and carries out complex calculations for the user.
Benefits to you as a funder:
- Control Costs
- Standardised Measurement
- Consistent Reporting
- User-Friendly Tool
- Partner in Measurement with ASVB
- *62 Social Values
(* ASVB is at the early development stages for more social values)
Who is responsible for impact measurement?
Currently, the majority of recipients of funding are responsible for proving their social impact. Initially, through the application for funding, they must prove why they should be selected. Then ongoing, they must deliver the outcomes they promised, with clear evidence to back it up.
However, we talk to many funders who are frustrated by the lack of robust evidence of outcomes they see in grant and tender applications. The impact measurement reports they receive during, and at the completion of programs they fund, vary in both format and quality of reporting on the delivery of outcomes.
There is a growing number of government and philanthropic funders who have decided to ‘own’ the responsibility for ensuring impact measurement is carried out, and meets their expectations, when it comes to the format and quality of reporting.
The ASVB provides a unique platform which benefits both the funder and the funding recipient in a win-win relationship.
Benefits to you as a funder:
Control Costs – The ASVB has a sliding scale subscription model, so based on the size of the organisation you are funding, you know what their hard costs of impact measurement will be. You can assign additional funds to the program for impact measurement or understand from the beginning what percentage of the money will be spent on impact measurement.
Standardised Measurement – You have a standardised approach to measuring social value across all of your investments. Your entire team only needs to understand one methodology and it applies to every program they will work with, allowing you to compare different investments across your social portfolio.
Consistent Reporting – The standardised ASVB social value statements make it easy to compare programs you fund, on a level playing field. Each statement outlines all of the underlying assumptions and breaks down the social value to costs, through charts and ratios.
User-Friendly Tool – You can be confident that no matter what size or internal impact measurement capacity the organisations you fund have, they will be able to use the ASVB Value Calculator. They will receive training and support from the ASVB. All of our values come with pre/post questions and survey templates to collect outcomes data.
Partner in Measurement with ASVB – The ASVB can report back to you on exemplary organisations you have funded and any consistent challenges your fund recipients are having in meeting your reporting requirements.
62 Social Values – The ASVB has the most diverse range of validated social values in Australia. We have values which touch aspects of every Australian’s life.
Do you focus on a specific outcome you want to measure that’s not in the Value Bank?
We can develop specific indicators for the outcomes you measure. Where a dataset already exists, which can be used to calculate the social value you are interested in, we can create that social value for you and include it in the Bank. If no dataset exists, we can work with you to carry out primary research to collect the data we need, and then produce the social value.
We highly recommend considering collaboration with like-minded organisations when it comes to developing new social values. It reduces the investment required for each organisation and provides a common value for everyone measuring this outcome. We’re happy to help facilitate this collaborative approach with you.
Be a leader in impact measurement
The ASVB methodology is growing its reputation fast in Australia and further afield. We are very proud to be working with the New Zealand Government who have adopted and are embedding our social values across a large number of their government departments. They currently utilise our social values in their budget forecasts and in their procurement processes, for funding social services.
By adopting the ASVB approach to your funding activities you can be a leader in your sector and champion the adoption of best practice in impact measurement.
We are already working with several of our current ASVB subscribers in different sectors who are championing, and gaining traction with their peers, in embedding the ASVB methodology as a standard sector-wide practice.
If you would like to know more about how we can support the standardisation of impact measurement in your organisation, please get in touch. Alternatively, register for our next introductory webinar to learn more about the ASVB.