A Utah preschool program funded by investment bank Goldman Sachs that was touted last month as the first “social-impact bond” to yield returns for an investor may have significantly overstated the results on which the payout is based, according to The New York Times.
Social-impact bonds leverage private funding for social programs, with governments paying investors if the efforts achieve measurable results. Goldman received $260,000 from Utah when the program it paid for was credited with keeping 109 “at-risk” kindergartners out of special education — 99 percent of the students whom school officials believed, based on testing, would need costly special services.
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