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Measurement & Tools

How WKKF evaluates the social and financial impact of its investments.


Measuring social and financial results remains a challenge for the fields of impact investing and philanthropy. With mission-driven investments, we are conducting a learning experiment to test whether and how strategically selected financial portfolio investments across various asset classes can generate both a market-rate of financial return and social change consistent with the foundation’s mission.

To do so, we track a wide range of information for each investment:


  • Asset class (cash, fixed income, private equity and real estate)
  • Due Date (maturity or term)
  • Ownership stake (percentage of venture held by the Kellogg Foundation)
  • Financial return (contractual or targeted range)


Products and services (# or $)

  • Jobs created (#)
  • Capital flow to low- and moderate-income communities ($)
  • Housing units (#)
  • Small/family businesses served (#)
  • Consumer loans (# and $) 

Beneficiaries (#)

  • Children served, e.g. number of healthy school lunches served (#)
  • Families reached, e.g., number of jobs created by a CDFI loan (#)

Program Alignment (Educated Kids, Healthy Kids and Secure Families)


  • Addressing needs in the foundation’s four priority places (Michigan, Mississippi, New Mexico and New Orleans)


  • Philanthropic giving for vulnerable children and families leveraged (# and $)
  • Philanthropic giving influenced to benefit vulnerable children (# and $)


Sharing best practices and finding areas of improvement are central to the foundation generally, and a key part of our MDI program. The document links below contain practical ideas, questions to ask and general practice suggestions (particularly for foundations) about launching and managing a mission-driven investing effort:

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