Project Details
Project
Gallaudet Social Bond Framework Second-Opinion
Client
Gallaudet University
Project Type
Social Bond/Loan
Industry Group
Education
Use of Proceeds
Education; Access to essential services;
Location
U.S.
Evaluation Date
Jan 2021
Evaluation Summary
Sustainalytics is of the opinion that the Gallaudet Social Bond Framework is credible and impactful and aligns with the four core components of the Social Bond Principles 2020. This assessment is based on the following:
USE OF PROCEEDS
The eligible category for the use of proceeds, Access to Essential Services – Education, is aligned with those recognized by the Social Bond Principles that seek to achieve positive socio-economic outcomes for target populations. Sustainalytics considers that the eligible category will lead to positive social impacts and advance the UN Sustainable Development Goals, specifically SDG 4.
PROJECT EVALUATION/SELECTION
Projects are evaluated and selected by the Office of Campus Design and Planning in relation to the 2012-2022 Campus Plan. The Plan was approved by the Office of Trustees of Gallaudet University. Sustainalytics considers the project selection process in line with market practice.
MANAGEMENT OF PROCEEDS
Proceeds are intended to be managed by the Chief Financial Officer and Finance Office. Gallaudet University intends on allocating projects partly towards refinancing their Series 2011 Bonds and partly to finance ongoing expenses as part of the 2012-2022 Campus Plan. Pending allocation, proceeds will be invested in Permitted Investments as defined by the internal liquidity policy. This is in line with market practice.
REPORTING
Gallaudet University intends to report allocation proceeds on its website on an annual basis until full allocation. In addition, Gallaudet University will publish voluntary updates on relevant impact metrics. Sustainalytics views Gallaudet University’s allocation and impact reporting as aligned with market practice.