NEW APPROACHES DEMAND NEW VEHICLES
Existing corporate structures lacked the features that were needed to implement the Sustainable Communities Framework. So we developed three new corporate vehicles that combine the best features of conventional structures with those that enhance benefits to communities and bolster sustainability. Together, these constitute a framework that supports our community economic development programs. Our pilot project is designed to be launched in Puerto Rico.
Commonwealth Development Organizations
A Commonwealth Development Organization (CDO) is the primary entity that coordinates an entire project including the establishment and running of one or both of the other two vehicles. See a detailed and downloadable write-up of CDOs here.
A Public Benefit Financial Institution (PBFI) is the principal vehicle that manages the issuance of a complementary currency under a CDO project. See the section titled Money for a more in-depth explanation of the four ways in which a PBFI issues that currency. In short, they are: a) sell it (for another currency), b) lend it, c) invest it and d) spend it. This means that a PBFI is functionally the equivalent of a sales organization, a bank, a venture capital firm and a public foundation all rolled into one entity that exists for the purpose of enhancing the economic vitality of communities. A downloadable document on PBFIs is available here. You can also see a detailed and downloadable write-up of Money here.