The school received $1 million from The Mosaic Company Foundation, which partnered with the school and the government of Saskatchewan to implement the program.
The bond repayment to Mosaic is based on an 82 percent Grade 12 graduation rate for the school’s students.
“We’re very confident in our kids and students, and we’ve had some great successes,” said Curtis Kliesinger, Executive Director at Mother Teresa.
The money will be used over a five year period to help provide support to about 88 students.
This is the second Social Impact Bond to be used in Saskatchewan, and in Canada. The first was launched in 2014 for the Sweet Dreams Project in Saskatoon.
The school was founded by Paul Hill in 2010 in partnership with Harvard Developments and the Regina Catholic School Board.
The NDP has some questions about the initiative.
Education critic Carla Beck says it is the Minister of Education’s responsibility to ensure that all schools, students and teachers get the proper funding and supports to be successful. We acknowledge Mosaic for being a partner to this school, and also recognize the need for new and innovative ways to move education forward.
However, in the larger scope of education throughout the province we see school divisions underfunded, roofs caving in, and teachers and parents saying that their kids aren’t getting the support they need.
Graduations rates, particularly for First Nations and Métis students are unacceptable. This is an issue that the government has dropped the ball on for years. I wish the Minister had taken this issue seriously during times of record revenue, and listened to teachers and communities, instead of now having to outsource graduation initiatives to private companies.