$600B a year. Zero recycling infrastructure.
Sources: AICD/CBA NFP Governance Study 2024-25, CEP Grantee Perception Report 2025
Not debt. Not equity. Not a grant.
| Debt | Equity | Grant | Elevate | |
|---|---|---|---|---|
| Repayable | Yes | No | No | Voluntary |
| Balance sheet liability | Yes | No | No | No |
| Ownership / control | No | Yes | No | No |
| Cost of capital | Market | High | Zero | Near-zero |
| Tax deductible | No | No | Yes | Yes |
| Capital recycles | To lender | No | No | To pool → next |
Three instruments. Cookie-cutter.
Hospital equipment, community facilities, vehicles. Revenue from Medicare billings, usage fees, NDIS. Low risk — sovereign counter-parties.
Arts productions, workshops, events. Revenue from ticket sales, licensing, commissions. Medium risk — market-dependent.
Employment programmes, social services. Revenue from government outcomes payments. Medium-high risk — shortcuts SIBs at the organisational level.
De-risks nonprofit balance sheets
| Grant | Bank Loan | Elevate | |
|---|---|---|---|
| Capital fate | Consumed | Repaid to lender | Recycled to pool |
| Liability | None | Yes | None |
| Asset ownership | Org | Encumbered | Transfers to org |
| Planning horizon | 1 cycle | Loan term | Perpetual |
Two systems. Built solo. Live now.
Traction
Philanthropy Together / Johnson Center, 2024-2026
Mission-locked. Unextractable.
Operations • Fee revenue • Team • Can raise minority equity
Prove it or kill it.
12 months. Finalise legal structure. Complete 2-3 pilot transactions. First recycling cycle in 6 months.
Non-recourse. Fund real use cases. Measure actual recycling rate. One completed cycle changes every conversation.