MRIs and PRIs for Private Foundations

What is the difference between a Program Related Investment (PRI) and a Mission Related Investment (MRI)? It is an important distinction for foundations engaged in impact investing. The law firm Adler & Colvin published this technical definition of and distinction between the two vehicles, noting how each in its own way can complement foundation grant making and accelerate reaching impact. The paper describes use of the “but for” text, lays out expenditure responsibility and cautions against self-dealing, while being mindful of the unique tax consequences of each.