In March, Kresge committed $22 million to two firms working to raise more than $800-million for impact-certified Opportunity Zones. In exchange for Kresge’s risk reduction via the guarantees, these firms, Arctaris Impact and Community Capital Management, each agreed to terms centered on transparency, reporting, community involvement and impact. This sample term sheet provides an example of certain fund covenants and reporting obligations that investors and philanthropy could use to bring better transparency and evaluation to this market.