Funder workspace Sonoran Community FoundationSwitch to Pinal Health Legacy FundSame deal and evidence, the other funder's policy.

Guided tour · Step 3 of 14

The evaluation: reasons, not a score

On this page. A live evaluation of the deal's evidence against the current policy version, computed by a deterministic engine with no model call. The Result panel gives the overall result and why, in words; the tables give every check with its reason and the passage it read. Hard exclusions run first. On a fresh seed the overall result is needs information: the evidence holds no written lender decline and no written co-investor commitment, and two catalytic tests ask for them. Missing evidence is never counted as a pass. The product reports the result and its reasons; the funder decides what to do with them.

Try this. Read the reason and the passage reference on each row; a reference opens the passage. The checks marked needs information are the open questions. The line under the reasons opens the rule for how the overall result is worked out.

Back Next: Change the policy and watch the result change

Evaluation

Riverbend Housing Note against policy v3

The result right now for Sonoran Community Foundation: policy version 3 checked against evidence version 1. It is worked out again each time this page opens and is kept only when a reviewer attests. Edit the policy to see the result change.

Result

Overall: needs information

Why: 2 questions are open: Additionality, Mobilization. No hard exclusion or required criterion has failed; the evidence does not answer them yet.

Additionality: No written lender decline in this evidence version. The evidence describes other lenders approached (two regional banks; no commitment or decline issued), which is not a lender's written decline.
Mobilization: No written co-investor commitment in this evidence version. The evidence describes other capital sought (statewide housing fund, up to $250,000, uncommitted), which is not a written commitment.

How the overall result is worked out

These are rule checks against this policy version, not a judgment of the investment; the funder decides. Hard exclusions are checked first: one that fails gives the result “excluded”, and one that cannot be checked from the evidence gives “needs information”. A required criterion that fails gives “does not fit”, which means only that a required rule check failed. Optional criteria do not change the overall result.

Hard exclusions

Wide table: scroll sideways to see every column.

Check	Result	Reason	Evidence
Geography	pass	Project is in AZ; policy is statewide.	project-description/pd-1
Instrument	pass	Instrument is note; allowed.	term-sheet/ts-1
Counterparty type	pass	Counterparty is a nonprofit; allowed.	term-sheet/ts-1
Excluded sectors	pass	Sector affordable housing is not on the excluded list.	borrower-profile/bp-1
Check size	pass	Amount $750,000 is within $250,000 to $2,000,000.	term-sheet/ts-2
Share of endowment	pass	Amount is 1.56% of the endowment; within the 5% maximum.	term-sheet/ts-2

Criteria

Wide table: scroll sideways to see every column.

Check	Result	Reason	Evidence
Themes	pass	The theme stated in the evidence (affordable housing) appears in this policy version's allowed-theme list.	borrower-profile/bp-1
Return expectation	pass	Rate 3% meets the policy minimum of 2%.	term-sheet/ts-2
Term	pass	Term of 5 years is within the 7-year maximum.	term-sheet/ts-2
Required evidence	pass	Each document kind this policy version requires is present: term sheet, financial statements. This checks that the kinds are present, not that the documents are adequate.	term-sheet/ts-1 financials-fy2025/fs-1

Catalytic test (gate on)

Wide table: scroll sideways to see every column.

Check	Result	Reason	Evidence
Additionality Would this money be available without the funder? The check: does the evidence record a lender declining the request.	needs information	No written lender decline in this evidence version. The evidence describes other lenders approached (two regional banks; no commitment or decline issued), which is not a lender's written decline.	sponsor-letter/sl-2
Affordability statement	pass	The evidence states an affordability measure: 42 homes to be rented to households at or below 60 percent of area median income under a 30-year affordability covenant. This checks that the statement is present, not whether it is adequate or achieved.	project-description/pd-2
Mobilization Does the funder's money bring in other capital? The check: does the evidence record a co-investor's commitment.	needs information	No written co-investor commitment in this evidence version. The evidence describes other capital sought (statewide housing fund, up to $250,000, uncommitted), which is not a written commitment.	sponsor-letter/sl-3

Technical details

Evidence version id: ev_riverbend_1
Engine version: 2026.10.10-2
Stored: Computed from the stored policy and evidence on each request; saved only inside an attestation.