IMPAQ conducted a Social Return on Investment analysis for the Georgia Governor’s Office of Student Achievement. It studied the value of changes brought about by three initiatives funded by Georgia’s Race to the Top program: turning around the lowest-achieving schools, supporting education partnerships through an Innovation Fund, and supporting new teacher pipeline programs. SROI analyses are similar to cost-benefit analyses. However, they engage stakeholders to value the entire range of project outcomes, and are designed to assist in decision-making regarding the social impacts of change. The SROI approach focuses on understanding what has changed, what matters about those changes, and the social value of those changes. SROI studies involve stakeholders in a transparent process in which verifiable claims about value are founded on case studies, qualitative data, quantitative data, and financial information.