Abstract: The current period of development of Russia is characterized with the greater attention to the issues of development in the social sphere. In the last two decades since the start of the reforms, the social sphere has changed drastically. The social sphere was destatized, and the transfer was made from the survival policy to the development policy in the branches of social sphere with larger and large financing, completion of its legislative basis, etc. Based on the achievements the leaders of the state currently discuss the transfer to the new social policy with the new mechanisms for the civil society to participate in the processes of forming social program, evaluation of their efficiency, formation of real competitive environment in the social sphere, and modern innovative technologies. Currently in Russia, which is a social state, there is no legislatively provided interpretation for the term "social investments". The instruments for administration of the investment process in the social sphere includes normative legal acts, budget, financial and credit mechanisms, and civil society institutions, social standards, norms and normatives. Based on them, the target markers for social development may be formed and priority directions for social policy can be chosen,  cost efficiency can be calculated and the amount of social investments may be established.  Social normatives may be used for formulating the goals for social development and establishing the amount of financial, material and labor resources necessary.  The problem of calculating markers and criteria for the evaluation of efficiency of social investments is one of the most complicated issues within this field of study. 

Keywords: social studies, goal - economic result (profit), goal - social result (improvement of sustainance l, goal - profit + social result, goal - expected investor income, investment objects, internal investment objects, external investment objects, investment subjects, welfare sphere