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ASSET Initiative

ASSET Initiative. Presented to State CSBG Directors August 11, 2011. Learn about: Income and asset poverty The ASSET Initiative Asset building strategies to increase financial stability Asset Development and Interoperability in ACF

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ASSET Initiative

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  1. ASSET Initiative Presented to State CSBG Directors August 11, 2011 Learn about: Income and asset poverty The ASSET Initiative Asset building strategies to increase financial stability Asset Development and Interoperability in ACF Explore actions that State CSBG Directors might take to promote and implement the ASSET Initiative strategies

  2. “Few people have ever spent their way out of poverty. Those who escape do so through saving and investing for the long-term.” Michael Sherraden Center for Social Development Financial Asset Building “With income we get by, but with financial assets we get ahead.” Ray Boshara Vice President, New America Foundation

  3. Income and Asset Poverty • Income Poverty: • 100% of poverty established in 1960s • Asset Poverty: • Insufficient net worth to live at Federal poverty level for three months without income. Family of three ($4600) Use Income AND Asset Poverty to assess true picture of financial instability

  4. Income + Assets = Financial Stability, Financial Security Adapted from the United Way Worldwide’s Financial Stability Framework

  5. United Way’s Financial Stability Framework United Way’s Approach to Financial Stability

  6. The ASSET Initiative • Collaboration across ACF Programs to bring asset building tools & practice to ACF grantees and families served in programs. • Incorporates lessons learned from Assets for Independence Demonstration Program and related research. • Families move past paycheck to paycheck existence, toward financial stability.

  7. ASSET Initiative Goals Increase the availability of asset-building opportunities -- Increase the availability of effective financial education, AFI projects and other asset-building strategies. Bring AFI to more communities -- Expand the reach of the AFI - IDA program by actively promoting collaborations among AFI grantees and other ACF.

  8. Goals of ASSET Initiative Coordinate asset building across ACF programs -- Demonstrate a collaborative cross-agency approach for achieving goals and producing strong outcomes at ACF.  Equip staff to succeed with asset building strategies -- Strengthen ACF staff expertise on financial literacy education, IDAs and other asset-building policies and strategies.

  9. Goals of ASSET Initiative • Identify effective asset building practices – Develop knowledge on effective practices for providing individual development accounts and other asset-building strategies via ACF grantees and networks.

  10. Financial Assets Matter Move past paycheck to paycheck Toward long-term financial stability Stronger, Healthier Families Enhanced Self-Esteem Long-term Thinking and Planning More Community Involvement Hope for the Future

  11. What are Financial Assets? • Savings (3-6 month nest egg) to protect against loss of income • Matched Savings (AFI Individual Development Accounts) • First home • Higher education and training • Develop or expand small business • Property, equipment, land • Good credit report and score, access to credit • Human capital (who you know)

  12. Asset Building Strategies in the ASSET Initiative • Financial Education (spending, savings, credit protection) • Savings and Individual Development Accounts (IDAs) • Getting Banked • Managing Credit and Debt • Tax credits and Tax Filing Assistance • Accessing Federal and State Benefits

  13. Asset Initiative ProjectsCurrent Population Focus • Building Assets for Fathers and Families • Financial Stability for Families with Young Children • Native Americans • Refugee Communities • Support for People with Disabilities • Asset-Building for Victims of Domestic Violence And Cross- Cutting Components • Effective Financial Education • Earned Income Tax Credit Outreach

  14. Upcoming AFI Webinar Tuesday, September 6 – 2 p.m. EST. AFI Program Overview & Grant Application Process For more information and to register: http://IDAresources.org/calendar

  15. Resources CFED, Idaresources.org, AFI Regional Consultants Corporation for Enterprise Development (CFED)www.cfed.org Scorecard income and asset poverty information for each state. IDA Resources Websitewww.idaresources.org Information on AFI, Financial Education, Tax Prep and EITC Claims, Population specific resources of the ASSET Initiative: Native Americans, Persons with Disabilities, Refugees, Families with Young Children, Survivors of Domestic Violence, Fathers and Families

  16. Possible Action Steps for CSBG Directors Promoting the ASSET Initiative Use available state discretionary funds to leverage activities with any of the asset building tools Convene state ACF leaders and Community Action Agencies. Provide information on the ASSET Initiative. Connect ACF grantees to AFI grantees and other asset building tools. Work with state CAP Associations to embed the asset building tools in its programming. Explore possible state funds to leverage with AFI to create more AFI Individual Development Accounts. Apply for an AFI grant. Other?

  17. Regional Performance and Innovation Consortia (RPIs) • The goals of this project are to: • Establish ten RPIs to serve as regional focal points and lead the development of a comprehensive and integrated system of T/TA capacity-building activities for State Associations. • Employ a regional approach to T/TA coordination and information dissemination to build the long-term capacity of State Associations. • Support the development of State Associations into self-sustaining and financially independent organizations. • Disseminate T/TA information focused on capacity-building and exemplary practice throughout the CSBG T/TA Network. • The primary mission of the RPIs is to: • Coordinate T/TA activities designed to strengthen the ability of State Associations to leverage resources; • Promote and sustain relationships between State Associations and the corresponding State CSBG Lead Agencies; and • Increase the capacity of State Associations to address the broad T/TA needs of CSBG-eligible entities.

  18. Regional Performance and Innovation Consortia (RPIs) 10 RPIs will be established in the well-defined geographic and align with established ACF regions.

  19. Assets for Independence Program A 5-Year Federal Grant Program

  20. AFI IDA Participants • Learn about financial and consumer issues • Save in IDA Accounts • Purchase Financial Asset • First home • Higher education or training and/or • Small business

  21. Assets for Independence Grantees • Since 1999 nearly 75,000 + IDA Savers have deposited nearly $66 million into IDA Savings Accounts. • Grantees have experience working with a variety of populations. • Increasing credit scores, reducing debt, helping Savers purchase homes, higher educations or training, small businesses. Financial education.

  22. A Snapshot of AFI Participants 75,000 + IDA accounts and growing 80% of participants are women Many single parent households IDA is first savings account for most participants

  23. AFI Projects 400 projects throughout the nation Projects partner with financial institution Projects located within multi-purpose non-profits State, local or Tribal governments Multi-site networks of organizations

  24. Examples of AFI Project Grantees Community Action Agencies Community Development Corporations Community Development Financial Institutions Credit Unions Faith-Based Organizations • Government Agencies • Housing Finance Agencies • State-Wide and Multi-State Associations • United Way Organizations • Workforce Development Agencies • Youth Agencies

  25. FY 2012 Application Cycles January 25, 2012 March 26, 2012 May 25, 2012 Up to $1,000,000 (average $350,000) 2011-2013 Funding Opportunity Announcement: www.AFIFundingAnnouncement.com Request for Proposals:AFI Grants Overview

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