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FINANCIAL FOUNDATIONS Individual Development Account (IDA) Program

FINANCIAL FOUNDATIONS Individual Development Account (IDA) Program. A Collaborative Project of The John H. Boner Community Center and Community Choice Federal Credit Union. OUR MISSION .

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FINANCIAL FOUNDATIONS Individual Development Account (IDA) Program

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  1. FINANCIAL FOUNDATIONSIndividual Development Account (IDA) Program A Collaborative Project of The John H. Boner Community Center and Community Choice Federal Credit Union.

  2. OUR MISSION To promote individual and family financial well-being through access to financial information, saving, and asset building opportunities.

  3. Overview • IDA Definition / Purpose • Funding • Program Structure • Results

  4. Individual Development Accounts • A matched savings account designed to assist individuals earning low incomes to become economically self-sufficient through financial education and the acquisition of assets that grow in value over time.

  5. Individual Development Accounts • How it Works… Our 3 to 1 match Their Asset Their Savings

  6. What’s low income? • 175% or 200% of Federal Poverty Levels Household Size Income 1 $16,293 or less 2 $21,858 or less 3 $27,423 or less 4 $32,988 or less For each additional household member add $5,565

  7. Who Funds IDAs? • Federal Government • Assets for Independence Act (AFIA) • Individual States • 22 operate IDA programs • 5 have IDA programs in development • Non-Profits & Private Foundations • Business Tax Credits

  8. Program Structure • Basic money management • Asset-specific financial literacy • Access to traditional financial services • Asset acquisition / graduation

  9. Results • IDA participants: • 192 current • 279 since inception in 1998 • 63 graduates • Through Jan. - April 2004 YTD • Money Management Participants: 173 • Money Management Courses Taught: 22

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