Partnerships 2012

THE UNITED STATES CONFERENCE OF MAYORSCOUNCIL ON METRO ECONOMIES & THE NEW AMERICAN CITY

DollarWI$E grant recipients since 2004

Innovation Grant

Summer Youth Campaign (SYC) Grant

WelcomePartnerships is the annual publication highlighting the local financial education efforts of cities that are finalists for the DollarWI$E Innovation Grants.

As finalists, these cities have among the best financial literacy programs in the nation. DollarWI$E invites mayors, their staff, and other interested parties to review the profiles of these cities’ efforts to garner ideas and inspiration for their own financial education campaigns.

What is DollarWI$E?

DollarWI$E: Mayors for Financial Literacy is the official financial education and literacy effort of The United States Conference of Mayors and its Council on Metro Economies & The New American City. Since its inception in 2004, mayors and cities across America have made a commitment to increasing their residents’ financial literacy by participating in all that DollarWI$E has to offer.

DollarWI$E supports the goals and objectives of the National Strategy for Financial Education 2011, released by the federal Financial Literacy and Education Commission in December 2010. The Campaign invites mayors and city staff to examine their communities’ financial education needs; create an action plan; and forge partnerships with financial institutions, faith-based groups, non-profits,

local businesses, and others in the community to address this important issue. DollarWI$E offers support through its two grants programs, technical assistance, and partnerships with national organizations.

The United States Conference of Mayors asks every city to make a commitment to financial education and participate in DollarWI$E. Together, we are building a strong foundation for the future of our communities and those who call them home.

What are Innovation Grants?

Underwritten by the Bank of America Charitable Foundation, the founding sponsor of DollarWI$E, the Innovation Grants comprise an annual program that recognizes the most creative and innovative local financial education efforts underway in America today. Three Innovation Grants of $15,000 each are awarded each year and can be used by the recipient cities to expand and enhance a variety of programs. Applications are accepted each fall, and the awards are presented at The U.S. Conference of Mayors’ winter meeting in Washington, D.C.

CO N T E N T S2012 DollarWI$E Innovation Grant recipients

Boston, Massachusetts 1

Bridgeport, Connecticut 3

Milwaukee, Wisconsin 5

Covina, California 7

Dallas, Texas 8

Fresno, California 9

2012 DollarWI$E Innovation Grant finalists

Pembroke Pines, Florida 10

San Diego, California 11

Wausau, Wisconsin 12

Antonio R. VillaraigosaMayor of Los AngelesPresident

Michael A. NutterMayor of PhiladelphiaFirst Vice President

Scott SmithMayor of MesaSecond Vice President

Tom CochranCEO & Executive Director

1620 Eye Street NWWashington, D.C.20006

202.293.7330

202.293.2353 fax

usmayors.org

THE UNITED STATES CONFERENCE OF MAYORS

Mayors for Financial Literacybedollarwise.org | dollarwise@usmayors.org

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CO N TA C TMimi Turchinetz617.918.5259Mimi.Turchinetz.jcs@cityofboston.gov

Mayor Tom Menino

Volunteer Income Tax Assistance (VITA)“Our free tax prep centers are open to make sure that the money that residents have worked hard for all year goes back into their pockets.”

M A S S A C H U S E T T S

Boston The City of Boston, working through Mayor Menino’s Office of Jobs and Community Services (JCS), has developed a financial education strategy that is integral to its annual Volunteer Income Tax Assistance

(VITA) campaign. Boston Earned Income Tax Credit Coalition, which is housed in JCS, manages the program, which is rich in scope and involves 22 partners that deliver free tax preparation and financial education services that are accessible to every Boston resident. During last tax season over 75,000 flyers, 10,000 postcards, and numerous presentations and press hits in 7 lan-guages brought in over 12,000 low-moderate-income taxpayers to the neigh-borhood centers. Tax preparation services run from mid-January to April 15.

Over the past decade, a systematic process has identified and built community partnerships, locations for service delivery, and financial education content. Programs and services have been created utilizing city residents’ suggestions through focus groups, and in conjunction with community partners. The financial education curriculum includes a three-hour training session for the city’s credit advisor volunteers which offers information on the basics of credit, how to read a credit report, and how to provide basic advice to a participant in a one-on-one credit session.

A Financial Check-up pilot is being introduced this tax season; it will provide a more holistic, one-on-one financial education session. It will include credit advising, benefits review and referrals. Financial coaching is also provided in conjunction with community partners. One-on-one coaching sessions include goal setting, budgeting, savings, credit review and improvement strategies, and other tailored financial assistance and can encompass multiple sessions over a 12-month period.

Over the past decade, the campaign has served over 70,000 residents and brought back more than $100 million dollars into Boston’s neighborhoods. Ambassadors, individuals representing seven language communities (Spanish, Portuguese, Cape Verdean Creole, Haitian Creole, Vietnamese, Chinese and Somali) have provided over 100 hours of translation and outreach and have expanded into direct financial education, conducting 10 workshops in credit advising, banking, and identity theft in five languages.

The Boston Coalition has been recognized for its excellence over the years and is a national leader for innovation and impact. In 2009, the Internal Revenue Service/SPEC awarded a Certificate of Appreciation to the campaign. The National Community Tax Coalition has recognized the Ambassador Program as a best practice. In 2011, the National Disability Institute bestowed its prestigious Ron Smith Award to the campaign for outstanding leadership and

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commitment to creative strategies for inclusion.

Focused on all residents’ financial needs

The target audience includes all Bostonians, with an emphasis on the working poor, immigrants, and people with disabilities. The City has collaborated with partners to analyze the communities and provide resources to constituencies most in need. Participants are likely to be persons of color and female with a high school diploma or less.

The Coalition’s program provides culturally competent outreach, financial literacy workshops, translation, and direct credit advising and tax preparation to immigrant families in seven languages: Spanish, Haitian Creole, Chinese, Vietnamese, Portuguese, Cape Verdean Creole and Somali.

A Disability Initiative was incorporated into the campaign due to the level of poverty in the disabled community reported at 11.3% for persons of all ages. The Boston Campaign data find the city’s taxpayers poorer than the Massachusetts average. The mean adjusted gross income in 2010 of taxpayers with disabilities was $13,975, and 15.5% of the total tax filers report having a disability. The median annual earnings of households working full time was $40,700.

Innovative approach

Three models demonstrate the VITA campaign’s in-novation and creativity.

Inclusion: Boston has developed an expanded vision of inclusion and diversity. The VITA campaign has integrated a fully inclusive strategy using an intentional model where leadership is imbued into key constituencies, specifically disability and immigrant communities, to ensure shared planning and implementation.

Partnerships: Goal setting, planning, and evaluation are carried out through content area partner Work-ing Groups (i.e., disability, training, asset building,) ensuring that a broad spectrum of voices are rep-resented. Dotwell has been a lead partner with the Campaign since 2001, and the campaign has worked hand in hand with Dotwell’s Civic Health Institute to support and develop its Fiscal Health Vital Signs strategy of incorporating a social determinants analysis into its tax and financial education work.

Volunteers: The recruitment, training and utiliza-tion of highly trained volunteers for all facets of the campaign are all important components of the VITA campaign. VITA has also created a pathway for volunteers to fully engage in our financial services work. The City recruits and trains over 600 volun-teers annually, and they participate as tax preparers, credit advising counselors, financial coaches, and FAFSA advisors. They are also members of Working Groups to plan strategy and implement programs.

Collaborations

Collaboration is the driving force of the Boston VITA Campaign. In addition to its network of 22 partners, over 15 additional stakeholders work with the City to develop, implement, evaluate, and improve the City’s financial education and tax preparation services. The lead community-based organizations include: Action for Boston Com-munity Development; Dotwell; Jewish Vocational Services; Goodwill; and Work Inc. The City’s central campaign staff provides the infrastructure to recruit, train, certify, and place its volunteers.

Mayor Advancing the Cause

Mayor Menino has long recognized the value of both VITA, free tax preparation, and more comprehensive financial health strategy. He annually brings together leaders and stakeholders in the tax and asset building community at both the beginning and end of tax season to launch and celebrate the successes of the campaign.

The Office of Jobs and Community Services (JCS) is the convener of the City’s free tax and financial services campaign. The year-round Campaign Director is a senior staffer at JCS and is the coordinator of the annual campaign.

Numerous activities originate at the Office of Jobs and Community Services, led in conjunction with the EITC Steering Committee partners. The annual tax and asset building campaign provides an innovative incubator for JCS to develop new ideas and to pilot new programs and services.

As a collaborative effort, the Mayor’s leadership has led to numerous other civic and political leaders playing an active role in supporting the financial health of the City’s residents. The CEO of the Greater Boston Chamber of Commerce and the Mayor send out an annual letter inviting professional volunteers to participate in the EITC and asset building campaign.

Over the past decade, the Mayor’s EITC Campaign has developed and utilized rich data tools that have resulted in a wealth of data that has yet to be sufficiently evaluated. The Boston Foundation has awarded a three-year grant to the City to develop a longitudinal study to tell the financial education story of Boston’s residents who have been served by the campaign. This study will significantly advance the knowledge base for the financial education and VITA leaders to better understand the impact of the overall work of the program.

← EITC Director Mimi Turchinetz at an event promoting U.S. Savings Bonds.

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The City of Bridgeport is excited about providing students the opportunity to gain valuable information regarding financial literacy. With the DollarWise Innovation Grant, a financial education

curriculum will be implemented to provide middle- and high-school students an understanding of personal finances, with the goal of expanding participation levels in the existing state-wide Financial Reality Fair (FRF) that will heavily focus on Bridgeport students specifically during the Fair held in Bridgeport, where 800 high school students are expected to attend.

Financial Reality Fair (FRF)

For the past two years, FRF’s have been held at Housatonic Community College in Bridgeport. The purpose of these fairs is to provide “hands on experience” where students, after researching their career choice and starting salaries, are provided a budget worksheet requiring them to live within their monthly salary. Out of 500 students who participated in May 2011, only 100 were from Bridgeport while all others participating were from wealthier suburban communities where financial literacy is already embedded in the curriculum.

To reach more Bridgeport students, the City is looking to make FRF’s a community-wide program targeting all 3 public high schools and all 19 middle schools. The goal is to reach over 800 students during two FRFs in 2012 and 2013.

In addition, a Saturday Kick-Off Meeting will be used to provide over 1,400 7th- and 1,459 8th graders and their parents with information about housing, employment, food, and other vital services that many in Bridgeport are lacking due to financial uncertainty. Furthermore, middle school students will be provided with initial exposure to areas such as budgeting, saving, and investing before these students embark on the financial literacy campaign that is being integrated into the school system.

Financial Literacy Campaign

The City is thrilled to be partnering with the Personal Care America Federal Credit Union (PCAFCU), the Credit Union League of Connecticut (CULCT), the City’s Board of Education (BOE) and the Bridgeport Regional Business Council (BRBC) to implement the Financial Literacy Campaign aimed at providing our students with the fiscal education needed to reverse the negative trends that have plagued Bridgeport in recent memory. The new City-wide finance literacy campaign will include curriculum in both mathematics and in

CO N TA C TAlexandra McGoldrick(203) 332.5665Alexandra.McGoldrick@bridgeportct.gov

Mayor Bill Finch

Financial Reality FairsBREAKING THE CYCLE“If children are eager to learn about finance and how it impacts their day-to-day lives it may build confidence for them in other subject areas as well.”

CO N N E C T I C U T

Bridgeport

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language arts, in which students will be introduced to financial vocabulary.

To efficiently promote financial literacy, there needs to be a grassroots campaign that will build students’ knowledge of the subject from the ground up. In Bridgeport’s wealthier suburbs, children become well-informed and aware of personal finances at an earlier age due to parental involvement and education on the subject matter. In contrast, a large percentage of Bridgeport public school students come from low-income, diverse households whose parents are unable to provide an introductory background in financial literacy because they are uneducated about the subject as well.

The most innovative aspect of the financial literacy campaign is the plan to impact large target audiences. The City could have focused on extremely impoverished neighborhoods with poverty rates close to 80%, but the biggest impact will be made if the campaign is accessible to all, including parents.

Bridgeport students are some of the poorest in the State of Connecticut, and every effort should be made to help them become fiscally responsible individuals so they can have an opportunity to pull themselves out of poverty. The reason so many

children in BPT live in poverty is due to their family financial situation. With a lack of education and jobs, accompanied by a high percentage of predatory lenders, residents of Bridgeport are faced with situations that ultimately lead to financial ruin. In order to break the cycle of poverty, it is imperative that the City offer financial education to both children and parents.

If personal finance education leads to a heightened thought process and improved problem solving skills, this may increase educational attainment.

Collaborations

CULCT and PCAFCU have held FRF’s in Bridgeport for the past two years and will continue to do so when they hold their third FRF on May 9, 2012. The City of Bridgeport’s commitment is essential to spearheading the community-wide initiative led by Mayor Bill Finch, who along with other civil, business and non-profit participants has been extremely active at the fairs.

In addition, Board of Education Superintendent John Ramos will be another partner essential to financial literacy education in the City. The BOE has committed resources for inserting financial

literacy back into the curriculum after a hiatus due to budgetary constraints. The CULCT and the PCAFCU will be able to provide the initial National Endowment for Financial Education (NEFE) materials and guest speakers, which will be a part of the new mathematics and language arts curriculum. The NEFE materials are a key aspect to Bridgeport’s proposal because they allow for program sustainability.

Finally, the BRBC, which is the regional chamber of commerce and the leading business advocacy organization in the City, will be heavily involved in the campaign as well. The BRBC will be active at all events as volunteers providing information regarding housing, employment, investment, etc. In the future, the BRBC will provide additional funding to help cover a portion of the cost of education materials, fairs, and transportation.

Mayor Leading the Charge

The City of Bridgeport and Mayor Bill Finch have been strong advocates for a financial literacy education campaign. Mayor Finch, who was a volunteer at the May 2011 FRF at Housatonic Community College, stated, “It’s great to see these students exposed to these choices at this point in their lives; this certainly is a crash course in reality.”

Furthermore, on the 1st- and 3rd Wednesday of every month, Bridgeport teachers have an extended day for professional development, and the Mayor has requested that one of these meetings focus on the FRF, the City’s campaign, and the BOE curriculum.

Finally, the Mayor is extensively involved with the local business community and has reached out to potential business leaders who are willing to volunteer their time and resources to participate in and help sustain the FRF program for all students.

← Bridgeport Mayor Bill Finch visiting elementary students in the city.

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CO N TA C TKen Barbeau414.286.5678Kenneth.Barbeau@milwaukee.gov

Mayor Tom Barrett

Make Your Money Talk“The most important part of Make Your Money Talk is the impact it has on individuals who come to understand the full advantage of being involved in the program.”

W I S CO N S I N

Milwaukee A goal of Mayor Tom Barrett and the Housing Authority of the City of Milwaukee is to move people to self-sufficiency. In 2004 the City of Milwaukee and the Housing Authority of the City of Milwaukee

(HACM) partnered with a local nonprofit, the Wisconsin Women’s Business Initiative Corporation (WWBIC), to create a financial awareness and educa-tion program targeted towards low-income individuals. The 4-6-week set of workshop classes called Make Your Money Talk covers a wide variety of subjects, including the basics of managing checking and savings accounts, compound interest, creating a household budget, understanding a credit re-port, dealing with past and future credit, and developing a savings plan. The curriculum was originally based on the Federal Deposit Insurance Corpora-tion (FDIC) MoneySmart financial literacy program, and has been adapted and modified by WWBIC’s instructors to better meet the needs of Milwaukee residents.

The DollarWISE Innovation grant will enable the HACM to ramp up out-reach efforts to begin providing financial education to include households that receive Section 8 rental assistance (Housing Choice Voucher). Many of these families also need financial education and awareness training, and because they are scattered throughout the community, there are fewer resources avail-able to the Housing Authority or others to assist them in their self-sufficiency efforts. By encouraging them to become involved in the Make Your Money Talk program, the goal will be to have them open an Individual Development Account (IDA) to save for a home purchase down payment.

Focused on the most financially vulnerable

From the beginning of the program, the targeted population has been public housing residents in Milwaukee. Public housing residents in Milwaukee gener-ally experience higher rates of poverty, unemployment, have female-headed households, and lower rates of educational attainment than the citywide aver-age.

In many ways, this population made sense to target because: (1) surveys have consistently shown that public housing residents have a significant need for financial education and awareness; (2) HACM has good relationships and on-going communications with its public housing residents, providing an engaged audience; (3) HACM has an existing self-sufficiency program to assist residents into employment, since earned income is a requirement for the IDA program as well as a homeownership program; and (4) many of HACM’s families live in HOPE VI developments that require residents to work towards self-sufficiency.

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A new focus will be placed on determining the num-ber of Section 8 enrollees brought into the Make Your Money Talk effort. The participant sector (public housing and Section 8) source will be identi-fied to assess the success of outreach efforts to the Section 8 population. The success of the expanded campaign will be further determined through track-ing each participant’s attendance, graduation from the program, and the number of people who open and maintain IDA’s.

A variety of media is used for our outreach to public housing residents from flyers and invitations to orientation meeting and phone messages to promote the orientations. Information is presented at month-ly resident organization meetings. By far, the best outreach has been through word of mouth promo-tion from resident program participants.

Individual Development Account (IDA) – 2:1 match

Once a participant completes the financial literacy education, he/she is encouraged to open an Individ-ual Development Account (IDA) and can contribute as little as $15 per month into an IDA up to a total of $2,000. Money saved by residents is matched 2:1 with $1 in funding from WWBIC through the Assets for Independence (AFI) grant from the U.S. Depart-ment of Health & Human Services and $1 from HACM’s non-federal funds.

The IDA account can be used for three specific purposes: to start a business, to pay for education, or to purchase a home. Thus, a resident can have as much as $6,000 with the 2:1 match to use for these purposes. Hands-on case management and continual contact from both HACM and WWBIC keeps the participants motivated to continue attending the classes and saving money into their IDA over a two-year period.

Through September 2011, 561 persons have com-

pleted the training, with 437 opening an IDA ac-count. Fifty-three persons have used their account to purchase a home, 41 have used it for post-secondary education, and 30 have used it to start a business.

Collaborations

HACM’s principal local partner is the community-based nonprofit organization, Wisconsin Women’s Business Initiative Corporation (WWBIC). WWBIC has been operating since 1989 as a statewide non-profit economic development corporation.

WWBIC’s mission is to promote economic develop-ment through microenterprise by providing access to capital, including direct lending, one-on-one indi-vidualized business assistance, business education, and asset building financial awareness education programming, with an emphasis on women, people of color, and people with limited resources and incomes.

WWBIC provides the actual financial education training and manages the IDA account program, working in conjunction with M&I Bank.

Innovative approach: Flexibility

Over the past 7 years, the campaign has had to be flexible, creative, and innovative to continue to reach the targeted audience and accomplish its goals. For example, the original Make Your Money Talk training lasted for a total of nine weeks, a time com-mitment that proved too long for many participants, especially working female heads-of-households. The course was adapted to make it 4-6 weeks long, with an extended time allocated per session.

Other innovations incorporated into the financial education program include on-site childcare avail-able to families during the program and incentives such as an initial $25 IDA deposit or grocery store gift card offered to participants that complete the

program. In an innovative move not done by many other financial literacy and savings programs, HACM and WWBIC also requested permission for heads of households that were not interested in higher education for themselves, to have the option to save and use their IDA for a dependent’s post-secondary education.

Mayor showing initiative

Mayor Tom Barrett has been a strong supporter of the Make Your Money Talk financial literacy program since its inception in 2004. With his sup-port, HACM has taken the lead on the program. Mayor Barrett has personally assisted in past years by speaking at graduation ceremonies. Every person that graduates from the Make Your Money Talk program receives a congratulations letter and a cer-tificate signed by the Mayor.

In addition, Mayor Barrett has been a strong sup-porter of other financial education efforts in the City, such as the Volunteer Income Tax Assistance (VITA) program; Make a Difference Wisconsin, a local nonprofit that provides financial education for youth; and Money Smart Week, an annual event with a Milwaukee attendance of more than 1,000 persons. Moreover, the Mayor was instrumental in the formation of Take Root Milwaukee, a partner-ship between the City of Milwaukee, the Milwaukee Homeownership Consortium, and Freddie Mac. Take Root Milwaukee provides free or low-cost, reliable, and trustworthy assistance to help residents purchase and keep their new home. This includes housing counseling, credit counseling, and home-ownership resources, assisting in reduction of the foreclosure rate in Milwaukee.

→ Milwaukee Mayor Tom Barrett, with Housing Commission President Sherri Daniels, and members of the Boys & Girls Club of Milwaukee, during the DollarWI$E Innovation grant presentation.

CALIFORNIA

Covina

Second Start Literacy Program

The City of Covina aims to expand an already successful Second Start Literacy Program by implementing the Covina Public Library Family Financial Literacy Initiative. Begun

in 1999, the current program has a long history of strengthening literacy skills of thousands of participants throughout Covina and the San Gabriel Valley. Over the past few years, there has been an increased number of functionally illiterate residents in the city of Covina, hence the need for this new program. Covina plans to reach a target audience by utilizing a strong history of partnership with local businesses, service clubs, schools, churches, and youth

sport organizations and hold informational meetings and seminars at various locations throughout Covina.

The Covina Public Library Family Financial Literacy Initiative will strive to establish financial program workshops that reach residents at the lowest end of the spectrum of financial knowledge and resources. To address these needs, the city has crafted a user-friendly financial education core cur-riculum that consists of modules that cover different financial concepts and participant assessments to track the initiative’s measur-able outcomes. The modules include the teaching of basic banking skills, financial

goal setting, ways to save money, borrowing, understanding loans and interest rates, and understanding mortgage contracts. The curriculum will be replicated and modified to meet the needs of younger children and the needs of participants with language bar-riers.

Focus on savings

Covina has many members of the community that are committed to seeing programs like the Public Library Literacy Program suc-ceed. This is the first financial literacy program offered to Covina residents through cooperative partnerships. The overall objec-tive for the implementation of the initiative is to decrease current levels of functional financial illiteracy in the Covina community. The workshops are designed to educate entire families and can

be modified for younger audiences. Workshops include hands on activities, role-playing, visits to financial institutions, and lectures from financial experts. At the first session of Workshop I, each family receives a piggy bank to take home to save spare change. This assists families in applying the financial concepts learned in each session. At the conclusion of Workshop VII, the families bring their piggy banks in to see how much they have saved.

Across all borders

The City of Covina has determined that its most urgent need for basic financial education lies within its low-to-moderate income families and those with low literacy skills. This is the target audi-ence for the literacy program. The program currently uses a num-ber of approaches to reach out to community residents, including partnering with local faith-based organizations, colleges, universi-ties, adult education institutions, and local schools. It also seeks partnership with local government, social services departments, local businesses, as well as non-profit organizations. The program utilizes radio stations, the press, as well as social media in order to reach out to the community. To further the campaign, the Covina Family Financial Literacy Initiative plans to have financial insti-tutions promote their cause and establish an advisory financial education committee to further define and identify its audience, education methods, outreach approaches, and future paths to ensure the success of the program.

Organizational cooperation

The City of Covina is in constant contact with partnering organi-zations to ensure that it is effectively reaching its target audience. It has been in the process of developing and providing a form for the organizations to distribute to their participants. This form is designed to educate participants about available Family Financial Literacy Workshops. The City plans to measure the success and effectiveness of the initiative through the tracking of program participant successes and improvements. There will be assess-ments, surveys, and testimonials that will be collected throughout the course of the workshops. The results will be evaluated for successes and failures to determine the necessity of future program improvements.

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CO N TA C TLilly Jimenez626.384.5280LJimenez@covinaca.gov

Mayor Kevin Stapleton

↓ The Second Start Literacy Program financial literacy workshop

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CO N TA C TErma Saracho214.671.8046

Erma.Saracho@dallascityhall.com

Mayor Mike Rawlings

Bank on Dallas

The City of Dallas financial education program has taken place in the context of the City’s Bank on Dallas Program. The basic financial literacy needs were determined by an

analysis of the unbanked population in Dallas. This information was derived from FDIC Financial Inclusion data and revealed that one out of every 5 families and individuals in Dallas were unbanked and unaware of how to access the financial mainstream and make the financial choices to increase income, grow savings, and build assets.

The Bank on Dallas Program was launched on July 1, 2010. As of June 30, 2011, 19,124 new accounts were opened and an estimat-ed 900 persons received financial education

The financial education committee developed Bank on Dal-las Financial Education Curriculum standards to be covered by participants in the program. Eight non-profit providers of financial education signed onto an agreement to incorporate this curricu-lum in their financial education programs.

In the first year of the program, the emphasis was on mass com-munication techniques to reach the target audience. In the second year, the focus has changed to more of a bottom up campaign involving non-profits that low- and moderate-income families and individuals trust. A new priority will be on outreach in collabora-tion with the Mexican Consulate.

Take it to the Bank: Your Guide to Opening a Bank Account

One of the achievements in the first year was production of a

booklet entitled Take it to the Bank: Your Guide to Opening a Bank Account printed in English and Spanish by the Federal Reserve Bank of Dallas. Over 10,000 copies of this booklet have been distributed. This publication included general information on Bank on Dallas and contact information on the eight non-profit providers of financial education.

A major focus of Bank on Dallas in 2012 is availability of small dollar loan product(s) from member banks and an emergency financial assistance from 3 credit unions participating in the Bank on Dallas program.

In 2012, as a self evaluation step, Bank on Dallas will request that at the end of each quarter, beginning in the first quarter of 2012, financial education providers will provide their quarterly numbers indicating the number of persons served, their zip codes, and the date(s) the training was provided to the City of Dallas Economic Development Department by the 15th of the next month after the quarter ends.

This reporting would enable Bank on Dallas to document progress regarding the financial education participants receiving the train-ing that meets Bank on Dallas curriculum requirements. It will also assist financial service providers in their fund raising efforts.

Collaboration

In addition, as part of the financial education outreach, the City is seeking a collaborative financial education initiative with the Dallas office of the Counsel General of Mexico. Under this initia-tive, outreach materials would be provided to the 500 persons per day that visit the Consulate for service, and the Bank on Dallas partners would hold 20 financial education workshops (10 in English & 10 in Spanish). These workshops would be hosted by the Consulate in collaboration with the City of Dallas.

The City of Dallas has approved 2 laws that exemplify the stron-gest anti-predatory lending legislation in the America. One law is focused on zoning restrictions, and the other is focused on reduc-ing the negative financial impact of predatory lenders. In tandem with these laws it is important to emphasize financial education and access to mainstream financial services provided under the Bank on Dallas program.

TEXAS

Dallas← Participants attend Bank on Dallas Seminar

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CO N TA C TKatie Stevens559.621.7910Katie.Stevens@fresno.gov

Mayor Ashley Swearengin

Bank on Fresno

The Bank of Fresno is a joint effort by organizations throughout the Central Valley to ensure that every resident has access to mainstream financial institutions and can

begin saving for the future. Those involved include the Office of the Governor, California Department of Consumer Affairs, Fresno Mayor Ashley Swearengin, Federal Deposit Insurance Corporation (FDIC), United Way of Fresno County, and Bank of America.

BOF’s financial education efforts have been recognized as a “best practice” by the State and have received acclaim from the FDIC, Dept. of Treasury, and United Way Worldwide. It created a financial education “matchmaking” plan where organizations in low-income and underserved areas “host” a financial education workshop. These workshops are open to the public and heavily marketed toward the host organization’s clientele and surrounding community. When a venue is secured, a partner financial institu-tion near the venue is approached and asked to provide a present-er to teach participants about checking accounts, savings accounts, budgeting, and money management.

BOF also partnered with local banks to offer free or low-cost accounts for those without bank accounts. Starting in 2008, BOF set a goal to reach 10,000 unbanked residents. Since then, partner banks have reported opening over 55,000 free or low-cost ac-counts for previously unbanked individuals.

Strategy through matchmaking

BOF has dedicated itself to research and application of the latest innovations in the field of financial education. Chief among these is the “matchmaking” strategy, in which BOF serves as a liaison between community organizations and local financial institutions. Bringing these entities together bolsters neighborhood support for financial education and ensures that individual workshops will be accessible and inclusive.

This program focuses on expanding outreach to critical popula-tions, ensuring that follow-up is conducted, and that clients are referred to United Way’s SparkPoint Center for housing and credit counseling, as needed. In addition, this strategy also involves des-ignating one person from each host community group as a “BOF Ambassador.”

Community outreach

Nearly two-thirds of Central Fresno’s 50,000 residents draw some form of public assistance. The population is also demonstrably diverse. The latest U.S. Census Bureau figures set the county’s population at 49 percent Latino, 34 percent Caucasian, 9 percent Asian/Pacific Islander, and 5 percent African-American.

BOF’s initial challenge was deciding which neighborhoods to target first. This prioritization was achieved by having staff cross-reference economic statistics with ZIP codes. Next, BOF contacted community organizations in those areas with an established record of successfully delivering social services. In some cases, these were local non-profits; in others, neighborhood churches. Presenting financial education workshops using this collaborative approach not only fostered resident trust in the program, but assisted in eliminating language and transportation barriers to participation.

Meeting set goals

Few elements are as vital to a program’s success as the ability to accurately evaluate its progress, identify challenges, and where necessary, adjust its strategies. BOF has created three distinct post-workshop questionnaires to obtain this information. The first is designed for participants. After assuring confidentiality, it seeks the participant’s overall opinion of the program while also gather-ing important demographic information. The questionnaire then focuses on the participant’s prior experience with budgeting before getting feedback on the workshop. Presenters fill out a second questionnaire in which they assess their own efforts as well as participants’ attentiveness and structure of BOF workshop model. A BOF observer completes a third questionnaire, bringing in an outside perspective to the experience.

CALIFORNIA

Fresno → Mayor Swearengin speaks at Bank of Fresno Event

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CO N TA C TMary Jordan

(954) 447.1701MJordan@ppines.com

Mayor Frank Ortis

DollarWI$E Youth:

Planning for Our Future

Pembroke Pines has been innovative in its approach by not only targeting youth for participation in its financial educa-tion program, but also identifying local communities that are

more likely to need financial education to succeed, and bringing programs to them. Such programs include: Transition Into Inde-pendent Living (for foster children), Residential Senior Commu-nity, the Susan B. Anthony Residential Program, and the Police Athletic League, which supports at risk youth.

All these initiatives provide opportunities to teach financial education. The City provides sessions in classroom settings and additional financial information through a quarterly newsletter. Pembroke Pines opens these programs to the public, advertising them through its municipal website, e-blasts to the parents of the City of Pembroke Pines Charter Schools, the City Connect News-paper, as well as the local community news station. In total they reach 160,000 potential students.

By targeting specific communities, Pembroke Pines has been successful in having over 400 attendees at their parent workshop on College Planning 101, over 100 people attending a workshop on how to talk to your kids about money, as well as 100 partici-pants in the senior community attending a quarterly information dinner about the Transition Into Independent Living. The Susan B. Anthony residential program will soon begin and will provide a newsletter to new residents as part of their welcome package. Pembroke Pines will also be adding quarterly reviews on its exist-ing programs that will allow it to find new and innovative ways to reach its target audience.

Across demographics

Due to diverse demographics within the city, the long-term goal for Pembroke Pines is to make financial education available to all that live, work and attend school in the City. By identifying spe-cific demographics Pembroke Pines continues to customize each program for its target audience. This allows for the easy absorp-tion of information.

The DollarWI$E Youth: Planning for Our Future campaign and the in–house credit unions will continue through existing cam-puses at Pembroke Lakes Elementary School, Walter C. Young Middle School, and Flannigan High School. The City of Pembroke Pines Charter Schools will add an elementary and middle school program in the 1st quarter of 2012. Two additional schools will be added by the 3rd quarter of 2012 and by the 4th quarter of 2013.

Teaching For The Future: Banking 101

Pembroke Pines Charter Schools will have an in-house credit union along with special seminars and classes identifying specific components for teaching financial education for their future. The Transition Into Independent Living has just recently launched Banking 101, which identifies budgets, banking, and savings. Each quarter a new subject will be intro-duced targeting specifics of financial growth such as: Your Credit Score and You and Saving For Your Future. These programs will be partnered with the Susan B Anthony residential program which allows young

women who are recovering from substance abuse to care for their children while learning the life skills necessary for success. Our financial partners will be present every quarter to educate and inform our senior population on the changes in today’s economy and to answer any specific questions personally.

Partnerships

The City of Pembroke Pines and Broward County Children and Family Services provide a residential program for children who have aged out of foster care. The Transition into Independent Liv-ing gives these young adults the ability to learn basic life lessons such as paying rent, living on their own, and finances. Bank of America has been an active participant by supporting the finan-cial information provided to these participants. BrightStar Credit Union provides staffing and financial education lessons for the in house credit unions and will be leading the program in two Pem-broke Pines Charter Schools in January of 2012.

FLORIDA

Pembroke Pines↓ Students attend financial education event at Flannigan High School

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CO N TA C TCaprice Baca619.228.2919CapriceBaca@workforce.org

Mayor Jerry Sanders

Community Networks

San Diego’s financial education collaboration consists of a network of community service providers, financial institutions, city government, and community based

organizations (CBO’s). The program is designed to close the gap of financial illiteracy in underserved populations by encouraging community based organizations, financial institutions, and other partners to sustain stability in the community.

The program materials consist of items such as brochures, PowerPoint presentations, curriculum hand-outs, hands-on experience in learning how to open and manage savings- and checking accounts, and simulations of online banking. Sessions will be provided every-other-month which will allow us the ability to plan and track our performance measures over a six month period by the end of 2012.

Collaborative education

Targeted audiences are drawn to our partner’s facilities primarily seeking support in either financial- or work-related opportunities. Four groups - refugees, in-school upper classmen and at-risk foster youth, veterans and families, and transitional youth from the ex-offender population - within underserved populations were specifically targeted to take part in this campaign program because of their highly populated residential presence in the community of City Heights.

Once individuals are identified as members of the targeted audi-ence, depending on which designated tier module best fits their needs, they will then be referred to attend a financial education session. Participants must commit to attend one of the financial education tier sessions. Numerous attendees from each of the targeted populations will then be asked to partake in an incen-tive based financial education study and be made aware of needed tracking outcomes throughout their progress. In addition, through collaborations with secondary schools and administration, in-school upper classmen may have an opportunity to take part in the campaign study with offered incentive.

Education through incentives

A key component of the campaign is the incentive approach that

is offered to participants who take part in our educational sessions and to individuals who participate in our financial education study. Performance outcomes will keep track of progress and gained knowledge from the financial education sessions. Through a series of financial education workshops, participants will learn about budgeting, savings, credit, and investments.

Through strong ties with our partners, the campaign follows participants’ progress through our unique Customer Information Services Reporting System. This innovative approach provides consistent knowledge in financial literacy and serves the same purpose within different populations throughout the community.

Collaborations

The International Refugee Committee offers life changing assis-tance to refugees forced to flee from war or disaster. Their educa-tion program teaches the basics of budgeting, credit, tax prepa-ration, and banking. The One-Stop Career Centers and State’s Employment Development Program serve veterans and families, and provide an array of opportunities in job training and financial planning. They provide services to those transitioning from mili-tary to civilian life through programs that teach life skills, work readiness, and financial education. San Diego Office of Education and Juvenile Court and Community Schools are committed to serving transitional foster youth who have entered the delinquency system. Enhancement to their academic curricula through financial education will increase awareness and willingness of indepen-dence. Health Sciences High and Middle College provides students with interactive career pathway academia.

CALIFORNIA

San Diego ↓ Participants of the Health Sciences High and Middle College Life Sciences Internship Program

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CO N TA C TTammy Stratz

(715) 261.6682Tammy.Stratz@ci.wausau.wi.us

Mayor James E. Tipple

Get $mart Wausau

Coalition

The City of Wausau provides financial counseling through a local nonprofit collaboration called Get $mart Wausau Coalition (G$WC). This organization provides financial

education through a variety of opportunities. Such topics consist of Basic Budgeting, Home Buyer Seminars, Get Checking, Earned Income Tax Credit preparation, Income Taxes Preparation as-sistance, Children’s Financial Literacy Project, Financial Wellness Conference for adults and youth, and the Finance and Investment Challenge Bowl for high school students. Since 2005, G$WC has made great strides in meeting the financial needs for adults.

Reaching out

When G$WC first began, the initial target audience was low-income households that fell through the cracks and did not know where to turn for help. However, G$WC has never turned anyone away due to income. G$WC is currently looking to expand its base and target an audience that can make a long-term differ-ence, Wausau’s teenage and young adult population. The coalition has been working with the local school districts in an attempt to add financial education as a mandatory credit to graduate, but they have been unsuccessful to date. However, by reaching out to Wausau School District, high school students can partner with the school’s Youth Apprentice Program. G$WC will be able to as-sist all high school students by the time they graduate. The Youth Apprentice Program has a typical enrollment of up to 10 teens per year and is a two-year commitment. The teens that enroll in this program are approved through the Wausau School District.

The Youth Apprentice Program

G$WC’s goal is to provide financial literacy education to high school age children, where a large gap has been identified. Stu-dents enrolling in The Youth Apprentice Program as juniors, are matched with a mentor who works with them for two years. Students take a pre-evaluation test to show the level of financial awareness. Mentors then prepare a path for the students’ individ-ual needs and develop a plan for the goals that the students wish to accomplish by the time they graduate. Such topics include, but would not be limited to: basic budgeting, opening and balancing a checking account, types of savings accounts, credit card pitfalls,

as well as cost of post-secondary education. After their junior year, the students are given a post-test to see how their knowledge is progressing. The mentor then develops a plan for their senior year, reviewing what was missed or not understood completely, and moving on to areas that were not covered the first year. The students take another post-test before they graduate, not only to evaluate the growth of the students’ financial awareness, but to evaluate the program itself. Input from the teachers is collected so necessary changes can be made for the following years.

G$WC plans to serve between 10 and 20 students per year through the mentoring program in conjunction with the Wausau School District and North Central Technical College. G$WC will measure behav-ior changes and knowledge gained throughout the program. Approxi-mately 650 students per year will be served through the Reality Fairs, which involves the Youth Apprentice Program. This represents one aver-age grade level in the Wausau School District. So in 2012, if all 9th grade students are targeted, it would mean 650 students would be involved.

Sense of community

G$WC is an amazing innovation in itself. None of the for-profit or nonprofit organizations feel they are in the coalition to better their position or to sell a product. They belong because they truly believe in helping the community. Because of this, G$WC has embarked upon new programs throughout the years, starting with the Homebuyer Seminar, and adding the Basic Budgeting Classes, the Financial Wellness Conference, the Get Checking program, the Finance and Investment Challenge Bowl, and the new Children’s Literacy Program. During the State of Wisconsin’s Money Smart week, our partners come up with new programs to market to the community at large. The proposed new teen programs are innova-tive, and the Wausau School District is excited for the coalition to take it on.

WISCONSIN

Wausau↓ Wausau youth at a Reality Fair

T H E U N I T E D S TAT E S CO N F E R E N C E O F M A Y O R S

1620 Eye Street NW Washington, D.C. 20006

202.861.6759

dollarwise@usmayors.org

bedollarwise.org

M A Y O R S F O R F I N A N C I A L L I T E R A C Y

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