allies, inc. success of saving | 2009 allies, inc. 1262 whitehorse hamilton square road building a,...
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ALLIES, INC.
Success of Saving | 2009
Allies, Inc.1262 Whitehorse Hamilton Square RoadBuilding A, Suite 101Hamilton, New Jersey 08690Office: 609.689.0136Fax: 609.581.4891Web: www.alliesnj.org
What Are Your Dreams?
Financial Goals
Short Term – Less than one year
Medium Term – Two years
Long Term – Five years or more
Helping Others Realize Their Dreams
SOS gives you the toolsso you can provide instruction and
guidanceto the people you support
so that they, too, can realize their dreams.
Disability is an Economic Problem
Many people with disabilities are able to maintain steady employment, but rely on Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) to afford expensive medications and adaptive equipment
If an individual’s personal net worth exceeds $2,000, they may become ineligible to receive these benefits
To remain eligible, people with disabilities limit workable hours, causing annual earnings to fall far below the poverty level
History-SOS (Success of Savings)
Action: First IDA (Independent Development Account) modeled program targeted for people with disabilities in NJ
Allies awarded the SOS grant through the Council on Developmental Disabilities
May 1, 2004-June 30, 2005 Results: 20 people with disabilities
participated in a financial literacy class through the grant and saved toward their goal
History-SOS (Success of Savings)
Action: Banking Partners recruited for instruction of community based curriculum, matching funds for savings goal
Results: Provident, Commerce (now TD Bank), Sovereign and NJ Federal Credit Union have been successful partners
History-SOS (Success of Savings)
Action: IDA modeled program targeted for people with disabilities in NJ
Council on Developmental Disabilities funds 40 more participants in SOS
September 30, 2006 Results: 40 more participants
reached their savings goals
History-SOS (Success of Savings)
Action: IDA-(Individual Development Account) “Project American Dream” award from Federal government
10 participants in a matched saving program saving toward their entrepreneurial, education, or homeownership goals.
September 05-10 Results: 10 participants will
participate in financial literacy program which will encompass specialty classes towards their specific goal
History-SOS (Success of Savings)
Action: IDA-(Individual Development Account) award from Federal government as part of a collaborative through the DCA (Department of Community Affairs)
Results: 15 individuals with disabilities and direct care staff will participate in financial literacy program through Allies. Allies was the only agency serving people with disabilities to be included in grant.
October 2008-June 2011
History-SOS (Success of Savings)
Action: Partnered with other agencies to promote financial literacy/IDA
Jewish Family and Children’s Services-Mentored to open their own financial literacy program in their organization Allies assisted with set-up, managed and maintained escrow accounts for participants and technical assistance.
OMRDD-Developed and wrote grant for OMRDD/NY to develop their own IDA program for people with disabilities
Results: Expanded the scope of SOS/Financial Literacy/IDA
History-SOS (Success of Savings)
Action: Developed original SOS curriculum for participants with special needs
Results: Curriculum will be packaged
What is Success of Saving?
Success of Saving (SOS) is a saving program engaged in the fight to reverse endemic poverty among people with disabilities in New Jersey. The program is modeled after Assets for Independence, a Federal program.
The goals of SOS are to: Reduce barriers to full participation in the
economy and increase personal economic self-sufficiency through the use of banking and other financial services among people with disabilities,
Establish integrated approaches to employment, wealth creation and asset management,
Evaluate the promotion of wealth creation and asset management among people with disabilities, and,
Reduce rates of poverty and reliance on public assistance by increasing overall access to capital to people with disabilities.
SOS Programs
SOS
Savings
Club
Project
American Drea
m AFI/IDA
Program
Allies, Inc. SOS Program
SOS Program
Success of Saving SOS Savings Club
Program offers matched savings accounts to provide an incentive for attending and completing financial literacy coursework with case management services provided by Allies, Inc.
Unlike AFI IDA programs, savers may save for any asset goal (furniture, television, vacation, engagement ring, etc.)
Savings accounts are opened jointly between Allies, Inc. and the saver. Because Allies, Inc. acts as the corporate fiduciary of these accounts, funds deposited are ineligible for consideration of Social Security benefits.
SOS Program
SOS Savings Club (Continued)
Following the savings plan, savers make monthly deposits from earned income toward their asset goal
Savers learn: what a budget is differences between a fixed and flexible
expense what a check card is and how to use it how to make a deposit
Coursework is delivered monthly by bank personnel at public libraries and at local banks.
Rutgers Process Evaluation
“At every level of participation (i.e., advisory council member, Success of Saving participant), the reaction to the Allies, Inc. Success of Saving (SOS) program was positive and encouraging.
Compared to results from other evaluations of IDA programs, this program equaled, and in some areas surpassed, those results. For example, in an evaluation of IDA programs conducted by the Center for Social Development (McBride, Lombe & Beverly, 2003), 59% of participants agreed that they were more likely to work, compared to 90% in the SOS group. Policy, Success of Saving Process Evaluation, 2005).
Common Misconceptions About Saving Money
Saving is complicated.
Common Misconceptions About Saving Money
It’s okay to be in debt.
Common Misconceptions About Saving Money
Saving means financial sacrifice.
Common Misconceptions About Saving Money
You don’t need to know about saving because you can simply ask a
professional.
Robin
35 Year old female Savings Club Goal – Trip to
Boston IDA Candidate – Home
Ownership
“ I like telling others about how I saved money to go to Boston. I hope to save enough to buy my
own home one day.”
Amy
34 year old female Savings Club Goal – Camp
Independence “I like learning about banks and
how to save my money.”
Jenny
32 year old female Savings Club Goal –
Computer/Home Ownership IDA Candidate – Home
Ownership
“I want to save enough money to buy a home. Homes are so
expensive.....”
Andrea
“Allies Success of Savings (SOS) program has been
a blessing. My credit cards were all maxed out and there was nowhere to turn to help me get back on my feet. Allies taught me to understand the
importance of being financially responsible and as a result of the SOS program, I have learned to live within
my limits. Allies gave me the opportunity
to get my life back together again.”
Key Points for Starting an SOS Program at your agency
Identifying the target population
Key Points for Starting an SOS Program at your agency
Locating an instructor
Key Points for Starting an SOS Program at your agency
Establishing the curriculum
Key Points for Starting an SOS Program at your agency
Creating activities
Key Points for Starting an SOS Program at your agency
Completing the intakes
Key Points for Starting an SOS Program at your agency
Marketing for matching funds
Key Points for Starting an SOS Program at your agency
Understanding escrow accounts/bank
statements
Future of the Program
Development of a strategic plan
to focus on the following goals.
Ensure the sustainability of the SOS Program through furthering foundation and institutional support.
Future of the Program
Increase the staff of the SOS Program to ensure its continued success.
Expand the services provided by the SOS Program.
Future of the Program
Project American Dream
To deliver financial literacy and wealth building strategies to
people with disabilities and the staff who support them.
Home ownership Business development
Higher education
What You Can Do Now
Enroll someone in an already existing savings
program
What You Can Do Now
Approach local banks about providing
instructors and/or matching funds
What You Can Do Now
Train administration and staff
at your agency on Financial Literacy program options
What You Can Do Now
Start a Financial Literacy program
at your agency
Financial Literacy Education
Savings Program
Savings Program with Matching Funds
Contact Information
Fran CurleyDirector of New Initiatives Allies, Inc.Madison Corporate CenterBuilding A, Suite 1011262 White Horse - Hamilton Square RoadHamilton, New Jersey 08690(609) 689-0136, ext. 131 (609) 689-0831 (fax)[email protected] www.alliesnj.org