proposal to build financial stability metrics for the united way
DESCRIPTION
From January 2008, a proposal to construct metrics to measure the efficacy of United Way Financial Stability programs.TRANSCRIPT
The Markets and Information Nexus (MAIN)an applied study center at PERC
Unleashing the Power of Information
Financial Stability Metrics: When Making a Difference Counts
The United Way Financial Stability Program
Presentation for the Annie E. Casey Foundation
January 7, 2008
Why are we here?
Shared Objectives: Facilitating Asset Building and Wealth Creation Equitable and Sustainable Economic Development
Shared Approaches: Outcomes Driven Programs Commitment to Measurable Results Creative Solutions
Shared Constituents: Thin- and No-File, Unbanked, and Credit Underserved Disadvantaged and Low Income Entrepreneurs and Small
Business Owners
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Problem: how to quantify the real effect of financial stability and development projects on people and places
What are appropriate measures? What is the appropriate time-frame? What are the relevant benchmarks and control groups?
(how many variables can be taken account of?)
The Need
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Evaluate the impact of United Way financial stability programs in 3 Locals (Forsythe County, Central Ohio, and Central Indiana):
Track the changes in the credit and financial profiles of participants
Benchmark performance against randomly selected individuals who are geographically and socio-demographically “close”—and to the extent that some who apply don’t join the program, serve as randomized trials (akin to procedures suggested by Poverty Action Lab)
Proposed Solution
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Developing metrics for evaluation financial stability projects (with United Way):
Enable the specification of outcomes through data comparisons with control groups;
Allow for a more accurate identification of individuals in need;
Permit faster and more accurate monitoring of progress in financial stability projects;
Helps allocate resources better; Provide mid-project assessments of any need for additional
interventions; and, Identify differential program impacts on varying socio-
demographic segments, better target clients.
How this Helps United Way Locals
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In short, a successful dashboard will result in better quality service for more people in United Way communities.
How this helps UW Locals?
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Project Approach
Proposal Modifications
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April 08 January 09
Timing Unified two-year project
Two-phased, two-year project with pilot phase (8 months) & implementation (16 months)
PERC Partners
TransUnion TransUnion & Social Compact
Participating United Ways
Forsyth County, Miami Dade, Palm Beach,Chicago, Brownsville, and Central Ohio.
Addition of Central Indiana
Request for Support
Project Cost: $320,000
United Way Contributions $ 75,000 Other Funding Potential $ 95,000 AECF Request: $150,000 Also in discussions with Mott Foundation,
Progress Energy Foundation, and Z. Smith Reynolds Foundation.
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