Building Your CSA Design Team June 22, 2016 @CFED /CFEDNews - PowerPoint PPT Presentation

Building Your CSA Design Team June 22, 2016 @CFED /CFEDNews cfed.org/blog/inclusiveeconomy

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CFED (Corporation for Enterprise Development) empowers individuals and families to build and preserve assets by advancing policies and strategies that help them go to college, buy a home, start a business, and save for now and for the future. We combine the vision of a think tank with real-world experience to : Identify Good Ideas : Develop Partnerships: CFED Bring Them to Scale : CFED’s research finds ideas with works in partnership with CFED brings together potential for making the diverse organizations across community practice, public economy work for everyone, the country to promote policy and private markets to particularly those on the lasting change. achieve the greatest economic margins. impact.

savingsforkids.org

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Amber Wade Amanda Feinstein Mattie Sue Stevens Program Manager Project Director, College Management Analyst East Durham Children’s Savings Initiatives City of Durham Initiative City of Oakland

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Durham Kids Save Program Durham, NC Building Our CSA Design Team

Program Details • Currently piloted at one elementary school • Program began in January 2016 • First cohort FY 16 ~ 77 kindergarten students • Second cohort will begin in August with incoming kindergarten class • Auto-enrollment • $100 seed deposit • Deposits made at school and at community partner • Matching 1:1 up to $100 each year • Intended to be used for educational purposes • Eventual plan to rollout to other schools in Durham

Long-Term Goals Increase college savings and affordability. Develop savings habits in children and parents. Children develop a successful college/career- bound identity.

Durham’s Challenge March 2015 • Mayor Bill Bell issues a challenge to city and community leaders, non-profit organizations, and Durham residents to engage them on developing a plan to eliminate poverty in Durham. • Committees chaired by city and community leaders on education, finance, health, jobs, public safety formed. • Census tract 10.01 is chosen as the initial focus of this initiative.

In-Kind Support City did not have funding set aside to support some of the specific strategies suggested by committees of the Mayor’s PRI. City turned to already established, reputable non- profits and community organizations * to focus more of their current efforts on census tract 10.01 in Durham.

Program Roles & Operations Program Partners East Durham Children’s Initiative (EDCI) - Community partner providing program management and of the City of savings program as well as family engagement Durham opportunities. *Already working with families and schools in target area of PRI. City of Durham - Facilitating connections among community partners and resources. EDCI Corporation for Enterprise Development (CFED) - CFED DPS Providing technical assistance as well as the crowd funding platform to raise individual donations to support the savings account program. Durham Public Schools (DPS) - Enrollment partner and provider of deposit site. SHCU Self-Help Credit Union (SHCU) - Custodian of childhood savings accounts. *History of promoting equitable- lending practices, access to financial products, and community-building.

Implementation Timeline • Finance Committee of Mayor’s Poverty Reduction Initiative (PRI) convenes to develop strategies to build wealth —including a children’s April 2015 savings program. • Committee chair gauges interest of potential partner organizations in joining as a partner in Durham’s children’s savings program. • East Durham Children’s Initiative (EDCI) is chosen as the community early partner to manage day-to-day operations and parent engagement in the program. May 2015 • Self-Help Credit Union (SHCU) is chosen as account custodian. • Program Manager from EDCI is selected to administer day-to-day May 2015 operations of the program

Implementation Timeline, cont. May – • Planning committee holds monthly meetings to advance project activities prior to program kickoff. December • November - Giving Tuesday fundraising plan created to raise first seed 2015 deposits. • Durham Kids Save Program begins with 1 st cohort of kindergarteners January 2016 at YE Smith Elementary School. June 2016 • First year of savings program ends.

Relationship with Partners ● Reputable partners with long- ● Did not have the right standing community relationships level of representation from the school district during ● Decision-makers and influencers planning engaged at the table ● Limited data-sharing from ● During planning phase monthly school district meetings with clear agendas and action items ● Heavy reliance on the school so competing ● MOUs (account custodian, priorities for school staff’s deposit sites, enrollment partners) attention (testing, end-of- ● After rollout, small partner year work, other meetings based on topics/issues partnerships that consume ● Over communication about their attention) project activities (emails, ● Most implementation newsletters, photos, etc.) work falls to one agency .

DKS First Year Outcomes $1,000 saved by students and All partners are still engaged and on parents. board for next year. We have received a grant from the city 84% of participants are saving. to cover additional program activities in the second year of the program.

For more information on Durham Kids Save , contact: Amber Wade, Program Manager, East Durham Children’s Initiative amber.wade@edci.org Mattie Sue Stevens, Management Analyst, City of Durham mattie.stevens@durhamnc.gov

Every Baby is A Brilliant Baby Goals: Improve early childhood development; College expectation; Family economic wellbeing $500 CSA for babies in economically vulnerable families; Financial coaching and savings incentives for parents Three-year demonstration project with up to 1,500 babies Formal evaluation

Kindergarten to College Goals: High academic expectations for ALL students; A college going culture; Build savings for college expenses w/ 50% of families saving by year four $100 CSA for kindergarteners; Savings incentives; School- based activities & parent engagement Pilot in 16 schools (1,500 kids) in 2016-17; Expand to all 55 elementary schools (4,800 kids/yr.)

COLLEGE SAVINGS ACCOUNTS INFRASTRUCTURE Mayor’s Office ~ Oakland Unified School District ~ Treasurer’s Office City of Oakland owns omnibus 529 CSA acct (contract with financial institution) Legal & data sharing agreements with implementing partners K2 BRILLIANT COLLEGE BABY Contract with technology partner for infrastructure to: • Allocate units of omnibus acct to kids • Facilitate parents opening and linking their own 529 • Develop website and app • Quarterly paper statements • Management reports

COLLEGE SAVINGS ACCOUNTS PARTNERS Mayor’s Office ~ Oakland Unified School District ~ Treasurer’s Office KINDERGARTEN BRILLIANT BABY TO COLLEGE Implementing Partners: Implementing Partners: OUSD, City of Oakland Infant Home Visiting Programs (Public Health, Children’s Hospital, Early Head Start, CBOs) MOU with each implementing school (principal, teacher, parent liaison) EARN, Sage Financial Solutions Strategy Partners: Strategy Partners: CFED, Alameda County First Five, evaluators CFED, Parent Voices, EBALDC, funders, etc. (TBD), funders Champions: Champions: Multiple educational programs 15+ groups/Planning Comm.

CSA ORGANIZATIONAL CHART EVALUATION ADVISORY Mayor’s Office Alameda County Dept. of Public Health Oakland Human Services UCSF Benioff Children’s Hospital Alameda County First Five BRILLIANT BABY Project Director (Mayor’s Office) OAKLAND PROMISE ADVISORY COMMITTEE 35 public, philanthropic, businesses + community leaders PLANNING COMMITTEE 25 Implementing Partners & Organizational Champions OAKLAND PROMISE STEERING COMMITTEE Mayor’s Office LEADERSHIP TEAM COLLEGE SAVINGS ACCOUNTS Oakland Unified School District City Treasurer; Deputy City Administrator; City City Council (Oakland Treasurer) Attorney East Bay College Fund Mayor’s Office: Project Director of CSA Oakland Public Education Fund Initiatives; Dir. of Education; Chief of Staff Oakland Unified School District: Deputy Chief Post-secondary Education Readiness; OUSD Liaison to Oakland Promise; Legal Office LEADERSHIP TEAM Mayor’s Office: Director of Education; Project KINDERGARTEN TO COLLEGE Director CSA Initiatives OUSD Liaison to Oakland Promise Oakland Unified School District: OUSD Liaison to Oakland Promise; Deputy Chief Post-secondary Education Readiness

mattie.stevens@durhamnc.gov

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