Community Development Director Isaias Hernandez
AGENDA MAOF’s summary What is a Financial Opportunity Center (FOC) FOC Services SUMMARY • Q&A
2004 ‐ MA 2004 MAOF OF adds adds San San 1963 1963 ‐ MAOF MAOF is is 2000 ‐ Awa 2000 Awarded $534,000 $534,000 Bernar Ber ardino dino to to its its ser servic ice established es blished as as a lo low ‐ for ear fo early ‐ chi childhood dhood area ar ea af after bei being aw awar arded ded a inco come me comm mmunity unity ‐ dev develo lopm pmen ent pr progr ograms in in prescho pr eschool ope operatio ion Orang Or ange Coun County ty based or based organi nization tion cont co ntract in in Mo Montcl clai air. 1967 1967 ‐ MA MAOF OF re receives $1 $1 1992 1992 ‐ Awar arded $2.5 $2.5 millio llion job job ‐ tr trai aini ning ng 2013 2013 ‐ MA MAOF OF millio llion gr grant to to open open fir first co cont ntract fr from om the the 50 th th Comm Co mmem emor orates es its its 50 Head St Head Start art cen centers in in Departm Department of of Labor Labor & anniversary anniv ary Southeas Southeast L. L.A. A. open opens a headquar headquarter ers. s. 1984 1984 ‐ Aft After 21 21 ye years of of 1970 1970 ‐ The The Uni United ed Wa Way operation ope ion MA MAOF OF continues nues 2017 2017 ‐ LI LISC SC Los Los Ang Angeles les funds funds MA MAOF OF pr progr ograms fo for to gr to grow, boas boasting ting a 5.8 5.8 M selects MA sele MAOF OF as as a the fir the first tim time. budg budget la largely dev devoted to to Fi Financial nancial Opportunity Opportunity job trai job aini ning. ng. 1973 ‐ Opens 1973 Opens its its fir first 1976 1976 ‐ Ex Expands pands ser servic ices to to 2019 ‐ Projected to reach lic licensed child child ca care re cen center er Ke Kern, San San Di Diego ego, Ve Ventura, 98 Million in operating in in Ea East Los Los Ang Angeles les & Mo Monter erey Coun Counties ties revenue Timeline
• Financial Opportunity Center Model Overview The FOC model focuses on improving the financial bottom line for low ‐ to ‐ moderate income families & help people to change their financial behavior. FOCs focus on this change through a coaching model that is client ‐ centered & goal ‐ oriented to meet primary outcomes. FOC's provide families with three core program services: employment placement & career improvement, financial education & coaching, and access to income supports.
Financial Opportunity Center Strengths Focus on long term client financial stability Build off of existing infrastructure – Not starting from scratch Data is used to improve client services and FOC delivery The three core services are delivered in a bundle fashion Uses the Coaching approach to meet the clients needs FOC
Income Supports Opportunities Income Supports Activities/Characteristics Client is screened at entry for public benefits including SNAP, medical benefits, rental assistance, childcare subsidies. Clients are connected to supports to enable them to remain in training. Client’s are counseled on how changes in income will impact benefits. Client’s supports are reassessed as client’s situation changes (e.g., new job, returning to school).
INCOME SUPPORT SERVICES Citizenship/DACA Application Assistance Legal Immigration Clinics INCOME SUPPORT Tax Preparation (VITA) – Including CCA Notary Public (Pending) 134 Subsidized Child Care Services Food Bank Medicaid/Medical Enrollment SNAP Enrollment 56 50 Rental and Utility Assistance 31 31 Transportation Assistance (Seniors Only) 13 11 11 Total Value= $340,558 (excluding medical) 4 1
Employment Opportunities Employment Coaching Activities/Characteristics Assistance is provided to clients in preparing job search materials (e.g., resume, cover letter ) Counseling or coaching on job searching, employment retention, and career advancement is provided to clients Support is provided as clients explore career pathway Placement or job opportunities are discussed with clients Job advancement opportunities are discussed with clients, especially when the client’s career path/ladder is first articulated Employment/Career coaching continues post placement and into advancement
Jobs are not always enough EMPLOYMENT 50 $28 19 $15.65 13 42% INCREASE IN INCREASE IN PLACEMEN T RATE PLACED IN JOB LOWEST AVERAGE HIGHEST WAGES WORK HOURS WAGE ACQUIRED AVERAGE WAGE ACQUIRED
Financial Capability Financial Coaching Activities/Characteristics Financial education workshops on topics including: budgeting, savings, credit, and more. 1 ‐ on ‐ 1 Credit Counseling/Coaching sessions. Access and referrals to safe, reliable, and inexpensive financial products. In house match savings accounts (LISC Twin Accounts), savings and credit building product (ESUSU). A reverse savings to payoff payday loans (ESUSU). Financial coaching is key to ensure long ‐ relationships to meet long ‐ term goals and lead to economic stability.
FINANCIAL COACHING • 1 on 1 financial coaching sessions • FICO credit pull directly thru TransUnion • Review credit inquiries and dispute directly with the bureaus • Budgeting • Setting a financial goal
SUMMARY 1. Expanding financial capability services would provide greater opportunity to MAOF to fulfill its mission of socio-economic betterment of the Latino community. 2. Financial capability programs would be servicing the same population as those of other programs at MAOF. 3. Direct additional programs to clients already being served by agency. 4. Personal finance touches the lives of everyone. 5. This will only work utilizing an integrated approach for transformational change.
QUESTIONS
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