Financial Stability - Helping Families & Individuals Reach Self-Sufficiency
The Need
· It is estimated that up to 25% of Orange County's eligible tax payers do not claim eligible tax credits, totaling approximately $65,000,000 in unclaimed credits. [Internal Revenue Service]
· Only 25% of adults believe they are money smart and 70% of college students said their parents failed to provide them with financial education. [FLEET National Survey]
· One third of Santa Ana's population do not access mainstream financial services, making them vulnerable to predatory check cashing and loan services. [Bank on California]
Addressing the Need
OCUW has created formal partnerships with mainstream banking institutions, the Internal Revenue Service, the Governor of California’s Office, the Federal Deposit Insurance Corporation, local city officials and community nonprofit partners to provide financial stability services to low-income working families and individuals. By providing financial literacy education and workforce development services we are linking families and individuals to mainstream banking services and programs to increase job skills – creating pathways to self- sufficiency.
Orange County United Way Strategic Approaches
Community Impact Competitive Grant Program
OCUW’s Competitive Grant Program provides grant support to leading nonprofit programs under the following strategies:
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Financial literacy programs that directly increase the financial literacy of low-income families and individuals and encourage asset building/retention through financial education and linkages to mainstream financial resources and services.
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Workforce development programs that directly increase or provide employment opportunities for low-income individuals through job skill development, placement and/or employment retention services.
Click here to review a listing of 2010 Community Impact Grant Partner Agencies.
Other Strategic Community Partnerships
• Orange County Business Council
• Bank on California
• Orange County Financial Stability Alliance
• Orange County Workforce Investment Board
• Internal Revenue Service
• Federal Deposit Insurance Corporation
Orange County United Way's Financial Stability Initiative
Banking on the Future
Orange County United Way's Financial Stability Initiative, "Banking on the Future" the Federal Deposit Insurance Corporation, the Office of the Governor of California, City of Santa Ana, Legal Aid Society of Orange County, OC Financial Stability Alliance and numerous local nonprofit organizations and community leaders. OCUW’s “Banking on the Future” Initiative is linking thousands of low-income families to eligible cash resources, financial literacy education, mainstream banking services and various job readiness services though the following community programs:
- Financial Literacy Education Campaign - Orange County United Way, in partnership with over 30 local nonprofit partners, is providing free comprehensive financial literacy classes to over 1,000 families and individuals throughout Orange County.
- Earned Income Tax Credit Campaign – In partnership with the Legal Aid Society of Orange County, IRS and nonprofit partners, OCUW coordinates over 100 free tax preparation sites to ensure that low-income families are accessing this federally funded tax credit. During the 2010 tax season the EITC Campaign directly assisted 5,555 tax payers, returning over $2.7 million into the hands of hard working families.
- Bank On Program - In partnership with the Office of the Governor of California, the City of Santa Ana and local mainstream financial institutions, OCUW has made free and low-cost banking services available to low-income families. Within the first 10 months of the Bank On program, over 1,000 families have opened a traditional checking account.
- OC Financial Stability Alliance – Co-led by OCUW and the Legal Aid Services of Orange County, The Alliance coordinates the financial stability efforts of over 50 community partners from 32 agencies across Orange County.
- Workforce Development – OCUW partners with local Workforce Investment Boards and nonprofit providers to assist low income families to retain or gain employment in Orange County. OCUW is working to increase the Volunteer Income Tax Assistance program – providing accounting skills and training to accounting students throughout Orange County and our partnership with Vital Link and local corporate partners will provide exciting career exploration to over 1,600 at-risk students during the 2010/2011 School Year.
Click here to read the Executive Summary.
For more information about Banking on the Future, please e-mail Karen Francis at KarenF@UnitedWayOC.org.
