... Project of The John H. Boner Community Center an

1
FINANCIAL FOUNDATIONSIndividual Development
Account (IDA) Program

• A Collaborative Project of The John H. Boner
  Community Center and Community Choice Federal
  Credit Union.

2
OUR MISSION

• To promote individual and family financial
  well-being through access to financial
  information, saving, and asset building
  opportunities.

3
Overview

• IDA Definition / Purpose
• Funding
• Program Structure
• Results

4
Individual Development Accounts

• A matched savings account designed to assist
  individuals earning low incomes to become
  economically self-sufficient through financial
  education and the acquisition of assets that grow
  in value over time.

5
Individual Development Accounts

• How it Works

Our 3 to 1 match
Their Asset
Their Savings
6
Whats low income?

• 175 or 200 of Federal Poverty Levels

Household Size Income 1 16,293 or
less 2 21,858 or less 3 27,423 or
less 4 32,988 or less For each
additional household member add 5,565
7
Who Funds IDAs?

• Federal Government
• Assets for Independence Act (AFIA)
• Individual States
• 22 operate IDA programs
• 5 have IDA programs in development
• Non-Profits Private Foundations
• Business Tax Credits

8
Program Structure

• Basic money management
• Asset-specific financial literacy
• Access to traditional financial services
• Asset acquisition / graduation

9
Results

• IDA participants
• 192 current
• 279 since inception in 1998
• 63 graduates
• Through Jan. - April 2004 YTD
• Money Management Participants 173
• Money Management Courses Taught 22