1. Shifting Strategies Leveraging Partnerships for Impact & Growth Meagan Weatherby Program Sustainability & Outreach Coordinator Cooperative Federal (Syracuse, NY)

2. Cooperative Federal Established in 1982  Syracuse Cooperative Federal Credit Union CDFI Certified since 2000 $19.8 million in assets / 3,950 members Financial & development services for individuals, homeowners, and micro businesses in Onondaga County  Emphasis on the urban core of Syracuse (76% of loans deployed) 3 community branches and 3 in-school branches

6. A Legacy of Collaboration Microbusiness TA cross-referrals and loan funds “Urban Homestead” Foreclosure Intervention network Matched Savings Program Financial education for youth & adults  Piloted in the late 90s  Schools, community centers, adult literacy programs, refugee resettlement agencies, shelters & transitional living, libraries…  3,800 individuals served 2006-2012

7. Rethinking Financial Education Original Goal: Build relationships with nonprofits and their clients through classroom-based ed.  Always say “yes”  More is better Hard Truth: These services had low, or at least uncertain, long-term impact.  No evidence of enhanced financial strength  ROI?

8. Refined Goal: Financial Capability Ability to select, use, and maintain appropriate products & services. Incorporate opportunities to access our products and services. Classes In-Class Credit Reviews In-Class Credit Reviews Financial Counseling (scholarships) Financial Counseling (scholarships) Matched Savings Info Accounts & Loans

9. Refined Goal: Financial Capability Ability to select, use, and maintain appropriate products & services. Incorporate opportunities to access our products and services. Youth CU Matched Savings Info Accounts & Loans Long Term Relationships

10. Same Ethics Classes taught by qualified educators/counselors... not marketers. Foster critical thinking and encourage comparison shopping.  Objective evaluation of needs and goals  Coop Fed is one option  Trust and transparency  Shared values

11. Implications for Building Partnerships Which populations should we target?  Ability to benefit from our services  Receptiveness Which partners will best advance our goal?  Organizational strengths & capacities  Commitment exhibited by staff  Potential for referral networks and WOM How will we offset our expenses?

12. Case Study: Better Directions Nationwide initiative administered by the Federation and the National Council on Aging (NCOA) Paired CDCU and social service agencies Goal: Help low-income, older adults access CU services to increase financial security.

13. Case Study: Better Directions Products & Services  Education and counseling  Debt consolidation and emergency loans  Home repairs and refinance  Low-barrier savings and investment accounts Outcomes 9/2011 – 3/2013  63 participants accessed financial products/services  110 (approx) participants received development services only

14. Case Study: Better Directions Primary partner: Catholic Charities – Elderly Services Staff training yielded <5 referrals 8 classes reaching ~80 Monthly office hours for 3 months serving ~2 No financial products/services 0% interest per survey!

15. Case Study: Better Directions Shift focus: Syracuse Housing Authority 7 senior living centers with 1,078 low-income residents Near our offices/more familiar with Coop Fed Underbanked and underserved Assessed interest through tenant associations at all sites Preliminary findings indicate success…

16. Case Study: CNY Works Co-applied for a grant from the CNY Community Foundation Flexible funding to bring financial capability services into non- profits around the city Weekly office hours at CNY Works and other locations Goal: Help participants overcome a financial barrier or achieve a specific goal.

17. Case Study: CNY Works Outputs Reached 108 ESL and GED students.  Introduction to credit  invitation to office hours Trained 270 financial capability students at 12 locations.  46% in multi-session format Delivered 226 hours of financial counseling.

18. Case Study: CNY Works Outcomes Of students attending multiple class sessions: 4% opened an account or other product 78% created a household budget

19. Case Study: CNY Works Outcomes Of clients attending 2 or more counseling sessions: 43% joined Coop Fed /accessed financial products Debt consolidation, auto refinance, credit builder loans, savings accounts, IDAs 26% accessed financial products or interventions elsewhere Mortgage modifications, student loan consolidation, benefits

20. Jennifer Burton Attended “intro to credit” through her GED program Small emergency loan Disputed negative credit records Budget coaching (negative account) Debt consolidation loan Checking account & overdraft line of credit Improved credit score by about 120 points, to an A

21. Case Study: Northside UP Green Train Job training program with high placement record. Particularly targets refugees and immigrants. Takes place adjacent to our office. Typically, >20% of each class joins the credit union.  IDAs  Community Ambassadors

22. Chol Ater Completed our course through Green Train. Opened a Homebuyer IDA and saved $2,000. Received $11,500 in matching grants to buy a home. Referred a coworker, who purchased her first home with Coop Fed’s Matched Savings Program, too.

24. Up Next Bring on-site financial services to Syracuse Housing Authority. Use new round of funding from CNY Works to advance successful partnerships -- and explore new partnerships with employers. TA and micro-lending built in to Northside UP’s newest program, UP Start Syracuse.

25. Partnership Planning Primer  Identify a priority market segment.  Make sure your products are appropriately designed to meet that population’s needs.  Research local nonprofits that serve that population.  Consider distance and transportation between CU and partner sites.  Assess receptiveness to your products & services.  Determine what you expect from partner staff.  Understand the strengths and weaknesses of your potential partner.  Creatively garner (or allocate) resources.  Look for opportunities to build trust and lasting relationships.  Measure performance and modify your plans accordingly.

26. Meagan Weatherby Program Sustainability & Outreach Coordinator meaganweatherby@coopfed.org (315) 473-0206 www.coopfed.org Thanks!