ALLIES, INC. Success of Saving | 2009 Allies, Inc Whitehorse Hamilton Square Road Building A, Suite 101 Hamilton, New Jersey Office: Fax: Web:

What Are Your Dreams? Financial Goals Short Term – Less than one year Medium Term – Two years Long Term – Five years or more

Helping Others Realize Their Dreams SOS gives you the tools so you can provide instruction and guidance to the people you support so that they, too, can realize their dreams.

Disability is an Economic Problem Disability is an Economic Problem Many people with disabilities are able to maintain steady employment, but rely on Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) to afford expensive medications and adaptive equipment Many people with disabilities are able to maintain steady employment, but rely on Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) to afford expensive medications and adaptive equipment If an individual’s personal net worth exceeds $2,000, they may become ineligible to receive these benefits If an individual’s personal net worth exceeds $2,000, they may become ineligible to receive these benefits To remain eligible, people with disabilities limit workable hours, causing annual earnings to fall far below the poverty level To remain eligible, people with disabilities limit workable hours, causing annual earnings to fall far below the poverty level

History-SOS (Success of Savings) History-SOS (Success of Savings) Action: First IDA (Independent Development Account) modeled program targeted for people with disabilities in NJ Action: First IDA (Independent Development Account) modeled program targeted for people with disabilities in NJ Allies awarded the SOS grant through the Council on Developmental Disabilities Allies awarded the SOS grant through the Council on Developmental Disabilities May 1, 2004-June 30, 2005 May 1, 2004-June 30, 2005 Results: 20 people with disabilities participated in a financial literacy class through the grant and saved toward their goal Results: 20 people with disabilities participated in a financial literacy class through the grant and saved toward their goal

History-SOS (Success of Savings) History-SOS (Success of Savings) Action: Banking Partners recruited for instruction of community based curriculum, matching funds for savings goal Action: Banking Partners recruited for instruction of community based curriculum, matching funds for savings goal Results: Provident, Commerce (now TD Bank), Sovereign and NJ Federal Credit Union have been successful partners Results: Provident, Commerce (now TD Bank), Sovereign and NJ Federal Credit Union have been successful partners

History-SOS (Success of Savings) History-SOS (Success of Savings) Action: IDA modeled program targeted for people with disabilities in NJ Action: IDA modeled program targeted for people with disabilities in NJ Council on Developmental Disabilities funds 40 more participants in SOS Council on Developmental Disabilities funds 40 more participants in SOS September 30, 2006 September 30, 2006 Results: 40 more participants reached their savings goals Results: 40 more participants reached their savings goals

History-SOS (Success of Savings) History-SOS (Success of Savings) Action: IDA-(Individual Development Account) “Project American Dream” award from Federal government Action: IDA-(Individual Development Account) “Project American Dream” award from Federal government 10 participants in a matched saving program saving toward their entrepreneurial, education, or homeownership goals. 10 participants in a matched saving program saving toward their entrepreneurial, education, or homeownership goals. September September Results: 10 participants will participate in financial literacy program which will encompass specialty classes towards their specific goal Results: 10 participants will participate in financial literacy program which will encompass specialty classes towards their specific goal

History-SOS (Success of Savings) History-SOS (Success of Savings) Action: IDA-(Individual Development Account) award from Federal government as part of a collaborative through the DCA (Department of Community Affairs) Action: IDA-(Individual Development Account) award from Federal government as part of a collaborative through the DCA (Department of Community Affairs) Results: 15 individuals with disabilities and direct care staff will participate in financial literacy program through Allies. Allies was the only agency serving people with disabilities to be included in grant. Results: 15 individuals with disabilities and direct care staff will participate in financial literacy program through Allies. Allies was the only agency serving people with disabilities to be included in grant. October 2008-June 2011 October 2008-June 2011

History-SOS (Success of Savings) History-SOS (Success of Savings) Action: Partnered with other agencies to promote financial literacy/IDA Action: Partnered with other agencies to promote financial literacy/IDA Jewish Family and Children’s Services-Mentored to open their own financial literacy program in their organization Allies assisted with set-up, managed and maintained escrow accounts for participants and technical assistance. Jewish Family and Children’s Services-Mentored to open their own financial literacy program in their organization Allies assisted with set-up, managed and maintained escrow accounts for participants and technical assistance. OMRDD-Developed and wrote grant for OMRDD/NY to develop their own IDA program for people with disabilities OMRDD-Developed and wrote grant for OMRDD/NY to develop their own IDA program for people with disabilities Results: Expanded the scope of SOS/Financial Literacy/IDA Results: Expanded the scope of SOS/Financial Literacy/IDA

History-SOS (Success of Savings) History-SOS (Success of Savings) Action: Developed original SOS curriculum for participants with special needs Action: Developed original SOS curriculum for participants with special needs Results: Curriculum will be packaged Results: Curriculum will be packaged

What is Success of Saving? Success of Saving (SOS) is a saving program engaged in the fight to reverse endemic poverty among people with disabilities in New Jersey. The program is modeled after Assets for Independence, a Federal program. Success of Saving (SOS) is a saving program engaged in the fight to reverse endemic poverty among people with disabilities in New Jersey. The program is modeled after Assets for Independence, a Federal program. The goals of SOS are to: The goals of SOS are to: Reduce barriers to full participation in the economy and increase personal economic self-sufficiency through the use of banking and other financial services among people with disabilities, Reduce barriers to full participation in the economy and increase personal economic self-sufficiency through the use of banking and other financial services among people with disabilities, Establish integrated approaches to employment, wealth creation and asset management, Establish integrated approaches to employment, wealth creation and asset management, Evaluate the promotion of wealth creation and asset management among people with disabilities, and, Evaluate the promotion of wealth creation and asset management among people with disabilities, and, Reduce rates of poverty and reliance on public assistance by increasing overall access to capital to people with disabilities. Reduce rates of poverty and reliance on public assistance by increasing overall access to capital to people with disabilities.

SOS Programs SOS Savings Club Project American Dream AFI/IDA Program Allies, Inc. SOS Program

SOS Program Success of Saving Success of Saving SOS Savings Club SOS Savings Club Program offers matched savings accounts to provide an incentive for attending and completing financial literacy coursework with case management services provided by Allies, Inc. Program offers matched savings accounts to provide an incentive for attending and completing financial literacy coursework with case management services provided by Allies, Inc. Unlike AFI IDA programs, savers may save for any asset goal (furniture, television, vacation, engagement ring, etc.) Unlike AFI IDA programs, savers may save for any asset goal (furniture, television, vacation, engagement ring, etc.) Savings accounts are opened jointly between Allies, Inc. and the saver. Because Allies, Inc. acts as the corporate fiduciary of these accounts, funds deposited are ineligible for consideration of Social Security benefits. Savings accounts are opened jointly between Allies, Inc. and the saver. Because Allies, Inc. acts as the corporate fiduciary of these accounts, funds deposited are ineligible for consideration of Social Security benefits.

SOS Program SOS Savings Club (Continued) SOS Savings Club (Continued) Following the savings plan, savers make monthly deposits from earned income toward their asset goal Following the savings plan, savers make monthly deposits from earned income toward their asset goal Savers learn: Savers learn: what a budget is what a budget is differences between a fixed and flexible expense differences between a fixed and flexible expense what a check card is and how to use it what a check card is and how to use it how to make a deposit how to make a deposit Coursework is delivered monthly by bank personnel at public libraries and at local banks. Coursework is delivered monthly by bank personnel at public libraries and at local banks.

Rutgers Process Evaluation “At every level of participation (i.e., advisory council member, Success of Saving participant), the reaction to the Allies, Inc. Success of Saving (SOS) program was positive and encouraging. “At every level of participation (i.e., advisory council member, Success of Saving participant), the reaction to the Allies, Inc. Success of Saving (SOS) program was positive and encouraging. Compared to results from other evaluations of IDA programs, this program equaled, and in some areas surpassed, those results. For example, in an evaluation of IDA programs conducted by the Center for Social Development (McBride, Lombe & Beverly, 2003), 59% of participants agreed that they were more likely to work, compared to 90% in the SOS group. Policy, Success of Saving Process Evaluation, 2005). Compared to results from other evaluations of IDA programs, this program equaled, and in some areas surpassed, those results. For example, in an evaluation of IDA programs conducted by the Center for Social Development (McBride, Lombe & Beverly, 2003), 59% of participants agreed that they were more likely to work, compared to 90% in the SOS group. Policy, Success of Saving Process Evaluation, 2005).

Common Misconceptions About Saving Money Saving is complicated.

Common Misconceptions About Saving Money It’s okay to be in debt.

Common Misconceptions About Saving Money Saving means financial sacrifice.

Common Misconceptions About Saving Money You don’t need to know about saving because you can simply ask a professional.

Robin Robin 35 Year old female 35 Year old female Savings Club Goal – Trip to Boston Savings Club Goal – Trip to Boston IDA Candidate – Home Ownership IDA Candidate – Home Ownership “ I like telling others about how I saved money to go to Boston. I hope to save enough to buy my own home one day.”

Amy Amy 34 year old female 34 year old female Savings Club Goal – Camp Independence Savings Club Goal – Camp Independence “I like learning about banks and how to save my money.”

Jenny 32 year old female 32 year old female Savings Club Goal – Computer/Home Ownership Savings Club Goal – Computer/Home Ownership IDA Candidate – Home Ownership IDA Candidate – Home Ownership “I want to save enough money to buy a home. Homes are so expensive.....”

Andrea “Allies Success of Savings (SOS) program has been a blessing. My credit cards were all maxed out and there was nowhere to turn to help me get back on my feet. Allies taught me to understand the importance of being financially responsible and as a result of the SOS program, I have learned to live within my limits. Allies gave me the opportunity to get my life back together again.”

Key Points for Starting an SOS Program at your agency Identifying the target population

Key Points for Starting an SOS Program at your agency Locating an instructor

Key Points for Starting an SOS Program at your agency Establishing the curriculum

Key Points for Starting an SOS Program at your agency Creating activities

Key Points for Starting an SOS Program at your agency Completing the intakes

Key Points for Starting an SOS Program at your agency Marketing for matching funds

Key Points for Starting an SOS Program at your agency Understanding escrow accounts/bank statements

Future of the Program Development of a strategic plan to focus on the following goals. Ensure the sustainability of the SOS Program through furthering foundation and institutional support.

Future of the Program Increase the staff of the SOS Program to ensure its continued success. Expand the services provided by the SOS Program.

Future of the Program Project American Dream To deliver financial literacy and wealth building strategies to people with disabilities and the staff who support them. Home ownership Business development Higher education

What You Can Do Now Enroll someone in an already existing savings program

What You Can Do Now Approach local banks about providing instructors and/or matching funds

What You Can Do Now Train administration and staff at your agency on Financial Literacy program options

What You Can Do Now Start a Financial Literacy program at your agency Financial Literacy Education Savings Program Savings Program with Matching Funds

Contact Information Contact Information Fran Curley Director of New Initiatives Allies, Inc. Madison Corporate Center Building A, Suite White Horse - Hamilton Square Road Hamilton, New Jersey (609) , ext. 131 (609) (fax)