Foundation Communities’ One-stop Financial Center

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Presentation transcript:

Foundation Communities’ One-stop Financial Center Julian Huerta, Deputy Executive Director Julian.huerta@foundcom.org

Foundation Communities: Founded in 1989 in Austin 17 properties with more than 2,500 units in Austin and North Texas Extensive on-site supportive services for residents Financial Programs serve more than 25,000 families

Chronology of Financial Stability Programming 2008-09 Financial Coaching 2010 CFC Opens Benefits Screening Alt RAL/Prepaid Debit Cards 2011 Savings Bonds Small Business Coaching Scholarship Mentoring 2012 Child Support for College Payday Loan Alternatives 1998 IDAs Financial Literacy Home Buyer Education 2004 SEED 2005 Community Tax Centers 2006 ITIN Acceptance Opening Bank Accounts

Creating a One-stop Financial Center Primary objective: expand focus from just tax prep Wanted highly visible year-round location with easy access for clients Chose stand-alone model Include key partners throughout the year

Services offered at the Community Financial Center Small Business Coaching Scholarship Mentoring Savings Bond Promotion Tax Preparation The Community Financial Center ITIN Acceptance Agent Financial Coaching FAFSA Preparation Financial Education Classes Payday Loan Alternatives

FC’s Community Financial Center Tax prep is the primary gateway for clients Referrals come from all over, especially 211 Combination of appointments and walk-ins Paid staff plus lots of volunteers Training for staff, volunteers and partners throughout the year

Key Metrics and Outcomes: 2012 More than 17,000 tax returns (6,500 at CFC) $30 Million in refunds 685 clients purchased Savings Bonds 1029 FAFSAs completed 363 clients in Financial Coaching More than 200 completed Financial Education 58% of financial coaching clients increased their credit score after 6 months 64% of financial education graduates increased their savings

Budget/Sustainability Annual Budget for FC Financial Stability programs: $1 million. Most of this spent at or through our Community Financial Center Key Funders: City of Austin United Way for Greater Austin Michael and Susan Dell Foundation IRS/VITA