1. Asset Building 101: Why the Asset Building Movement Matters for Coops 2010 ACE Institute Cleveland, Ohio July 29th, 2010 Presentation by Heather McCulloch Principal/Asset Building Strategies www.AssetBuildingStrategies.com

2. Building Financial Security for Working Families Savings Investment Preservation

3. What are assets and why do they matter? Financial assets – cash savings, stocks, bonds, home, business and real estate equity Income enables families to get by. Assets enable them to:  Weather financial crises  Invest in their children and their community  Plan for a secure retirement  Pass resources on to future generations

4. History of the Asset Building Movement Started with a focus on one strategy. Grew to include range of strategies to enable families to access financial services, save, invest and preserve financial assets. Engaging a broad array of stakeholders.

5. Continuum of Asset-Building Opportunities Financial Education and Coaching Working Families Economic Security Access to Mainstream Financial Services Savings OpportunitiesInvestment OpportunitiesAsset preservation measures - Individual Development Accounts - Children’s Savings Accounts - Lifelong Learning Accounts - Family Self-Sufficiency Program - Earned Income Tax Credit - FHLB – IDEA & WISH - Employer-supported savings Home Equity -Self Help -Manufactured Housing -Section 8 Homeownership -Lease Purchase -Employer Assisted Housing -Housing Coops -Community Land Trusts -Shared Equity Mortgages Business Equity - Microenterprise - Worker-owned coops -Employee Stock Ownership Plans -Employee wealth sharing programs - Resident-owned businesses Commercial Real Estate -Community Development Initial Public Offering (IPO) -Community Benefit Agreements From Building Assets While Building Communities, by Heather McCulloch for the Walter and Elise Haas Fund 2006 The report can be downloaded at http://www.haassr.org/html/resources_links/index.cfm -Affordable checking and savings accounts -Credit remediation -Second chance banking programs -Acceptance of multiple forms of identification -Loan products with reasonable interest rates -Low-cost remittance services -Alternatives to payday loans and check cashing -Foreclosure prevention and mitigation -Access to affordable health insurance -Protection from predatory lending practices - Reform the pay day loan and check cashing industries -Pre and post-purchase homeownership counseling

6. Where Do Cooperatives Fit In? Shared ownership strategies not typically on the agenda of the asset-building movement. But cooperatives are an asset building strategy. Cooperative and asset-building movements share common goals.

7. Annie E. Casey Foundation Interest 2008  AECF began to explore ways to expand asset-building opportunities through shared ownership.  Published framing paper and hosted national meeting to catalyze a dialogue between asset-building and shared ownership leaders. 2009  Two national work groups formed to encourage collaboration in the areas of public policy, practice, research and shared learning. 2010:  Moving forward on specific opportunities to build bridges between the movements.

8. Asset Building Resources Asset Funders Network (www.assetfunders.org)www.assetfunders.org Center for Social Development/Washington University (www.csd.wustl.edu)www.csd.wustl.edu CFED (www.cfed.org)www.cfed.org Democracy Collaborative (www.community-wealth.org)www.community-wealth.org Institute for Assets and Social Policy/Brandeis (www.iasp.brandeis.edu)www.iasp.brandeis.edu New America Foundation (www.assetbuilding.org)www.assetbuilding.org

9. Asset Building 101: Why the Asset Building Movement Matters for Coops Presentation by Heather McCulloch Principal/Asset Building Strategies www.AssetBuildingStrategies.com (415) 378-6703