1. The Community Financial Center of Prince George’s Community College March 11, 2010 Betty Habershon, Director October 26, 2015 Asset Building In Prince George’s County, MD

2. Why is it important to address Asset Building?

3. The economic situation that we have recently experienced has highlighted the necessity of empowering all members of our communities with financial education and supporting the development of economic resources within communities.

4. Prince George’s County is located outside of Washington, DC. One of 23 counties in Maryland Population 871, 000

5. Poverty in Prince George’s County Over 68,000 residents live below the poverty level Over 24,000 children live in poverty More than 39% of families are headed by single women (US 2010 Census) The Community Financial Center of Prince George's Community College

6. Prince George’s Community College Enrolls over 14, 000 credit student Enrolls over 26,000 non-credit students 26% of students are from another country (over 129 countries are represented) The Community Financial Center of Prince George's Community College

7. Many students are not aware that their default of student loans can affects their credit score, their ability to receive government or private loans, and their ability to purchase a home, etc. Students and parents need information to assist with planning for long term fiscal viability. The student loan default rate for Prince George’s Community College is 9.0%. Many students withdraw or drop out of college without completing a certificate or degree.

8. The mission of the Community Financial Center of Prince George’s Community College is to support and encourage financial literacy and asset building for students and residents of Prince George’s County. (Developed in 2009)

9. The Community Financial Center of Prince George’s Community College addresses this need through: – Financial Literacy Program – Financial Coaching – Free Tax Preparation (VITA Program)

10. Financial Literacy

11. Financial Literacy Education (Finance411) (supported by a CITI Foundation Grant) Program goal is to improve the capacity of residents of Prince George’s County to understand and utilize basic financial information and services, so as to make informed financial decisions within their personal lives, prevent home foreclosures and increase personal economic goal attainment

12. Financial Literacy Education (Finance411) Workshops topics include issues such as: – Basic financial information – Budget Issues – Credit/mortgage issues – Foreclosure Prevention – Savings development – Identity theft and other credit issues. – College financing

13. Financial Coaching

14. Financial Networking and Coaching With the assistance of trained volunteer Financial Coaches, participants: – identify personal financial goals – develop an appropriate financial plan – implement, review and revise their plan – Utilize MyBudgetCoach to document sessions and goal progress.

15. Free Tax Preparation (VITA)

16. The Volunteer Income Tax Assistance (VITA) Programs is an IRS supported program that was developed to assist organizations to train volunteers so that they could provide free tax preparation to low-moderate income community members

17. c Impact of the Earned Income Tax Credit Earned Income Tax Credit is available to low- income working families. It can provide each year, nearly $6,000 to families with up to three children. It encourages work, but also reduces poverty and helps families meet basic needs. It provides a savings opportunity The Community Financial Center of Prince George's Community College

18. Free Tax Preparation Service (VITA) Served over 1050 students, seniors, community members (Spring 2014) Economic return to the community (Spring 2012) Over $1,097,000 federal refunds Over $334,000 state refunds Approximately $133,000 saved by low income and seniors from tax preparation fees Includes free e-filing with direct deposit available Savings bonds can be purchased with tax refunds No offering of predatory tax refund loans

19. Coming Fall 2015 Community Financial Center will open as a full-time physical center named FINANCIAL EMPOWERMENT CENTER Located on the Prince George’s Community College Campus in the Technology Building In partnership with United Way Director, Site Coordinator and Coaching Coordinator Staffed by volunteers, interns and partnering organizations. Expanded year-round tax preparation, financial coaching, financial education, small business support and benefit connection.

20. Prince George’s CASH Campaign In 2013, the Community Financial Center launched Prince George’s CASH Campaign (Creating Assets, Savings and Hope), a coalition of asset building organizations, developed to increase wealth building opportunities for low and moderate income residents in Prince George’s County

21. Prince George’s CASH Campaign seeks to expand the financial capability of Prince George’s county residents by increasing access to: free tax preparation financial education banking and savings

22. Current PG CASH initiatives Expanding Free tax preparation ◦ VITA ◦ MyFreeTaxes.com Prince George’s Saves Campaign/ America Saves Week (February 22-27, 2016) Money Explosion: A Financial Fair (April 23, 2016 at Prince George’s Community College)

23. Prince George’s Saves Campaign/ America Saves Week (February 22-27, 2016) www.princegeorgessaves.org Prince George’s CASH Campaign (Creating Assets, Savings and Hope)

24. Money Explosion: A Financial Fair (April 23, 2016 at Prince George’s Comm College) Prince George’s CASH Campaign (Creating Assets, Savings and Hope)

25. Together, we will develop, grow and be sustained, Increasing the financial capability of Prince George’s County Residents

26. For more Information contact: Betty Habershon, Director The Community Financial Center of Prince George’s Community College 301-322-0713 bhab@pgcc.edu