aTHE UNITED STATES CONFERENCE OF MAYORSCOUNCIL ON METRO ECONOMIES AND THE NEW AMERICAN CITY

INNOVATIONSIN FINANCIAL EDUCATION2 0 1 5 E D I T I O N

The United States Conference of Mayors

Kevin JohnsonMayor of SacramentoPresident

Stephanie Rawlings-BlakeMayor of BaltimoreVice President

Mick CornettMayor of Oklahoma CitySecond Vice President

Michael B. ColemanMayor of Columbus, OhioChair, Council on Metro Economies and the New American City

Tom CochranCEO and Executive Director

Washington, D.C.May 2015

About The United States Conference of Mayors

The U.S. Conference of Mayors is the official nonpartisan organization of cities with populations of 30,000 or more. There are 1,295 such cities in the country today, and each city is represented in the Conference by its chief elected official, the mayor. Like us on Facebook at facebook.com/usmayors, or follow us on Twitter at twitter.com/usmayors.

About The DollarWise Campaign

The DollarWise Campaign is the official financial literacy and education outreach effort of The United States Conference of Mayors and its Council on Metro Economies and the New American City. Since 2004, hundreds of cities have participated in the DollarWise Campaign. DollarWise encourages mayors and city staff to address the growing need for financial literacy in our nations cities. To assist cities in their efforts, the Mayors National DollarWise Campaign works to build partnerships with national organizations, including federal agencies, nonprofit groups, and corporations that offer technical support, curricula, and financial support. The Campaign also sponsors the DollarWise Innovation Grants Program and the Summer Youth Campaign Program, which offers cities the opportunity to win funding to enhance and expand creative and innovative financial literacy efforts.

The founding sponsor of the DollarWise Campaign is the Bank of America Charitable Foundation. For more information on the DollarWise Campaign, please contact James Kirby at 202.861.6759 or jkirby@usmayors.org, or visit bedollarwise.org.

BEDOLLARWISE.org

Contents

Introduction i

2015 DollarWise Innovation Grant recipients

Hialeah 1

Lansing 5

Other 2015 DollarWise Innovation Grant finalists

Akron 9

Alexandria 12

Charlotte 15

Chester 18

Columbus 21

Kansas City 23

Omaha 26

iDollarWise grant recipientssince 2004

Innovation Grant Summer Youth Campaign (SYC) Grant

Seattle

Detroit

Jacksonville

BaltimorePhiladelphia

Boston

s

anton

e

Cagua

San Francisco

Pleas

Avondal

Santa Fe

Denver

Omaha

Quincy

Quad CitiesMilwaukee

CincinnatiLouisville

Bowling Green

Savannah

Miami

BridgeportProvidenceHartford

Dallas

Gary

Jackson

Lansing

Hialeah

Ko

Fresno

Phoenix

Chester

Richmond

Tacoma

Wichita

Kansas City

St. Louis

komo

Houston

Baton RougeNew Orleans

HattiesburgColumbus

Charlotte

Norfolk

Columbus

NorwalkChicago New York

Charlottesville

Missoula

Palm Bay

Pittsburgh

ii

Introduction

As finalists, these cities have among the best financial literacy programs in the nation. DollarWise invites mayors, their staff, and other interested parties to review the profiles of these cities efforts to garner ideas and inspiration for their own financial education campaigns.

What is DollarWise?

DollarWise supports the goals and objectives of the National Strategy for Financial Education 2011, released by the federal Financial Literacy and Education Commission in December 2010. The Campaign invites mayors and city staff to examine their communities financial education needs; create an action plan; and forge partnerships with financial institutions, faith-based groups, non-profits, local businesses, and others in the community to address this important issue. DollarWise offers support through its two grants programs, technical assistance, and collaboration with national organizations.

The United States Conference of Mayors asks every city to make a commitment to financial education and participate in DollarWise. Together, we are building a strong foundation for the future of our communities and those who call them home.

What are Innovation Grants?

Underwritten by the Bank of America Charitable Foundation, the founding sponsor of DollarWise, the Innovation Grants comprise an annual program that recognizes the most creative and innovative local financial education efforts underway in America today. Innovation Grants of $15,000 each are awarded each year and can be used by the recipient cities to expand and enhance a variety of programs. Applications are accepted each fall, and the awards are presented at The United States Conference of Mayors winter meeting in Washington, D.C.

Innovations in Financial Education is the annual publication that highlights the winners and finalists of the DollarWise Innovation Grants program.

1

2Mayor Carlos A. Hernandez

Hialeah

For the past three years, the City of Hialeahs Parks and Recreation Department has continued its efforts to create a more financial empowered community. Hialeah Reads!, English as a Second Language (ESL) and Financial Literacy, and the Early Prevention Intervention Program are three of the major programs established in partnership with various City departments, local schools, financial institutions, and the City of Hialeahs administrative staff.

Hialeah Reads!

To educate Hialeahs adult community, the city will expand the Hialeah Reads! adult literacy programs. Through Hialeah Reads!, the City offers conversational English classes for adults, one-on-one basic literacy assistance for adults, among many other family literacy programs. Many of the adults who attend these classes have recently arrived from other countries and do not have the resources to consult with a financial advisor and learn how to get financially organized. DollarWise funds will be used to educate these adults on the basic rules of survival every adult should have in order to meet their

financial obligations on a daily basis. The financial literacy program will target 30 to 55 year olds who receive ESL instruction offered at Hialeahs public library systems.

English as a Second Language and Financial Literacy

Through the partnership with Miami-Dade County Public Schools, the City of Hialeah has successfully hosted adult English as a Second Language classes for the past 20 years. Two hours of weekly instruction will be dedicated to discussing financial literacy and creating healthy money habits for residents who are not familiar with the U.S. financial system. This designated instruction will take place at the two library branches where adult ESL programs are offered, John F. Kennedy Library and Wilde E-Library. The classes will be held on weekday mornings.

The comprehensive curriculum will begin with the coaching on basic tasks of managing personal finances and ending with components such as investment opportunities and retirement planning. To start, adult students will be asked to recognize different forms of cash flow. After

2015 Innovation Grant recipient

Hialeah residents engaging in Hialeah Reads! financial education classes.

3this is established, adults will need to identify essential monthly financial obligations such as rent responsibilities, insurance costs, car payments, and personal expenses. This will be the foundation of creating a personalized budget document. Organizing a physical budget will help adults realize what expenses can be cut and reallocated toward savings goals. Savings are a key element for financial success and if these adults do not prioritize their financial goals, a realistic action plan will be impossible to establish. To further enhance their educational experience, future plans include a financial institution collaborating on the technical explanation of using a checking and savings account, similar to the Early Prevention Intervention (EPI) program.

Many of these adult students migrate from countries where a credit system is not established and all transactions are done on a cash basis. Differentiating types of credit, explaining their advantages and disadvantages, and comprehending proper utilization of credit will all be discussed. It will begin with the basic understanding of applying for a credit card, which can be facilitated by our bank representatives. This will help them understand that creating a credit history and maintaining a progressive credit health will give lenders more confidence to lend them money. Examples of credit reports will be used as curriculum in the classroom and tips will be given on how to keep this score at a desirable level.

Disadvantages of excessive debt loads will also be recognized and the burden it might cause if dues remain unpaid for long periods of time. Ultimately, this lesson will convey the message that good credit can be a gateway for future purchases of valuable goods such as car or home. Once all this terminology and practices have been instilled, more advanced topics will be addressed including investment and retirement planning.

Saving efficiently is very important, but these adults must realize that abundant financial growth is only achieved by strategic investments. Exposure to different investment

vehicles will also be assessed. For these advanced topics, guest speakers with a financial services background will be scheduled to visit the participants during the duration of the program and enhance the learning experience for the adult students.

At the conclusion of the six-month course, the adult students should have a broad comprehension of how to successfully thrive in the financial system. New immigrants face several obstacles to using the U.S. banking system, including a distrust of banks, a language barrier, lack of knowledge about legal banking terminology, and the unawareness of proper investment tools. As a municipality, it is important that we address these issues and build confidence in our adult immigrant community so they can effectively utilize the banking system and eventually get on the path to homeownership. This guide will be developed with the purpose of providing financial education to the unbanked of the City of Hialeah community, the immigrant population.

Hialeahs Early Prevention Intervention Program

Hialeahs Early Prevention Intervention (EPI) program was originally established through a partnership with the Florida Health Department (FDOH) in 1992. At the time, the community was experiencing an alarming increase of young adult delinquency in the community. Bearing in mind this issue, The FDOH and Students Working against Tobacco joined with the City of Hialeah to create this program. The main goal was to target at risk youth (12-17 years old) in the community and prevent these individuals from making harmful decisions. The program produced positive results in the community, but this well-developed program lacked one component, financial education. It wasnt until the coalition between Wells Fargo and the City of Hialeahs EPI program began that a strong financial education component was added to the program. Advocates of the program are present on graduation day to show their support. Two lucky

4students are chosen to receive a checking account with funds of $100.

Today, through the support of all our program sponsors we have been able to grow EPIs financial program of study. Thanks to the funding of the FDOH, Wells Fargo, and local sports teams such as the Miami Heat and the Miami Dolphins the financial portion of the program has grown immensely. The funding from these multiple organizations help provide the resources needed for the Program/Checking Account Internet Service, guest speakers, and the transportation to tours of local financial intuitions.

Mayoral and city support

The City of Hialeah mayor and council support this new adult financial literacy program. Other than assistance from local financial institutions, it is important to involve skilled professionals that can best relate to these adult students. The City of Hialeah administrative staff, financial directors, risk management representatives, and administrators from public works will all take part in the educational experience of these adult students.

Hialeah Mayor Carlos Hernandez and members of the Hialeah City Council accepting DollarWise Innovation Grant award.

Mayor Virgil Bernero

Office of Financial Empowerment Center

Lansing

5

Lansings Office of Financial Empowerment Center was created in March 2013 through a partnership between the City and Capital Area Community Services, a local community action agency. The Office of Financial Empowerment Center delivers free, one-on-one financial counseling. The Financial Empowerment Center model focuses on four service plans: Credit, Debt, Savings, and Banking. To date, the Center has delivered over 4,500 free one-on-one financial counseling sessions to over 1,700 residents. These sessions have resulted in over $2 million in cumulative debt reduction and over $148,000 in cumulative savings increase.

Financial counseling addresses the root of financial instability (behaviors) while alleviating its symptoms (crisis needs). The power of community partnerships makes this possible, as the Center integrates services with a number of community organizations, resulting in a holistic and personalized approach to meeting client needs. Four full-time counselors have education and experience in both the financial and social work fields, and received 48 hours of training at Lansing Community College in financial counseling. Lansings target audiences are:

The unbanked or underbanked, identified in part through a partnership with the Volunteer Income Tax Assistance (VITA) program.

Those having difficulty meeting basic needs.

Ex-offenders.

The homeless or in danger of becoming homeless.

The Centers counselors connect clients to resources by referring them to financial institutions, foreclosure prevention specialists, homebuyer education, public benefits, legal services, workforce development, workshops, and free income tax return preparation. The Citys theory of change is that this integrated, referral-based strategy will produce measurable, positive improvements in Lansing residents financial stability, at scale.

Innovation by integration

The Financial Empowerment Centers approach is one of innovation by integration. The proper choice of integration point is the most important success indicator. For example, the Center

2015 Innovation Grant recipient

Lansing Mayor Virgil Bernero speaks with a resident at the 2nd anniversary celebration

of the Financial Empowerment Center.

6

7partners with Ingham Parole to counsel parolees who are living in state-funded housing. These parolees have nowhere else to live because they are without family support and have committed a crime that precludes them from staying in a public shelter. The integration point chosen for this group is the monthly housing review meeting with a parole supervisor. The financial counselor is on-site at the parole office. The 40 individuals in this pilot since January have attended 139 counseling sessions, reduced over $32,000 in debt, increased savings by $3,500, and opened 14 bank accounts, and 24 of the parolees have successfully transitioned out of state-funded housing.

Financial education in public housing

Lansings goal is to continue to seek out ideal integration points within existing services in which to insert financial counseling, in order to improve the overall financial health and behaviors of Lansings residents. Lansings goals are to:

1. Hire a part-time administrative staff person to serve as a liaison between Lansing Housing Commission and the Financial Empowerment Center.

2. Prevent evictions from public housing and improve on-time rent payments by helping residents budget and plan for rent expense and become more aware of the financial impact of late fees.

3. Deliver 48 hours of financial counseling training to the staff person so that he or she may establish a series of workshops at each of the five housing complexes focused on Basic Budgeting, Benefits of Banking, Credit Reports and Scores, and Advanced Budgeting, in addition to the counseling sessions.

4. Assist residents in achieving improved financial stability (measured by changes in credit score, debt, savings behavior and increase, and banking status) by delivering financial counseling services to a minimum of 100

public housing residents.

5. Utilize the Citys partnership with Center for Financial Health, a HUD-certified housing counseling agency, to direct residents into home-buyer education and down-payment assistance services so that they may eventually realize the dream of homeownership when ready.

Mayoral and city commitment

Mayor Bernero has been a vocal advocate for the Financial Empowerment Center model. He established the Office of Financial Empowerment within the City government structure in January 2013 in order to give the program permanence and visibility. The Mayor has also hosted the annual Financial Empowerment Center birthday party (over 200 clients and partner representatives attended this event in 2013), has co-written an op-ed piece in the Lansing State Journal with the Centers director, has issued several press releases on the Centers progress, hosted a launch press conference and one for first year results, and has committed $116,000 per year in funding to the program beginning in 2016. In addition, the Center is overseen by an Advisory Council, whose eight members include the City Treasurer, the Director of the Citys Human Relations and Community Services Department, the Director of the Citys Office of Community and Faith-Based Initiatives, and the Mayors Chief of Staff. City Departments account for 4% of all new client referrals to the Financial Empowerment Center.

Community partnerships

Seven partners offer office space for counselors so they may be fully integrated on-site. Capital Area Community Services (CACS) houses two full-time counselors. Counselors are housed on a regular part-time basis at the Ingham County Parole Office, Head Start, Advent House Ministries, Tabernacle of David Church, Ingham County Department of Human Services, and the Volunteers of America homeless

8veterans shelter. In 2015, the VITA Super Center site will become an on-site partner, to integrate counseling at the moment of free income tax preparation.

Referral partners are those with whom we share a mutual referral relationship. There are 18 official referral partners including Asset Independence Coalition, Center for Financial Health, 2-1-1, Christian Services/LOVE Inc., City of Lansing Treasurer, Head Start, and Ingham County Treasurer. Representatives from each partner have

met monthly since before the Centers opening, and have great influence over the direction of the program. All referrals to and from the Center are recorded in Efforts to Outcomes (ETO) software and reported at the monthly meeting, along with Demographics reports. We are also proud to partner with PNC Bank, Flagstar Bank, and CASE Credit Union who are approved Bank On partners.

Lansing Mayor Virgil Bernero with residents, celebrating the 2nd annual Financial Empowerment Center anniversary.

9Mayor Don Plusquellic

PeaceMakers

Akron

In spring 2014 members of the City of Akrons PeaceMakers facilitated financial literacy workshops for their peers. The PeaceMakers is an anti-crime/youth civic program designed to facilitate relations among Akrons youth, their government, community organizations, and police. When working with youth in the context of financial education training, the program exceeded its goal of delivering information to 40 high school students. Ninety-four percent of participants indicated that they would use the curricula to help guide their future financial decisions. These results strengthened Akrons commitment to provide a platform where high school students and young adults can develop skills to build a strong foundation for lifelong financial competence.

Teen and Money workshops

The Teen and Money workshops are designed to be fun, interactive, and educational. During the workshops, youth receive tools needed to prepare for their first credit card, manage student loans, and start saving for the future. Each participant also receives a workbook and is given a survey both before and after the workshop, to measure the level of training effectiveness. A three-month follow-up evaluation is also conducted with each participant. As an added benefit,facilitators and participants delivering or completing the training also qualify for college scholarships sponsored by Akrons partners.

Akron plans to expand the Teen and Money workshops to youth attending its eight public high schools, and offer out-of-school options for those not attending traditional or public schools. Akron also aims to provide youth and adult facilitators with professional training, to purchase classroom teaching aids and student materials. Interactive visual aids, including an audience response system and visual displays, will be used to enhance the workshop curriculum and to capture program data to gauge its effectiveness.

10

11

Looking to the future

Additionally, Akron aims to add adult, in-person workshops, using the Better Money Habits curriculum powered by Bank of America and Khan Academy, as well as an online component, to reach older adults and to provide flexibility. In a 45-minute class format, lessons will be expanded to include debt, home buying, and renting. Workshops will be offered in the spring and fall for youth and adults, with summer sessions for high school students.

Using H&R Blocks Dollars and Sense curriculum, Akron aims to increase the availability of financial literacy education to students, ages 14 to 22 years old. Lesson plans will be 30 minutes in length so that high school students can attend sessions during a lunch break or a study hall. Out-of-school sessions at public libraries, community centers, and with other community partners will also be available to accommodate youth outside of the public school system or those needing flexible options. In conjunction with print and social media outreach, Akron utilizes over 100 high school and alumni members to promote workshops and identify participants. They distribute thousands of informational flyers and brochures to their friends and peers and personally reach out to administrators, teachers, and counselors to help recruit participants. Akron will develop marketing strategies, using printed materials, email campaigns, social media, websites, billboards, and community newsletters. Akron will also assist with identifying and establishing relationships with community partners and financial institutions.

PROGRAM PARTNERS

Akron Public Schools (APS) is the fifth largest district in Ohio, with approximately 22,000 students enrolled. Its partnership with the City will help promote character building initiatives, which will include its financial literacy campaign. APS helps to actively promote the program, assist with identifying participants and workshop space.

The Akron-Summit County Public Library (ASCPL) provides resources for learning, information services, meeting spaces, and programs for all ages. ASCPL provides meeting space for workshops and training, as well as promotion of workshops through their online calendar. It also distributes promotional flyers to their 11 Akron branches.

Junior AchievementNorth provides economic education beginning in the earliest years of learning, for students at all economic levels. They assist with training facilitators and promoting the workshops through their program.

Greenleaf Family Center is dedicated to strengthening families in the community through counseling, education, and support. Their Credit Happens financial education workshops provide an additional resource for adults needing a more intensive program. They also assist with training adult facilitators.

12

Mayor William D. Euille

City of Alexandria DollarWise Committee

Alexandria

The City of Alexandria DollarWise Committee was organized in September 2008 with the goal of providing financial education to the citizens of Alexandria and consists of financial organizations, community groups, nonprofit organizations, local businesses, civic organizations, and City departments.

The initial financial literacy kickoff event was an opportunity for citizens to meet various organizations involved in the financial literacy campaign while allowing the committee an opportunity to gauge the needs of the community. The collaborating organizations provided stations with representatives disseminating brochures while engaging in conversations with citizens. The committee sponsored breakout sessions dealing with homeownership, credit, savings, and credit unions.

FDIC Money Smart

One of the committees first projects was educating youth in financial literacy, instructing students on the basics of personal finance and money management while enhancing fiscal responsibility.

The FDIC Money Smart Curriculum was issued to youth in TC Williams High School. To instruct the students, the Committee utilized: the Bank on It, Charge It Right, Pay yourself First, and the Paying for College and Cars modules. Instructors presented one module each week, for four weeks, requiring one hour of instruction time. Before completing the modules, students are given a pretest and a posttest to evaluate what they learned. Successful completion of all four modules qualified students to receive a $100 savings bond.

The Kids Marketplace

The Kids Marketplace, offered by a local credit union, is a personal finance simulation for middle schools students that introduces them to real life financial decisions. The program provides the students with the opportunity to create a real budget. Students face decisions on how to manage and spend their income. The committee participated in the Kids Marketplace at various locations in the area: George Washington Middle School, Frances Hammond Middle School, Cora Kelly Library, and the Charles Houston Recreation Center.

13

14

The committee also awarded each participating student five dollars. The students went on a field trip to CommonWealth One Credit Union to open a savings account in their names and deposit the five dollars.

Looking forward

The City of Alexandria DollarWise Committee aims to focus a portion of its programming on the Northern Virginia Juvenile Detention Center School. The Northern Virginia Juvenile Detention Center School is a regional state-operated program that provides educational services for school-aged students who reside at the detention center. The committee will utilize the FDIC Money Smart Modules for Young Adults to instruct students to make informed financial decisions to reintegrate into the community. Many students lack basic skills in personal financial management. Many are unable to balance a checkbook and have little knowledge of the basic principles involved with earning, spending, credit, and investing. The classes are small in the juvenile detention center which will allow the committee the opportunity to provide one-on-one instruction to the students.

Many of these students will have the opportunity to attend the T.C. Williams Satellite Campus. The satellite campus is designed to deliver a 21st century curriculum that is flexible in scheduling and student-centered in support. This

opportunity prepares the student to compete in the global marketplace, but with an approach that recognizes the challenges the student may face in completing their education.

The committee hopes to sponsor an essay contest on budgeting. Students would be required to take a salary as determined by the committee and budget for living expenses: groceries, clothing, insurance, transportation, and depositing money into a savings account on a monthly basis. The students would be required to contact merchants to get cost analysis to stay within the budget and would have to supply supporting documentation for every entry of their budget. A panel would select the essay winner.

The committee will evaluate the effectiveness of the program by evaluations from all participants. Pretesting and posttesting of financial literacy classes and conferences with students, adults, and director of programs to gauge how the program is working and what we can do to enhance the program.

The committee also hopes to bring financial literacy into the adult detention centers and community lodgings while continuing their financial literacy efforts in the community and schools.

PARTNERS

The City of Alexandria DollarWise Committee partners with:

Alexandria Rehabilitation and Housing Authority

City of Alexandria Consumer Affairs Commission

Community Financial Services Association

City of Alexandria Housing Department

Community and Human Services Department

Virginia Cooperative Extension Program

CommonWealth One Credit Union

The Urban League

Loan Max

The instructors for the seminars, workshops and financial literacy classes come from these organizations. The Committee partners with these organizations and promotes the Dollar Wise program while participating in their events.

Participants in the Kids Marketplace program.

15

Mayor Daniel Clodfelter

Mayors Youth Employment Program Career Readiness

Charlotte

Financial education is provided to participants in the City of Charlottes Mayors Youth Employment Program Career Readiness Training Certification. This certification is offered to students in 15 local high schools during the fall and winter quarters. The training, predominantly offered during the school day, provides students with essential content which includes budgeting, net worth, banking products (checking, savings, money market), taxes, student loans, credit scores and identity theft, and online banking. This curriculum, specifically developed by certified trainers for the City of Charlotte, is held in high regard by school administration and chief Academy administrators. The certification is required to receive a paid summer internship opportunity through the Mayors Youth Employment Program. The certification, valid for one year, can also be used to help students in sourcing other employment opportunities.

Bank of America

Bank of America has been a prominent supporter of Charlottes program by funding internships for students once they complete Career Readiness

Training, some in their very own banking centers. Charlotte-Mecklenburg Schools, the local school district, has also been a great advocate to source students who would be ideal candidates for our educational initiatives while providing the facilities for us to offer our trainings.

Career Discovery Day

Up to 4,000 students annually have the ability to learn about the finance industry at the annual Charlotte Career Discovery Day, a county-wide event that allows students to explore key Charlotte-area job sectors. Both the certification and Career Discovery Day are highly effective. The curriculum includes interactive and proactive financial tools and activities. Prior to attending the certification sessions, students complete a cost-of-living exercise where they must allocate projected take-home pay against living expenses in a selected city. While in the classroom, learning continues through lessons that feature interactive polling.

Students then take on the role of instructor to teach classmates about various financial topics, relying upon a student workbook and internet

Youth involved in the Mayors Youth Employment Program.

16

17

resources. As the students complete their experience, facilitators ask the students key questions related to the topic being presented to ensure understanding. Students complete an assessment upon the culmination of the session that highlights skills and knowledge attained. Students are selected for participation through their Career Development Coordinators (CDCs) and are predominantly ages 16 to 18; CDCs take referrals from all other in-school partners, such as Y Achievers and Right Moves for Youth, in compiling their lists.

Looking to the future

Charlotte aims to expand the opportunity for financial literacy training to all Charlotte-Mecklenburg high school studentsgrades 9 through 12and other youth in the community at the middle and high school ages. This program will allow for up to 500 students to participate at in-class training events facilitated by Next Level Experience, LLC, the certified training partner who has worked with the City to create and deliver the existing financial education module. Each workshop will run for approximately two hours.

As training materials will be available for the community, other educational staff will be able to facilitate training to students outside this initial group, making the number of students that can be impacted from this near limitless. To aid in this effort, Next Level Experience, LLC, will administer a train the trainer experience for interested community partners.

Mayoral support

The City of Charlotte provides financial support for the Mayors Youth Employment Program, including the Career Readiness Training Certification. Certificates for the Career Readiness Training are signed by the mayor. The Certificate of Completion for students attending the financial literacy

training facilitated by Next Level Experience, LLC, will also be signed by the Mayor. The Mayors Office and the City as a whole are committed to exploring the topic of economic mobility and views financial literacy education for youth to be a key component of addressing this issue as a community.

In-school partners

In-school partners include: Communities In Schools, Right Moves for Youth, Y Achievers, National Academic Foundation (NAF), and ACE Mentoring. These partners aid school staff in selecting students for opportunities. Certified facilitators from Next Level Experience, LLC have helped in the creation and execution of curricular materials. The City of Charlotte funds the program through general budget dollars, and the Park Ministries provides in-kind support for the venue where the Career Discovery Day event is held.

18

WorkReady Chester

Mayor John A. Linder

Chester

WorkReady Chester is an internationally-recognized summer employment program endorsed by the regional business sector and managed by the City of Chesters Workforce Development team. WorkReady Chester cultivates exemplary leaders by providing high-quality workplace exposure and relevant professional development training to Chester youth ages 16 to 21. Youth learn the value of transferrable skills including accountability, productivity, and teamwork, while gaining hands-on experience in an industry of their choice.

Currently, the City of Chester centers its financial education focus on young adults via the WorkReady Chester program. Although summer internships are funded primarily through the business community, WorkReady Chester has recently received financial support from DollarWise and Rotary International to expand its impact in the Chester community.

The theme for 2015 programming is Leadership, Innovation, and Entrepreneurism. Accordingly, WorkReady Chester has partnered with Entrepreneur Works, a nonprofit organization focused on growing businesses and jobs throughout the region. The mission of

Entrepreneur Works is to cultivate and promote successful entrepreneurs in underserved areas of the Greater Philadelphia region. Entrepreneur Works will take the lead on designing curriculum and coordinating entrepreneurial enrichment for youth.

Financial literacy in the context of youth entrepreneurship

Each year, WorkReady Chester has a captive audience of young people that are eager to develop both personally and professionally. Many of these youth express a desire to build an entrepreneurial career after completing their education. Still, for young people pursuing traditional careers, it is evident that workplace transition typically occurs every 3 to 5 years. In this climate, professionals must possess dynamic transferrable skills that harness innovation, leadership, and an entrepreneurial spirit to remain successful. WorkReady Chester recognizes this fact and plans to effectively prepare its youth for the modern workforce by cultivating these skillsets.

19

20

Considering its 2015 entrepreneurial focus, WorkReady Chesters financial literacy approach is unique in that youth will not only receive personal finance instruction in budgeting, saving, credit management, and retirement planning but they will also receive financial literacy instruction and support for their businesses. Here, youth will have the opportunity to immediately practice the financial principles they learn. Specifically, as our young people root themselves in effective money management, WorkReady Chester will allow youth to shop local banking institutions to determine which company is the best fit for them. This will be coordinated via a presentation and meet-and-greet event called Meet the Bankers at Chester City Hall.

Looking to the future: Leadership, innovation, and entrepreneurship

WorkReady Chester will encourage youth to think critically to identify innovative business concepts and develop viable business plans. Youth will also work under the instruction of Entrepreneur Works to launch their businesses.

Entrepreneur Works will cofacilitate weekly professional development seminars that teach our young people (approximately 50 interns) how to build their own businesses. Youth will work in small groups to identify a business concept, write a detailed business plan, and prepare an operation budget for their company. Each small group will present their businesses to their peers and program staff. From these presentations, youth will be selected to continue to work with Entrepreneur Works in the fall and winter. WorkReady will create scholarships that will go toward internship opportunities, curriculum development, and training resources.

Entrepreneur Works will also work with youth for six months to develop and launch their businesses. Chester will also provide technical assistance, small group training,

and one-on-one business advisement in marketing, and sales. After which, youth will be asked to present their businesses in a format similar to the popular ABC show Shark Tank. Key members of the business community, such as the Chester Business Association, Institute for Economic Development, among others, will rank the businesses and allot seed money to youth based on their rankings.

Mayoral investment

Mayor John A. Linder has focused much of his administration around education, economic development, and increased opportunity for Chester residents. As a former college professor, Mayor Linder understands the impact of quality resources and a strong support system, particularly for young people. In this spirit, he has been an avid supporter of youth development programs in Chester, including WorkReady Chester. Each year, the City of Chester funds at least 10 internship slots and hosts young people in various departments throughout Chester City Hall. In addition, Mayor Linder will often visit weekly professional development seminars during the summer to speak with WorkReady interns about decision making and planning for the future.

WorkReady Chester staff with youth participants.

21

Mayor Michael B. Coleman

OhioMeansJobs Columbus-Franklin County

Columbus

OhioMeansJobs Columbus-Franklin County provides financial literacy for both youth and adults. The program targets jobseekers who utilize the career center, which prepares the underemployed for jobs. The program also targets low-income individuals receiving public assistance, as well as people receiving services from other community-based organizations.

OhioMeansJobs Advisory Group

OhioMeansJobs plans to create an advisory group that will provide referrals from their organizations and assist with recruitment. The curriculum will be designed to increase employability by linking financial management to job opportunities and earnings and increase income effectiveness for job retention. Materials will come from existing information as well as information gathered through research of best practices. The program will teach individuals the importance of using income effectively as it relates to job retention. In particular, it will teach participants about the cost of work expenses such as clothing, shoes, tools, childcare, and transportation. The program will focus on

low- to moderate-income individuals, especially low-income women reaching financial stability; effectiveness of the campaign will be measured by evaluations submitted by the participants and advisory group representatives. Periodic surveys will be sent to the participants over a 12-month period to measure financial progress. Focus groups will be conducted to gather feedback from the participants completing the program, on a quarterly basis.

An innovative program

Columbus plans to develop, deliver, and validate a customized Financial Literacy Program teaching jobseekers and underemployed individuals effective management of personal finances. It will also illustrate the importance of money and credit management as well as lifestyle options. Having this knowledge is an important empowerment that will strengthen the participants self-image and sense of worth; produce a positive effect on the participants employability; improve the participants quality of life related to monetary issues; provide a positive role-model experience to the participants family and acquaintances;

strengthen the economic and social health of the community.

Mayoral support

Mayor Michael B. Coleman, city staff, and city council members are very active and supportive of the training and employment programs as well as the financial education efforts COWIC provides for jobseekers and underemployed individuals. Mayor Coleman initiated the development of two specific programs, Restoration Academy for ex-offenders and the Sherwin Williams Painting program. The mayor wanted the Restoration Academy to be a rigorous, six-month holistic internship program that included health screenings, dental services, Y-memberships, health coaches, nutrition, community gardening, and job preparation training that included a financial literacy unit to teach the participants how employment or owning their own business would generate legal income that would create financial stability for the individual as well as for the family.

22

COMMUNITY PARTNERS

Job Opportunities Bring Success (JOBS) and the Career Assistance Starts Here (CASH) programs

Franklin County Department of Job and Family Services and COWIC

Columbus Urban League

Restoration Academy

IMPACT Community Action Agency

KEMBA Credit Union

Chase Bank

Sherwin Williams Painting program

Jewish Family Services

Rapid Response

Goodwill Columbus

Columbus Community

LogisticArts program

Department of Labor

FastPath

United Way of Central Ohio

23

24

Mayor Sly James

Bright Future Internship Program

Kansas City

Kansas Citys Bright Future Internship Program is administered through the Mayors Office of Civic and Community Engagement. For the past 10 years, this program has employed approximately 100 youth and young adults ages 16 and older for eight weeks each summer in part-time, paid internship positions within City departments. The Bright Future Internship Fair, held each spring, allows for City departments to interview and select interested participants based on their compatibility and skill-level.

One component of Bright Future mandates that participants receive financial literacy training. In 2014, with the help of a DollarWise grant, the Bright Future program was able to partner with Metropolitan Community Colleges Institute for Workforce Development to provide this training. Through this partnership, Bright Future participants received eight hours of financial literacy training that aided them in better understanding their personal and professional financial goals and strategies. The course introduced students to the core concepts of financial literacy, including budgeting, banking accounts, credit and debt, saving and investing, and student financial aid. The material

and content for the course featured targeted, relevant issues important to this demographic. The ultimate goal of this course was to have an immediate and meaningful impact on the participants, leading them to engage in responsible financial practices and positive behavior.

Looking forward

Kansas City looks forward to enhancing its existing program through providing resources to expand opportunities of financial education to youth and young adults in Kansas City. These new opportunities would have the possibility of providing over 500 young people with the financial tools and resources needed to be successful, such as managing a checkbook, budgeting, investments, credit reporting, and lending. Currently, the Missouri Department of Elementary and Secondary Education requires high school students to pass a one-semester personal finance course in order to qualify for high school graduation. This course teaches foundational content such as banking basics, the role of credit, budgeting, saving, and investing.

A youth engaged in the Kansas City Bright Future Internship Program.

25

But, because it is a high school course, the opportunity to provide practical applications is limited. This new program will be facilitated year-round with the help of partners such as Catholic Charities of Kansas City-St. Joseph, the United Way of Greater Kansas City, Next Step KC, and local schools to provide additional personal finance management tools and financial coaching/counseling.

PARTNERS

The Bright Future program has previously partnered with the Metropolitan Community College - Penn Valley and the Federal Reserve Bank of Kansas City. Kansas City has recently held preliminary meetings with each of their partners for 2015, as follows:

Catholic Charities of Kansas City-St. Joseph is a social-service agency that works to improve the lives of impoverished Kansas Citians by providing critical information and services.

The United Way of Greater Kansas City works to alleviate poverty, enhance the well-being and career readiness of individuals, and improve literacy rates within the Kansas City community. It is through this partnership that Kansas City will provide individuals with greater knowledge of and access to Individual Development Accounts (IDAs).

Next Step KC is a nonprofit organization that works to strengthen Kansas City families by providing access to financial products, educational opportunities, and services, including tax preparation, which helps to move people from financial dependency to independence and stability.

Each of these community partners will work to enhance our financial literacy curriculum and coaching in the following three areas: entrepreneurship, homeownership, and post-secondary education.

26

Mayor Jean Stothert

Omaha

The City of Omaha has a history of supporting programs that build financial capacity. The City was an initial partner in the Omaha EITC Coalition and Creighton Universitys Financial Hope Collaborative (FHC). The mayors office has partnered with both initiatives for over ten years by serving on their boards and connecting them with financial resources. The Omaha EITC Coalition tracks the number of returns, the total dollar amount of the refunds, and the number of bank accounts opened.

In 2009, the City and FHC launched the Bank on the Heartland Campaign in partnership with nine financial institutions. Providing residents with access to the financial mainstream through a bank account is critical in promoting financial stability. Outreach efforts include participation in numerous community events from schools to churches.

The City funds Family Housing Advisory Services, the only HUD approved financial counseling agency, to provide financial education programs to low- and moderate-income residents.

Cash Flow Is Queen program

Using funding received from a 2009 DollarWise Innovation Grant to revise program curriculum, the City partnered with United Way of the Midlandss Financial Stability Partnership (now FHC at Creighton) to expand its successful workplace financial education to single mothers. FHC was able to create a comprehensive financial education program that includes nine weeks of training, yearlong coaching, a money management tool, and evaluation. The emphasis is on monthly cash flow management. FHCs money management tool allows participants to track monthly expenses and income and set financial goals. With a Cash Flow Is Queen mantra, over 300 single mothers have graduated from the program since fall 2009. Graduates are paying off debt, improving credit scores, saving money, getting promotions, and going back to school. In fall 2014, FHC received the Excellence Award in Service to Women from the Womens Fund of Omaha for providing outstanding work in the community.

2727

With the Citys awareness of the significant outcomes from this program, FHC was asked to participate in the targeted Neighborhood Revitalization Plan.

Prospect Village

Beginning in 2013, the City of Omaha created a redevelopment plan for Prospect Village, where neighborhood residents earn less than 50% of Omahas average median household income. Individuals touched directly benefit, but there is little impact on a neighborhood. By combining Omahas limited federal funds with local service providers, the City plans to show significant impact in this at risk neighborhood. This plan emphasized the importance of new housing and housing rehabilitation.

The City began to formulate and organize a holistic approach to neighborhood revitalization in Prospect Village. The result to date is a network of thirty organizations committed to participating in the Initiative, including the Financial Hope Collaborative.

Partners in this collaborative approach to build financial capacity include:

City of Omaha Mayors Office.

City of Omaha Planning Department.

Boystown offers its Ways to Work Program, which provides affordable car loans.

Franklin Elementary School, located in Prospect Village, offers space for various programs.

The Neighborhood Association recruits participants for financial education.

The Omaha Public Power District (OPPD) and the Metropolitan Utilities District (MUD), the local utility companies, provide energy savings training along with access to level payment plans.

Credit Advisors educates on collections and judgments.

First National Bank (FNB) pulls credit reports on participants and provides ideas on how to fix credit.

Creightons Financial Hope Collaborative.

Veridian Federal Credit Union offers secured debt consolidation loans to participants who successfully work with their financial coaches and make progress on goals.

COMMUNITY PARTNERSHIPS

At Bank of America, we have a clear purpose to help make financial lives better for those we serve. Were simplifying banking and investing, advancing better money habits and making an impact in communities around the world. As part of our commitment to building a better world through responsible business practices and community investments, were bringing our size, scope and expertise to partners including The United States Conference of Mayors. In response to the nations high unemployment rate, including an unprecedented high teen unemployment rate, and the skills mismatch for 21st century jobs, were supporting workforce and education programs that connect individuals to jobs. Were focused on helping underserved young adults and adults succeed academically, develop and hone job skills, learn better money habits, and obtain and keep livable wage jobs. In 2015, were providing funding for 1,600 summer jobs for teens across the country.

Learn more at bankofamerica.com/about

THE UNITED STATES CONFERENCE OF MAYORS

1620 EYE STREET NW WASHINGTON, DC 20002

202.861.6759

202.293.3109 fax

BEDOLLARWISE.ORG

BEDOLLARWISE

Front coverColophonContentsIntroductionDollarWise grant recipients since 2004

2015 DollarWise Innovation Grant recipientsHialeahLansing

Other 2015 DollarWise Innovation Grant finalistsAkronAlexandriaCharlotteChesterColumbusKansas CityOmaha

Back cover