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Financial Empowerment Partnership
More low-income families will have increased and increasing long-term financial assets.
To increase by 50% the number of lower-income families who are financially stable.
The measurable outcome of the Financial Empowerment Partnership of South Santa Barbara County is to:
- Grow the number of client participants (earning an annual income of $55,000 or less for a family of four) in all current and future projects by 10% or more each year.
The Partnership has four major projects for the next three years:
- Financial Literacy Education: helping to deliver education to qualified clients, standardizing IRS approved English and Spanish curriculum to be used by certified student and adult tax preparers joined by volunteer financial presenters throughout the south county.
- Bank Accounts: providing clients with opportunities to create and use emergency savings accounts to reduce the frequency and amounts of usage of “payday” loan services.
- College and Career Savings Plans: encouraging clients to establish and fund college or certified trade school plans for taxpayers children or grandchildren. (e.g. #529 Plans, Coverdell, Etc.)
- Retirement Accounts: encouraging clients to establish and fund these plans for family and community benefit. (e.g. IRA, SEP, Etc.)
- VITA (Volunteer Income Tax Assistance): collecting individual taxpayer information, electronic filing and processing of tax returns and refunds, and training and mentoring high school and adult students to become IRS certified VITA tax preparers.