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PIE/IDA NEWSLETTER JULY 2009
The PIE/IDA Program is a Collaboration Between Foothills United Way and Boulder County Community Action Programs
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| The PIE/IDA Program in Boulder and Broomfield Counties is one of only three offered in the State of Colorado. |
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EARLY CHILDHOOD EDUCATION GRADUATE PROFILE
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Maria started the early childhood education program track three years ago and recently graduated from the PIE/IDA Program. Maria is a bi-lingual, bi-cultural childcare provider in Boulder County. Maria enrolled in the PIE/IDA Program to expand her home-based, childcare business. Maria's clientele is mostly made of single mother's that work and need a trusted and friendly place for their children. According to Maria, "the savings and matching funds helped her to improve her child-care business making it safer and more enjoyable for children" who spend most of their day at Maria's house. "The program training helped me to understand how to save money for business and for the future", she said. Maria also expressed that she would recommend the program to others so "they can benefit as she benefited from the matching funds." Maria used the IDA funds to purchase equipment and supplies for her home-based childcare business.
We wish Maria much success with her childcare business! |
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| One in four American adults do not have a bank account. High fees, minimum -balance policies and the scarcity of banks in poor neighborhoods are key factors. |
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| Early Childhood Education Opportunity
Early childhood education funds are available for participants in the PIE/IDA program. These early childhood education funds are restricted to bi-lingual, bi-cultural, Spanish-speaking early childcare providers. These funds may be used for post-secondary education (ECE related) or the capitalization of a childcare business. Early childhood education expenses are paid from the PIE/IDA program directly to an eligible educational institution or vendor in the instance of business capitalization.
Fees, Books, Supplies and equipment required for courses of instruction at an eligible education institution also qualify for the program.
Please contact the PIE/IDA Staff for more information. |
How the PIE/IDA Program Works
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| Participants in the program must be in the PIE/IDA program for at least 6 months and may stay up to 30 months. During that time participants save monthly, a minimum of $25. The savings are matched 4:1 up to $750 (with a $3,000 match). |
IDAs Are Fairly New
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IDAs are fairly new. IDAs were first introduced in several states in 1996 and in 1998 Congress passed the American Dream Demonstration. In 2002, through the Assets for Independence Act, Congress authorized $125 million dollars to fund IDA demonstration projects. Initially, many programs focused on helping participants to purchase first homes. However, as housing prices rise, purchasing homes has become more and more difficult. In addition, there is recognition that post-secondary education is an extremely important asset for low income individuals to break the cycle of poverty. IDA practitioners are just now reaching out to post-secondary institutions in greater numbers. Most marketing has been through community-based nonprofit organizations.
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What is an IDA?
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While the match savings account is the centerpiece of an Individual Development Account (IDA), it has several components which make it a successful program including training, counseling, case management, and financial education. Participants learn how to own and manage a bank account. They also receive specialized training to help them purchase their asset goal.
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AUGUST 2009 Class Schedule
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| Home Ownership Class
August 22, 10am-4:30pm, location-Boulder County Housing & Human Services, 2525 13th Ave, Boulder-registration required
Financial Fitness Class
August 5, 6pm-8pm, location-St Vrain Complex, 529 Coffman Street, Longmont
August 12, 6pm-8pm, location-Boulder County Housing & Human Services, 2525 13th Street, #204, Boulder
August 3, 10, 17, 24, 31-1pm-3pm, location-Workforce Boulder County, 1500 Kansas Ave, Longmont
registration required
Foreclosure Prevention Workshop
August 13 & 26, 4:30pm, location-Housing & Human Services, 2525 13th Street, #204, Boulder-arrive early for paperwork
All classes are free and offered in both English and Spanish.
see website to register for class and for more information
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PIE/IDA CONTACTS
Catherine Middlen
PIE/IDA Program Coordinator
Foothills United Way
1285 Cimarron Drive
Suite 101
Lafayette, CO 80026
(303)444-4013 x111
Nino Gallo
PIE/IDA Program Coordinator
Boulder County Community Action Programs
3482 N. Broadway
Boulder, CO 80034
(303)441-3998
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| What does the IDA field look like? |
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In 2005, the Corporation for Enterprise Development (CFED) conducted a survey of the IDA field to which nearly 400 IDA programs responded. Additional research discovered more programs, bringing the total of currently operating IDA programs in the United States to 540. Survey results indicate a 30% growth in the field since the previous year.
According to the 2005 survey, IDA programs are serving an average of 56 account holders currently, and have an average of 64 graduated account holders who have made their asset purchase. This indicates that there are over 30,000 account holders in the United States currently saving for an asset in IDAs, and even more who have made purchases. |
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