Prosperity Center for Financial Opportunity. Quarterly Report January 1-March 31, 2014

Transcription

1 Prosperity Center for Financial Opportunity Quarterly Report January 1-March 31, 2014

2 Approved Scope of Work At least 75 clients will receive at least two out of three core services (employment services, financial coaching, and income supports access). The Center will complete a combined financial assessment for 60% of all clients who meet more than once with a coach and receive at least two core services. (A financial assessment consists of the development of a budget, credit report and credit score pulled and a personal balance sheet.) A minimum of 25% of all CFO clients who meet with a financial counselor more than once will improve their credit scores Narrative Description of Progress (Within Timeline) The Prosperity Center Advisory Board held a four-hour strategic planning session on January 24, 2014 to develop the Center s mission and vision statements, guiding principles for Board responsibilities while collectively identifying program s strengths, weaknesses, opportunities and threats. Ruth St. Pierre, a trainer from Rockhurst University Continuing Education Center (RUCEC), facilitated the discussion. Prosperity Center staff, with direction from the Board, recorded suggestions for the Vision and Mission Statements, additional referral services, Board role and responsibilities and options for Board focus during the coming year. Attending Board members were divided into two groups to work on each focus area. Each group presented a report-out of their deliberations. The next step was a consensus building exercise. As one large group, we added, removed, clarified points and gracefully challenged each other to develop impactful statements that clearly describe the Center s work and its vision for external and internal Center constituents. The board and staff agreed on the following mission and vision statements: Mission The Prosperity Center applies an integrated approach, financial coaching, career guidance and access to community resources to empower individuals and families to make positive choices toward their financial goals to achieve economic freedom. Vision The Prosperity Center guides individuals and families on a path to improve and sustain their financial quality of life.

3 Measurable Outputs/Outcomes This section requires you to report on your planned measurable outcomes and any progress that has been made against your approved outcomes. Financial Opportunity Center- Prosperity Center Year 1 Performance Expectations Year 1 Actual thru March 31, 2014 # Individuals receiving 2 out of 3 core services 60% of all clients will complete a CFA and meet more than once with a coach and receive at least two core services. A minimum of 25% clients will meet with a financial counselor more than once and improve their credit scores Successes (as of the end of March 2014) 300+ hours of financial and employment 1-on-1 coaching delivered Eight financial workshops were facilitated: (2)-Personal Budgeting, (2)-Plugging Spending Leaks, (2)- Your Spending, Your Savings, Your Future and (2)-Personal Finance During and After College 232 people have inquired or sought Prosperity Center services A random analysis of 49 clients revealed an average credit score of 597, the median score is 581. Scores range is *The average Prosperity Center client has a credit score in the poor-fair range. Center clients have credit scores with challenging payment histories.. Six clients were approved for at least 1-benefit. Total $ value of approved benefits=$2, clients attained full-time employment; with an average salary of $36,455 or $16.56 an hour; 20 clients total have obtained employment Five employment workshops were facilitated (LinkedIn Lab, Problem with Online Job Applications, Creating a Job Search Plan, Mock Interviews 101 and Job Survival, Strategies for Success) One client received a certification in Customer Service Professional, Three clients took refresher courses through National Training Seminars: o Adobe and Illustrator o Administrative refresher courses in Microsoft Office and o Advanced Excel Prosperity Center events and workshops are posted on 25 community calendars Goals for the Next Quarter Create more partnerships for service referrals, financial resources and job availability Identify volunteer opportunities around Center services Improve and enhance marketing of the Center and co-branding of the FOC Network Challenges During the strategic planning session held in January, board members and staff identified challenges and areas of improvements to strengthen services and increase residents awareness of Center services in surrounding

4 urban neighborhoods. The bulleted list highlights areas the board and Center staff has prioritized and strategies to address challenges: Challenge: Marketing/outreach -Inconsistent messaging from external sources o Intervening Strategy(ies): Provide updated marketing messages to community partners and schedule quarterly face-to-face meetings with each community partner. Challenge: Living wage jobs in UNI boundaries o Intervening Strategy(ies): Until living wage jobs are a reality in the urban core, the Prosperity Center and its operational partners FEC and Catholic Charities will continue to provide supportive services to lessen the financial burden of our shared clients i.e.31 day bus passes, gas cards, clothing vouchers, etc. Challenge: Find, secure and maintain funding o Intervening Strategies: Board members agreed to support fundraising efforts by introducing the Prosperity Center s leadership team to potential donors. Reasonableness of Costs Budgeted salary expenses for an income support specialist have not been expended. Administrator coordinator resigned her position. It s projected this position will be filled in the second program year. These employment vacancies are the only budgetary variances. Program Successes Client successes highlighted each quarter are attributed to their engagement with the Center. Clients sustain their participation with the Center beyond one or two successes. Each milestone achieved is celebrated with the knowledge that there s more work to be accomplished. Stories by Service Areas Employment Services: Client came to us after being long term unemployed and having no income for a little over six years. He tried other employment services in the community, but unfortunately he was still unable to find employment. Within a nine year time frame his prior work experience was in a wide range of industries and no position was the same. Upon program entry, he received intensive one-on-one coaching sessions to determine his transferable skills in order to make him marketable for employment. His sessions included: a mock interview, resume and cover letter revisions, employment referrals and job search options. Within a few months of his participation and determination, he was able to find part-time employment with the possibility of the position transitioning to full-time. As a result, he received support services through the Center to assist with transportation for the first month. Not only has he increased his income he will also receive paid training from his new employer. Income supports: Client and Client received assistance consolidating their student loans. She was able to take a 3 digit monthly payment and reduce it to less than $50. Client was able to have his payment reduced to $0. These reductions make their budget easier to manage. Client needed assistance ensuring that he was able to keep his car street legal. His car needed to have the registration renewed and the taxes paid for the current year. He didn t have the funds and was

5 considering taking out a payday loan for the car. In order to help him avoid the high fees associated with a payday loan as well as the recurring trap of debt many people fall into, we directed him to NextStep KC for their small dollar loan program. He was able to take out a loan and can now repay it on very favorable and affordable terms. Client was behind on her utility bills. Working with her we identified an organization that would provide her with assistance and made a referral. She reached out to them for service and was able to receive assistance to bring her bill current by paying for 2 months worth of delinquent payments. Financial Coaching Client was looking for assistance getting funds for a small business. We referred her to the Family Conservancy s Individual Development Account where she was able to open a matched savings account. Program participants have testified to the importance of developing a trusting relationship with their coach. Clients express that they are more willing to discuss personal financial matters with someone they view as a non-judgmental partner on their journey to achieve financial security and freedom. One-on-one coaching is an approach at the center of the FOC model. It is an effective approach to break down distrust and discomfort often times associated with the formality and bureaucracy of institutions. Putting decision-making in the hands of clients fosters a greater degree of responsibility for positive program outcomes. For many low-to-moderate income individuals and families, negative life experiences and low selfconfidence become barriers to making good financial decisions. The FOC model combined with a well-trained and caring staff help people overcome their feeling of disempowerment which helps maintain engagement in Center programs.