OAKLAND COUNTY TREASURER

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1 November 22, 2013 Dear Oakland County Education Professional: As students and families face a tough economy, it s more important than ever they are equipped with the proper financial literacy skills. To that end, I am seeking your partnership in the Treasurer Meisner Financial Literacy Multimedia Art Contest for 10 th 12 th grade students in Oakland County Schools based on Michigan s financial literacy grade level content benchmarks, such as applying concepts of scarcity and opportunity costs to their personal and financial decision making in the state curriculum. Each art piece should include a typed title and typed description of how the artwork relates to the theme of financial literacy; art pieces must be matted. Students will be eligible for college scholarships or cash contest prizes. All students will have their artwork displayed in the Treasurer s Office for one year and in our online art gallery at Enclosed are materials to make this process user-friendly, including: 1. Contest Rules 2. Financial Literacy Standards & Benchmarks (Lesson Plan) to Help Students Prepare for the Contest 3. Contest Guidelines and Student Application (Please see separate attachment) Please help me reach out to the art, music, financial literacy, business, videography, finance education and other professionals in your district to encourage their participation. If you have any questions you should contact Ross Gavin, Deputy Treasurer for Public Policy & Outreach, at The final entries must be turned in to the Oakland County Treasurer s office between 9-5 the week of January 27 th. Thank you for your noble work and incredible contribution to Oakland County. Sincerely, Andy Meisner Oakland County Treasurer P.S. Special thanks to Hedy Blatt and my friends with the Oakland Schools Fine Arts Advisory Council for their input, assistance and partnership, and to our sponsors.

2 Oakland County Treasurer Andy Meisner Annual Financial Literacy Multi-Media Arts Contest Rules Student Entry Form All participants are required to fill out the Student Entry Form and have it signed by their teacher or guidance counselor and parent or guardian. Eligibility and Originality A participant must be an Oakland County public high school student in grades Each entry must be the original work of the student. Under no circumstances may an adult or other student in any way alter the integrity of the student s work. However, other individuals may perform or appear in the student s work, as long as the creative product itself is that of the student. Since this contest is multimedia themed, there are many areas in which a student may choose to explore (ex. a painting or a general or music video.) The originality is left up to the student. Art Media Acceptable art media will include 2-D (drawing, painting, photography, mixed media, illustration) and video/dvd. No violent or suggestive subject matter will be accepted. Students MUST include a typed artist statement that describes their work as part of the entry, along with a title for their work. Art pieces must be matted. Students are limited to one (1) entry only. Deadlines and Judging Each teacher will be in charge of deciding their own deadlines for their classes, but the final entries must be turned in to the Oakland County Treasurer s office, 1200 N. Telegraph, Pontiac, the week of January 27 th, between 9-5. Students will be judged primarily on how well they can use their artistic vision to interpret and portray the theme of financial literacy. Students will receive notification on or before March 31, Prizes and Exhibition Winners will receive a college scholarship or cash contest prizes and have their artwork displayed in the Oakland County Treasurer s Office for one year and included in our online art gallery at Awards will be made to individuals only as the lead sponsor of a submission involving additional people. There will be a reception for all participants and their fans on the evening of either Wednesday, April 23, 2014, or Tuesday, April 29, Complete reception information will be included in the award notification packet. Please contact Deputy Treasurer Ross Gavin at with any questions.

3 Oakland County Treasurer Andy Meisner Annual Financial Literacy Multi-Media Arts Contest Standards & Benchmark (Lesson Plan) Information The Michigan Department of Education has specified course content for financial literacy. It is listed under E4 Personal Finance, 4.1 Decision-Making in the Social Studies Curriculum. The benchmarks are as follows: 4.1 Decision Making Describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices Scarcity and Opportunity Costs- Apply concepts of scarcity and opportunity costs to personal and financial decision-making Marginal Benefit and Cost- Use examples and case studies to explain and evaluate the impact of marginal benefit and marginal cost of an activity on choices and decisions Personal Financial Strategy- Develop a personal financial strategy for earning, spending, saving and investing resources Key Components of Personal Finance- Evaluate key components of personal finance including, money management, saving and investment, spending and credit, income, mortgages, retirement, investing (e.g. 401K, IRAs), and insurance Personal Decisions- Use a decision- making model (e.g., stating a problem, listing alternatives, establishing criteria, weighing options, making the decision, and evaluating the result) to evaluate the different aspects of personal finance including careers, savings, and investing tools, and different forms of income generation Risk Management- Develop a risk management plan that uses a combination of avoidance, reduction, retention, and transfer (insurance).

4 The National Standards in K-12 Personal Finance Education, created by the Jump$tart Coalition for Personal Financial Literacy, has laid out competency areas with standards for grades 4, 8 and 12 directly related to financial literacy. The competency areas include financial responsibility and decision making, income and careers, planning and money management, credit and debt, risk management and insurance and saving and investing. Below are examples of how you can apply the standard at each grade level: Financial Responsibility and Decision Making Standard 1- Take responsibility for personal financial decisions Explain how individuals demonstrate responsibility for financial well being over a lifetime. Analyze how financial responsibility is different for individuals with and without dependents. Give a scenario; discuss ethical considerations of various personal finance decisions. Standard 4- Make financial decisions by systematically considering alternatives and consequences. Set measurable short, medium-, and long-term financial goals. Use a financial or online calculator to determine the cost of achieving a long-term goal. Apply systematic decision making to a long-term goal. Analyze how inflation affects financial decisions. Analyze how taxes affect financial decisions. Give examples of how decisions made today can affect future opportunities.

5 Explain how to use a budget to manage spending and achieve financial goals. Identify changes in personal spending behavior that contribute to wealth-building. Given a scenario, design a personal budget for a young person living alone. Analyze how changes in circumstances can affect a personal budget. Discuss the factors that affect net worth. Explain the difference, with examples, between cash inflows (including income) and outflows (including expense). Planning and Money Management Standard 1- Develop a plan for spending and saving Standard 6- Develop a personal financial plan Explain the difference between a cash flow statement and a budget. Given a simplified case study, construct a cash flow statement. Develop, monitor, and modify a personal financial plan, including goals, net worth statement, cash flow statement, insurance plan, investing plan, and a budget. FDIC Money Smart Pod Castshttp:// moneysmart/audio/index.html o Click on enter portable version online o o Click on listen now Can listen to pod casts on areas such as: Checking/savings Budget/savings Credit