Banking-at-School Partnership Program

Albemarle High School Student Branch Proposal

Program Objectives

• Support Standards of Learning (SOL’s)• Support the new Personal Finance Course• Develop basic life skills pertaining to money

management, personal finance• Facilitate financial literacy & understanding of the

American economic system• Allow students to explore career options in

banking & finance• Develop entrepreneurial skills

Program Background

• In 2002 General Assembly passed legislation authorizing VDOE to develop guidelines

• Used guidelines to develop RFPs with December 2009 deadline

• Elected to proceed with UVA Community Credit Union’s proposal

Why UVA Community Credit Union?

• Established in 1954

• Over 54,000 member-owners

• Serves the City of Charlottesville, and the counties of Albemarle, Fluvanna, Greene, Louisa, Madison, Nelson, and Orange

• Eleven full-service branches in area

• Award winning financial institution

Why UVA CommunityCredit Union?

• Non-profit dedicated to improving the financial well-being of our community

• Experienced financial education provider– Credit Union membership – Area schools and non-profit organizations– Local businesses

Why UVA Community Credit Union?

• Credit unions across the nation are leaders in providing student run branches– National support committees– Shared “best practices”

• Award-winning student run branch at

Louisa County High School– opened in December 2008

Why Open aStudent-Run Branch?

• Beneficial to:– Students– School – Community– Credit Union

Benefits for the Students

• Learning useful real-life skills in a positive and safe environment– Managing personal finances– Improving financial literacy– Experience with business leadership practices– Developing entrepreneurial skills

• Employment opportunities – Internships– Part time/full time employment

Benefits for the School

• Meet SOLs without additional training or resources• Supports the new Personal Finance Course• Additional layer of curriculum support

– Credit Union designed materials– National Endowment for Financial Education (NEFE)– FoolProof online financial education modules

• Opportunity to foster partnerships & networking with the business community

• Good public relations

Benefits for the Community

• A new generation of more knowledgeable consumers who can help stimulate the economy and successfully manage their money

• Healthier individuals/family units through financial stability

• A new group of employees with experience in running a business (marketing, branding, and financial operations)

Benefits for theCredit Union

• Enrich the lives of our future members

• Develop positive public relations with the community

• Build pool of employee candidates

Student-Run Branches

• 42 States currently have credit union student-run branches

• Nationally – 773 branches

• Virginia – 69 branches

• Branches use different delivery models

Central VirginiaFederal Credit Union

Central Virginia Federal Credit Union

Central Virginia Federal Credit Union

Central Virginia Federal Credit Union

Henrico Federal Credit Union

Henrico Federal Credit Union

Apple Federal Credit Union

Apple Federal Credit Union

Apple Federal Credit Union

Apple Federal Credit Union

Louisa County High School

Lion Nation Branch

Creating Excellence Award

Governor’s Career & Technical Education Exemplary Standards Awards

The Albemarle High School

Student-Run Branch

Products & Services

• School System Employees – full service accounts

• Students – require parental/guardian signature if under 18

• On-Site Financial Education– Students– School System Employees– School’s Community Members

Operational Structure

• Utilize space outside of cafeteria

• Open initially two days a week

• Partial data connection– allow the student branch to use a “store & forward”

feature of our system– blocks student’s access to account balances and

histories

• Cash withdrawal limits & other security practices

Division of Responsibilities

Credit Union Resources School Resources

Equipment, site design, documents & supplies

Space

Interviewing & training Screening of applicants

Oversight & supervision Staff liaison

Insurance & bonding Communications & Student Development of Marketing Materials

Security of information & financial instruments

Time for assembly/student meetings

Marketing Expenses/Final approval Development of teller windows

Financial Education Student Advisory Board

Staffing

• School Staff• Supervising teacher• Student manager• Three student tellers

• Credit Union Manager to oversee student-run branch • Training• Daily operations• Partner with supervising teacher• Coordinate Financial Education curriculum between

Credit Union staff and teachers

Implementation Timeline

• Winter 2009• Explored different student-run models with a site visit

to Louisa• Completed the RFP process • Reviewed and working in compliance with Virginia’s

“Guidelines for Banking at School Partnership Programs”

• Spring 2010• Secure School Board and Credit Union Board

approval• Implement financial literacy education

Implementation Timeline

• Spring / Summer 2010• Apply for Regulatory Branch Approval• Prepare facilities for operations• Recruit & train staff

• Fall 2010• Student-run branch opens at AHS• Full-operation with student employees

Questions?