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Foundation Communities’ One-stop Financial Center
Julian Huerta, Deputy Executive [email protected]
Foundation Communities:
• Founded in 1989 in Austin• 17 properties with more
than 2,500 units in Austin and North Texas
• Extensive on-site supportive services for residents
• Financial Programs serve more than 25,000 families
Chronology of Financial Stability Programming
1998
• IDAs• Financial Literacy• Home Buyer Education
2004
• SEED
2005
• Community Tax Centers
2006
• ITIN Acceptance• Opening Bank Accounts
2008-09
• Financial Coaching
2010
• CFC Opens• Benefits Screening• Alt RAL/Prepaid Debit Cards
2011
• Savings Bonds• Small Business Coaching• Scholarship Mentoring
2012
• Child Support for College• Payday Loan Alternatives
Creating a One-stop Financial Center
• Primary objective: expand focus from just tax prep• Wanted highly visible year-round location with easy
access for clients• Chose stand-alone model• Include key partners throughout the year
The Community Financial Center
Services offered at theCommunity Financial Center
ITIN Acceptance
Agent
FAFSA Preparation
Tax Preparation
Small Business Coaching
ScholarshipMentoring Savings
BondPromotion
FinancialCoaching
FinancialEducationClassesPayday Loan
Alternatives
FC’s Community Financial Center
• Tax prep is the primary gateway for clients
• Referrals come from all over, especially 211
• Combination of appointments and walk-ins
• Paid staff plus lots of volunteers• Training for staff, volunteers and partners throughout
the year
Key Metrics and Outcomes: 2012
• More than 17,000 tax returns (6,500 at CFC)• $30 Million in refunds• 685 clients purchased Savings Bonds• 1029 FAFSAs completed• 363 clients in Financial Coaching• More than 200 completed Financial Education • 58% of financial coaching clients increased their
credit score after 6 months• 64% of financial education graduates increased their
savings
Budget/Sustainability
• Annual Budget for FC Financial Stability programs: $1 million.
• Most of this spent at or through our Community Financial Center
Key Funders:• City of Austin• United Way for Greater Austin• Michael and Susan Dell Foundation• IRS/VITA