The mission of the Delaware Financial Literacy Institute is to help individuals, especially those of low to moderate income, become equipped with the tools to get their financial lives

in order so that they can become self-sufficient and enjoy financial well-being over time.

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A N N U A L R E P O R T

2009 BOARD of DIRECTORS

Connie Montaña, President Assistant Vice President, Bank of America Card Services

Carol E. Arnott, CFP, CDFA, ChFC, Vice President Certified Financial Planner, Greenville Financial Group

Clinton Tymes, Secretary State Director

Delaware Small Business Development Center

John M. Kohari, Treasurer COO, Citi, Global Cash Management

Bo Backerman Vice President, Wilmington Trust

Tara F. Becker

Sherese Brewington-Carr Administrator, Prison to Work

Delaware Department of Labor

Mary Caraccioli

Jeffrey P. Courtney Senior Operations Director, Chase

Lillie Crawford Director, Center for Enterprise Development

Delaware State University

Lawrence S. Drexler, Esquire General Counsel, Barclays

Ron Dutton Vice President, Wachovia Corporation

Bernice M. Edwards Executive Director

First State Community Action Agency

Christina Favilla President, Discover Bank

Raina Harper Allen

Christopher Kenny, Esquire CFO and General Counsel

The Kenny Family ShopRites of Delaware

Bonnie T. Meszaros, Ph.D. Associate Director, Center for Economic Education

& Entrepreneurship, University of Delaware

Robert W. Pierce President and CEO, AIG Federal Savings Bank

Dan Scholl Co-Head and Portfolio Manager,

Schroder Investment Management

Sonia S. Sloan Sloan Fund Raising and Management Counsel

Michelle Taylor President and CEO, United Way of Delaware

Ronni K. Cohen, Executive Director Delaware Financial Literacy Institute

The Hon. Jack A. Markell Founder and President Emeritus

Governor, State of Delaware

2009 ADVISORY COUNCIL

Tony Allen Communications Executive, Bank of America

Jayne E. Armstrong District Director, U.S. Small Business Administration

David G. Bakerian President, CEO, and Treasurer, DE Bankers Association

The Hon. Thomas R. Carper U.S. Senator

The Hon. Dorinda “Dori” Connor State Senator

Theresa A. Hasson Vice President, Community Development, Citi

The Hon. Lillian Lowery State Secretary of Education

Wilbert “Bunny” Miller

Paul T. Morris, Jr. Assistant Director, Community & Corporate Programs

Delaware Technical & Community College

The Hon. Velda Jones-Potter State Treasurer

Roger P. Pryor, Sr. Roger P. Pryor and Associates, Inc.

Renee Roberts

The Hon. Theresa L. Schooley State Representative and Project Director, Kids Count

Helen Stewart Vice President, Community Development,

JPMorgan Chase Delaware

The Hon. Stephanie A. Ulbrich

Norma Zumsteg Vice President, Community Consultant, PNC

STAFF

Ronni K. Cohen, Executive Director Karen R. Graham, Associate Director

Alisha Thompson-Adams, Associate Director Nancy Dotsicas, Office Manager

3301 Green Street • Claymont, Delaware 19703 302.792.1200 • 800.267.5002

fax: 302.792.1050 • info@dfli.org www.dfli.org • www.delawaremoneyschool.com

www.pursestoportfolios.com • www.firststatesaves.org www.bankatschool.com

THANKS to All Who Helped Provide Financial Education in 2008. . . Platinum Benefactors $50,000 & Over Bank of America Citi Foundation and Citi JPMorgan Chase Foundation

Gold Benefactors $25,000-$49,999 Discover Bank Schroder Investment Management Silver Benefactors $15, 000-$24,999 State of Delaware - Grant in Aid Bronze Benefactors $10,000-$14,999 AARP Advanta Foundation Chichester DuPont Foundation Sponsors $5,000-$7,499 Barclays State Farm Insurance Patrons $2,500 - $4,999 Delaware College Investment Plan Delaware Commission for Women Delaware Economic Development Office (DEDO) ShopRites of Delaware Wilmington Trust Contributors $1,000 - $2,499 Applied Bank Consumer Federation of America *Ronni Cohen DuPont Cynthia A. Karnai Connie Montaña National Council on Economic Education Wachovia Corporation Supporters $500 - $999 Delmarva Power Eagle One Christina Favilla John Kohari New Castle County Council Elodie Schuller WolfBlock, LLP Friends $100 - $499 Aetna Foundation Carol E. Arnott Bo Backerman David Bakerian Paul L. Bechly Kristen Cale

Marilyn Castro Gail Chickersky Jeff & Peggy Courtney

Delaware Alliance FCU Lawrence Drexler, Esq. Richard A. Givens II Kevin & Karen Goodwin Raina Harper *Theresa Hasson *Neil & Charlene Fongeallaz IAAP Bonnie Meszaros Theadora Morris Jeanine O'Donnell Dr. Renee O'Leary Robert W. Pierce Roger Pryor, Sr. Joseph & Joan Rosenthal Sonia Sloan Joy Slabaugh Jane P. Taylor Shawnese Williams *Friends of Sandra Varano DFLI Circle Under $100 Susan Anderson Kainde Barduae Tara Becker Sharon Boland Sherese Brewington-Carr Julie Burning-Lobacz Sharonliz Cabrera Kristen S. Cale The Hon. & Mrs. Thomas Carper Kristen Cerase Charter Mortgage, LLC Addrena Cyrus Sallie Ann Conner Denice Bing Davis Nancy Dotsicas Debra Forbes Lisa Gensel Karen Graham Norene Griffin Shaquilla Holmes Kiersten Joseph Mark Julian Mike Laur Catherine Lee *Dianne Long Rosanna Mangini Lee Margerison The Hon. Jack Markell Cora Mason Meta McGhee Morgan Meszaros Wilbert “Bunny” Miller Pedro Moore P. A. Morse Amanda Murphy Sonja & Peter Murphy

In-Kind Sponsors Cann Printing Celebrity Kitchens Chapel Street Players Delmarva Digital Media Group Tim Fatton Walter Graham Lamb's Loft Peter Murphy Roberta Nava News Journal

Additional thanks to those who contributed through United Way, the State Employees’ Charitable Campaign, and the Combined Federal Campaign

Carolyn M. Nelson Brian C. Papaccio Tammy Parks Virginia Russell Carl Schrass Lillian Shah Emily Singer Rick Solloway Chanelle Smith Paulette Smith Sandra Spence Alverna Staus Margaret Tallman Patricia Tift Evonne E. Thomas Alisha Thompson-Adams TLC Truck & Auto Services Angela Weeks Despina Wilson Denise Woodard

* In loving memory of Sandra A. Varano

A Brief History of Delaware Financial Literacy Institute The successful 1999 Every Woman’s Money Conference led Governor Jack Markell, then State Treasurer, to create The Money School to keep the financial dialogue alive. In 2001, the Delaware Financial Literacy Institute (DFLI), a 501(c)(3) nonprofit organization, was created to run financial literacy initiatives, including The Money School.

The Money School The Money School, DFLI’s signature program, is a “school without walls” which provides free financial education classes throughout the state. A dedicated cadre of over 150 financial professionals— some from financial services and corporate industries, others from nonprofit organizations and government—volunteer thousands of hours each year to teach classes to a devoted community of learners.

In 2008, over 10,000 people received financial education through more than 550 free Money School classes and programs. In addition, in 2008, DFLI presented more than 100 financial education programs for conferences, work- places, and community, religious and military organizations. Pre-release women at Baylor Correctional Facility also received financial education through The Money School.

First State Saves First State Saves, part of the national marketing campaign America Saves, is designed to encourage people to save regularly and build wealth. DFLI is the lead agency in a coalition of partners who provide financial education and access to low and no-cost savings products.

In 2008, Dr. James O’Neill, Director of the Center for Economic Education and Entrepreneurship at the University of Delaware, was awarded the First State Saves Saving Star Award for his advocacy for and commitment to financial education.

From Purses to Portfolios: Delaware Women Take Charge of Their Money In response to women’s unique financial needs, From Purses to Portfolios was created in 2004 to encourage women to take control of their finances. Since then, more than 400 participants have amassed more than 11,500 hours of financial education. In 2008, DFLI honored 114 of these participants at a Purses Conference at the Chase Center on the Riverfront. Attendance was over 1,500. Fourteen different informative sessions were offered including The Rock & Roll Money Show; A, B, C’s of Business Start-up; and Crash Course in Credit. The conference also included a dynamic Open for Business Resource Center and a highly successful Credit Clinic which served over 150 people.

From Purses to Portfolios participants have made real strides in their financial lives: $ More than 77.5% see a clear impact on their financial lives due to involvement with the program $ 82.5% are working toward long term financial goals $ 80.4% have made an effort to improve their credit reports and score $ 77.3% have cut back on expenses $ 65.5% have started to use a budget $ 49.3% have increased savings $ 19.4% have purchased homes $ 66.0% have reduced debt

The From Purses to Portfolios program is now being replicated by Consumer Credit Counseling Service of Delaware Valley and by Maryland CASH.

Money $marts for Kids This comprehensive program is designed to establish financial dialogue between youth and adults. Money $marts programs include:

The Money Rules Summit for High School Students, created in 2005 to teach high school juniors the value of saving and budgeting as well as the costs and benefits of credit. In 2008, the Money Rules Summit reached 190 high school juniors and 50 teachers and chaperones.

ME (Meaningful Economic and Entrepreneurship) Competition, in partnership with the University of Delaware Center for Economic Education and Entrepreneurship. This statewide academic event, now in its 24th year, brings together 500 third-sixth graders from across the state to compete in problem solving, team production, and a test of economic, entrepreneurship, and financial skills.

Bank At School, which teaches young students financial management by allowing them to open savings accounts and make weekly deposits at their school bank branch, nurturing the ethic of saving, especially critical in today’s economy.

Money Talk$ for Teachers and Parents Money Talk$ assists teachers and parents in dialoging about money with youth.

In 2008, DFLI trained 100 kindergarten teachers, who impact more than 5,000 students annually, in Money Talk$ seminars. Teachers received comprehensive guides

and materials to implement financial education.

Money Talk$, DFLI’s financial education newsletter with activities and lessons for children and their families and teachers, is distributed to more than 7,500 Delaware K-8 teachers, parents, and community leaders. This newsletter (download at www.bankatschool.com) is filled with standards-based lessons, resources, and activitites. In 2009, Money Talk$ will be published in an electronic format.

Entrepreneurship Initiatives DFLI has been building its small business offerings with a multi-faceted approach to entrepreneurship. Focusing on venture creation as a viable career option and method for asset building, the program includes:

Make A Job. In 2008, 25 non-profit, city and educational youth leaders were trained to implement the Make A Job curriculum for at-risk youth. This program was funded by

the National Council on Economic Education.

Chasing the Dream, a hands-on, interactive camp. DFLI held the camp for 9-14 year olds in July 2008. Students not only learned about starting businesses, but were given the opportunity and tools to create their own asset-building ventures in Rodney Square.

CODE. DFLI is the lead organization for the Coalition of Organizations for Delaware Entrepreneurship. During National Entrepreneurship Week 2008, the first annual Entrepreneurship Delaware Conference attracted over 250 participants who had the opportunity to network and learn about the resources available to them in Delaware.

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THE POWER OF PARTNERSHIPS AARP Delaware African American and Latino Chamber of Commerce Center for Economic Education and Entrepreneurship (CEEE) City of Wilmington and Mayor James M. Baker Consortium for Entrepreneurship Education Consumer Credit Counseling Service of Delaware Valley Consumer Credit Counseling Service of MD and DE Consumer Federation of America and America Saves Delaware Bankers Association Delaware Coalition Against Domestic Violence (DCADV) Delaware Community Reinvestment Action Council (DCRAC) Delaware Commission for Women Delaware Cooperative Extension Delaware Credit Union League Delaware Department of Education Delaware Division of Libraries Delaware Economic Development Office (DEDO) Delaware Money Management Program Delaware Small Business Development Center Delaware State University - Delaware Center for Enterprise Development

Howard High School of Technology Academy of Finance & Business Interfaith Community Housing of Delaware—NeighborWorks Junior Achievement Lutheran Community Services Metropolitan Wilmington Urban League Nehemiah Gateway New Castle County Council & County Executive Chris Coons

Wesley College - SIFE Chapter West End Neighborhood House YWCA DE Center for Women’s Entrepreneurship

Delaware Technical and Community College Federal Deposit Insurance Corporation Federal Reserve Bank of Philadelphia First State Community Action Agency, Inc. First State Community Loan Fund Governor Bacon Health Center Governor Jack A. Markell

State Bank Commissioner Robert A. Glen State Office of Minority & Women Business Enterprise State Treasurer Velda Jones-Potter United Way of Delaware University of Delaware Cooperative Extension U.S. Congressman Michael N. Castle U.S. Senator Thomas R. Carper U.S. Small Business Administration