Semi-Annual Grant Report No. 2 (July 1 - Dec. 31, 2016)

Background

The Texas Financial Education Endowment (TFEE) Grant Program awarded eight organizations an aggregate amount of $249,000 in funds for the 2016-2017 grant cycle. These organizations strive to increase and promote the financial capability of all Texas consumers.

Program Highlights

During the reporting period (July 1 – December 31, 2016), TFEE funds provided training for 306 financial educators across Texas utilizing “Train-the Trainer” programs. These trainees will return to their classrooms or organizations and pass on the knowledge and skills obtained during the training. Grantees facilitating Train-the-Trainer programs estimate that their trainees will serve approximately 30,000 individuals throughout the TFEE grant cycle. In addition, 2,128 Texas consumers attended financial education sessions or received individual coaching during the reporting period.

Many of the programs have surpassed their projected goals and are providing financial education to more individuals than anticipated. Client retention and engagement along with collection of reporting data were common challenges among the grantees.

Financial Status

*Did not request to be reimbursed for any expenses during this period. 

La Puerta is a CDCB initiative for financial empowerment through free financial coaching, workshops, and income tax assistance. The goal is to assist families to reach a status of financial health. The 3 major tenets to financial health as defined by the La Puerta program are for families to be able to: 1) Maintain a household budget that efficiently uses their monthly income to meet all their expenses, 2) Save money for emergencies, and 3) Establish a plan for their financial future.

Program Type: Financial Coaching | Grant Term: One Year | Amount Awarded: $32,000

Funds Requested for July 1 – December 31, 2016: $26,600 | Total reimbursed: $32,000

Program Status to Date

CDCB conducted a total of 62 financial literacy classes and served a total of 974 individuals during 2016.  CDCB completed their one-year grant term and will provide a summary of the long-term impacts of the program in July 2017. One of the biggest programming challenges encountered was motivating clients to continue with the program. CDCB found that without a tangible reward, clients were less likely to complete financial coaching.  

Reporting Period Update (July 1 – December 31, 2016)

Program Activities

• Conducted 23 financial literacy classes
• Ongoing use of new “financial health” metrics. E.g., Financial Heart Rate (household income level), Financial Cholesterol (total debt burden and credit score), Financial Immune System (asset poverty indicator), Financial Blood Sugar Level (Debt-to-Income Ratio)  and the “Your Money Your Goals” program developed by the Consumer Financial Protection Bureau

Major Achievements

• Provided 576 individuals financial education through the financial literacy classes; 45% increase from previous reporting period
• Hired one new financial counselor to fill the vacancy reported previously

Biggest Challenges

• Client retention
• Implementation of the TFEE Surveys

Upcoming Activities

• The program has additional funding sources and will continue providing financial literacy classes
• Report on longitudinal impacts of the program supported with TFEE funds

Easter Seals of Greater Houston provides first-time financial coaching, homebuyer education and homebuyer programs for people with all types of disabilities, and meet low-income guidelines. The program aims to improve the community by: revitalizing neighborhoods; helping people understand credit and debt; assisting with asset building and savings; credit boot camps; financial coaching; and collaborating with partners to create homeownership opportunities.

Program Type: Adult Financial Education & Capability

 Grant Term: Two Years | Amount Awarded: $32,000

Funds Requested for July 1 – December 31, 2016: $8,000 | Total Reimbursed: $16,000

Program Status to Date

During the 1^st year of grant funding, Easter Seals of Greater Houston conducted ten Preparing for Homeownership workshops and 129 individual credit and debt counseling sessions, serving a combined total of 217 individuals. The program successfully developed an extensive network of partners to assist with the demand for services. The requests for services exceeded the program’s capacity during the last reporting period.

Program Activities

• Conducted four “Preparing for Homeownership” workshops
• Conducted 56 individual credit and debt counseling sessions

Major Achievements

• Provided a total of 87 individuals financial education through workshops, and individual credit and debt counseling sessions
• Completed all ten of the Preparing for Homeownership workshops projected for 2016
• Expanded “collaboration network” to meet clients’ wide range of needs

Biggest Challenges

• Creating customized plans for the wide range of financial goals and needs of the clients

Upcoming Activities

• Improve the efficiency of the referral process to ensure clients are receiving appropriate services

El Paso Credit Union HOAP, promotes community development by targeting the financially underserved community to provide them the ability to develop family assets, and economic and financial stability. HOAP provides financial education, one-on-one housing counseling, credit counseling, and down-payment assistance to low to moderate income homebuyers. The HOAP provides housing opportunities to community members who would otherwise be unable to become homeowners.

Program Type: Adult Financial Education & Capability

Grant Term: Two Year | Amount Awarded: $25,000

Funds Requested for July 1 – December 31, 2016: $13,684 | Total Reimbursed:  $21,505                                    

Program Status to Date

The El Paso Credit Union faced challenges with attendance rates during the previous reporting period, but was able to overcome this with increased outreach efforts. A total of 50 financial literacy seminars were conducted with approximately 786 individuals in attendance during 2016. The program is now focused on implementing new ways to keep the participants actively engaged.

Program Activities

• Conducted 39 financial literacy seminars

Major Achievements

• Provided 666 individuals financial education through financial literacy seminars     
• Increased engagement by including mini quizzes throughout presentations

Biggest Challenges

• Keeping participants engaged and actively participating

Upcoming Activities

• The program has additional funding sources and will continue providing financial literacy seminars
• Report on longitudinal impacts of the program supported with TFEE funds

Family Pathfinders provides low and moderate income families financial coaching to help clients adopt positive financial behaviors and increase their financial stability. TFEE funding supports the Two Generation Stability Program that provides one-on-one financial coaching services to parents whose children receive case management services from Communities in Schools (CIS).  

Program Type: Financial Coaching | Grant Term: Two Years | Amount Awarded: $32,000

Funds Requested for July 1 – December 31, 2016: $11,630 | Total Reimbursed: $16,060

Program Status to Date

At the end of the reporting period, Family Pathfinders of Tarrant County had 30 families enrolled in the Family Stability Program. The program is continually looking for ways to leverage their partnership with CIS to enroll more families, however; the program continues to struggle with clients completing the coaching due to clients’ personal obligations.

Program Activities

• Provided financial coaching services to 30 families   

Major Achievements

• Enrolled five new families into the Family Stability Program
• Increased presence in the community by obtaining office space in targeted schools via partnership with CIS
• Refined recruitment methods

Biggest Challenges

• Participants work/family obligations along with transportation issues continues to be a program challenge

Upcoming Activities

• Identify ways to encourage participation
• Staff will continue to participate in professional development and host train-the-trainer sessions to increase the financial coaching knowledge among staff and local area practitioners

Family Service Association seeks to increase economic opportunities for low-income families and individuals. The Financial Empowerment Services program provides San Antonio residents financial education and capability through one-on-one financial counseling. The focus is on reducing debt, increasing credit scores, savings, banking and wealth building.  

Program Type: Financial Coaching | Grant Term: Two Years | Amount Awarded: $32,000

Funds Requested for July 1 – December 31, 2016: $0 |Total Reimbursed: $2,008                                           

Program Status to Date

Family Service Association of San Antonio conducted 1,279 one-on-one financial coaching sessions during the 1^st year of grant programming. The program hired an additional two counselors during this reporting period, but is still working on a 4-6 week wait list for new clients. In lieu of receiving additional funding to hire more financial counselors, Family Service Association of San Antonio screens clients to determine if they are in an emergency situation. In these emergency situations, clients will be seen immediately.

Program Activities

• Provided 650 one-on-one financial counseling sessions

Major Achievements

• Survey data shows 324 individuals reduced their debt by 10%
• Hired and trained new financial counselors to serve San Antonio residents

Biggest Challenges

• Meeting demand for financial counseling; program has a 4-6 week wait list

Upcoming Activities

• Enhance and expand the program to serve an increased number of clients

Goodwill’s financial literacy program strives to increase the financial knowledge and capability of low-income clients, leading to increased self-sufficiency and economic security. 

Program Type: Adult Financial Education & Capability

 Grant Term: 2 Years | Amount Awarded: $32,000

Funds Requested for July 1 – December 31, 2016: $10,061| Total Reimbursed: $10,972                                          

Program Status to Date

Goodwill Industries of Central Texas experienced employee turnover last reporting period, causing a delayed start to the program. The program is now fully-staffed and is back on track, offering nine sessions weekly and has served a total of 164 individuals for 2016.

Program Activities

• Conducted nine group financial education seminars weekly

Major Achievements

• Provided 144 individuals financial education through financial education seminars
• Increased interest and response from clients
• 90% of clients indicated the classes contained relevant information and would recommend the course to others  

Biggest Challenges

• Large percentage of the program clients are homeless or unemployed, and have difficulty focusing on financial capability when their basic needs are not met
• Follow-up post class

Upcoming Activities

• Research virtual options to provide financial education such as a  “Money Habitudes”  mobile application  

By working with kindergarten through grade 12 educators, TCEE aims to plant the seeds of a healthier U.S. economy and personal financial stability. TCEE’s goal is to provide teachers with hands-on lessons and programs that allow students to practice implementing real life economic and financial skills, and thus pave the way to a life of economic security and a Smarter Texas.

Program Type: K-12 Financial Education & Capability

Grant Term: Two Years I Amount Awarded: $32,000

Funds Requested for July 1 – December 31, 2016: $9,047 Total Reimbursed: $16,047                                   

Program Status to Date

TCEE originally requested TFEE funding to conduct six workshops and educate 125 teachers. With TFEE funds and additional funding from outside sources, TCEE was able to facilitate 12 workshops and train 226 teachers. TCEE has conducted all the workshops TFEE funds were requested for and will submit an additional expense reimbursement for remaining expenses next period. TCEE will also continue to report on student testing data as submitted by participants.

Program Activities

• Conducted 12 personal financial literacy workshops

Major Achievements

• Trained 226 educators; surpassing the proposed goal of 125

Biggest Challenges

• Low enrollment in workshops resulted in cancellation or rescheduling
• Collecting testing data from teachers who attended workshops

Upcoming Activities

• All workshops proposed in the application have been completed; TCEE will continue to report on student testing data

The mission of TSAHC is to serve the housing needs of low-income and underserved families and communities. TSAHC provides a variety of programs aimed at helping consumers access affordable homes and apartments, as well as high-quality home buyer education financial coaching, credit counseling and foreclosure prevention services in their communities. In addition, TSAHC administers the Texas Statewide Homebuyer Education Program (TSHEP) on behalf of the state of Texas to ensure financial counselors have the training they need to provide the highest quality counseling services.

Program Type: Adult Financial Education & Capability

Grant Term: Two Years |Amount Awarded: $32,000

Funds Requested for July 1 – December 31, 2016: $9,500 |Total Reimbursed: $9,500

Program Status to Date

TSAHC completed a total of three week-long training workshops during 2016 and educated 107 housing and financial counselors. The program is confident they will meet the goal of educating 160 counselors set in the application.

Program Activities

• Provided two week-long TSHEP training workshops; Credit Counseling for Maximum Results and  Homeownership Counseling Certification – Principles, Practices, and Techniques

Major Achievements

• Eighty housing and financial counselors participated in TSHEP trainings to increase their counseling skills and learn new best practices

Biggest Challenges

• Collecting data from counselors who have attended TSHEP training to complete pre and post surveys.

Upcoming Activities

• Preparations for 2017 training workshops: Homebuyer Education Methods; Post Purchase Education Methods; and Delivering Effective Financial Education to Today’s Consumers