Semi-Annual Grant Report No. 1 (Jan. 1 - June 30, 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 financial capability of all Texas consumers.

Program Highlights

During the reporting period (Jan 1 – June 30) approximately 1,292 Texas consumers received financial education sponsored with TFEE funds. Funds were used to implement new programs, increase the amount of individuals served, and expand their reach within their communities.  In addition, funds supported internal trainings to provide staff opportunities to become highly trained professionals.    

The Texas State Affordable Housing Corporation and Texas Council on Economic Education primarily provide “Train the Trainer” programs. During the reporting period efforts were focused on developing and marketing the programs. Trainings/workshops are scheduled to occur during the next reporting period.

Implementing and collecting the data required to complete the pre and post surveys was a common concern among all the grant recipients. Feedback will be used to restructure the surveys during the next grant cycle.

Financial Status

*The Texas State Affordable Housing Corporation (TSAHC) did not request to be reimbursed for any expenses during this period.  TSAHC allocated TFEE funds to support training workshops that will occur during the next reporting period.

Community Development Corporation of Brownsville (CDCB)

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 Activities

• Provided 39 financial literacy classes.

Major Achievements

• During the reporting period, the program increased the number of financial literacy classes offered by 50%.
• 398 individuals participated in financial education classes.
• Implementation of new “financial health” metrics. E.g. Financial Heart Rate, Financial Cholesterol, Financial Immune System, etc.
• Implementation of the “Your Money Your Goals” program developed by the Consumer Financial Protection Bureau. 
• Partnerships have enabled the program to reach a wider audience and target new demographics.  

Biggest Challenges

• Implementation of the TFEE Pre and Post Surveys.
• Departure of two financial counselors.

Upcoming Activities

• Improve the methods used to track financial coaching clients.
• Partner with outside organizations to provide financial education to the clients they serve.

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 Activities

• Provided six “Preparing for Homeownership” workshops.
• Provided 73 individual credit and debt counseling sessions.

Major Achievements

• Implementation of the new “Bank On Montgomery County” initiative to integrate credit boot camp curriculum with the housing and financial coaching programs.
• During the reporting period, an insert detailing the financial coaching services provided by the program was included in city of Willis utility bills. These partnerships with local city and county governance have increased program awareness.
• Five financial coaching clients were successful in purchasing a home during the reporting period.   

Biggest Challenges

• Building an effective outreach plan that will reach all under-served residents in Montgomery County.
• Requests for services exceed capacity to provide services.

Upcoming Activities

• Seek additional collaborations with non-profit and financial partners in the community to assist with demand for 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 Activities

• Provided 11 financial education classes and 30 one-on-one counseling sessions with TFEE funds.

Major Achievements

• Approximately 120 individuals received financial education through classes and one-on-one counseling sessions.

Biggest Challenges

• Keeping participants engaged and actively participating. 
• Attendance rate in classes.

Upcoming Activities

• Modify curriculum based on participant feedback to focus on specific needs.

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 that receive case management services from Communities in Schools (CIS).  

Program Activities

• Provided 25 families financial education.

Major Achievements

• Newly formed partnership with CIS has been productive and has helped enroll 14 new families into the Family Stability Program.
• Enrolled 14 new families into the Family Stability Program.
• Post survey results show an increase in savings among clients.

Biggest Challenges

• Participants work and family obligations and unreliable transportation and phone barriers often affected attendance to financial coaching sessions.

Upcoming Activities

• Staff will participate in professional development and host train-the-trainer sessions to increase financial coaching knowledge among staff and local area practioners.

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 Activities

• Provided 629 financial counseling sessions.

Major Achievements

• Expanded services to six locations throughout San Antonio. 
• A reported 30 individuals opened a bank account as a result of financial counseling/coaching.

Biggest Challenges

• Participants returning for additional financial counseling sessions.

Upcoming Activities

• Continue providing high quality one-on-one financial counseling/coaching.

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 Activities

• Provided financial education to 20 individuals.

Major Achievements

• Steady growth in the number of attendees and requests for financial coaching.
• Increased number of one-on-one classes.
• Creation of “Money Habitudes” class to assist clients in talking about the way they spend and save money.

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.
• Implementation of the TFEE Pre/Post Surveys. Many participants feel embarrassed and are not comfortable sharing details of their current financial situation.
• Departure of the main financial literacy trainer caused delay in program.  
• Loss of grant funding.

Upcoming Activities

• Improve follow-up process to better track client’s progress.

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 Activities

• Planning and preparation for six personal financial literacy workshops to be held at three different education service centers in Texas.
• Development of marketing materials to be distributed to the TCEE mailing list of more than 10,000 financial educators throughout the state.

Major Achievements

• Assessments for grades 2 – 8 have been developed.
• Two new training courses have been developed for educators conducting financial literacy courses in Texas high schools. Trainings align with Texas Essential Knowledge and Skills (TEKS) standards,
• Six tests have been revised or created for grades 9 -12. Each test aligns with TEKS standards.

Biggest Challenges

• The program has not encountered any major challenges to date. At the end of the reporting period none of the financial literacy workshops had occurred.

Upcoming Activities

• Conduct financial literacy workshops at Region 19 –El Paso
• Conduct financial literacy workshops at Region 1 – Rio Grande Valley
• Conduct financial literacy workshops at The Federal Reserve Bank – El Paso
• Conduct financial literacy workshops at Region 17 -Lubbock

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 Activities

• Provided one week-long TSHEP training workshop.

Major Achievements

• 27 housing and financial counselors participated in TSHEP training.

Biggest Challenges

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

Upcoming Activities

• Offer Credit Counseling for Maximum Results and Homeownership Counseling Certification – Principles, Practices, and Techniques
• Administer data collection surveys