Community Development Director Isaias Hernandez AGENDA MAOFs - - PowerPoint PPT Presentation

Community Development Director Isaias Hernandez

AGENDA

MAOF’s summary What is a Financial Opportunity Center (FOC) FOC Services SUMMARY

• Q&A

1963 1963 ‐ MAOF MAOF is is es established blished as as a lo low‐ inco come me comm mmunity unity‐ based based or

• rgani

nization tion

1967 1967 ‐ MA MAOF OF re receives $1 $1 millio llion job job‐tr trai aini ning ng co cont ntract fr from

• m the

the Departm Department of

• f Labor

Labor &

• pen
• pens a headquar

headquarter ers. s. 1970 1970 ‐ The The Uni United ed Wa Way funds funds MA MAOF OF pr progr

• grams fo

for the the fir first tim time. 1973 1973 ‐ Opens Opens its its fir first lic licensed child child ca care re cen center er in in Ea East Los Los Ang Angeles les 1976 1976 ‐ Ex Expands pands ser servic ices to to Ke Kern, San San Di Diego ego, Ve Ventura, & Mo Monter erey Coun Counties ties 1984 1984 ‐ Aft After 21 21 ye years of

• f
• pe
• peration

ion MA MAOF OF continues nues to to gr grow, boas boasting ting a 5.8 5.8 M budg budget la largely dev devoted to to job job trai aini ning. ng. 1992 1992 ‐ Awar arded $2.5 $2.5 millio llion gr grant to to open

• pen fir

first Head Head St Start art cen centers in in Southeas Southeast L. L.A. A. 2000 2000 ‐ Awa Awarded $534,000 $534,000 fo for ear early‐chi childhood dhood dev develo lopm pmen ent pr progr

• grams in

in Or Orang ange Coun County ty 2004 2004 ‐ MA MAOF OF adds adds San San Ber Bernar ardino dino to to its its ser servic ice ar area ea af after bei being aw awar arded ded a pr prescho eschool ope

• peratio

ion co cont ntract in in Mo Montcl clai air. 2013 2013‐ MA MAOF OF Co Comm mmem emor

• rates

es its its 50 50th

th

anniv anniversary ary 2017 2017 ‐ LI LISC SC Los Los Ang Angeles les sele selects MA MAOF OF as as a Fi Financial nancial Opportunity Opportunity 2019‐ Projected to reach 98 Million in operating revenue

Timeline

• Financial Opportunity Center Model Overview
• The FOC model focuses on improving the financial

bottom line for low‐to‐moderate income families & help people to change their financial behavior.

• FOCs focus on this change through a coaching model

that is client‐centered & goal‐oriented to meet primary

• utcomes.
• FOC's provide families with three core program services:

employment placement & career improvement, financial education & coaching, and access to income supports.

Financial Opportunity Center Strengths

FOC

Focus on long term client financial stability Build off of existing infrastructure – Not starting from scratch Data is used to improve client services and FOC delivery The three core services are delivered in a bundle fashion Uses the Coaching approach to meet the clients needs

Income Supports Opportunities

Income Supports Activities/Characteristics Client is screened at entry for public benefits including SNAP, medical benefits, rental assistance, childcare subsidies. Clients are connected to supports to enable them to remain in training. Client’s are counseled on how changes in income will impact benefits. Client’s supports are reassessed as client’s situation changes (e.g., new job, returning to school).

INCOME SUPPORT SERVICES

Citizenship/DACA Application Assistance Legal Immigration Clinics Tax Preparation (VITA) – Including CCA Notary Public (Pending) Subsidized Child Care Services Food Bank Medicaid/Medical Enrollment SNAP Enrollment Rental and Utility Assistance Transportation Assistance (Seniors Only) Total Value= $340,558 (excluding medical)

134 56 50 11 11 13 1 4 31 31

INCOME SUPPORT

Employment Opportunities

Employment Coaching Activities/Characteristics Assistance is provided to clients in preparing job search materials (e.g., resume, cover letter ) Counseling or coaching on job searching, employment retention, and career advancement is provided to clients Support is provided as clients explore career pathway Placement or job opportunities are discussed with clients Job advancement opportunities are discussed with clients, especially when the client’s career path/ladder is first articulated Employment/Career coaching continues post placement and into advancement

Jobs are not always enough

19 13 42% 50 $15.65 $28

INCREASE IN WAGES INCREASE IN WORK HOURS PLACEMEN T RATE PLACED IN JOB LOWEST AVERAGE WAGE ACQUIRED HIGHEST AVERAGE WAGE ACQUIRED

EMPLOYMENT

Financial Capability

Financial Coaching Activities/Characteristics Financial education workshops on topics including: budgeting, savings, credit, and more. 1‐on‐1 Credit Counseling/Coaching sessions. Access and referrals to safe, reliable, and inexpensive financial products. In house match savings accounts (LISC Twin Accounts), savings and credit building product (ESUSU). A reverse savings to payoff payday loans (ESUSU). Financial coaching is key to ensure long‐relationships to meet long‐term goals and lead to economic stability.

• 1 on 1 financial coaching

sessions

• FICO credit pull directly thru

TransUnion

• Review credit inquiries and

dispute directly with the bureaus

• Budgeting
• Setting a financial goal

FINANCIAL COACHING

SUMMARY

• 1. Expanding financial

capability services would provide greater opportunity to MAOF to fulfill its mission of socio-economic betterment of the Latino community.

• 2. Financial capability

programs would be servicing the same population as those of

• ther programs at MAOF.
• 3. Direct additional programs

to clients already being served by agency.

• 4. Personal finance touches

the lives of everyone.

• 5. This will only work utilizing

an integrated approach for transformational change.

QUESTIONS