ASSET BUILDING IN SOUTHERN CALIFORNIA A Peer Learning Conversation - - PDF document

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FROM GETTING BY TO GETTING AHEAD:

ASSET BUILDING

IN SOUTHERN CALIFORNIA A Peer Learning Conversation

Joseph Antolin | AFN Director | Southern California Grantmakers | July 23, 2014

Agenda

WELCOME & INTRODUCTIONS AMANDA BYRD

Director of Communications & Membership Southern California Grantmakers

FRAMING THE ISSUE: Strategic Philanthropy from an Asset- Building Perspective JOE ANTOLIN

Director, Asset Funders Network

PEER CONVERSATION: Understanding the Los Angeles Funding Landscape EVERYONE CLOSING & NEXT STEPS AMANDA BYRD

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Asset Funders Network

WHAT IS AFN? The Asset Funders Network (AFN) is a national affinity group of interested grant makers focused on providing safe space to learn and discuss promising asset-building strategies, research, standards and solutions. OUR MISSION AFN’s mission is to increase the capacity of our philanthropic members to effectively promote economic security by supporting efforts that help low- and moderate-income individuals build and protect assets.

AFN’s Goals

• GROW – increase stakeholder investments for greater

impact and scale.

• EDUCATE – through issue and policy briefings, webinars,

and discussion to help funder access new research, emerging solutions, and value-added investments.

• ELEVATE – lift up examples of high-performing grantee

programs and successful strategies to all stakeholders.

• ADVOCATE – identify policy changes needed through

individual, aligned, and collective funding to help catalyze meaningful policy change.

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Income vs. Asset Poverty

INCOME POVERTY Percentage of households with income below the federal poverty threshold. ASSET POVERTY Percentage of households without sufficient net worth to subsist at the poverty level for three months in the absence of income.

Asset Poverty in California

• f CA households are

LIQUID ASSET POOR

46%

Liquid Asset Poverty

$5,887

for a family of four Liquid Asset Poor households lack savings to cover basic expenses for three months if job loss, a medical emergency, or

• ther crisis leads to a

loss of income.

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Poor Angelinos Lack Financial Tools

21 Percent

• f all LA households are

unbanked.

All findings refer to Los Angeles MSA; Data by CFED at www.cfed.org

58 Percent

• f LA consumers have

subprime credit scores.

Poor Angelinos Leverage Tax Time

The Greater Los Angeles Earned Income Tax Credit (EITC) Campaign helps working families save money by providing access to free income tax preparation, tax credits, and information about other free financial services. Last year, volunteers provided free preparation services to over 42,000 families, helping them claim over $45 million in total tax returns.

LA - MSA CA USA Tax Filers Receiving EITC 17.5% 15.7% 16.6% Average EITC Refund $1917 $1905 $1932

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Strategic Philanthropy

• Strategic Philanthropy: Creating

Opportunity, Building Wealth, and Driving Community Change

• First in a series of issue briefs

that provide an in-depth look at major topics and emerging trends in the asset-building field.

• Written by deeply entrenched

issue experts; this brief was done by Brandeis University’s Heller School for Social Policy and Management.

Why Invest in Asset Building

• Buffer against economic shocks
• Improve health outcomes
• Increase retirement security
• Advance racial and gender equity
• Expand educational opportunities for children
• Improve quality of new jobs
• Support micro-enterprise job creation

Ultimately, investments in asset-building help families can communities shift from getting by to getting ahead.

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HEALTH EDUCATION

ASSET BUILDING

Why Invest in Asset Building

INTEGRATED Approach Asset building is the thread that connects the work of non-traditional partners SILO’d Approach Sectors work independently; but families don’t live that way.

WORKFORCE DEV. BANKING The challenges facing families are too complex for any single sector. Foundations are responding by intentionally framing investments as asset building to reach across sectors and involve diverse partners.

HEALTH

How to Invest in Asset Building

SUPPORT FINANCIAL CAPABILITY

Foundations should consider supporting timely and relevant financial guidance. Financial education is not enough.

PROMOTE INTEGRATING AND BUNDLING OF SERVICES

Encourage grantees to integrate asset building into their existing programs or to establish co-located services to reach people closer to home.

COLLABORATE AND ENGAGE STAKEHOLDERS

Leverage impact through joint funding; serve as convener to influence grantees and other stakeholders.

RESEARCH AND EVALUATE EFFECTIVENESS

Fund rigorous evaluations to better understand the effectiveness of interventions and help focus scarce resources and competing priorities.

INFORM PUBLIC POLICY

Fund research, education, and engagement that informs policy changes, in turn, impacting both immediate consumers needs and long-term public goals.

The following strategies can help experienced asset-build funders and those new to the field further our goal of advancing and sustaining greater economic security and upward mobility:

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AFN’s Value Proposition

Benefits of seeding a Metro Los Angeles Regional Chapter

• Neutral forum for grantmakers to learn about and discuss asset-building

trends and best practices.

• Access to national experts via AFN publications: issue briefs, webinars,

local and national convenings.

• Networking among familiar and non-traditional funders.
• Gain a national platform to share highlights of regional innovations while

learning from other similar communities.

• Greater potential for collaborative funding models to leverage existing

portfolios.

• Wield greater influence as a collective force than individual grant maker.
• Contribute to making real and sustained impact on low-income communities

across thru region.

Thank You

For more information, please contact: Joe Antolin Director joe@assetfunders.org 312.296.0700 Stephanie Upp Regional Manager stephanie@assetfunders.org 415.871.7877 www.assetfunders.org