Quarterly News
As tax season draws to a close, help ensure that vulnerable low-income residents have an alternative to paid tax preparers by giving to CAAB.
Each year, the DC Earned Income Tax Credit (DC EITC) Campaign, managed by CAAB, trains and mobilizes hundreds of IRS-certified volunteers to provide free tax preparation services, education about important tax benefits, and connections to programs and resources that can help individuals and families move up the economic ladder. Support this important work and make a tax-deductible donation today.
Financial Literacy Month Kicks Off with the 2nd Annual DC Saves Financial Fair
April is Financial Literacy Month! To help DC residents start the month on the right financial foot, DC Saves hosted its 2nd Annual Financial Literacy Fair at the Boys and Girls Club at THEARC in Ward 8 on April 4.
More than 175 people participated in the event, emceed by Taylor Thomas – host of WHUR’s “Lets Talk Money” – and featuring 24 DC Saves partner exhibitors, six CERTIFIED FINANCIAL PLANNER™ professionals, four credit counselors, and 10 seminars. 56 people received free credit reports and counseling. DC EITC Campaign volunteers also filed 26 tax returns (including nine prior year returns) for participants at the Fair. Prizes were given away to participants throughout the day, and, at the end of the Fair, DC Saves held a special edition of its quarterly savings bond drawing, where one lucky DC Saver won a $500 I-Series savings bond! Learn more at http://dcsaves.org/about/specialevents.asp.
The Financial Fair was made possible by grants from Certified Financial Planner Board of Standards, Inc., and the Horning Family Fund, and sponsored by PNC Bank and Amalgamated Bank.
A Strong Start (and Even Stronger Finish) to the 2009 Tax Campaign
The DC EITC Campaign kicked off this year's tax filing season on January 31 with an event at the United Planning Organization Petey Green Service Center. The event opened tax-filing season as the Campaign's 11 tax sites throughout DC provide free tax preparation and e-filing help to residents. As an added service, tax sites are also offering connections to asset building programs and screening for food stamp eligibility in conjunction with DC Saves and DC Hunger Solutions. At the halfway point for the season, more than 3,300 returns had been filed, representing more than $4.3 million in total Federal refunds!
Tax sites have been going through the last-minute push as residents seek to file their returns by the April 15 deadline. The United Planning Organization and Martin Luther King Library tax sites are keeping extended hours today to accomodate last-minute filers (MLK will also be open on Saturday and Sunday, April 18 and 19, for late-filers).
Leading up to and following the release of Mayor Adrian Fenty’s budget proposal for FY 2010, CAAB has been working on several fronts to advocate for policies that protect the financial interests of low-income residents. Our current priorities include:
- Ensuring passage of the Food Stamp Expansion Act, which will eliminate the asset test for the Food Stamp program and expand eligibility to thousands of DC households in need.
- Participating in the Coalition for Community Investment to advocate for a more transparent budget process and a balanced approach to raising revenues and reducing government expenditures with a goal of minimizing the impact on low-income residents.
- Urging the Council and Mayor to restore funding that was eliminated from the Home Purchase Assistance Program (HPAP) and small business technical assistance contracts which many of our savings program clients rely on.
- Advocating for an increase in funding for the DC EITC Campaign in FY 2010, which will allow us to expand our marketing activities and provide free tax assistance to a greater number of low-income residents.
- Building support for the "Schedule H Property Tax Relief Act of 2009", which would take long overdue action to update the renter’s and homeowner’s property tax credit for low-income residents.
In the 1st quarter of 2009:
- 257 IDA and MDA Savers deposited a total of $49,405 into their accounts.
- 76 individuals completed Money Management 101 classes.
- 40 individuals or couples received one-on-one financial counseling.
- 78 new Savers joined the IDA and MDA programs and opened matched savings accounts.
Learn more about how our work is helping families reach their dreams and build brighter financial futures at www.caab.org.
In this issue
- DC Saves Financial Fair Update
- Tax Season Kick- Off
- DC Saves enrolls 1,000th DC Saver
- Policy Update
- Hope & Power for Your Personal Finances
- CAAB By the Numbers
Meet a Saver: Lottena Wolters didn't give up on her goal. With the help of a CAAB IDA and Manna she's now a happy homeowner.
DC Saves Signs Up 1,000th DC Saver!
DC Saves provides information, advice, and encouragement to help residents
of the DC region to improve their personal and household finances.
More than 1,000 DC Savers have signed up to receive our free monthly e-newsletter, and have made commitments to save, pay down debt, or rebuild credit.
Savers are also eligible to open special savings accounts
designed to encourage savings at any level. DC Saves Accounts offer no
monthly or minimum-balance fees for at least the first 12 months, and
opening and/or monthly minimum deposit requirements of less than $25. Sign up as a DC Saver today and take positive financial action to reach your goals!
Hope & Power for Your Personal Finances
Starting on April 9 and continuing every Thursday night through the end of April, DC Saves and The Women's Center are partnering to present Hope & Power for Your Personal Finances--a free series of workshops that teaches the basics of financial fitness. Classes are offered at the CAAB offices at 1801 K Street NW from 6:30 - 8:30 p.m. on April 9, 16, 23, and 30. Light supper served, register today by calling The Women's Center at 202-293-4580.