Banking-at-School Partnership Program Albemarle High School Student Branch Proposal
Jan 15, 2016
Banking-at-School Partnership Program
Albemarle High School Student Branch Proposal
Program Objectives
• Support Standards of Learning (SOL’s)• Support the new Personal Finance Course• Develop basic life skills pertaining to money
management, personal finance• Facilitate financial literacy & understanding of the
American economic system• Allow students to explore career options in
banking & finance• Develop entrepreneurial skills
Program Background
• In 2002 General Assembly passed legislation authorizing VDOE to develop guidelines
• Used guidelines to develop RFPs with December 2009 deadline
• Elected to proceed with UVA Community Credit Union’s proposal
Why UVA Community Credit Union?
• Established in 1954
• Over 54,000 member-owners
• Serves the City of Charlottesville, and the counties of Albemarle, Fluvanna, Greene, Louisa, Madison, Nelson, and Orange
• Eleven full-service branches in area
• Award winning financial institution
Why UVA CommunityCredit Union?
• Non-profit dedicated to improving the financial well-being of our community
• Experienced financial education provider– Credit Union membership – Area schools and non-profit organizations– Local businesses
Why UVA Community Credit Union?
• Credit unions across the nation are leaders in providing student run branches– National support committees– Shared “best practices”
• Award-winning student run branch at
Louisa County High School– opened in December 2008
Why Open aStudent-Run Branch?
• Beneficial to:– Students– School – Community– Credit Union
Benefits for the Students
• Learning useful real-life skills in a positive and safe environment– Managing personal finances– Improving financial literacy– Experience with business leadership practices– Developing entrepreneurial skills
• Employment opportunities – Internships– Part time/full time employment
Benefits for the School
• Meet SOLs without additional training or resources• Supports the new Personal Finance Course• Additional layer of curriculum support
– Credit Union designed materials– National Endowment for Financial Education (NEFE)– FoolProof online financial education modules
• Opportunity to foster partnerships & networking with the business community
• Good public relations
Benefits for the Community
• A new generation of more knowledgeable consumers who can help stimulate the economy and successfully manage their money
• Healthier individuals/family units through financial stability
• A new group of employees with experience in running a business (marketing, branding, and financial operations)
Benefits for theCredit Union
• Enrich the lives of our future members
• Develop positive public relations with the community
• Build pool of employee candidates
Student-Run Branches
• 42 States currently have credit union student-run branches
• Nationally – 773 branches
• Virginia – 69 branches
• Branches use different delivery models
Central VirginiaFederal Credit Union
Central Virginia Federal Credit Union
Central Virginia Federal Credit Union
Central Virginia Federal Credit Union
Henrico Federal Credit Union
Henrico Federal Credit Union
Apple Federal Credit Union
Apple Federal Credit Union
Apple Federal Credit Union
Apple Federal Credit Union
Louisa County High School
Lion Nation Branch
Creating Excellence Award
Governor’s Career & Technical Education Exemplary Standards Awards
The Albemarle High School
Student-Run Branch
Products & Services
• School System Employees – full service accounts
• Students – require parental/guardian signature if under 18
• On-Site Financial Education– Students– School System Employees– School’s Community Members
Operational Structure
• Utilize space outside of cafeteria
• Open initially two days a week
• Partial data connection– allow the student branch to use a “store & forward”
feature of our system– blocks student’s access to account balances and
histories
• Cash withdrawal limits & other security practices
Division of Responsibilities
Credit Union Resources School Resources
Equipment, site design, documents & supplies
Space
Interviewing & training Screening of applicants
Oversight & supervision Staff liaison
Insurance & bonding Communications & Student Development of Marketing Materials
Security of information & financial instruments
Time for assembly/student meetings
Marketing Expenses/Final approval Development of teller windows
Financial Education Student Advisory Board
Staffing
• School Staff• Supervising teacher• Student manager• Three student tellers
• Credit Union Manager to oversee student-run branch • Training• Daily operations• Partner with supervising teacher• Coordinate Financial Education curriculum between
Credit Union staff and teachers
Implementation Timeline
• Winter 2009• Explored different student-run models with a site visit
to Louisa• Completed the RFP process • Reviewed and working in compliance with Virginia’s
“Guidelines for Banking at School Partnership Programs”
• Spring 2010• Secure School Board and Credit Union Board
approval• Implement financial literacy education
Implementation Timeline
• Spring / Summer 2010• Apply for Regulatory Branch Approval• Prepare facilities for operations• Recruit & train staff
• Fall 2010• Student-run branch opens at AHS• Full-operation with student employees
Questions?