Tony Banegas, MPA Arizona Community Foundation Sept. 23, 2010

Tony Banegas, MPAArizona Community

FoundationSept. 23, 2010

ACF Quick Facts• Founded in 1978

• About $471 million in assets held in nearly 1,000 component funds

• $36.9 million grants/scholarships awarded in FY 2010

• More than $349 million distributed since 1978

• 30-member board of directors; 50 staff statewide

• 10 affiliate community foundations across Arizona

Statewide Affiliate Network• Each ACF affiliate

has its own community endowment

• Local advisory boards bring local knowledge and expertise and make grant decisions

1. Sedona2. Flagstaff3. Hopi4. Page/Lake Powell5. Yavapai County6. Yuma7. Tempe 8. Cochise9. Patagonia Reg.10. Bisbee

ACF’s Arizona Family

Economic Success Initiative

This project fund was established in 2003 as a community investment program focused on rural settings.

The program began in the border region, through emerging partnerships with interested banks, grassroots advocates, faith-based groups, local community development organizations and state agencies.

SM

Arizona Family Economic Success

Funding Partners

• Arizona Community FoundationArizona Community Foundation

• Annie E. Casey FoundationAnnie E. Casey Foundation

• JP Morgan ChaseJP Morgan Chase

• Meridian BankMeridian Bank

Service Provider Partners

• Mesa Can (Mesa)

• Tempe Community Council (Tempe)

• Catholic Community Services of Southern Arizona

(Tucson, Douglas, Sierra Vista, Ajo)

• Nogales Community Development Corporation (Nogales)

• Goodwill (Yuma)

• San Luis Community Center (San Luis)

• United Way of Tucson and Southern Arizona (Tucson)

• United Way of Northern Arizona (Flagstaff)

• DNA Legal Services (Window Rock)

• Arizona State University Office of Civil Rights (Phoenix)

Earned Income Tax Credit Tax Returns Totals

Total 2008: 4,408 returns, $2,901,289

Total 2009: 4,496 returns, $3,214,308

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

2008 2009

CochisePimaSanta CruzYumaPinalGraham

Program Growth -

EITC and Refund Totals to Date

2003: $143,519 in EITCs

$235,408 in Total Refunds

2009: $3,138,827 in EITCs

$6,850,539 in Total Refunds

Total to Date:$11,891,554 in EITCs

$23,143,058 in Total Refunds

Services Offered at the Sites

Each site provides a variety of programs, including: Tax Prep Benefits Screening SCH C Prep Prior Year Return Tax Clinic Bank Accounts IDA Accounts Down-payment Assistance Foreclosure Assistance Financial Education Resource Referral Microbusiness

Individual Development Accounts or IDAs, are dedicated savings accounts, targeted specifically to working poor families.

IDAs provide an incentive to work, save and build assets as a means to reach economic self-sufficiency.

Individual Development Accounts

Individual Development Accounts

Purchased to Date

IDAs by County

COUNTY # of IDAs

Pima 64Santa Cruz 14Cochise 9Yuma 39

Total 126

IDAs by Purpose

PURPOSE # of IDAs

MATCHED FUNDS

Small Business

26 $62,950

Education 20 $65,144

Homebuyer 80 $234,381Total 126 $457,703

Real IDAs Success Stories – Example 1

› “Paulina” used her IDA to open a Web site design business, which she operates from home.

› Has since developed and maintained sites for schools, businesses and government agencies.

Real IDAs Success Stories – Example 2

› “Steve” opened a coffee shop/deli where customers gather to eat, use the internet, and mingle.

› He used his IDA funds to buy an industrial meat slicer and a deep freezer to store the meat.

› Storing his own meat saves him $200/month vs. buying pre-packaged food.

› Now in 2nd year and strong.

Real IDAs Success Stories – Example 3

› “Sam” is a refugee who wanted to start a small store.

› He used his IDA funds to purchase African produce and hair products to sell.

› He began the business out of his home and then opened a booth at a local swap meet.

› Today, he’s going strong and plans to lease a store front soon.

Tony Banegas, MPA Program Officer

602-682-2024

[email protected]

Thank you.