foundation communities’ one-stop financial center julian huerta, deputy executive director...

Foundation Communities’ One-stop Financial Center

Julian Huerta, Deputy Executive DirectorJulian.huerta@foundcom.org

Foundation Communities:

• Founded in 1989 in Austin• 17 properties with more

than 2,500 units in Austin and North Texas

• Extensive on-site supportive services for residents

• Financial Programs serve more than 25,000 families

Chronology of Financial Stability Programming

1998

• IDAs• Financial Literacy• Home Buyer Education

2004

• SEED

2005

• Community Tax Centers

2006

• ITIN Acceptance• Opening Bank Accounts

2008-09

• Financial Coaching

2010

• CFC Opens• Benefits Screening• Alt RAL/Prepaid Debit Cards

2011

• Savings Bonds• Small Business Coaching• Scholarship Mentoring

2012

• Child Support for College• Payday Loan Alternatives

Creating a One-stop Financial Center

• Primary objective: expand focus from just tax prep• Wanted highly visible year-round location with easy

access for clients• Chose stand-alone model• Include key partners throughout the year

The Community Financial Center

Services offered at theCommunity Financial Center

ITIN Acceptance

Agent

FAFSA Preparation

Tax Preparation

Small Business Coaching

ScholarshipMentoring Savings

BondPromotion

FinancialCoaching

FinancialEducationClassesPayday Loan

Alternatives

FC’s Community Financial Center

• Tax prep is the primary gateway for clients

• Referrals come from all over, especially 211

• Combination of appointments and walk-ins

• Paid staff plus lots of volunteers• Training for staff, volunteers and partners throughout

the year

Key Metrics and Outcomes: 2012

• More than 17,000 tax returns (6,500 at CFC)• $30 Million in refunds• 685 clients purchased Savings Bonds• 1029 FAFSAs completed• 363 clients in Financial Coaching• More than 200 completed Financial Education • 58% of financial coaching clients increased their

credit score after 6 months• 64% of financial education graduates increased their

savings

Budget/Sustainability

• Annual Budget for FC Financial Stability programs: $1 million.

• Most of this spent at or through our Community Financial Center

Key Funders:• City of Austin• United Way for Greater Austin• Michael and Susan Dell Foundation• IRS/VITA