Growing a Financial Coaching Program Webinar
June 24, 2020
Presented by:
Molly O’DonnellExecutive Director
Save First Financial Wellness
Growing a Financial Coaching Program as a Social Enterprise Webinar
June 24, 2020
❖ The webinar is being recorded.
❖ The phone lines and computer speakers are muted.
❖ You may submit questions throughout the presentation.
❖ Q & A will take place at the end.
A Service of Catholic Charities of Oregon3
A Service of Catholic Charities of Oregon
Agenda
• The Save First Service Model
• Current Stats– Who Do We Serve?– How Many Do We Serve?– Who Does This Work?– Use of Volunteers
• This Doesn’t Happen Overnight– Timeline of Growth
• The Funding Model– Includes a Double Bottom Line
• Readiness Assessment
– Key Takeaways from SF’s Growth
– Is Your Agency Ready For a Program Like This?
• Where Can You Start?
– What is Already in Place at Your Agency?
– Partner Where You Can – Do Not Reinvent the Wheel
– Replication Potential
A Service of Catholic Charities of Oregon4
A Service of Catholic Charities of Oregon
Save First’s ModelEMPLOYEE PERSPECTIVE
Hook: Resource navigation along with funds for emergency needs
Capture: Financial Wellness Workshop covering the basics of budgeting, savings, debt and credit
Engage: One-on-one Financial Coaching – a deeper dive into their personal financial situation
Lift: Matched Savings & Small $ Loan programs for education, homeownership, debt and small business capitalization, car purchase, 1st month rent, credit building
EMPLOYER PERSPECTIVE
Support: Emergency Assistance Fund Administration
Educate: Financial Wellness Workshop required for all recipients of assistance funds
Encourage: One-on-one Financial Coaching – an opt-in for those motivated to make a change
Grow: Matched Savings & Small $ Loan programs for education, homeownership, debt, small business capitalization, car, credit building
All materials are available in Spanish and English; financial workshop also available in Russian
A Service of Catholic Charities of Oregon5
A Service of Catholic Charities of Oregon
Current StatsWho Do We Serve?
• Clients of the programs of CCO (89)
• Members of local parishes (335) and the community at large (1128)
• Employees of six employer contracts (Providence Health Systems, Vancouver Clinic, Burgerville*, The Portland Clinic, The Portland Timbers, PeaceHealth, KCLC) (744)
• Clients of five community partner contracts (Housing Authority of Portland and Vancouver, WA, Lighthouse Community Credit Union, Casa of Oregon, St. Vincent de Paul) (332)
*temporarily suspended due to C-19
A Service of Catholic Charities of Oregon6
A Service of Catholic Charities of Oregon
Current StatsHow Many Do We Serve?
• 2,628 Clients in FY20 – 59% come from the community and 41% come for the corporate contracts
Who Does the Work?
• 11 FTE including:
• certified financial coaches, certified HUD counselors, financial educators, social service navigators, asset building specialists, volunteer coordinators, and emergency assistance fund administrators
• 77 Volunteer financial coaches
A Service of Catholic Charities of Oregon7
A Service of Catholic Charities of Oregon
The ‘Care and Feeding’ of Volunteers
• Come from a variety of sources
• No financial background necessary – ‘heart of a teacher’
• Training and support required
• Oversight and continuing education essential
• An extension of team
• An agency Volunteer Coordinator is a big plus
A Service of Catholic Charities of Oregon8
A Service of Catholic Charities of Oregon
This Doesn’t Happen Overnight: timeline for growth
2009 Corporations begin engaging Catholic Charities Oregon to assist employees in emergency crisis
2011+ Catholic Charities Oregon (CCO) introduces Financial Empowerment (Financial workshops, financial coaching) services to those in emergency crisis to deepen engagement and provide lasting solutions to poverty
2013+ Save First services are integrated into all programs of the agency & open to all staff. Matched Savings programming is introduced to sustainably move people out of poverty
2017+ Save First begins to be developed as a self-sustaining, separate LLC, by expanding to new companies and partners as a social enterprise and relying less on donors and philanthropy. Business plan is developed
2018+ Save First’s business plan is adopted by CCO BOD, and implemented. Components included new business development and a capitol campaign for expansion (served 500)
2019+ Website, Database, and Learning Mgmt. System is developed and populated (served 1,996)
2020+ Services are moved completely online, contract is signed with a CDFI, and three new corporations are brought on board (served 2,628)
A Service of Catholic Charities of Oregon9
A Service of Catholic Charities of Oregon
Funding Model Provides for a Double Bottomline
• Emergency Assistance Dollars = Employer/Employee Funded
– This can be a line item in their budget or employee funded or a mix of both
• Administrative Fee = Employer Pays Save First
– Fee is determined on a utilization rate based on information gathered from employer prior to submitting a proposal (Includes fund administration, workshops both at our offices and on site at their facilities, access to coaching and matched savings & loan products; and, is open to all employees not just those using the emergency assistance fund)
• The Double Bottom Line– Fee for service model allows other clients of the agency, community partners, and those who come off
the street (i.e. parishes) to attend our workshops, participate in coaching, matched savings, and loan programs
– Projected to make a “profit” by 2023 which will go back in to provide the service to those that cannot afford it
• The Budget
– Budget of $2.4 million including the administration of over $500,000 in direct client assistance.
– Closed FY19 in the black by $79K and are scheduled to close this FY20 in the black by $72K
A Service of Catholic Charities of Oregon10
A Service of Catholic Charities of Oregon
Sources of Revenue: Program History (2013-2018) and Planned Expansion (2019-2023) NOTE: Years refer to current July-June fiscal year (e.g. 2018 represents July 2, 2017-June 20, 2018)
4,500,000
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Earned Income Annual Grants & Contributions Program Expansion Investment
A Service of Catholic Charities of Oregon11
A Service of Catholic Charities of Oregon
Key Takeaways from SF Growth• Identified during agency strategic planning process as a service
need by all clients once out of crisis – at some point on their service plan
– Does this fit your strategic plan?
• Not a cookie cutter approach – specialize services for each population served
– Begin with employees, utilize CFPB’s YMYG’s for new employees
• Begin small – where are your natural fits:– Do you already have this work being done in various parts of your
agency work?– VITA, Pregnancy Support, Resident Services, Refugee, Immigration
• Partner where you can – Do Not Reinvent the Wheel– Who in your area is doing this sort of work? Take advantage of
opportunities like CCUSA VISTA’s, or Prosperity Now’s guide on integrating financial capability across a social service agency
A Service of Catholic Charities of Oregon12
A Service of Catholic Charities of Oregon
Readiness Assessment
• Is your agency ready for a program like this?
– Are you already doing bits and pieces of this work at different places within your agency?
– Is your leadership committed to financial empowerment as a key component to moving people out of poverty?
– Do you have funding or potential grant opportunities to fund this work?
– Do you have a BOD with strong connections to the business community?
– Do you have a strong volunteer corps and a volunteer coordinator to provide the necessary "care and feeding” of the volunteers?
– Do not reinvent the wheel: replicate where possible
A Service of Catholic Charities of Oregon13
A Service of Catholic Charities of Oregon
Next Steps• If you feel you and your agency are ready for a program like
this, we suggest you:
– Identify where in your agency you are already doing some of this work
– Identify your key staff to build-out this service
–Build buy-in from senior leadership
– Identify your funding streams
–Meet with key BOD members who can facilitate the necessary business introductions
–Let Jane or me know that you are interested in participating in a follow-up deeper dive for replication purposes
A Service of Catholic Charities of Oregon14
A Service of Catholic Charities of Oregon
Service Model for Replication• Save First Service Model
Support: Emergency Assistance Fund Administration
Educate: Financial Wellness Workshops
Engage: One-on-one Financial Coaching
• Save First Replication Process & Timeline• 3-6 months until up and running – includes your partnership
development and our training period
• Legal Structure
• Licensed 3rd party through Save First Financial
• Licensing includes:
• Training and replication support
• Save First financial workshop, coaching, and marketing materials
• Ongoing updates on curriculum and program model
• Curriculum & budgeting tools available in Spanish, English & Russian; Online class available in English
A Service of Catholic Charities of Oregon15
A Service of Catholic Charities of Oregon
Thank you for your participation!
Questions & Answers
A Service of Catholic Charities of Oregon16
A Service of Catholic Charities of Oregon
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