Strong families mean strong communities. Find out what United Way and its partners are doing to help  families become and remain financially independent! 


FSP PROJECTS & EVENTS:

June 25-26, 2010: Eastern Omaha Business Expo

3-4-10:  Omaha United Way receives national funding for a local financial education effort

February 2010:  Once again, there are free tax preparation sites available to disadvantaged families, individuals and seniors!

11-10-09: Graduation Day for Families in a pilot financial fitness class

Jan. 09:  The Partnership commissioned a study on the impact that "payday lenders" have on our local economy. 

11-17-08: Read about United Way's role in an exciting workforce development project for the Omaha metro area!

DID YOU KNOW?

40% of American households spend more than they earn. Each month, they fall deeper into debt. _¹ 

Too many individuals and families are just barely "getting by" -- with no ability to save for college, a home or retirement. When families struggle, our entire community suffers.

United Way and its partners believe our community has a chance to make a real difference in the lives of these families, if there’s a coordinated plan. When families succeed, our neighborhoods and cities do, too!  Right now, we're helping them learn the basics of household budgeting, control their debt, increase their income and start to save.

United Way of the Midlands, UNO's College of Public Affairs and Community Service and some other powerful local partners are taking aim at the underlying causes of poverty in the Omaha-Council Bluffs metro area.  Through the Financial Stability Partnership ^TM  we're helping hard-working families in our community get off the financial tightrope, become financially stable and take the next steps to long-term independence. 

To get involved, send a message to our team
OR call 502-6699.


Here's how it's done:

STEP ONE - INCREASE INCOME

The Earned Income Tax Credit (EITC) can provide the working poor with up to $4,400 dollars back at tax time. That’s money that can pay off debt or make a down payment on a home. But 25% of the people eligible to file for EITC in Nebraska don't know they're eligible to claim it.  So United Way and some strong, local partners launched the Omaha EITC Coalition (see their names below!). Free tax preparation fairs, and more than 20 on-going tax sites offered assistance, too.

• Free tax preparation sites co-sponsored by United Way's Financial Stability Partnership and the Omaha EITC Coalition in Spring 2009 resulted in more than 3,600 filed returns for elderly and needy residents of our community, compared to 113 returns in Spring 2008. Volunteer preparers served more than 3,700 hours at the sites, resulting in more than $1.6 million in EITC refunds for local individuals and families. On their overall individual returns, filers received an average refund of $1,211, which goes a long way for an individual or family in need.

Financial Literacy Training
Financial education provides individuals and families with practical money-management skills that help them use their income wisely, manage their debt, increase their access to needed local resources, and help to create positive relationships with traditional financial institutions like banks and credit unions. For many, this is the first time they've gotten this kind of nuts-and-bolts training.

United Way and partners are now working with three Omaha-area employers to offer this valuable course to their employees.  The first to pilot the training was Quality Living, Inc., which graduated 17 workers in the first class.  Now, the company is offering the class to all 400 of its employees, who are expected to complete it within the next two years.  Nebraska Furniture Mart is now participating, and one other metro company is working on the final details to join the effort.

RESULTS YOU CAN SEE: Workplace financial management classes coordinated by United Way & UNO resulted in a 20% increase in net worth for the students in one company’s pilot class. Employee retention among participants is 99%. By the end of another employer’s pilot session, all of the participants had enrolled themselves in a retirement savings plan; more than half increased their contributions, too. The financial literacy training is now available to the companies’ combined 4,400 employees.

STEP TWO - BUILD SAVINGS

The EITC Coalition also tackles another challenge: in order to get their refunds back faster, many people sign up for same-day refunds from paid tax preparers, and the fees can eat up as much as 40% of their refund. So the coalition enlisted the help of eleven banks and credit unions to enroll families that don’t have a checking or savings account – because a direct deposit tax refund arrives in just seven to ten days. Even people with a history of bounced checks can qualify for a "Second Chance" account if they agree to financial counseling and some stricter-than-normal rules.

RESULTS - Steps 1 & 2
During the 2007 tax season, the coalition's free sites filed taxpayers' returns that included $2.2 million in refunds. Eligible families claimed more than $928,000 in EITC money, and the volunteer preparers also helped customers determine if they qualified for child, education and elderly tax credits. In addition, 115 famlies opened new "direct deposit" bank accounts in '07, meaning they received their full refund just 7 to 14 days after filing. Omaha Mayor Mike Fahey serves as the spokesperson for the Omaha EITC Coalition.  And the team helped ensure passage of the "Nebraska Earned Income Tax Credit" refund legislation in the Nebraska Unicameral in 2006; In 2007, legislators raised the 8% state refund to 10%. 

STEP THREE - GAIN AND SUSTAIN ASSETS

How do you convince low and moderate income workers they can save enough money to make a difference in their lives? United Way is piloting a project to bring Individual Development Accounts (IDA) to workplaces in metropolitan Omaha. Participants agree to save $50 each month that is matched by $100 from an employer, charitable group or the federal government. After 24 months of saving and financial training, the worker can use the funds to buy a house, start a business or further an education. Marriott Reservations Center is the first for-profit organization to try the IDA program in our area. Six nonprofit agencies also agreed to pilot IDAs for their employees: Boys and Girls Clubs of Omaha, Catholic Charities (Omaha), Lutheran Family Service of Nebraska, OneWorld Community Health Center, Visiting Nurse Association, and United Way of the Midlands.

RESULTS - Step 3
Each year, graduates of the Individual Development Account program complete their financial management training and invest their matched savings into their first homes, their own small businesses or their education. 

THE FINANCIAL STABILITY PARTNERSHIP TEAM:
AARP, Consumer Credit Counseling Service, Creighton University Abrahams Legal Clinic, Family Housing Advisory Services, Federal Reserve Bank of Kansas City-Omaha Branch, GOCA, Hope Medical Outreach, IRS, NE Dept. of Health & Human Services, City of Omaha - Mayor's Office, Omaha Housing Authority, UNO College of Public Affairs & Community Service, VITA (Volunteer Income Tax Assistance), Girls Inc., St. Peter Claver Cristo Rey High School,  eleven area banks and credit unions (American National, Bank of the West, Centris Credit Union, First National, First State, Great Western, Mutual First Credit Union, Pinnacle, Security National, US Bank and Wells Fargo) and Waddell and Reed.