News
ENLARGE
On June 17, News-Review reporter Inka Bajandas, wrote an informative article outlining the Oregon Individual Development Accounts Initiative and the unique tax credit that funds it.
We are excited to report that we have received dozens of calls of interested people for the Dream$avers program. For clarification, I wanted to expand on a few critical details of the Dream$avers program as it pertains to youth, and the tax credit that funds the initiative.
At Umpqua Community Development Corp., we currently run two savings programs: Dream$avers and the Youth 3A's program. Both allow low-income youth to save and they provide matched funds. Both require comprehensive financial education that teaches the building blocks of financial success. However, there are some very significant differences between the two programs.
The Dream$avers program allows anyone 12 years of age and older to save up to $2,000 and receive a 3-to-1 match. The goals are very specific and the youth have until they reach 18, or three years to save, whichever is longer.
The Youth 3A's program is uniquely different in that it gives the youth a more tangible and immediate goal of $300 to save, and it is matched 2-to-1. The youth can then save for anything Athletic, Academic or Artistic in nature, hence the 3A's name. They can also earn match by performing community service.
The 3A's program gives youth a sense of pride in the ownership of their purchases, and helps fund those expensive extracurricular activities that are often so difficult to afford. We will start a new financial education class for youth in September. Please contact us if you would like to have your child considered, in addition to anyone who wants to apply for the Dream$avers program.
The article also shared the successes of our graduates and information on how to find out if you qualify for the program. It is also important to know that the program is funded by a unique Oregon tax credit that benefits donors and supports this important program.
The IDA tax credit begins with your contribution to Neighborhood Partnerships, an Oregon 501 (c)(3) nonprofit. Seventy-five percent of your contribution becomes a credit on your state of Oregon income tax return. For example, if you as an individual made a donation of $1,000 to the IDA Initiative, you would then be qualified for a tax credit of 75 percent, or $750 against your state income taxes.
More than 95 percent of your donation goes directly to IDA program participants to help them launch new businesses, purchase first homes, and advance their education.
IDAs are a proven, effective tool for building hope and stability. Contributions create a pool of match funding for participants who complete financial education and asset specific training. Every dollar they save toward their goal is matched by three dollars of tax credit funds.
Thanks to the Oregon IDA Initiative's strong partnership with Umpqua CDC, the resources provided through the IDA tax credit have helped more than 100 individuals throughout Douglas County meet their savings goals and purchase their asset!
IDAs build long-term life skills. According to research conducted by Portland State University's Regional Research Institute, 12 months after purchasing their asset, 59 percent of participants often use a budget to monitor their expenses and 41 percent are regularly making deposits to their savings. It isn't just free money. It is a skill set that lasts a lifetime!
To learn more, contact Rebekah Barger at 541-673-4909 or visit www.umpquacdc.org for more information on the Dream$avers program or http://ida.neighborhoodpartnerships.org for information on how to donate.
Rebekah Barger is the Individual Development Accounts Program Manager for Umpqua Community Development Corp. and has worked for the company for four years. She has lived in Douglas County since 2002 and calls Roseburg home. She can be reached at rbarger@umpquacdc.org.
We are excited to report that we have received dozens of calls of interested people for the Dream$avers program. For clarification, I wanted to expand on a few critical details of the Dream$avers program as it pertains to youth, and the tax credit that funds the initiative.
At Umpqua Community Development Corp., we currently run two savings programs: Dream$avers and the Youth 3A's program. Both allow low-income youth to save and they provide matched funds. Both require comprehensive financial education that teaches the building blocks of financial success. However, there are some very significant differences between the two programs.
The Dream$avers program allows anyone 12 years of age and older to save up to $2,000 and receive a 3-to-1 match. The goals are very specific and the youth have until they reach 18, or three years to save, whichever is longer.
The Youth 3A's program is uniquely different in that it gives the youth a more tangible and immediate goal of $300 to save, and it is matched 2-to-1. The youth can then save for anything Athletic, Academic or Artistic in nature, hence the 3A's name. They can also earn match by performing community service.
The 3A's program gives youth a sense of pride in the ownership of their purchases, and helps fund those expensive extracurricular activities that are often so difficult to afford. We will start a new financial education class for youth in September. Please contact us if you would like to have your child considered, in addition to anyone who wants to apply for the Dream$avers program.
The article also shared the successes of our graduates and information on how to find out if you qualify for the program. It is also important to know that the program is funded by a unique Oregon tax credit that benefits donors and supports this important program.
The IDA tax credit begins with your contribution to Neighborhood Partnerships, an Oregon 501 (c)(3) nonprofit. Seventy-five percent of your contribution becomes a credit on your state of Oregon income tax return. For example, if you as an individual made a donation of $1,000 to the IDA Initiative, you would then be qualified for a tax credit of 75 percent, or $750 against your state income taxes.
More than 95 percent of your donation goes directly to IDA program participants to help them launch new businesses, purchase first homes, and advance their education.
IDAs are a proven, effective tool for building hope and stability. Contributions create a pool of match funding for participants who complete financial education and asset specific training. Every dollar they save toward their goal is matched by three dollars of tax credit funds.
Thanks to the Oregon IDA Initiative's strong partnership with Umpqua CDC, the resources provided through the IDA tax credit have helped more than 100 individuals throughout Douglas County meet their savings goals and purchase their asset!
IDAs build long-term life skills. According to research conducted by Portland State University's Regional Research Institute, 12 months after purchasing their asset, 59 percent of participants often use a budget to monitor their expenses and 41 percent are regularly making deposits to their savings. It isn't just free money. It is a skill set that lasts a lifetime!
To learn more, contact Rebekah Barger at 541-673-4909 or visit www.umpquacdc.org for more information on the Dream$avers program or http://ida.neighborhoodpartnerships.org for information on how to donate.
Rebekah Barger is the Individual Development Accounts Program Manager for Umpqua Community Development Corp. and has worked for the company for four years. She has lived in Douglas County since 2002 and calls Roseburg home. She can be reached at rbarger@umpquacdc.org.
