Transcript San Francisco’s KtoC and the role of small foundations

Kindergarten to College
Program Goals
Create a College Going Culture
A child with a college savings account in any amount is seven times more
likely to attend college than one without, regardless of income, race, or
academic achievement.
Reduce Financial Exclusion
One in three San Francisco children are born into families with no savings or
assets of any kind, one in two for African-American and Latino families.
Kindergarten to College
Program Goals
Increase Financial Literacy
K2C will be the vehicle that incorporates financial education into our school
classrooms as part of the math curriculum.
Leverage private investment in San Francisco families
K2C leverages private funds for savings matches and helps families earn
money for college at significantly higher rates than they can earn by
saving on their own.
K2C: The Basics
Every kindergartener automatically receives an account at Citibank with an
opening deposit of $50 from the City of San Francisco.
An additional $50 deposit is provided to the accounts of children on the free
and reduced lunch program. Consent forms must be signed to receive this
bonus.
Families can contribute to the accounts by mail, in-branch, by ACH or online.
Matched savings and incentives are available to all families.
$100 match for first $100 saved
$100 save steady bonus
Citibank voucher program
Funding provided to SF Unified to support integrating the financial education
into the curriculum.
S
Program Design
Includes Main Success Factors
For The Accounts
o
Auto-enrollment
o
Matched Savings Opportunities
o
Universality
o
Range of Deposit Options
o
Publicly funded seed accounts
o
Financial Education
Success to Date
First accounts opened in May 2011
Currently in 37 schools
Total accounts 3,000
By 2013, all 72 SFUSD
elementary schools will be served
Additional 4,800 accounts each year
Total family contributions $15,000
Median deposit $103
Total dollar value of accounts:
$200,000
Currently engaged in outreach to
new parents at school events,
teacher conferences
Conducting extensive focus
groups to assess interest
Thomson Family Foundation
We support families working to improve their lives and the
lives of their children.
Our goal is to foster opportunities for families to increase
their economic success and security by supporting
community-based initiatives that improve access to
education and asset-building resources and services.
Links
www.k2csf.org
k2c website with many program detail
http://assets.newamerica.net/publications/policy/kindergarten_to_coll
ege_k2c
Case study from New America Foundation about the SF model
http://www.1to1fund.org/
New organization that will support development of these programs