growing a financial coaching program...growing a financial coaching program as a social enterprise...

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



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



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



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



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



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)



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



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



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



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



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



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



Thank you for your participation!

Questions & Answers



Check us out on the web at www.savefirstfinancial.orgfollow us on FB and Instagram

http://www.savefirstfinancial.org/

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