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Tag Archives: Christy Finsel

Tribes Convene for Native Asset-Building Workshop on IDA Programs

Posted on January 12, 2015 by rblauvelt
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Native American tribal representatives from many parts of the U.S. converged on Denver, Colorado, in November 2014 to attend a state-of-the-art, two-day “Native IDA Training Workshop” sponsored by First Nations Oweesta Corporation (an independent subsidiary of First Nations Development Institute), Christina Finsel Consulting, and First Nations Development Institute. Attendance at the workshop demonstrated the broad and fast-growing interest in an effort that is helping Native Americans build their assets.

IDAs, or Individual Development Accounts, are matched-savings accounts that help people learn the savings habit. The training was designed to assist Native Community Development Financial Institutions (CDFIs), tribes and other Native organizations that are hoping to establish or build their IDA programs. Nationally, there are more than 30 Native IDA programs serving their respective communities.

The more than 25 participants represented numerous tribes or reservation-based organizations, including Gila River, Santo Domingo Pueblo, Seminole, Seneca, Sisseton Wahpeton, Chickasaw and others. They attended sessions that covered designing a new program, growing an existing program, and how to capitalize an IDA program.

Because the programs represented were at different levels of evolution, the workshop modules were customized for different working groups. Topics were as broad as designing or modifying policies and procedures, data management and reporting, and program sustainability. All of the participants were interested in discussing marketing and recruitment strategies, and peer learning was supported as the more mature IDA programs were able to mentor young or start-up IDA programs.

Participants responded positively to the training, with one sharing that “facilitators took the time to listen and answer our questions … they were very knowledgeable.” All attendees agreed that the content presented was useful to them. Most participants (95%) also agreed they would recommend this training to others.

“We were honored to work with people to help them design IDA programs to meet the needs in their communities,” observed Krystal Langholz, Director of Programs at First Nations Oweesta Corporation. “New groups left with real plans for moving their IDA programs forward and existing IDA programs networked and received one-on-one technical assistance from the best in the industry.”

“I am so impressed with all the enthusiasm I have seen for the IDA program model,” noted Christy Finsel, a co-trainer for the workshop. “Tribes and Native nonprofits are finding their own paths forward, with programs that are reflective of local cultures and designed to help build assets.”

Posted in Uncategorized | Tagged chickasaw, Christina Finsel Consulting, Christy Finsel, Colorado, Denver, First Nations Development Institue, First Nations Oweesta Corporation, Gila River, IDA, individual Development Account, Krysal Langholz, matched-savings accounts, Native CDFIs, Santo Domingo, Seminole, Seneca, Sisseton Wahpeton | Leave a reply

Youth Savings Account Program Gathers Interest

Posted on March 18, 2013 by rblauvelt
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To help youth learn the savings habit, First Nations Development Institute is partnering with two high schools and Pinnacle Bank in Gallup, New Mexico, to offer a Youth Savings Account (YSA) program for Native students.

In 2013, First Nations is working with financial education teachers at Gallup Catholic High School and Wingate High School.  These instructors are teaching a financial literacy course called “Life on your Terms” based on First Nations’ Building Native Communities curriculum. To complement the lessons of the class, students will receive assistance opening up savings accounts at Pinnacle Bank. These savings accounts, referred to as Youth Savings Accounts, are custodial incentivized savings accounts for youth that teach positive savings and financial habits.  A custodial account requires approval for all withdrawals by a custodian (which, in this case, is First Nations).  First Nations provides an initial deposit amount of $50 in each student account, and students are encouraged to track the account balance and continue to make deposits.

If a student receives a passing grade for the financial literacy course and goes the entire semester without making any withdrawals, he or she is entered in a lottery to win $100, which will also be deposited into the account.

“Research suggests that having a savings account while in high school can lead to better financial management skills later in life,” stated Sarah Dewees, senior director of research, policy and asset building programs at First Nations. “We designed this program to help kids learn the savings habit, become comfortable with mainstream financial institutions, and start to build household assets.”

“Because of  my experience designing and administering youth Individual Development Accounts and Children’s Savings Accounts, I was excited to work with FNDI to design this savings program specifically for high school students,” stated Christy Finsel, a consultant managing the Youth Savings Account program. “We appreciate the partnership of the local high schools and Pinnacle Bank.”

First Nations is supported in this effort by the W.K. Kellogg Foundation. First Nations and its independent subsidiary First Nations Oweesta Corporation (a community development financial institution), work in partnership with Native American tribes and communities throughout the U.S. to assist them in designing and administering financial and investor education programs. Projects range from helping individuals and families understand the basics of financial management – opening and maintaining a bank account and using credit wisely – to helping individuals understand financial markets and a variety of financial instruments for borrowing and saving. We believe that learning how to manage finances ensures that Native people will be more likely to save and to challenge financial service providers to develop products that respond to their needs. Our programs result in increased investment levels and economic growth in Native communities.

By Benjamin Marks, Research and Program Officer

Posted in NL12 | Tagged Benjamin Marks, Building Native Communities, Christy Finsel, custodial accounts, financial education, financial literacy, First Nations Development Institute, Gallup, Gallup Catholic High School, New Mexico, Oweesta, Pinnacle Bank, Sarah Dewees, W.K. Kellogg Foundation, Wingate High School, Youth Savings Account | 1 Reply
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