Proposal for Emerging Opportunity Program Spring 2015

Deadline: 12:00 pm (noon) on Friday March 20, 2015 LATE APPLICATIONS WILL NOT BE ACCEPTED.

Please limit your proposal and responses to the form and space provided. Any materials submitted in addition to this application form will not be considered in the evaluation of the proposal. Do not attempt to unlock or alter this form.

If you need assistance with this proposal or are unclear about how to respond to any questions please contact CDD staff at 266-6520.

Amount Agency or Group: Asset Builders of America, Inc. $7500 Requested: Title of Proposal: Youth Power Academy of Finance - Northside Contact Person: Richard Entenmann Address: 1213 N. Sherman Ave # 195 Telephone: 608.663.6332 E-Mail: [email protected] Is this Group a 501 (C) Yes or No (3)? yes Applicant Organization 1999 founded (Year): Name of Fiscal Agent N/A (if Applicable): Fiscal Agent Contact Richard Entenmann Person: Project Description: Summer Finance Day Camp offered half days for two weeks targeting youth on ( Approx. 20 Words) Madison's Northside

1. Emerging Need or Opportunity: (5000 characters) Please describe the emerging need or unanticipated opportunity that warrants City resources and attention at this time:

Emerging Need: Research by noted academic Robert Margo and a recent Federal Reserve report suggest that education works as a tool to raise individuals’ income and net worth. Professor Barr, a Brookings Institution scholar and professor at the University of Michigan, agrees. Alan Greenspan, former chairman of the Federal Reserve has noted: "Financial literacy education...can help families to meet their near-term obligations and to maximize their longer-term financial well-being. Indeed, in many respects, improving basic financial education...is essential to providing a foundation for financial literacy that can help prevent younger people from making poor financial decisions that can take years to overcome…a recent study of the relationship between financial behavior and financial outcomes revealed that comprehension of the

general principles of sound financial behavior, such as budgeting and saving, is actually more beneficial in producing successful financial results over time than specific and detailed information on financial transactions." The Youth Power Academy of Finance® is specifically structured to educate young people on general principles of sound financial management. As the above studies suggest, the knowledge and saving behaviors that we instill in our Millionaires Club members will enable these youth to enter adulthood with a sound understanding of important principles of personal finance. Our programs have helped students apply and gain acceptance to college; find jobs; open savings accounts; obtain library cards, gain entrepreneurial experience through business enterprise activities and business exposure through field trips. In the Youth Power Academy of Finance, students receive the blend of education and exposure that is requisite to gain a complete understanding of the most basic principles and methods for developing their own human capital and for building wealth over a lifetime. Unanticipated Opportunity: Through our other programs, we have developed excellent working relationships with the staff of youth serving organizations on Madison's Northside. Claude Gilmore, the new executive director of Kennedy Heights, is already very familiar with our work and he has expressed strong interest in collaborating with us and our programs. We already have strong relationships with social service workers at Dane County Social Services and Neighborhood Intervention Program on Sherman Avenue, and they too are anxious for us to bring our programing closer to their clientele. Given the issues and circumstances confronting youth of color in Madison, we know that it is crucial to engage our youth in meaningful constructive activities for as much as the summer as possible. If anything, we would like to expand our summer finance academies into additional neighborhood centers if others are interested.

2. Applicant Organization or Group: (5000 Characters) Please briefly describe the history and structure of your organization. Include information about staffing, your board and/or volunteers. Please describe any successes you have had in the areas of programming or the project described in this proposal.

We were founded in June 1999, and have conducted an expanding list of programs since then to achieve our mission. We are a 501c3 nonprofit organization and we are governed by a six member Board of Directors. The Madison Area board members include Richard Entenmann, J.D., CFA and Susan Bulgrin, owner of Culvers on Todd Drive. The other board members include Pam Anderson, U.S. Bank; Rhonda Medina, TCF Bank; Steven DeVougas,Hinshaw and Culbertson LLP; and Blaine Gibson, R.W. Baird. We currently have two full-time employees (Richard Entenmann and Jeff Sroka). Jeff Sroka is an experienced educator, with a special interest in and passion for teaching urban and minority youth. Robert Wynn is the founder and Development Consultant for Asset Builders of America, Inc. He has an extensive track record in creating and implementing state-wide business development and entrepreneurial programs, and he continues to provide program and organizational development services as an independent contractor for Asset Builders. In addition to the Youth Power Academy of Finance, our core programs include the Money Conference, a one day financial education conference for youth and adults; the Finance and Investment Challenge Bowl®, a "jeopardy style game" to promote and showcase economic literacy aimed at high school students; Millionaires Clubs®, an after school program for middle school students; Got Money? a multi-media financial literacy youth conference offered during the school day. Our programs operate in seven cities and on one Indian Reservation. We have fifteen years of extensive experience in serving Low- income communities – five programs in seven Wisconsin cities. Since its inception in 1999, Asset Builders has provided extensive financial education and wealth building initiatives to more than ten thousand individuals statewide. Over the years, we have literally transformed lives of our program participants, having influenced career choices, inspired youth to achieve academically, helped numerous youth and adults to begin saving and investing, facilitated prep school and college admissions, helped students raise scholarship money, connected youth to job opportunities, introduced entrepreneurs to financiers, etc. We are confident that our Summer Finance Academy will lead to very good outcomes for participants. The larger context is for middle and high school youth to learn to operate within a framework of “the economic way of thinking”, building wealth valuing, education and striving to achieve academically. We always embed these core principles and objectives within our all of our financial education programing. .

3. Intended Service Population: (2500 characters) Please describe the intended service population (e.g., where they are located, ages, ethnicities, income ranges, English language proficiency etc.).

As part of the City of Madison’s Emerging Opportunities Initiative, Asset Builders of America, Inc. proposes to host a Youth Power Academy of Finance® (YPAF) for youth residents of North Madison during the summer of 2015. The Youth Power Academy of Finance provides personal finance, investing and entrepreneurial education and exposure to middle and high school aged youth. We will invite middle and high school aged youth, into the program from Kennedy Heights, Dane County Social Services, Warner Park Community Recreation Center, Northport Apts Community Center, Packers Community Learning Center and the East Madison Neighborhood Center. We have already spoken with the staff of these organizations The staff at Kennedy Heights and Dane County Social Services expressed particularly keen interest in their youth being a part of the Northside Youth Power Academy of Finance..

4. Innovation: (5000 characters) How does this proposal reflect a new or innovative approach to the stated problem?

This initiative represents the innovative approach of bringing programing directly to the clientele rather than requiring youth to be transported out of their commuity to receive high quality instruction. The Youth Power Academies of Finance are specifically structured to educate young people on general principles of sound financial management. The knowledge and saving behaviors that we instill in our Academy students will enable these youth to enter adulthood with a sound understanding of important principles of personal finance. Our programs have helped students apply and gain acceptance to college; find jobs; open savings accounts; obtain library cards, gain entrepreneurial experience through business enterprise activities and business exposure through field trips. In the Youth Power Academy of Finance, students

receive the blend of education and exposure that are requisite to gain a complete understanding of the most basic principles and methods for building wealth. Innovations I : Core Concepts. The Academy will do a thorough job of teaching youth the following core concepts a) income vs wealth; b) the process of compounding and c) the difference between a stock and a bond. These sound like simplistic learning objectives, but these concepts are at the foundation of any credible financial education curriculum. Innovation II: Public Speaking. The Youth Power Finance Academy provides intensive instruction in public speaking. Public speaking is crucial for success in school, on the job, and in life. Yet many school age youth have limited verbal communication skills. With heavy emphasis on public speaking, the Finance Academy has been successful in transforming youth from "reluctant speakers" to willing presenters. Innovation III: Savings Account. An alarming number of households are unbanked. We will work with the youth in this program to ensure that the participants open a savings account at a depository institution. Innovation IV: Library Card.:Many households take owning a library card for granted. Regrettably this vital free resource is not widely accessed by low income minority youth. We will work with all Finance Academy participants to ensure that they obtain a library card. Innovation V: Field Trips. Studies have shown that student learning is greatly facilitated by exposure and prior knowledge. Therefore field trips will be an integral component of the Northside Summer Finance Academy. We envision taking the youth to inexpensive, yet interesting locales such as University Research Park, a bank, Madison Media Institute, Mallards back offices, etc. Innovation VI: Parent Engagement. Student assignments will include conversations with parents. Students will be given a concept to discuss with their parents each evening. They will be asked to discuss such concepts as networth, investing, career goals, post secondary plans, etc. Parents will also be encouraged to attend the capstone luncheon on the last day of the Academy so they can witness first hand what their children learned and accomplished during the Finance camp.

5. Project/Program Goals: (5000 characters) Please describe the specific goals, objectives and intended measurable impacts of this program/project. Include the number of people you expect will benefit from this project.

Goal: The goals of the Northside Youth Power Finance Academy are to 1) increase students' financial knowledge; 2) develop students' communication skills; 3) inspire students' desire to achieve academically, and 4) expose students to business and career principles, concepts and opportunities. Objectives: 1) Students will learn core financial literacy concepts; 2) Students will develop a relationship with a financial institution by opening a savings account, 3) Students will obtain and utilize a library card 4) Students will develop a career goal and a post secondary plan. Measurable Impact: Students will show improvement in their pre and post test. The other outcomes will be quantified by documenting the students' bank account, library card and their capstone presentation. Our plan is to serve up to 30 youth in the program and the parents of the youth will benefit directly and indirectly from their conversations with their children and their witnessing the students' capstone presentation.

6. Program/Project design: (5000 characters) Please describe structure of proposed program or project, hours of service/schedule, staffing, curriculum or project/service structure, etc.

Program structure:Two week day camp hours: 8:30am til noon each day for two weeks beginning July 13th and ending July 24th . Classroom sessions will entail three segments - Financial literacy lesson, presentation from guest speaker, public speaking practice.Action Plan / Methodology (See also the Generic Syllabus in the appendix) Staffing: Richard Entenmann and Robert Wynn - co-coordinators. Jeff Sroka - instructor. Other instructors will include advisory committee volunteers and representatives from business, financial services and academia. Curriculum: "Money Working for You" Text by Bob Bacarella and customized Youth Power Finance Academy Syllabus featuring content relating to credit, saving, budgeting, investing, entrepreneurship and human capital.

Phase I Program Planning and Marketing Establish Site and Community Partners

Establish actual budget Academy project director, assistant director / instructor Set date time, location and frequency of club meetings,tentatively set for July 13 - 24.. Develop marketing flyer and promote the program seeking participants Develop customized syllabus, learning objectives and daily agenda Source guest presenters Plan and organize four field trips Plan transportation for field trips as needed

Phase II Logistics Determine number of club participants Obtain texts Purchase notebooks Print and copy supplemental materials for notebooks Establish incentive plan and obtain incentives

Phase III Program Implementation - two week half day finance day camp Administer pre test at the first academy meeting Obtain Academy registration forms and distribute savings account application forms Hold club meetings according to the schedule and syllabus Focus Academy meeting sessions on key learning objectives Orient and prepare Academy students for the capstone presentations Coordinate and implement field trips Facilitate students obtaining library cards Develop and send capstone luncheon invitations to parents, funders and partners Determine incentive payouts Insure that the youth savings accounts are open – collect forms signed by parent or guardian Administer post test

Phase IV Program Wrap Up Host capstone luncheon Present certificates of completion Announce incentive awards Take group photo Announce related upcoming plans and opportunities File closing reports Reconcile fiscal matters Conduct debriefing with partners

7. Community Engagement: (2500 characters) Please describe how community, residents and program and/ or project participants were engaged in the development of this proposal.

This program is an outgrowth of discussions with county social workers, neighborhood center directors and youth who have been involved with our programs in previous instances. The executive director of the Kennedy Heights Neighborhood Center expressed an interest in financial lieracy programing for the youth residents of the area. Social service workers called a meeting with our staff asking us for ideas to engage at risk youth in meaningful summer programming. Since we have had great experience in holding Finance Academies in other locations, we thought our Finance Academy would be an excellent resource to bring to the Northside community. Our program organizers went further to talk with the staff of other community based organizations in the surrounding area, including staff at Warner Park Community Recreation Center, Vera Court and the East Madison Neighborhood Center.

8. Collaboration: (2500 characters) Please describe the level of involvement with other service providers, schools, funders, government bodies, or other public or private stakeholders in the development of this proposal and its expected implementation.

The Northside Youth Power Academy of Finance will leverage a unique convergence of service providers and stakeholders. The Academy will recruit youth through all of the government and community based entities that serve youth on the north and near east side of the city of Madison. The core collaborators will include Kennedy Heights, Vera Court, Dane County Social Services and Neighborhood Intervention Program and Warner Park Community Recreation Center. On the near east side, we will also recruit through East Madison Neighborhood Center and the Darbo Neighborhood Center. In addition to outreach through these organizations, our Finance Academy Advisory Committee will comprise representatives from the nonprofit and private sectors. Current advisory committee members come from local businesses such as American Family, Greenpath, Mass Mutual and UBS. We have excellent relationships with private sector organizations that we expect to host field trips and/or provide guest presenters A sampling of our many private sector partners include UW Credit Union, Park Bank, Madison Mallards, Culvers, US Bank, Summit Credit Union, the companies at University Research Park, American Players Theater, DaneVest,Vanta Real Estate Company and many others. We also expect to draw upon some of our governmen partners such as the Wisconsin Legislature, Department of Workforce Developmen, WHEDA, WEDEC, Department of Public Instruction, University of Wisconsin, Madison College, Madison Media Institute, Department of Financial Institutions, the Overture Center and many others . One unique feature of our programing is that we have a wealth of regional and national contacts which can greatly enrich our youths' opportunity for exposure. For instance,in the past, we have taken Finance Academy and Millionaires Club members to Milwaukee for a sports outing, and to Chicago to visit the Federal Reserve, Ariel Capital and the Chicago Mercantile Exchange. Madison and the surrounding area is blessed with a nearly infinite number of dynamic people, educational venues, business entities and entertainment options. The concern is that too few of our low income and minority youth get exposed to this rich panoply of resources. While the two week program will not tap into all of these resources in such a short time, we do expect to utilize and access many of them and we know that some of the youth will be informed, inspired and motivated by the people they will meet and the places they will go.

9. Proposed Timeline for Implementation:

Estimated Start and Completion Activity Dates Execute EOP contract and budget May 5 - May 22 Develop marketing flyer, visit centers, collect applications May 18 - June 30 Confirm program participants, communicate program expectations Julyl 1 - July 10 Schedule presenters, field trips and transportation May 18 - June 30 Program orientation, administer pre test July 13 Hold two week day camp, including capstone luncheon on 7/24 July 13 - July 24

10. Funding: (500 characters each)

a) What other funding have you sought and/or received to support this project?

We have not sought or received other funding for this program, however we do expect to receive in-knd support from businesses that agree to to host or assist with field trips.

b) Do you anticipate future funding needs from City sources associated with this proposal? Please describe. 6

None. Except that the program may be requested again in future years.

c) Has your organization received funding from the City of Madison Community Development Division, City of Madison CDBG office, Community Services, the Emerging Opportunities Program or the former Emerging Neighborhoods Program in the last 5 years?

Yes No

11. Budget:

Summarize your project budget by estimated costs, revenue, and fund source.

SOURCE AMOUNT TOTAL AMOUNT OF OF NON- OF NON- BUDGET EXPENDITURES PROJECT CITY $ City CITY COSTS REQUESTED FUNDED REVENUES PORTION A. Personnel Costs (Complete Personnel

chart below) 1. Salaries/Wages (show detail below) 5850 4725 1125 A Builders 2. Fringe Benefits and Payroll Taxes 371.25 0 371.25 A Builders B. Program Costs Asset 1. Program supplies and equipment 500 400 100 Builders Asset 2. Office Supplies 200 0 200 Builders Asset 3. Transportation 1000 800 200 Builders 4. Other (explain) 1000 800 200 in - kind C. Space Costs 5. Rent/Utilities/Telephone 0 0 0 0 Asset 6. Other (explain): 1000 775 225 Builders D. TOTAL (A + B + C) 9921.25 7500 2421.25

Explanation of “Other” expenses: (500 characters)

B.4 = Food. C.6 = Student incentive compensation based on participation and performance

12. Personnel Chart: Please list all paid staff that will be working on the proposed program/project.

Title of Staff Position F.T.E.* Proposed Hourly Wage* Program Coordinator ..38 $45 x 80 = $3600 Executive Director .01 $75 x 20 = $1125 Instructors .01 $45 x 25 = $1125 $

Title of Staff Position F.T.E.* Proposed Hourly Wage* $ TOTAL .40 *FTE = Full Time Equivalent (1.00, .75, .50, etc.) 2080 hours = 1.00 FTE Please identify FTE that will be spent in this project.

*Note: All employees involved in programs receiving City of Madison funds must be paid the established Living Wage as required under City of Madison Ordinance 4.20. Effective January 1, 2015 – December 31, 2015, the Living Wage will be $12.62 per hour.

13. Fiscal Agent Relationship (if applicable): If applicant organization is not a 501c (3) this section must be completed. If applicant is a 501c (3) please skip to the Signature Page.

Fundamental expectations of the Fiscal Agent and Applicant relationship:

 The Fiscal Agent should read the EOP application and have some confidence that the applicant agency will be able to successfully implement the proposed project or program.

 The Fiscal Agent will accept allocated funds from the City of Madison for the identified program or project and reimburse the applicant for expenses incurred performing the work of the contracted program.

 The Fiscal Agent and the applicant agency will decide who will provide and purchase the necessary insurance coverage for the identified program.

 The Fiscal Agent will ensure that the funded project or program is in compliance with City of Madison Purchase of Service Contact requirements, including but not limited to Living Wage requirements, Non Discrimination and Affirmative Action, and equal benefits protections.

Applicant is expected to provide the Fiscal Agent with the Fiscal Agent Commitment Form. Please indicate date and staff person that received this form.

Date: Staff person: Position: Telephone Number:

-SIGNATURE PAGE-

1. Affirmative Action:

If funded, applicant hereby agrees to comply with City of Madison Ordinance 39.02 and file either an exemption or an Affirmative Action Plan with the Department of Civil Rights. A model Affirmative Action Plan and instructions are available at http://www.cityofmadison.com/dcr/aaplans.cfm.

2. Living Wage Ordinance:

All employees involved in programs supported by City of Madison funds must be paid the established Living Wage as required under City of Madison Ordinance 4.20. Effective January 1, 2015 through December 31, 2015 the Living Wage will be $12.62 per hour. For more information on Living Wage requirements, go to http://www.cityofmadison.com/finance/wage/.

3. City of Madison Contracts:

If funded, applicant agrees to comply with all applicable local, State and Federal provisions. A sample contract that includes standard provisions may be obtained by contacting the Community Development Division at (608) 266-6520.

If funded, the City of Madison reserves the right to negotiate the final terms of a contract with the selected agency.

4. Signature:

(Any applications submitted without a signature will be considered incomplete and will not be considered for funding.)

Applicant Signature:

Enter Richard Entenmann Name:

You are electronically signing your By entering your initials RE name and agreeing to the terms in the box, above.

Date: 3/20/2015