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UNITED WAY OF NYC AND THE FINANCIAL CLINIC LAUNCH “MONEYUP” INITIATIVE IN THE SOUTH BRONX AND EAST NEW YORK TO HELP LOW-INCOME NEW YORKERS INCREASE ASSETS ----------------------------------------------- With Heavy Demand, Additional Volunteers Sought From Throughout City
NEW YORK, NY – United Way of New York City announced the launch of a new initiative today to help low-income New Yorkers in the South Bronx and in East New York build savings and increase their assets. Effective immediately, clients at program sites who come in for free income tax preparation and help with applying for the Earned Income Tax Credit (EITC) will be offered the services of MoneyUP financial coaches and legal counseling related to their finances – at no cost. The aim of MoneyUP is to guide participants through the process of achieving their financial goals by gaining access to mainstream banking, paying down debt and building savings. MoneyUP is a joint initiative of United Way of New York City and The Financial Clinic, made possible with major support from JPMorgan Chase and Bank of America. The Financial Clinic is a nonprofit financial development organization that assists working poor families caught in the wage gap – those "too rich" for public assistance but "too poor" to be self-sufficient – achieve financial stability by providing legal support and financial coaching. Because its services are free, the Clinic relies on volunteers from the community to be trained as volunteer financial coaches and tax preparers. “MoneyUP is the latest example of how the modern United Way applies innovation to dramatically enhance the economic well-being of New Yorkers,” said President and CEO Gordon Campbell, “In this case, MoneyUP will be providing clients with one-on-one financial coaches. For a full year, they will help with credit and debt issues and assist clients in obtaining bank accounts and working toward financial goals.” “As a major financial services provider in New York and throughout the U.S., Bank of America is committed to supporting the institutions and agencies that are critical to ensuring the overall health and well being of the communities we serve,” said Alan Rappaport, New York president, Bank of America. “We are proud of our longstanding partnership with United Way and share a common vision to bring valuable financial counsel and services through the launch of the MoneyUP program.” “Additionally, MoneyUP goes a step further by helping clients with credit and debt issues, and assisting clients in obtaining bank accounts, applying for benefits. They are provided with one-on-one financial coaching.” MoneyUP free tax preparation and financial coaching are offered at three sites: In Brooklyn, at The Partnership for the Homeless’s Family Resource Center, 100 Pennsylvania Avenue, 2nd Floor (between Atlantic and Liberty Avenues); and at two sites in the Bronx—Bethex Federal Credit Union Main Office, 20 East 179th Street, Lower Level (between Jerome and Walton Avenues) and Bethex Federal Credit Union Mott Haven Branch, 613 East 138th Street. Among those who benefit from the EITC, Campbell stated, are families with incomes modestly above the official poverty line (roughly $20,650 for a family of four); and workers who are former welfare recipients but who, despite every effort to lift themselves out of poverty, are economically strapped to pay for basic needs for their families, such as food, clothing and transportation. Those interested in volunteering should have a high degree of interest in helping low-income working families secure work supports, reduce debt, improve creditworthiness, foster savings habits and address tax and consumer credit issues; be able to commit to at least one four-hour shift a week throughout the tax season and perhaps beyond the tax season; and familiarity and comfort with computers. People interested in volunteering as tax preparers must take and pass a self-guided, online IRS test and a six-hour classroom training that takes place in January and early February. Those interested in being financial coaches must complete a six-hour classroom training that takes place in January and early February. Volunteers will be provided with a $5 stipend per shift to assist with the purchase of breakfast, lunch, dinner or transportation. For information about being trained as a volunteer financial coach or tax preparer, contact Ralph G. Glover (rgglover@thefinancialclinic.org; 212-614-5355). “We encourage employees of our many corporate partners to enroll as volunteer tax preparers and financial coaches,” said Campbell. This is a wonderful opportunity for people to give back and requires a very limited time commitment.”
About United Way of New York City United Way of New York City creates, leads and supports initiatives that bring measurable improvement to the lives of the city's most vulnerable residents. We work to address the underlying causes of critical problems in five Action Areas-- Education, Homelessness Prevention, Access to Health Care, Building Economic Independence, and Strengthening NYC Nonprofits--with the goal of creating lasting change. Throughout our work, we collaborate with neighborhood agencies, business, government, foundations, volunteers and others so that collectively we can achieve more than any single organization working alone. For more information, visit www.unitedwaynyc.org. CONTACT:
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