The Family Conservancy Closes Individual Development Account Program
Kansas City, Missouri - After almost two decades operating the Family Asset Building Program (FAB), The Family Conservancy (TFC) will not reapply for the federal grant that supported FAB, and will be closing the program permanently, on December 31, 2016. The decision was a difficult one, made after many rounds of program modification discussions and attempts to secure substantial, multi-year funding sources, to fulfill the financial match required from the federal Assets For Independence grant which supports the program.
The Family Asset Building program provides matched savings accounts – or Individual Development Accounts (IDAs) – matching participants’ savings at a multiplied rate. For every dollar an account holder saves, the program matches between two to eight dollars, depending on the type of account. Clients are required to complete financial education courses and meet with financial experts in their area of interest – whether it be a first home purchase, opening a small business or a student pursuing secondary education – before receiving their matched funds.
The Family Asset Building program has been engaged with Individual Development Accounts (IDAs) since 1997. The Family Conservancy (TFC) was one of the first of 14 demonstration sites to lead the movement of matched savings accounts in the United States. IDAs were established as a means in which to enable low-income families to accumulate assets. TFC worked with Dr. Deborah Adams of The University of Kansas School of Social Welfare to implement this plan in the Kansas City area. To date, through the Family Asset Building program, there have been approximately 600 participants who have accumulated approximately $1.5 million – personal savings combined with matched savings – which has helped them to achieve their dreams.
TFC is proud of the FAB program graduates whom they have had the pleasure of working with over the years and it has been exciting to share in their success. For Kansas City residents interested in enrolling in an IDA program in the future, please contact the United Way of Greater Kansas City, by calling the 2-1- 1 helpline. TFC continues their legacy, exceeding 136 years, serving families who live in poverty via a multitude of programs focused on helping children and families achieve a lifetime of success.