prince william area financial education program joe botta january 18, 2007 the agent as ceo

Prince William Area

Financial Education ProgramJoe BottaJanuary 18, 2007

The Agent as CEO

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“Know Thyself”CEO Continuum

Wea

k Str

on

g

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Earn Credentials HUD Certified Housing Counseling Agency Virginia Housing Development Authority

Certified Training Agency Association for Financial Counseling

and Planning Education (AFCPE)– Accredited Financial Counselors– Certified Housing Counselors

Virginia Assn of Housing Counselors Certified Counselor

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Cooperative ExtensionPrince William Office

Know How You Fit

Board of CountySupervisors/

County Executive

ExtensionLeadership

Council

CSREES – U.S.Dept of Agriculture

VA Tech & VA State

“Cooperative State Research, Education, & Extension Service”

Write Your Mission Statement

To educate clients on personal financial management skills so that they will:– avoid financial problems,

– live within their means,– maintain stable housing– and provide for themselves through retirement;

and to support and counsel clients in financial trouble so that they will take the necessary actions to achieve financial stability.

“Prevention & Intervention”

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Financial Management

From Cradle to Grave…

Start

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What Are You Selling?

We Deliver– Counseling & education

on most any housing or personal finance topic

– Quality services with a proven track record

– University level knowledge based on research

– A program that can be replicated elsewhere

We Seek– To provide financial

literacy and housing education & counseling

– To obtain multi-year funding support from continuing partnerships

We sell wealth building.

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Why Are

Why Are You Selling It?

Situation Analysis

County Comprehensive Plan

Driven by funding source

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• Three Full Time Staff (one bilingual)

• Two Part Time Staff• Federal, State & Local Funding

…and over 50 volunteers(some bilingual)

What Do You Have to Work With?

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Have “Friends”

PWC Office of Housing U.S. Department of HUD Manassas Housing Trust Fund Prince William Police & Fire Departments Freddie Mac Prince William County Public Schools U.S. Internal Revenue Service Department of Social Services Non Profits & For Profits

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Sources of Funds

MHTF3%

11%

PWC35%

(Fees .4%)

Housing65%

Personal Finance

35%

Total $268,329

PWCHousing

42%

Freddie Mac

9%HUD

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Results

420 Families 145 Workshops

– 1,767 Participants “79” Volunteers & 1,401 Volunteer Hours

Outputs

Outcomes 30% Buy Home Within One Year (48 of 161) 100% of Mortgage Default Don’t go to

Foreclosure (67 of 67) 84% Report Adopting Sound Spending Plan 91% Report Maintaining Economic Stability

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Use Charts & GraphsCompleting Financial Assessment

Note – Assessments reflect # of families

0

50

100

150

200

250

300

Number 156 177 220 184 209 228 250 211 286 239

Target 175 175 175 175 215 199 229 220 230 220

FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 0%

20%

40%

60%

80%

100%

120%

Achieved 89% 88% 87% 85% 89% 99% 95% 100%

Target 70% 70% 75% 80% 85% 87% 87%

FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05

Don’t Lose Home to Foreclosure

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Look Ahead for New Opportunities

Predatory Lending– PWC interest

» 9 Pay Day lenders with 22 offices in the Prince William/Manassas area

– Potential for HUD funding Reverse Mortgages

– Increase in aging population Mortgage Defaults

– Housing market changes Free Tax Prep

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An Approach to “CEO-ness”