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