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General Information About Individual Development Accounts (IDAs)

General Information About Individual Development Accounts (IDAs). Christy Finsel ONAC Program Manager 2012 ONAC Conference June 11, 2012. What is an IDA?.

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General Information About Individual Development Accounts (IDAs)

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  1. General Information About Individual Development Accounts (IDAs) Christy Finsel ONAC Program Manager 2012 ONAC Conference June 11, 2012

  2. What is an IDA? • One tool in the asset building toolbox is an Individual Development Account (IDA). IDAs are matched savings accounts held by low-income individuals. They assist individuals and communities in purchasing assets. • Along with an asset purchase, participants generally attend financial education classes. • Participants are able to purchase assets much more quickly than if they were saving on their own for an asset purchase. • Asset accumulation can work to level the asset playing field. Citation: Christy Finsel, January 8, 2010. Oklahoma Native Assets Coalition

  3. Example of an IDA • Middle school students are offered employment options and an opportunity to deposit $20.00 a month for 6 months into a custodial account. They receive financial education for those 6 months. At the end of the program, their deposits are matched 1:4 so that they have $120.00 of their savings and $480.00 in match funds to make an approved asset purchase. Oklahoma Native Assets Coalition

  4. Example of an IDA Program • Depending on the funding sources for the program, students might be allowed to purchase educationally-related assets such as school supplies, tuition, books, uniforms, or save their money for college. • If the program is funded by Assets for Independence, the largest federal source of funding for IDA programs, IDA participants can purchase small business, post-secondary education, or homeownership related assets. • Those in a tribal TANF-funded IDA program can purchase a variety of approved assets. Oklahoma Native Assets Coalition

  5. IDA Funding Sources • Private funding • Foundations • Tribal funds • Assets for Independence (can use NAHASDA, 638, and ICDBG for AFI application) • Assets for Independence and Administration for Native Americans joint funding • Rural Housing and Economic Development (RHED) • Tribal TANF • Etc. Oklahoma Native Assets Coalition

  6. IDA Resources Through ONAC • ONAC will have IDA resources on the ONAC portal on our website: www.oknativeassets.org • ONAC can provide training and technical assistance for those interested in designing an IDA program. • We can also provide IDA peer learning calls or meetings if there is interest. Oklahoma Native Assets Coalition

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