Archive: Around Town

United Way of Tompkins County announced that it received a $4,250 grant from United Way of New York State (UWNYS) to support an asset building strategy aimed at helping individuals with low to moderate incomes to achieve financial stability.  This grant is part of a national partnership between United Way of America and the Bank of America Charitable Foundation that will provide $2 million in grants across the country.  United Way of New York State is one of just two state United Way organization and 42 local United Ways across the country to receive a grant from this partnership.  In turn, the grant to United Way of Tompkins County is one of 10 to be supported by UWNYS. 

This is a part of the United Way Financial Stability Partnership™, launched in 2007, which is designed to provide working individuals and families in communities across the country with tools to increase their income, build savings, and develop and maintain their assets.  A fundamental component of this initiative is to help people obtain free tax preparation assistance and unclaimed tax refunds through the Earned Income Tax Credit (EITC).

“This Bank of America investment in EITC work in New York State further strengthens our efforts to promote EITC and increase eligible families’ access to the credit.  Last year’s EITC outreach and free tax preparation services included 21 local United Ways working with community partners in 31 counties across NYS.  Their results included 197 Volunteer Income Tax Assistance (VITA) sites, staffed by 1,800 volunteers who processed over 95,000 returns.  This generated more than $144 million in refunds including $67 million in EITC,” according to Mary A. Shaheen, Vice President of United Way of New York State.

In Tompkins County, Alternatives Federal Credit Union prepared over 1200 returns for the 2006 tax year, using 60 active community volunteers who donated over 1300 volunteer hours.  As a result, over $2 million in refunds were returned to the community, of which $772,000 was the Federal EITC.  AFCU plans to prepare 1440 returns this year.  The grant will be used to increase outreach efforts to minority, low-income, and under-served audiences in Tompkins County.

“United Way of Tompkins County is pleased to partner with Bank of America and United Way of New York State for the second year in a row to increase the financial literacy and long-term economic independence of individuals and families nationwide,” said James Brown, President of United Way of Tompkins County. “The generosity of Bank of America will again help support United Way’s efforts in promoting a critical program that increases financial stability in communities across the country.”

Last year’s successful results helped secure a second year of support from the Bank of America Charitable Foundation. The Bank of America Charitable Foundation was the first national partner for the United Way’s EITC program donating $500,000 for the launch of the United Way Financial Stability Partnership™.  Last year, Bank of America associates provided more than 2,000 volunteer hours to help working individuals and families claim valuable tax refunds and will continue these efforts in 2008 at Volunteer Income Tax Assistance locations offering free tax preparation services. This grant will also support the Financial Stability Leadership Summit and new One Stop Financial Stability Centers.

“Helping families and individuals build wealth is a key priority for Bank of America,” said Mark Kenjerska, Assistant Vice President, Banking Center Manager, Bank of America.  “By supporting United Way of Tompkins County we hope to help more people effectively navigate the tax system, access free tax preparation services and secure the benefits of the Earned Income Tax Credit, and thereby advance the health and vitality of Tompkins County.”

Notes Susan K. Hager, President and CEO of United Way of New York State, “In this economy, social services alone aren’t enough to address the needs of today’s families.  In fact, social and economic conditions are leaving many families, even those who work full-time on shaky ground.  EITC education and outreach coupled with free income tax preparation services are among the best ways we have to assist families by returning to them earned income to meet everyday needs, as well as providing a foundation to begin savings toward housing, higher education or entrepreneurship.”

In the spirit of collaboration, last week the NYS Office of Temporary and Disability Assistance announced that it would supplement the grant to UWNYS from Bank of America with a small $16,500 grant to fully fund the efforts of the 10 coalitions led by the local United Ways.

United Way of America will provide leadership and technical assistance to the 44 participating United Way organizations and will coordinate key project components, including: creation of goals, objectives, and outcomes; compliance with grant guidelines; fund disbursement; and national reporting on the results of the partnership, including the number of taxpayers helped. Statewide and local United Way grant recipients will be responsible for strategic administration and oversight of grant resources by the community-based EITC coalition and will work with local Bank of America associates to promote volunteer opportunities regarding EITC outreach and free tax preparation.

EITC campaigns typically include marketing and outreach to eligible tax filers; free tax preparation for individuals and families earning less than $39,783 annually by volunteer tax preparers; and financial education and other asset building opportunities.

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