HomeMy WebLinkAboutExhibit 3Attachment A
PARTNERS FOR SELF EMPLOYMENT, INC.
ITEMIZED BUDGET
FISCAL YEAR 2007 - 2008
Group Health Insurance - Support
Audit Costs
Telephone Costs
Postage & Shipping
Equipment Maintenance
Softwate P/C Maintenance
Space Rental
Rental Equipment
Printing Outside
Advertising
Special Supplies
SubContract Agreement - World Relief Contract
20,000
10,750
3,600
2,100
3,000
3,000
1,800
6,000
40,000
5,920
6,000
4,000
2,688
MEM
832
900
1,200
0
900
0
0
0
6,000
2,000
2,688
2,160
$0
900
1,200
0
900
2,400
0
1,109
0
1,192
6,000
MEI
3,312
832
1,800
2,400
0
1,800
2,400
0
1,109
6,000
dF '
MSF Matching Funds
$640,000
$160,000
$160,000
$320,000
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THE MATCHED SAVINGS FUND (MSF) PROGRAM DESIGN
The Matched Savings Fund (MSF) is a federally and locally funded program designed to
encourage persons of low income to accumulate assets. The MSF will provide a match equal to 2
dollars for each dollar an individual participant deposits into a MSF savings account (from earned
income, Earned Income Tax Credit (EITC), or Temporary Assistance for Needy Families (TANF))
to a maximum of $1,000 per year. The Matched Savings Fund cannot contribute more than $2,000
per year to an individual, or more than $4,000 to a household per year.
Savings in the individual development accounts can only be used to purchase a home or to
capitalize a business.
Information Sessions are held in our centers every Monday, Tuesday, and Wednesday @3 times
week, (12 monthly information sessions).
Partners for Self Improvement, Inc, (d/b/a Micro -Business, USA) will be marketing this program
using the following media and out reach techniques:
• Through public meetings and events open to all residents,
• Via radio, print media, flyers, and networking with neighborhood agencies, schools,
client's referrals, and our community'partners.
• Listed below are our community partners.
• Human Services Coalition of Dade County
• Habitat For Humanity of Greater Miami
• Miami -Dade Neighborhood Housing Services
• Jubilee Community Development Corporation
• World Relief
• Legal Services of Greater Miami
• Miami -Dade County Community Action Agency
The program is open to any low-income legal resident. All prospects attend a free information
meeting at our program center before enrolling in The Matched Savings Fund New Member
Orientations.
Once a client is identified via marketing walk-in or other, the client goes through the fallowing
intake and training process:
• Enrolling into the program
• Screened for compliance with HUD low-income requirements according to pay stub, W-2
or tax return
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• Assigned a case manager known as a Technical Assistance Provider (TAP)
• Assisted each with the completion of a MSF Agreement Form which includes the
following:
• Completion our Financial Literacy Course,
• Stating the amount of savings he/she will deposit each month,
• Stating specific use of savings for home or business ownership purposes.
• Completion of monthly family budget worksheet
• Attend the mandatory twelve hour Financial Literacy Course in monthly sessions at our
program center with attendance recorded.
On going process maintained by MSF Manager and TAP:
• Case managing participants' MSF Account — to continue as long as participant is in the
program.
• Managing relationship between MSF and Citibank.
• Depositing matching funds each month to MSF Citibank escrow account.
• Recording all participant data, attendance, and completion of Financial Literacy Course.
Information to be stored in our database and reported quarterly to City of Miami.
• Account Statements: Citibank will send the client monthly statements documenting the
balance in the individual Citibank account.
Participants will not be allowed to withdraw any of their savings until the completion of the
program, except under specific circumstances. Any other withdrawal of funds would constitute a
withdrawal from the program and the client will not receive the matching funds. The client's
lost -matching fund will be allocated to a new client coming into the MSF program.
If the participant follows all program rules and policies, meets the necessary savings goal to
purchase the selected asset, and completes the required training, the MSF will disburse matching
funds for the asset purchase. The funds will be paid directly by the MSF to the asset vendor (i.e. title
company or business equipment supplier).
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