HomeMy WebLinkAboutBack-Up DocumentCatalyst Miami was founded in 1996 as a project of the League of Women Voters to monitor health and
human service delivery, provide reliable information to the public, and mobilize public planning and
response. In 20 years Catalyst Miami has helped thousands of Miami residents to become financially
secure and civically engaged. Catalyst has moved the needle on social and economic concerns through
effective collaboration and advocacy.
The mission of Catalyst Miami is to develop and support individual leaders and strong organizations that
work together to improve health, education, and economic opportunity in all our communities. To
achieve our mission, we identify and launch innovative strategies to help people and communities thrive
and to create a more equitable and caring society.
After nearly two decades of serving Miami residents, we believe that making our vision a reality requires
focus on the following three community building strategies. 1. PROSPER: Community residents must be
healthy and financially secure; 2. LEAD: Residents of our community must recognize their leadership
potential; 3. CATALYZE: Organizations and networks promoting community well-being must build power
and impact.
Catalyst Miami's Prosperity Campaign is the organization's flagship initiative. A nationally -recognized
leader in financial services integration, the Prosperity Campaign is designed to help low -wage workers
and low -and -moderate income families establish comprehensive household wellness. Our key
community challenge is building low -and -moderate income (LMI) communities' prosperity. We meet
with families struggling to survive daily; Miami's working poor, and those "below poverty." Through our
client -centered coaching program, we ensure LMI individuals' long-term engagement in planning for
their future. Our Prosperity programs and services are designed to help individuals and families establish
comprehensive household wellness and achieve their financial goals. We work one-on-one with clients
to help them develop personalized financial plans and better understand the services and options
available to them. On average, our coaching clients increase their savings by almost $535, increase their
credit score by 84 points, and receive a tax refund of $1500.
Our prosperity programs and services include:
• Financial coaching and education
• Credit coaching and credit -building programs
• Savings Program
• IRS tax assistance
• Health coaching and education
• Affordable Care Act navigation (Obamacare)
• Low-cost/No-cost healthcare access
• Medicaid
• KidCare
• Supplemental Nutrition Assistance Program (SNAP)
• Temporary Cash Assistance (TCA)
• Telecommunications (SafeLink)
• Low Income Home Energy Assistance Program (LIHEAP)
• Linkage to Care
• FAFSA assistance
• Life Insurance
Our signature programs include Ways to Wealth and Lending Circles:
Ways to Wealth is our exclusive savings program. Through our Ways 2 Wealth program, clients
are able to open fee -free savings accounts to help them gain access to traditional banking
services while supporting their overall financial goals. Participants in the Ways 2 Wealth savings
program will be able to open an account with a minimum deposit of $20. During the course of
the 12-month program, participants meet regularly with a Catalyst Miami financial coach, who
works with them to meet their individual financial goals. As a reward for successfully
participating in the program, participants who meet certain targets will be able to earn up to
$120 at the end of 12 months.
Catalyst Miami Lending Circles is our innovative credit -building program. Lending Circles occur
in many cultures and are known by many names, such as Esso, Tontines, Condinas, and Partna.
Lending Circles evolve when a group of friends or family pools their savings, so that each
member of the group is able to receive a loan from the group. Through a partnership with
Mission Asset Fund, Catalyst Miami is able to take the concept of a Lending Circle one step
further by allowing Lending Circle participants to receive a zero -interest, cost-free loan to use as
an active line of credit. Payments made by participants during the course of the program are
reported to credit bureaus, which helps participants establish and build credit. On average,
participants in Lending Circle programs increase their credit score by 168 points —double the
increase of our average coaching client.
The Prosperity Campaign has led to ongoing collaboration among partners, most recently Miami -Dade
Financial Capability Collaborative which consists of Catalyst Miami, the United Way, Branches, and the
City of Miami. The purpose of the Financial Capability Collaborative is to expand, improve, and better
align the financial capability work being done around the County. As such, we will leverage this
relationship to ensure we are providing complementary services to any existing services already being
provided by the City of Miami —enhancing our collective impact.
We are seeking 70k in funding to support the time of one full-time coach who will be dedicated to
providing access to our array of Prosperity programs and services throughout District 4. This coach will
conduct ongoing outreach in targeted neighborhoods in District 4, serving 30 families (approximately 5
sessions per family) over the course of 12 months. Recruitment of participants will take place through a
combination of on -the -ground neighborhood canvassing, as well as leveraging existing and new
partnerships with neighborhood organizations. Additionally, we will promote this partnership with a
press release and through our robust social media presence and widely -read monthly newsletter.
In order to serve these families "closer to home," we will offer services from convenient locations
throughout the community, such as parks and community centers. In addition, we will leverage our
existing relationship with MDCPLS and offer our services at libraries.
This amount will support the salary and benefits of one full-time coach, plus local mileage and general
overhead associated with this team:
Salary: $ 42,000
Fringe: $ 10,920 (calculated at 26%)
Mileage: $ 500 (calculated at $0.54 per mile)
New Computer: $ 1,200 ($1,000 for laptop, $200 for installation)
Shared costs:
Mgmt & Support
Total request:
$ 3,480 (includes rent, IT costs, HR, office supplies, PR, Marketing)
$ 11,900 (calculated at 17%)
$ 70,000