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HomeMy WebLinkAboutBack-Up DocumentsFUTURE BOUND MIAMI CONSORTIUM 2026-2031 MEMORANDUM OF UNDERSTANDING 1. Background Future Bound Miami (FBM) is a community -wide initiative that provides Children's Savings Accounts (CSAs) to promote postsecondary readiness and financial capability for students in Miami -Dade County. CSAs are opened with seed funding in kindergarten and grow through family contributions and program incentives. This initiative supports low- and moderate -income families by building long-term educational aspirations and financial health. The FBM Consortium was first formalized in 2019 through a joint MOU between key stakeholders. This MOU for the 2026-2031 period builds upon that foundation, outlining shared responsibilities and the next phase of implementation, with key transitions in leadership, fiscal management, and strategic direction. 2. Consortium Members Consortium Members as of this MOU include: • MDCPS Foundation • Miami -Dade County Public Schools (MDCPS) • Catalyst Miami • The Children's Trust • Health Foundation of South Florida (HFSF) • The Miami Foundation • EdFed Credit Union • Sant La Haitian Neighborhood Center • United Way Miami • Junior Achievement of Miami • City of Miami • Miami -Dade County • Additional organizations approved by Consortium vote 3. Purpose This MOU evidences the intent of Consortium Members to collaborate in support of the Future Bound Miami Children's Savings Account (CSA) program and outlines each member's roles, responsibilities, and governance practices for the period January 1, 2026 — June 30, 2031. This MOU is for zero ($) dollars. Nothing herein shall have the ability to alter or amend the terms of any other agreement or contract that may exist between the two or more of the parties to this MOU. Nothing herein shall be construed to be a waiver of sovereign immunity. 1 3.a Program Model — Universal Approach and FBM Family Approach Future Bound Miami operates using a Two -Tier Program Model designed to ensure countywide access while providing deeper, measurable support to families who actively participate in the program. This model guides implementation, partnership responsibilities, and expected outcomes across the Consortium. Universal Approach The Universal Approach guarantees that every eligible kindergarten student in Miami -Dade County receives access to a Future Bound Miami Children's Savings Account and foundational financial learning opportunities. Consortium Members agree to support broad awareness, family communication, and school -based visibility through the following elements: • Distribution of multilingual outreach and informational materials across participating schools. • Integration of financial literacy and literacy concepts into classroom instruction as supported by district curriculum and partner programming. • Systemwide awareness campaigns, enrollment communications, and engagement touchpoints in coordination with school sites and community partners. • Access to baseline financial education resources for all families. FBM Family Approach The FBM Family Approach provides targeted support to families who activate their accounts, participate in savings activities, and engage in readiness and financial capability programming. Consortium Members agree to promote and maintain deeper -impact supports that include: • Activation and deposit assistance for families, including troubleshooting, coaching, and milestone reminders. • Delivery of family capability programming, financial education, and postsecondary readiness supports aligned to FBM milestones. • Access to workshops, coaching, bilingual materials, and culturally relevant engagement through schools and community partners. • Incentives and tools that encourage savings behavior, academic engagement, and postsecondary preparation. Integrated Delivery The Consortium recognizes that the Universal Approach and the FBM Family Approach function together as a coordinated system. Members agree to: • Align communication, outreach, and engagement strategies across both tiers. • Maintain school -based infrastructure, including designated liaisons and Activation Champions. • Support unified data tracking and reporting cycles that measure activation, savings, readiness, engagement, and financial outcomes. • Utilize shared dashboards and oversight processes to guide improvement, accountability, and collaboration. This Program Model serves as the foundation for Consortium Member roles and responsibilities, strategic planning, and evaluation throughout the 2026-2031 MOU period. 2 3.b Implementation Timeline (2026-2031) The Consortium agrees to implement the Future Bound Miami Strategic Plan using a phased timeline aligned to the program's growth, fiscal transition, and long-term sustainability goals. The following timeline reflects the shared milestones that Consortium Members will support during the 2026-2031 MOU period. 2026 • Finalize the Sustainability Framework and the Communications & Engagement Framework. • Launch the Postsecondary Readiness and K-12 Financial Literacy approaches and associated tools. • Implement standardized activation and deposit workflows across participating schools. • Expand family engagement activities across school sites and community partners. • Complete the fiscal transition of operational and program management responsibilities to the MDCPS Foundation. 2026-2027 • Strengthen implementation of activation, savings, readiness, literacy, and engagement activities across all working groups. • Build Consortium -wide infrastructure for quarterly dashboards, aligned data reporting, and monthly oversight. • Expand fundraising activities, including short-term program funding and early endowment development. 2027-2030 • Grow and refine diversified fundraising strategies, including long-term endowment -building efforts. • Monitor progress toward key metrics, including activation, savings growth, FAFSA completion, and family engagement targets. • Conduct annual evaluation cycles to assess implementation, outcomes, and resource needs. • Prepare for the development of the next long-term Strategic Plan. Ongoing (2026-2031) • Maintain monthly Consortium oversight and coordination. • Produce quarterly dashboards tracking activation, savings, readiness, engagement, and financial performance. • Support consistent communication, family engagement, and community awareness across all participating partners. 4. Roles and Responsibilities MDCPS Foundation • Serves as fiscal agent beginning Summer 2025 for funding related to operations. • Oversees fund distribution, vendor contracts, and incentive management • Finalizes and manages agreements with EdFed, VistaShare, and The Miami Foundation • Co -leads parent engagement and education efforts with Catalyst Miami and MDCPS • Facilitates Parent Academy sessions in partnership with MDCPS • Supports financial education infrastructure and resource coordination Leads strategic fund development and partnership sustainability beyond 2027 3 Miami -Dade County Public Schools (MDCPS) • Serves as school site backbone organization beginning July 1, 2025 • Leads school -based program implementation, including coordination of school site staff • Each school site will have a lead/champion for FBM • Oversees financial education delivery and engagement with families and students • Manages data -sharing and reporting processes with Vistashare and EdFed • Coordinates with EdFed on financial literacy and deposit systems • Supports creation and rollout of family engagement materials and incentive campaigns • Leads integration with kindergarten enrollment and school system communications • Leads the reporting of program outcomes Catalyst Miami • Serves as strategic implementation partner through Summer 2027 • Provides technical assistance, sustainability planning, and coordination of working groups • Supports workplan execution and meeting facilitation for the Consortium • Co -leads parent engagement and school readiness activities with MDCPS Foundation and MDCPS • Develops training content for school staff and partner organizations • Leads initial evaluation and reporting framework coordination through transition period • Sustain fiduciary responsibilities through transition period and until all contracts and relationships are fully transitioned. EdFed Credit Union • Serves as a core funder supporting CSA deposits and incentive match funding • Maintains and administers CSA accounts for all participating families • Collaborates with MDCPS and MDCPS Foundation on school -based financial education and services • Ensures secure deposit management and interfaces with Vistashare (Outcome Tracker) • Participates in technical working group to support system integration and portal usability The Miami Foundation • Manages the CSA endowment and investment fund on behalf of the Consortium • Serves as the fiscal agent for all financial program incentives • Leads endowment strategy and development of a sustainable funding framework • Collaborates with Catalyst and MDCPS Foundation to secure public and private donor contributions The Children's Trust • Provides funding for the CSA program via Catalyst Miami for FY 25-26 from October 1, 2025 through September 30, 2026. Any and all funding from The Children's Trust is contingent upon annual fiscal year approval by its Board of Directors • Supports outreach and awareness -building across Miami -Dade County • Partners with Catalyst, MDCPS Foundation , and MDCPS on inclusive engagement strategies for families • Collaborates with Catalyst and MDCPS Foundation to secure public and private donor contributions 4 Health Foundation of South Florida (HFSF) • Provides financial support for program implementation and sustainability • Supports family engagement, outreach to underserved populations, and visibility campaigns • Collaborates on public health messaging integrated into financial capability curriculum • Collaborates with Catalyst and MDCPS Foundation to secure public and private donor contributions Sant La Haitian Neighborhood Center • Leads culturally competent outreach and enrollment for Haitian families • Provides ongoing engagement, trust -building, and program navigation support • Ensures language accessibility and culturally appropriate financial education delivery United Way of Miami -Dade • Transitions operational investment to MDCPS Foundation in 2025 • Provides core funding for CSA program via MDCPS Foundation • Assists with stakeholder engagement and transition coordination • Works with Consortium in 2026 to refine long-term investment strategy and public visibility • Collaborates with Catalyst and MDCPS Foundation to secure public and private donor contributions Junior Achievement of Miami • Provides financial literacy curriculum for kindergarten students • Supports teacher training and implementation at participating school sites • Collaborates with MDCPS to integrate financial education standards into school programs Miami -Dade County • Participates in Consortium leadership to support public investment strategies • Finalizes fiscal BCC transition agenda item in coordination with MDCPS Foundation and MDCPS as appropriate. • Supports communications and community outreach across government channels City of Miami • Participates in financial education and digital equity initiatives • Formalizes transition of city support into FY26 budget beginning January 1, 2026 • Collaborates on public -facing communications and digital access strategies for families • Collaborates with Catalyst and MDCPS Foundation to secure public and private donor contributions Potential New Partners • May include nonprofit organizations, city agencies, philanthropic institutions, or workforce development partners 5 • Focus areas may include career readiness, financial empowerment, technology access, funding, or targeted outreach to underrepresented populations All Consortium Members agree to support implementation of the 2026-2031 Strategic Plan ( Attached) and to participate in shared reporting, working group activities, and data submissions required for quarterly dashboards and collaborative oversight. 4.b Data, Dashboards, and Reporting Responsibilities To support implementation of the 2026-2031 Strategic Plan, Consortium Members agree to participate in a unified data and reporting structure that ensures consistent measurement, transparency, and shared accountability. Shared Consortium Responsibilities • Provide data required for quarterly dashboards, including activation, savings, postsecondary readiness, family engagement, financial literacy, and financial performance indicators. • Participate in monthly oversight meetings by submitting timely, accurate data and updates aligned to their areas of responsibility. • Support consistent use of standardized data definitions, templates, and reporting cycles established by the Consortium. • Collaborate with the Operations & Data Integration Working Group to ensure data quality, completeness, and timely submission from all partners. MDCPS Foundation Responsibilities • Coordinate quarterly dashboard production in partnership with Working Groups. • Maintain shared templates, reporting tools, and data submission timelines. • Ensure financial reporting and endowment performance updates are integrated into the financial dashboard. MDCPS Responsibilities • Provide academic and readiness indicators, including FAFSA completion, advanced coursework participation, CTE pathway enrollment, Industry Certification attainment, and college enrollment, in accordance with district data policies. • Support school -level reporting across activation, savings, engagement, and literacy indicators. EdFed Responsibilities • Provide activation and deposit data needed for tracking participation, deposit frequency, and savings growth. • Support technical integration with the Consortium's reporting systems. All Partner Organization Responsibilities • Submit program participation, engagement, and outreach data aligned to Communications & Engagement, Financial Literacy, and Family Capability goals. • Support consistent implementation of reporting routines required for monthly oversight and quarterly dashboards. 5. Goals and Metrics (2026-2031) 6 Future Bound Miami's work for the 2026-2031 period is organized around four strategic goals. Each goal includes core responsibilities and measurable targets to guide implementation, oversight, and accountability across the Consortium. Goal 1: Activations & Savings Ensure all eligible families can activate and sustain Future Bound Miami Children's Savings Accounts through consistent, accessible processes and strong engagement supports. Key Metrics • Increase activation rate to 40 percent in the near term and 60 percent by 2029. • Achieve 10 percent annual growth in family savings contributions. • Countywide implementation of standardized activation and deposit processes across all schools. • Quarterly Activation & Deposit Dashboard tracking activation rates, deposit participation, deposit frequency, and deposit growth across partners. Goal 2: Postsecondary Readiness Strengthen college, career, and financial readiness by establishing clear K-12 milestones and coordinated supports aligned to district academic pathways. Key Metrics • 75 percent of FBM students complete FAFSA or comparable postsecondary milestones by 2030. • Increased participation in AP, Dual Enrollment, CTE pathways, Industry Certifications, and college enrollment, as defined in the Postsecondary Readiness Framework. Goal 3: Awareness, Trust & Brand Identity Position Future Bound Miami as a trusted and recognized initiative through coordinated communication, storytelling, and multilingual engagement. Key Metrics • Unified Communications & Engagement Framework adopted by all consortium partners. • Multilingual outreach distributed across 100 percent of participating schools with quarterly engagement tracking. • At least 10 active Family Ambassadors annually. • 3-5 family stories captured and shared quarterly. • Demonstrated year -over -year increase in family engagement and participation. Goal 4: Finance & Sustainability Ensure long-term financial health through transparent fiscal management, diversified funding, and endowment growth to secure Future Bound Miami's sustainability. Key Metrics • Annual joint budget approved by all Consortium partners at the start of each fiscal year. 7 • 100 percent of monthly financial oversight meetings are completed and documented. • Annual Financial Transparency Report published within 90 days of fiscal year close. • Endowment fundraising targets achieved at 90 percent or higher annually. • Year -over -year increase in diversified funding sources and partner contributions. Consortium Members agree to participate in a coordinated finance and sustainability structure that includes monthly fiscal oversight, quarterly financial reporting, and joint execution of near -term, short- term, and mid-term fundraising strategies, including efforts to grow the Future Bound Miami endowment. All Consortium Members share responsibility for contributing to resource development activities that support the long-term sustainability of the initiative. 6. Consortium Governance The Consortium is a non -legal entity; Nonetheless, each Consortium Member shall designate one (1) voting representative. The program manager (MDCPS Foundation and Catalyst Miami through 2027) may designate two (2) voting representatives. Decisions regarding membership, program structure, or incentive changes shall be made by a majority vote. Voting may occur in person, by phone, or electronically. 6a. Working Groups To advance the 2026-2031 Strategic Plan, the Consortium shall maintain a coordinated Working Group structure aligned with the program's four strategic goals and cross -cutting operational needs. Working Groups serve as the primary bodies responsible for designing, coordinating, and implementing the strategies, activities, and reporting required during the MOU period. Purpose Working Groups are responsible for developing and executing strategies aligned to their goal areas, ensuring consistent implementation across partners, creating shared materials and tools, coordinating school- and community -based activities, and maintaining required reporting for Consortium oversight. Structure Each Working Group shall: • Designate a Working Group Lead, confirmed by the Consortium. • Include representatives from Consortium Members, with the option to engage external partners or subject -matter experts. • Maintain written workplans, deliverables, meeting schedules, and documentation. • Participate in monthly oversight and contribute to quarterly dashboards. • Align implementation practices, data reporting, and communication efforts across partners. Reporting Working Groups shall: • Provide monthly updates through the Consortium's oversight process. • Submit quarterly data for activation, savings, readiness, engagement, and financial dashboards. • Present annual progress summaries aligned to the Strategic Plan's goals and metrics. Working Groups (2026-2031) 1. Activation & Savings Working Group Responsible for standardizing and managing all activation and savings processes across schools and partners. 8 Key Functions: • Implement the standardized activation workflow and deposit processes. • Support and coordinate Activation Champions. • Lead deposit growth strategies, incentives, and family savings education. • Produce the Quarterly Activation & Deposit Dashboard. 2. Postsecondary Readiness Working Responsible for developing and implementing the K-12 Postsecondary Readiness Framework. Key Functions: Group • Implement readiness milestones including FAFSA, advanced coursework, CTE pathways, certifications, and college enrollment. • Develop readiness toolkits for schools and families. • Coordinate data collection and reporting with MDCPS academic offices. • Produce the Quarterly Postsecondary Readiness Dashboard. 3. Financial Literacy & Family Capability Working Group Responsible for developing K-12 financial literacy competencies and family financial capability supports. Key Functions: • Develop the K-12 Financial Literacy Framework. • Coordinate literacy integration and school -based implementation. • Lead family financial capability programming, tools, and workshops. • Contribute to annual Academic & Financial Literacy reporting. 4. Communications & Engagement Working Group Responsible for implementing the Communications & Engagement Framework and strengthening public awareness and trust. Key Functions: • Coordinate multilingual outreach, family information materials, and public campaigns. • Recruit and support Family Ambassadors and storytelling activities. • Manage annual engagement and communications calendars • Produce the Quarterly Engagement & Awareness Dashboard. 5. Finance, Sustainability & Fundraising Working Group Responsible for fiscal oversight, diversified fundraising, and long-term sustainability. Key Functions: • Manage the annual joint budgeting process and monthly fiscal oversight. • Produce quarterly financial reporting and the Annual Financial Transparency Report. • Develop near -term, short-term, and mid-term fundraising strategies, including endowment growth. • Coordinate partner -level fundraising and donor engagement. 6. Operations & Data Integration Working Group Responsible for data systems, technical integration, implementation tools, and cross -partner alignment. Key Functions: • Maintain standardized data definitions, templates, and reporting cycles. 9 • Manage quarterly dashboard production across all goal areas. • Support monthly Consortium oversight operations and documentation. • Oversee alignment of technical systems and cross -partner data integration. 7. Notice Any notice required or permitted to be given hereunder by one Consortium Member to the others as it relates to participation in the Consortium and/or revisions to Section 4 shall be submitted in writing to the program administrator. The program administrator shall circulate proposed changes and place them on the agenda of the next Consortium meeting. 8. Dispute Resolution Consortium Members agree to resolve disputes through informal discussion between the directly affected parties. If resolution is not reached, the issue will be escalated to the authorized representatives of those parties. If no resolution is achieved, this MOU may be terminated in accordance with Section 11. 9. Legal Rights This MOU is a non -binding expression of intent. It is not legally enforceable by or against any Consortium Member and shall not create any legal rights or liabilities. 10. Changes and Modifications This MOU may only be modified in writing and with the signed agreement of all Consortium Members or their authorized designees. 11. Effective Date and Termination This MOU becomes effective on July 1, 2026 and remains in effect until June 30, 2031, unless otherwise terminated by mutual agreement. Any Consortium Member may withdraw at any time by providing 30 days' written notice. 12. Severability If any term or provision of this MOU is found to be invalid, all remaining provisions shall remain in full force and effect, and the Consortium Members shall negotiate in good faith to amend the affected provision. 13. Conflict of Terms If there is any conflict between this MOU and any signed addendum or agreement, the terms of the signed addendum shall prevail. 14. Public Records Compliance 10 All records related to this MOU are subject to Chapter 119 of the Florida Statutes (Florida Public Records Law). Consortium Members agree to comply with applicable laws related to public access and records retention. 15. Compliance with Law All parties shall comply with federal, state, and local laws and shall not unlawfully discriminate in the performance of any obligation under this MOU. 17. Counterparts and Electronic Signatures This MOU may be executed in counterparts and via electronic signature. All counterparts, taken together, shall constitute one and the same instrument. 18. Signature Each Consortium Member shall execute this MOU via a separate signature page to be attached hereto. 11