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Bowling Green Asset Development Summit

Bowling Green Asset Development Summit. May 15, 2014. Summit Sponsors. Kentucky Office of Vocational Rehabilitation Barren River Asset Building Coalition Commonwealth Council on Developmental Disabilities Community Action of Southern Kentucky Disability Resource Initiative,

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Bowling Green Asset Development Summit

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  1. Bowling Green Asset Development Summit May 15, 2014

  2. Summit Sponsors Kentucky Office of Vocational Rehabilitation Barren River Asset Building Coalition Commonwealth Council on Developmental Disabilities Community Action of Southern Kentucky Disability Resource Initiative, Kentucky Asset Building Initiative (KASI) Kentucky Assistive Technology Loan Corporation (KATLC), Kentucky Domestic Violence Association (KDVA) Kentucky Statewide Independent Living Council (SILC) Thanks to the Commonwealth Council on Developmental Disabilities For providing today’s lunches.

  3. Why This Summit? The purpose of this Summit is being to connect the disability community to asset development strategies and services and to bring together members of the disability and asset development communities together to begin a dialogue on how to further expand economic self-sufficiency opportunities for persons with developmental disabilities.

  4. Asset Development as an Anti-Poverty Strategy An increasing part of federal anti-poverty policy involves assisting low-income individuals to build assets as a means of developing economic mobility and security. It is based on the belief that families who can develop financial assets will be more stable and better able to plan for the future.

  5. Asset development is a series of strategies to assist low income individuals to obtain economic self-sufficiency and achieve financial empowerment. Those strategies can include, but are not limited to: financial education, building a relationship with a financial institution, credit rebuilding, individual development (matched savings) accounts, low interest loan programs, free tax assistance, Earned Income Tax Credit (EITC), benefits planning. Specifically for many individuals with disabilities, benefits planning is an important part of asset development and financial empowerment. What is Asset Development?

  6. “The Earned Income Tax Credit is the best anti-poverty bill, the best pro-family measure and the best job creation measure to come out of the Congress of the United States.” - President Ronald Reagan .

  7. 54% of individuals with disabilities earn < $20,000 compared to 35% without disabilities (Adjusted Gross Income) In 2010, the poverty rate of individuals with disabilities ages 18 to 64 years living in the community was 27.3%, while the poverty rate of individuals without disabilities ages 16 to 64 years living in the community was 12.8 %—a poverty gap of 14.5 percentage points. The poverty gap in Kentucky was 17.2%. Why Asset Development for Individuals with Disabilities?

  8. A Harris Poll from 2010 found that 58 percent of people with disabilities are either living paycheck to paycheck or going into debt as compared to only 34 percent of people without disabilities. According to the Office of Disability Employment Policy at the U.S. Department of Labor, individuals with disabilities are 30% more likely to be unbanked. Why Asset Development for Individuals with Disabilities?

  9. Why Asset Development for Individuals with Disabilities? Millions of working age adults with disabilities must depend on public benefits for survival requiring them to stay poor to remain eligible. Asset building has yet to be fully embraced by the disability community because of the fear that asset accumulation could endanger eligibility for important government benefit programs, most importantly, Social Security benefits.

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