Building Assets November 9, 2006 JoAnne Malloy, Institute on Disability, University of New Hampshire Tobey Davies, MS Southern New Hampshire University 2006 NCHSD Fall TA Conference Introduction Asset Building Rationale Conceptual Model Strategies, particularly IDAs
November 9, 2006
Institute on Disability, University of New Hampshire
Tobey Davies, MS
Southern New Hampshire University
2006 NCHSD Fall TA Conference
This is in obvious contradiction to what people with disabilities say they want and exactly what grants like the MIGs are designed to address
Capacities and resources that enable individuals to identify, choose, and implement activities that enhance the quality of life experience.
Capacities and resources can be further explained by defining individual assets.
Definition of Individual Assets
Individual financial assets (money, stocks, real and personal property)
Income Assets (job)
Human capital assets (skills, knowledge, and experience gained from education and training)What are Financial Assets?
Earned Income Tax Credit
Even workers whose earnings are too small to have paid taxes, can still get EITC.
- employer-paid disability benefits qualify as earned income
- Adult children may qualify as “qualifying child” & also meet Child tax credit.
Refunds from EITC is often the most money filers have at any one time and can equal up to 40% of some filers annual income.
*Not owned by beneficiaries
For a period of 9 months….
Effective June 2004, disregard:
Excluded as an SSI resource for 9 months
**** A trained work incentives counselor must be on the team for individuals with disabilities
1. EXPAND KNOWLEDGE
Empower individuals with disabilities to manage personal resources and improve informed decision-making about credit, savings, tax credits/provisions, banking services and asset development.
2. CHANGE POLICY
Remove disincentives to work, home ownership, long-term services and supports, and business ownership for building assets that are part of state and federal public policy for working people with disabilities.
3. PROVIDE INCENTIVES
Create incentives to savings with IDAs and match to earned income set aside for continuing education, microenterprise start up, and home ownership objectives.
4. NATIONAL OUTREACH AND TRAINING
Improve utilization of financial and tax services by individuals with disabilities through outreach to local disability organizations, providers of services and non-profit and private sector organizations.
Charting Path to Asset Wealth
Are you interested in Financial Literacy training
Is individual interested in saving toward a goal such as post-secondary education, first home purchase, or business start-up?
Assist with tax preparation and filing for the EITC.
Does individual qualify for an IDA or PASS?
Get Financial Literacy in conjunction w/Benefits Counseling & incorporate PASS & IDA
Write PASS or IDA
Public Return To Work Policy
Same amount of earned income =
Deductions in SSA cash benefits
Deductions in HUD voucher
Deductions in food stamps
Deductions in childcare assistance
Asset Building Policy
Same amount of earned income =
Can be matched by SSA in PASS
Can be matched again in IDA
Can be added to EITC refund
Can be filed for free at local VITA
Assess (map) existing asset building programs and resources.