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Gwinnett Business Journal
March 2008
The Financial Literacy Committee is hard at work throughout the year identifying and developing programs to educate target groups about financial topics. The programs are designed to increase awareness of issues that are of importance to specific audiences - including students, investors, and the general public - and that apply specifically to their particular stage of life. The following programs highlight the wonderful work the committee has done, and continues to do, on behalf of the GSCPA and the accounting profession.
Georgia Consortium on Personal Financial Literacy
The Georgia Consortium on Personal Financial Literacy is a non-profit organization that works to raise awareness and educate Georgians on important financial literacy issues that impact their lives. The Consortium approaches financial literacy without any age barriers, serving as a clearinghouse for materials and resources designed to promote personal financial literacy. The organization also participates as one of 46 state affiliates of the national Jump$tart Coalition in Washington, D.C.
The GSCPA Financial Literacy Committee is a Diamond Level partner with the GA Consortium. This partnership gives the GSCPA a listing on the Consortium web site, all partnership announcements, and promotional items. The committee plans to sponsor and participate in the Georgia Consortium’s Financial Literacy Summit to be held the first week in April as an initiation of Financial Literacy month in Georgia. The Summit is a joint venture between the GA Consortium and the Center for Financial Independence and Innovation. GSPCA members, Emily Sanders and Martha O’Brien will participate in an “Ask the Advisor” portion of the event. The Summit will bring together key stakeholders from local/state government, public organizations, nonprofit organizations, financial institutions, and community leaders and consumers.
Food Bank Campaign
In an ongoing effort to promote financial literacy, members of the GSCPA volunteered to prepare free tax returns, 1040 EZs, at a Volunteer Income Tax Assistance (VITA) site at the Goodwill Training Center in Decatur, GA.
Each volunteer was required to be IRS-certified, which meant passing an online exam. For less experienced volunteers, they also had the option of classroom training to help with the exam.
The members provided volunteer income tax assistance (VITA), which is free tax advice and work for households with an income of $40,000 or less. VITA is a program of the Atlanta Prosperity Campaign, an initiative of the Atlanta Community Food Bank, and is designed to educate the community about and promote access to the Earned Income Tax Credit (EITC), to help pull low-income households out of poverty. During tax season, the program will offer free tax preparation at a total of 44 sites in the metro-Atlanta area.
The free tax return preparation is just one way to address some of the state’s financial literacy issues and raise the awareness of Georgians about responsible spending, saving, and resources for money management. Two out of three Americans will fail to realize one or more of their major life goals because they have not developed a comprehensive financial plan. Too often, financial illiteracy is something that is passed on to the next generation.
Junior Achievement
Junior Achievement of Georgia is one of the committee's longest-running programs. During the school year, volunteers generously give their time to go into middle schools across the state to teach the "Economics for Success" program, developed by Junior Achievement. "Economics for Success" explores personal finance and students’ education and career options based on their skills, interests, and values. JA Economics for Success is a series of six activities recommended for students in grades six, seven, and eight. Each activity is taught by a volunteer over a six-week period. In addition to the six week program, GSCPA spearheaded a new program, JA in a Day, where the curriculum was condensed into one day instead of six weeks. Volunteers rotated through classrooms each teaching a different activity.
To date the GSCPA has placed 47 volunteers in 37 different schools for both the six-week program and the JA in a Day. Regionally this total breaks down to 28 in Atlanta, 11 in Savannah, and 8 in Columbus.
The Financial Literacy Committee contributed a $5000 donation to Junior Achievement to cover the costs of the program and in support of its volunteers.
Financial Literacy Day at Georgia Perimeter College
For the third year, students turned out on their day off from class for investment tips and tools at the Dunwoody campus of Georgia Perimeter College’s Financial Literacy Day.
Sponsored by the Business Club, this year’s program drew over 400 students, a record attendance. Word about the event spread across campus and students from all areas of study attended. The all-day workshop focused on understanding investments and other financial literacy strategies.
This year, the agenda was more interactive with a Jeopardy-style game taking place, as well as a professional panel where students could direct questions to the speakers. GSCPA members that gave presentations included Martha O’Brien, Carlye Buchanan, and Scott Collins.
Economic Empowerment Initiative (EEI) Program
The Economic Empowerment Initiative (EEI)’s primary goal is financial literacy for students. The grass roots organization sponsors a Matched Savings Program for 50 students from each member college. The goal of the program is to teach students how to save, while teaching them the importance of philanthropic giving. The students selected for the program must save a minimum of $500 a year; EEI will match it up to $2000 of each student’s total amount saved. Ten percent of the savings must go to a charity of their choice.
Each month EEI sponsors a financial seminar on various metro-Atlanta campuses. The GSCPA plans to help with the training and materials for the monthly meetings. As part of the EEI program, Emily Sanders volunteered to speak on an entrepreneurship panel at the Morehouse College Leadership Center Institute.
Thank You to the Program Volunteers
The GSCPA Financial Literacy Committee would like to take this opportunity to thank its volunteers, who are a part of the effort devoted to advocating financial literacy in the Atlanta community. Financial literacy is a growing problem for every income group in the United States. Recent studies show that 43 percent of American families spend more than they earn each year, and the average household credit card debt is more than $8,000. In 2005, 2 million Americans filed for bankruptcy – the highest amount in history and twice the number since 1995.
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