RE imagineCenter for Economic Progress2008 Annual Report
reth inking crisis Dark times face us. The current economic crisis is subjecting many Americans to insecurity and poverty. Anxiety and worry have become an everyday part of the lives of working families — especially those with limited incomes. But just as the Great Depression provided a backdrop for enormous change, this crisis, too, offers a historic opportunity for transformation— to reflect on and rethink the way we do things. To question our assumptions. To reimagine our work. To address the challenge before us. What’s needed is nothing short of bold and sweeping change— on Capitol Hill, at the kitchen table and in our tax and financial systems. We need solutions, not band-aids, that can help all Americans provide for their families and succeed in our 21st century economy. Smart public policies will be important, but the government can’t change this situation alone. It’s up to all of us to roll up our sleeves, take a sobering look at what we can do and get our hands dirty. America is still the land of opportunity— even in these tough times— but we must decide. . What changes are needed to improve current conditions for all? These are historic financial times— what is our part in the story?
4Remaking CEPStarting in 2008, we began to rethink how we could best share our passion andcommitment to making financial security a reality for all Americans. Our newidentity represents how we will work to achieve greater impact and inspire othersto join our cause.We are expanding our financial servicesOperating the largest and most established free tax preparation program inChicago and Illinois, we connect families to free, year-round financial servicesthat help them make economic progress. O ne-on-one financial coaching B enefits screenings at the workplace F inancial aid assistance for low-income and first-generation studentsWe are local in service, national in voiceWhat we learn on the ground, we translate into best practices in the field andworkable policy solutions at the federal and state levels. We find the solutionsthat work.Retelling our storyOur visionWe envision an America of shared prosperity, where all working families canaccess the financial opportunities they need to succeed.Our missionWe help hard-working, low-income families move from financial uncertaintyto financial security.Our taglineWorking Solutions for Working FamiliesHow we achieve our mission We provide trusted tax and financial counseling, giving Illinois families the tools to make sound choices. W e lead a national coalition of organizations that promote economic progress for low-wage workers and their families. W e advance policies and practices to create a financial system that works for all.
Center for Economic Progress : Annual Report 2008 7 to basics back payments Pay the rent, pay the bills, take the kids to a movie—most paychecks don’t go much further than that anymore. In good times, it felt like they didn’t have to— we had enough to squeak by, and then some. But the American Dream can’t be built on a mountain of debt and people can’t get ahead when, at the end of every month, they’re falling behind. Within this economic crisis and this spiraling culture of debt, though, lies an opportunity for debate, reflection and action. We all have a chance to rethink financial security in ways that weren’t possible before. At the Center, our new financial services department pushes us in that direction. Maurice highlights the potential impact our financial services can make. A father of three, Maurice learned about our services through our workplace program. He met with one of our counselors who helped him apply for benefits to cover heating bills, review his credit report and devise a budget and debt repayment plan. Rather than dig deeper into debt, Maurice learned about the fundamentals needed to start moving forward. After all, you can’t get ahead if you don’t know how.rede fining security
8 Center for Economic Progress : Annual Report 2008 9 my may day Taxes are at the core of American life—the cost of our democracy. Each year, The average family we serve receives $1,700 back at tax time—likely the largest we pay them with a collective sigh, eager to forget the matter until next year. lump sum they’ll see all year and their best opportunity to start getting But where many see a burden, we see an opportunity to usher in a new era ahead. Last year alone, 1,000 opened bank accounts right at our tax sites and in the American economy—one where Americans save and invest. more than 350 purchased savings bonds, giving them a path out of the cycle of debt and moving them towards solid financial ground. More than at any other time, tax time is “the time” for an annual financial check-up. See where you’re at, set goals, make a plan and use the tax refund $45 million back into the pockets of nearly 32,000 as a down payment on the future. families, Saving $5 million in tax preparation fees reworkingtax time
10 progressmore needIf the economy taught us anything in 2008, it’s this—more isn’t always better.More debt, more risks, more financial challenges—enough is enough.In these lean times, we must rethink what it means to have more—we mustreach out to others and define success together.By bringing together committed and diverse groups of community leaders andexperts in the tax preparation field, the Center is taking its on-the-groundexperience to the next level and making an impact nationwide.Our regional summits held in Tennessee and Arizona, attended by hundreds,served as a catalyst for local leaders to work together to achieve more.For example, our Memphis summit, acted as a springboard for groups acrossFlorida to create a first-ever state action plan that launched the Florida FinancialPartnership—addressing the everyday financial needs of families all acrossthat state.Through our national work, we promote best practices and encouragecollaboration to shape and grow the tax and financial services field. Together,we can do more. revitalizing the field
Center for Economic Progress : Annual Report 2008 13 families moving agendas forward Perhaps not since the Great Depression have we all been faced with such a perfect storm of market failures, broken systems and bad policies. These are big problems that must be met with equally great resolve. In these historic times, we must be prepared not just to think big, but to act big. Through the Center’s national arm, the National Community Tax Coalition, we work to build an economy that works for all Americans. Representing more than 700 organizations nationwide, the Coalition serves one million low-income working families during tax time and recruits tens of thousands of volunteers each year. In 2008, we activated our national network to successfully make the Child Tax Credit available to very low-income families. Passed in October 2008, the legislation benefited parents of 13 million children. That same year, with our energized network of activists, we began building a strong grassroots movement on important issues related to financial security and consumer protection. E-mail alerts and online trainings tell our members exactly how to take action on key issues. We bring the needs of low-income families to the table of policymakers, all while building our growing group of activists who are committed to tax fairness mmitting and advancing financial security for all families.reco to change
Center for Economic Progress : Annual Report 2008 15 our pocketbookreimagining Income Foundations, Government: Donated Services, Corporations $1,296,851 Materials Today, everywhere you look it seems there’s a heavy heart. & Individuals: $3,252,636 21% & Facilities: $1,307,959 The sting of tough times is fresh and everyone has had to forego 52% 21% something. Contractual Services Interest & Other Income: & Fees: $17,253 Total Income: $6,197,955 $323,256 1% 5% Here at the Center, though, we believe that success comes only with sacrifice. Despite the hardships we face today, we cannot forego the incredible opportunity we have now to create a better tomorrow. Perhaps once in a generation, we have Expenses a chance to redefine, rework and reimagine— to remake an America in which we all have a real opportunity to succeed. Now is our chance. Focusing on the pocketbook issues of working families, we at Local Programs (Tax and Financial Fundraising: $442,064 the Center, are committed to keeping our eye on the future, Services): $3,517,265 8% 60% rolling up our sleeves and getting this work done, even as we Management & General: all walk on shaky ground. $691,500 12% Total Expenses: $5,864,329 National Programs (Coalition, Technical Assistance and Advocacy): $1,213,500 20%
16 Center for Economic Progress : Annual Report 2008 17Our Movers & Shakers Matching Gifts Stephanie Brown Dale Brutlag Caroline Harney Ellen Harper-HamEvery contribution matters. We would like to thank our community of supporters, who help us get the Adams Street Partners LLC Zenobia Buckley Val Harris Ninette Bush Robineisha Hayneswork done and are committed to reimagining a better future for working families. Aon Foundation Gary Bushnell Pam Hays Baxter International Foundation Alva Butenaite Barbara Heffernan BP Foundation Kenya Butts Curtis Helwig Citizens Charitable FoundationDonors David Marzahl and Anne Reusche MB Financial Charitable Foundation Bonnie and Emile Garneau Wendy and Jerry Goldstein CME Foundation JPMorgan Chase Foundation Betty Carmon Vera Carpenter Bland Henderson Sharon Hermes Joann Cecil Cheryl Hernandez$250,000 + Hilda Renteria Amy Gould Kraft Foods Henry Champen Gloria HerreraThe Annie E. Casey Foundation Mary and Robert Reusche Pam and Bryan Gruley The John D. and Catherine T. MacArthur Gina Chang William HershCiti Foundation Robert M. Rudolph Nancy and Donald Hanigan Foundation Shelly Christensen Fred HicksCity of Chicago Seyfarth Shaw LLP Nancy Caroline Harney Morgan Stanley Keylia Clayton Jackie HilgendorfIllinois Department of Human Services Sun Traders LLC Heather Henneman Northern Trust Mitchell Climons David HillW. K. Kellogg Foundation Jennifer Tescher and Jonathan Eig Karen Kalichman State Farm Companies Foundation Yvonne Clogston Yuki HiraoThe John D. and Catherine T. MacArthur Elizabeth and Stephen Krupkin Sherrie Combs Jaclyn Hitchings Foundation $500 – $999 Arwen Lauen Hsiang-Li Ho Zach ConradThe Rockefeller Foundation Raissa and James Allaire Duane Cole and Joseph M. Powers Michael Levy Erica Maslanka In-kind Support Ginger Conroy Clara Hodge John Hodge Regina Cook-Glanton$100,000 – $249,999 Diane Dichter David May Association House Florence Cox Russell HolmgrenBank of America Foundation Kathy and Mark Donahue Barbara and John Morrison Bethel New Life Center Joyce Cox Larsenia HortonCitadel Group Foundation Gregory D. Fields Robert Murphy Bloomington Housing Authority Rita Crim Mike HoskinsFamilies and Work Institute Steven E. and Susan Aiken Fortier Esther and Steven Portnoy Carver Community Center Teresa Cruz George HuonkerIllinois Department of Children and Philip Graff Janene and James Powers Decatur Public Library Sandra Cuffee A.S.M Huq Family Services Mary Ruth Herbers and Todd Dietterle Rebecca Riha Friendship House Eric Dailey Gerard InguagiatoThe Joyce Foundation Kathleen and Neal Kulick Brian Rivera Gail Borden Library Edith Dammeyer Carl JacksonU.S. Department of Treasury Marilyn Lillienfeld Melissa Spear Graphix Products Monika David James Jackson Theresia and Robert McKenzie Nancy Stern Harold Washington College Benjamin Davidson Merle Jackson$50,000 – $99,999 Steven J. Morton Chidinma Rosemary Umesegha Harvey Public Library District Martha Davidson Juan JacomeAnonymous Christine and David Murdoch Julia Vaingurt Heartland Community College Carshae Davis Philippe Jean-LouisThe Chicago Community Trust Michael Olson David Varnerin Holy Family Immigration Center LaJune Davis Frances JenkinsJPMorgan Chase Foundation Timothy P. Shanahan Cynthia Wells Homan Square Community Center Linda Davis Cynthia JensenPolk Bros. Foundation Catherine St. Clair Judith Wemhoff Howard Area Community Center George Dewey Steve Jetton SuAnn and Donald Tescher Jodie Winnett Instituto del Progreso Latino Annette Dillard Johnny Johnson$25,000 – $49,999 Karen and James F. Young Internal Revenue Service (IRS) Stephanie Dock Larry JohnsonCharter One Foundation $250 – $499 Land of Lincoln Legal Assistance Foundation Kathleen Donahue Anthony JonesCiti Sarah Abella and Jeff Ruby Up to $100 Lincoln Land Community College Jenna Doran Carol JonesGrand Victoria Foundation Meghan Andrews Ivonne Amaro Man-Tra-Con Corp. Madeline Dort Valerie JonesIllinois Department of Revenue Anonymous Anonymous Martin Luther King Center Shelley Dravis Nicole JurekOffice of Lieutenant Governor Pat Quinn Anonymous Ray Boyer McHenry Community College Melody Driver Naveed KarimThe Richard H. Driehaus Foundation Ann L. Becker Tyrone W. Burks Mid-Central Community Action Janice Dudley Anne KassonSteans Family Foundation Jacci Christopher David Earle New Bethel Missionary Baptist Church Margie Duff Mel Katz Sam Coady Jacqueline Ellison Normal Senior Center Mary Dyar Elmer Kaufman$10,000 – $24,999 Bridget Gainer Gerard P. Gangloff North Side Community Federal Credit Union Jim Eberwine Michael KeeleyAlphawood Foundation Gina Guillemette AnnaMarie Garrett Northwest Community Center Erik Espinosa Sylvia KelloggThe Community Tax Law Project Christina and Adam Hachikian Cherie and John Hansen Quad Communities Center for Working Alejandro Espinoza Carol KellyThe Field Foundation of Illinois Suzanne and Daniel Kanter Janet and Harry Heifetz Families Sybil Fears Yolunda KellyIntuit Financial Freedom Foundation Julie Kimmel Joe Hinton SalesForce Greg Fears Jr. Dorothy KemperKraft Foods Susan B. and Martin J. Kozak Russell Holmgren Southwestern Illinois WorkNet Center Andy Fergurson Gerald KernsLawyers Trust Fund of Illinois Meredith Mack Eliot Klein St. Nicholas of Tolentine School Kirstyn Fields Igor KholodenkoLocal Initiatives Support Corporation – Chicago Jeannette Mihalek Faye and Steven Krasner St. Sabina Employment Resource Center Steven Fife Billie KillamNational Fund for Enterprise Development Agnes and David Murdoch Mary Elle Limato St. Francis de Sales High School Kerry Fitch Brenda KirkpatrickState Farm Companies Foundation Dan Nielsen Timothy J. Loughran Teaming 4 Technology Chicago Brian Flynn Kathryn KohlesWashington Mutual Bank Diane J. Rasmussen Winnie Luk Truman College Brian Folkers Kim Kopetsky Katie and Brian Scullion Stephanie Lyon University of St. Francis Bill Forney Stanley Koziol$5,000 – $9,999 Art Sindlinger Dara and Washington Malone Waubonsee Community College Brett Fox John KozlowskiThe Chicago Bar Foundation Thomas Matias Emmanuel Gahoua Theodore KrakowskiAnne Murdoch and Michael Walker $100 – $249 J. Lynn and Michael P. McMahan Oscar Galvez Faye Krasner Susan Abraham Edeltraut MuchaJacob G. Schmidlapp Trusts, Fifth Third Bank,Trustee Anonymous O.S. Owen and Maria Jossey Volunteers Frank Gant Mildred Garcia Steven Krasner Tom KrauseTCF Bank Lori Azim and Joel Berg Angela Perkins Contributed 36 hours or more Emile Garneau Kathleen KulickU.S. Bancorp Foundation Richard Babcock Daniel Pettit Delores Garrett Hyacynthia Lanier Joseph Patrick Barrett Constance and Steven Pocock Jennifer Aaron Aileen Geffs Heidi Lau$2,500 – $4,999 Sarah Brotherton Catherine Ro Danielle Aeschbacher Wanda Gentry Ed LeideckerNational Disability Institute Matt Carlson Anthony Rothert Charles Ahlenius Mary Geoghegan Gerardo LeonDiscover Financial Services Robert Castaneda Maureen and John Savage Bruce Aiello Joseph Gerharz Cindi Lexow Milorad Cupic Erika Schafer and David Sacks Denise Almaraz Christy Geving Linda Little$1,000 – $2,499 Arnold Davis Sarah Spear Mauro Amoroso Mary Gharrity Ed LivingstonAnonymous Katherine Davis Heather Tammelleo Jeff Anderson Bill Gibbs Jessica LopezRobert Davis Philip Dunn Kenneth Towers Jose Anguiano Ewelina Giera Carole MaciasIBM Foundation Phyllis and David Eig BarBaretta West Patricia Arias Gay Michele Glenn Rose Marie MackKirkland & Ellis Foundation Michael Evangelist and Kathryn Thornton Sarah Atkinson Michael Glennon Richard MadingerDr. Nicol Lee and Rev. Keith Russell Lee Teri Ford and Kevin Quintin Maria Luisa Aviles Margaret Glynn Dan Malone Richard Bail Della Gray Leslie Malz Charles Baird Dorothy Gray Emmanuel Mandujano Chris Baird Beverly Green Jeffrey Marinier Maria Barrera Saundra Green Shirley Marrs Bill Bartley Diane Gregart Danielle Martin Denise Bauch Myrna Guadarrama Debra Martin Elbie Baughman Plan Your Legacy Glennetta Bell Stephen Berenson LaTwanda Guyton Catherine Haener Luis Martinez Susana Martinez Audrey Hagenow Michael Marvin We are delighted to announce that we received our very first planned gift in 2008! A long-time supporter Jim Bertolet Brian Hain Frederick Mason Antonino Bondi and volunteer of the Center is leaving a legacy in the form of a planned gift. Although immediate cash gifts Sharon Haji Mkanga David Mattingly Leticia Bonsu are essential to keeping our programs running, this gift will help us anticipate and plan for future program Josephine Hall Susan McCartney Ramona Boston Dick Halverson Candace McCarty growth. This type of planning is necessary to ensure the continuity in the services we are able to provide Jean Bracken Pat Halverson Kevin McGee Paul Brinkman to hard-working, low-income families in Illinois. For information about planned gifts, call (312) 630-0277. Shawne Hammonds Lynn McMahan Michelle Brooks Donald Hanigan Keva McNeal Sarah Brotherton