Proposal to build Financial Stability Metrics for the United Way


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From January 2008, a proposal to construct metrics to measure the efficacy of United Way Financial Stability programs.

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Proposal to build Financial Stability Metrics for the United Way

  1. 1. Financial Stability Metrics: When Making a Difference Counts The United Way Financial Stability Program Presentation for the Annie E. Casey Foundation January 7, 2008
  2. 2. <ul><li>Shared Objectives: </li></ul><ul><li>Facilitating Asset Building and Wealth Creation </li></ul><ul><li>Equitable and Sustainable Economic Development </li></ul><ul><li>Shared Approaches: </li></ul><ul><li>Outcomes Driven Programs </li></ul><ul><li>Commitment to Measurable Results </li></ul><ul><li>Creative Solutions </li></ul><ul><li>Shared Constituents: </li></ul><ul><li>Thin- and No-File, Unbanked, and Credit Underserved </li></ul><ul><li>Disadvantaged and Low Income Entrepreneurs and Small Business Owners </li></ul>Why are we here?
  3. 3. <ul><li>Problem: how to quantify the real effect of financial stability and development projects on people and places </li></ul><ul><ul><li>What are appropriate measures? </li></ul></ul><ul><ul><li>What is the appropriate time-frame? </li></ul></ul><ul><ul><li>What are the relevant benchmarks and control groups? (how many variables can be taken account of?) </li></ul></ul>The Need
  4. 4. <ul><li>Evaluate the impact of United Way financial stability programs in 3 Locals (Forsythe County, Central Ohio, and Central Indiana): </li></ul><ul><ul><li>Track the changes in the credit and financial profiles of participants </li></ul></ul><ul><ul><li>Benchmark performance against randomly selected individuals who are geographically and socio-demographically “close”—and to the extent that some who apply don’t join the program, serve as randomized trials (akin to procedures suggested by Poverty Action Lab) </li></ul></ul>Proposed Solution
  5. 5. <ul><li>Developing metrics for evaluation financial stability projects (with United Way): </li></ul><ul><li>Enable the specification of outcomes through data comparisons with control groups; </li></ul><ul><li>Allow for a more accurate identification of individuals in need; </li></ul><ul><li>Permit faster and more accurate monitoring of progress in financial stability projects; </li></ul><ul><li>Helps allocate resources better; </li></ul><ul><li>Provide mid-project assessments of any need for additional interventions; and, </li></ul><ul><li>Identify differential program impacts on varying socio-demographic segments, better target clients. </li></ul>How this Helps United Way Locals
  6. 6. <ul><li>In short, a successful dashboard will result in better quality service for more people in United Way communities. </li></ul>How this helps UW Locals?
  7. 7. Project Approach
  8. 8. Project Approach
  9. 9. Proposal Modifications April 08 January 09 Timing Unified two-year project Two-phased, two-year project with pilot phase (8 months) & implementation (16 months) PERC Partners TransUnion TransUnion & Social Compact Participating United Ways Forsyth County, Miami Dade, Palm Beach, Chicago, Brownsville, and Central Ohio. Addition of Central Indiana
  10. 10. Request for Support <ul><li>Project Cost: $320,000 </li></ul><ul><li>United Way Contributions $ 75,000 </li></ul><ul><li>Other Funding Potential $ 95,000 </li></ul><ul><li>AECF Request: $150,000 </li></ul><ul><li>Also in discussions with Mott Foundation, Progress Energy Foundation, and Z. Smith Reynolds Foundation. </li></ul>