This document summarizes the achievements and future plans of the Financial Inclusion Project in Rotherham. Some key achievements include securing over £1 million in funding, establishing partnerships to increase access to affordable credit and advice, and delivering financial capability training to over 120 people. Moving forward, the project aims to maintain momentum, continue focusing on vulnerable groups, increase advice capacity, expand credit union services, and strengthen partnerships with organizations in housing, health, and employment. The overall goal is to sustainably improve financial inclusion in Rotherham.
The Hampshire Council of Governments (HCOG) saved its member towns over $4.6 million in fiscal year 2015 through various programs and services. Key programs like the Group Insurance Trust and Hampshire Power helped lower costs for things like healthcare and electricity. HCOG is funded through service fees rather than taxes, and provides value to member towns while reinvesting in the local economy and environment through sustainability initiatives like solar energy programs.
Nicola Wealth Management - Proposed Tax Reform 2017: What Accountants Need to...Nicola Wealth Management
On September 28th, Nicola Wealth Management hosted over 120 accountants for a presentation on the Canadian government's proposed tax changes for incorporated individuals and small businesses.
The document summarizes guidance from the Charity Commission on financial controls, difficulties, reserves, and risk management for charities. It also provides information on upcoming changes to the tax treatment of charities and their donors, including the introduction of Charitable Incorporated Organizations and new rules regarding "fit and proper" charity managers. The newsletter aims to keep trustees of charities informed of their legal and financial responsibilities.
On October 5, 2017, NWM hosted a group of over 500 people at the Fairmont Hotel Vancouver to discuss the Finance Minister Bill Morneau and the Canadian government's proposal for tax reform impacting the majority of Canadian business owners.
NWM President, David Sung, opened the evening with an overview of the proposed tax changes. He provided some context and asked the audience to consider the political undertone of the Liberal government's tax proposal and the way in which they have handled the public push-back.
John Nicola, Chairman & CEO, an overview of what the government is proposing exactly and the impact it will have. He went on to discuss some planning options available to Canadian business owners.
2017 TORONTO Fall Event - Proposed Tax Reform: What You Need to Know (October...Nicola Wealth Management
On October 1, 2017, NWM hosted a group of clients at the Four Seasons Hotel Toronto to discuss Finance Minister Bill Morneau and the Canadian government's proposal for tax reform impacting the majority of Canadian business owners.
NWM President, David Sung, opened the evening with an overview of the proposed tax changes. He provided some context and asked the audience to consider the political undertone of the Liberal government's tax proposal and the way in which they have handled the public push-back.
John Nicola, Chairman & CEO, an overview of what the government is proposing exactly and the impact it will have. He went on to discuss some planning options available to Canadian business owners.
What does the model grant-maker look like?nfpSynergy
Elin Lindstrom and Cian Murphy outline our research on what charities think makes the model grant-maker and how the process can be improved for all involved.
The charitable tax credit system in Canada disproportionately benefits high-income taxpayers and is unfair to low-income earners. It is estimated to cost the government $2.15 billion annually in forgone tax revenue. The system provides larger tax credits to those who donate more than $200 and those who donate assets with capital gains. However, most Canadians donate to charity regardless of tax credits. The document recommends canceling the tax credit program altogether and reinvesting the $2.15 billion directly into the non-profit sector.
The Hampshire Council of Governments (HCOG) saved its member towns over $4.6 million in fiscal year 2015 through various programs and services. Key programs like the Group Insurance Trust and Hampshire Power helped lower costs for things like healthcare and electricity. HCOG is funded through service fees rather than taxes, and provides value to member towns while reinvesting in the local economy and environment through sustainability initiatives like solar energy programs.
Nicola Wealth Management - Proposed Tax Reform 2017: What Accountants Need to...Nicola Wealth Management
On September 28th, Nicola Wealth Management hosted over 120 accountants for a presentation on the Canadian government's proposed tax changes for incorporated individuals and small businesses.
The document summarizes guidance from the Charity Commission on financial controls, difficulties, reserves, and risk management for charities. It also provides information on upcoming changes to the tax treatment of charities and their donors, including the introduction of Charitable Incorporated Organizations and new rules regarding "fit and proper" charity managers. The newsletter aims to keep trustees of charities informed of their legal and financial responsibilities.
On October 5, 2017, NWM hosted a group of over 500 people at the Fairmont Hotel Vancouver to discuss the Finance Minister Bill Morneau and the Canadian government's proposal for tax reform impacting the majority of Canadian business owners.
NWM President, David Sung, opened the evening with an overview of the proposed tax changes. He provided some context and asked the audience to consider the political undertone of the Liberal government's tax proposal and the way in which they have handled the public push-back.
John Nicola, Chairman & CEO, an overview of what the government is proposing exactly and the impact it will have. He went on to discuss some planning options available to Canadian business owners.
2017 TORONTO Fall Event - Proposed Tax Reform: What You Need to Know (October...Nicola Wealth Management
On October 1, 2017, NWM hosted a group of clients at the Four Seasons Hotel Toronto to discuss Finance Minister Bill Morneau and the Canadian government's proposal for tax reform impacting the majority of Canadian business owners.
NWM President, David Sung, opened the evening with an overview of the proposed tax changes. He provided some context and asked the audience to consider the political undertone of the Liberal government's tax proposal and the way in which they have handled the public push-back.
John Nicola, Chairman & CEO, an overview of what the government is proposing exactly and the impact it will have. He went on to discuss some planning options available to Canadian business owners.
What does the model grant-maker look like?nfpSynergy
Elin Lindstrom and Cian Murphy outline our research on what charities think makes the model grant-maker and how the process can be improved for all involved.
The charitable tax credit system in Canada disproportionately benefits high-income taxpayers and is unfair to low-income earners. It is estimated to cost the government $2.15 billion annually in forgone tax revenue. The system provides larger tax credits to those who donate more than $200 and those who donate assets with capital gains. However, most Canadians donate to charity regardless of tax credits. The document recommends canceling the tax credit program altogether and reinvesting the $2.15 billion directly into the non-profit sector.
The PA Educational Improvement Tax Credit (EITC) provides tax credits to businesses that donate to scholarship organizations or educational improvement organizations. Businesses can receive a state tax credit equal to 90% of their donation if they commit for 2 years or 75% for 1 year. For example, a $10,000 donation with a 2-year commitment would provide $9,000 in tax credits each year, effectively reducing the cost to the business to $650. Eligible businesses must apply to the PA Department of Community and Economic Development (DCED) and funds are granted on a first-come first-served basis each year.
Paul Harper, Director of Finance at the National Autistic Society, provides an overview of payment by results (PbR) models in the public sector. He defines PbR as contracting providers to deliver outcomes, with payment based on achievement of outcomes. Benefits include harnessing the profit motive and private investment, but issues can include unintended consequences of focusing on measurable outcomes. Harper examines examples of PbR schemes in criminal justice, employment programs, and healthcare. He also discusses opportunities and risks of social impact bonds for non-profits. Overall, the summary outlines what PbR is and examines some potential benefits and issues to consider.
Another tax year has started and, as always in the world of tax, nothing stays the same. There are a number of methods of
extracting funds from your own limited company and in this Briefing we consider the main options for extracting profit.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
Why pensions might just change your lifeHenry Tapper
This document discusses the challenges Jill faces in managing her multiple pensions and getting answers to her questions. It provides tips to help Jill understand pensions and ensure she gets value from her savings. The document notes that while pensions can be complex, there are simple steps Jill can take to stay on top of her state pension, private pensions, track her various pots, and find help when she needs it. The overall message is that pensions are an important way for Jill and others to save for retirement, but many people find them overwhelming and would benefit from easy-to-use tools and guidance.
The document provides information on end-of-year tax planning opportunities and strategies, tips for using online marketing around the holidays to engage local customers, and notes that the upcoming Autumn Statement and EU gender directive could impact taxes and insurance premiums. It encourages reviewing personal and business tax allowances, investing within ISA and other tax-efficient limits, and using tools like emails, websites and social media to promote special offers to local clients over Christmas.
The document discusses the challenges facing non-profit organizations in managing both paid staff and volunteers. It notes increasing demand for services, funding cuts, and a shortage of skilled workers in the sector. While volunteering is increasing, volunteers often feel undervalued and lack clear roles. Paid staff may see volunteers as a threat or burden. The document explores scenarios where tensions could arise and provides suggestions for developing a charter of relationships to establish principles for both employees and volunteers.
An immediate annuity can provide increased monthly cash flow for retirees by converting premium payments into guaranteed monthly payments for life or a term of years. While tax-free bonds are a popular source of income, an annuity may provide higher cash flow due to a portion of payments being tax-free as a return of principal. A hypothetical example showed an annuity providing $17,918 more annual spendable income than tax-free bonds. However, annuities do not leave assets for heirs unless a refund feature is purchased.
Bunching Tax Deductions to Maximize Their BenefitSarah Cuddy
Bunching expenses, particularly charitable gifts, in one year rather than over multiple can provide added tax benefits, especially after the latest tax law changes. And combining that plan with a donor-advised fund can compound the tax savings.
This document discusses recent changes to the federal tax code related to expiring tax provisions from 2010 that were extended to 2013. Key provisions discussed include increases to individual income tax rates, dividends being taxed as ordinary income, increases to long term capital gains tax rates, decreases to child tax credits, and reductions to dependent care tax credits starting in 2013. The document also provides an example of how these tax increases could impact an individual's taxes.
Economic alliance health care reform update march 5-2013Michelle Hundley
The document summarizes upcoming changes to health care reform regulations beginning in 2013, including limits on flexible spending accounts, new reporting requirements for employers, comparative effectiveness research fees, exchange notices for employees, individual mandates, employer pay or play rules, and independent contractor classifications. It also outlines additional reforms taking effect in 2014, such as state health insurance exchanges, premium subsidies, individual and employer mandates, rating limits, and cost sharing limits.
Actuary Steve Vernon, retirement expert, Fellow of the Society of Actuaries and president of Rest-of-Life Communications, provides his recommendations regarding the current state of retirement and what individuals, employers and plan sponsors should do to prepare for retirement. For more information, visit www.restoflife.com
1) The Cash Flow Project surveyed residents in Miner County, South Dakota about their spending habits. Analysis of the survey data found that residents spent 10% more of their disposable income outside of Miner County.
2) If 600 residents in Miner County earning $22,000 annually increased their local spending by 10%, it would result in $622,776 more money circulating in the local economy. Factoring in an economic multiplier effect, the total economic impact could be over $7 million.
3) Between 1996 and 1997, as a direct result of the Cash Flow Project, total gross sales in the county increased by $15.6 million, a 41.1% rise from the previous year. The
- Partnerships do not pay income tax, rather income/expenses flow through to partners and are reported on their individual tax returns. Partnerships must file an informational Form 1065 tax return.
- When forming a partnership, individuals receive a partnership interest in exchange for assets or cash contributed. Gain may be recognized if liabilities assumed by other partners exceed the adjusted basis of property contributed.
- A partner's basis in their partnership interest is adjusted annually for their share of income/losses and distributions received from the partnership. Losses cannot reduce a partner's basis below zero.
Governor Pence's Roadmap 2014 jobs and economyHoosierAccess
Governor Pence's 2014 roadmap outlines several initiatives to spur economic growth and job creation in Indiana, including phasing out the business personal property tax, developing plans to attract private investment and improve quality of life in regional cities, creating a talent initiative to recruit entrepreneurs, making it easier for new businesses to raise capital by exempting some from state securities laws, streamlining the business permitting process, and investing $400 million in highway expansion projects.
This document is a newsletter from Cedar Point Financial Services that discusses estate planning and retirement planning topics. It provides key retirement and tax numbers for 2019 that were adjusted for inflation. It also discusses famous celebrities like Aretha Franklin, Prince, Pablo Picasso, and Howard Hughes who died without wills or estate plans, leading to lengthy and costly legal battles over their estates. The newsletter recommends taking the time to create an estate plan to avoid similar issues and outlines some tips for planning a career change, including doing research, protecting retirement savings, getting advice, and considering additional education.
This document summarizes the findings of research into Rhode Island's public debt management practices. It identifies four main findings: 1) numerous entities issue debt with weak oversight; 2) a lack of professional debt management staff; 3) underutilization of the Public Finance Management Board; and 4) over-reliance on external consultants. It then provides recommendations to address these findings, including establishing an Office of Debt Management, strengthening PFMB oversight of quasi-public debt, ensuring independence of financial advice, and improving research and reporting. The document concludes systemic reform is needed to solve Rhode Island's debt management challenges.
This document describes Charities Aid Foundation (CAF) Venturesome and its social investment activities. CAF Venturesome provides affordable finance to charities and social enterprises, and has supported over 360 organizations with £30 million in funding over 10 years. It aims to maximize social impact through its investments. The document provides information on CAF Venturesome's funds, investment process, impact areas and case studies to illustrate how its financing has helped organizations scale their social impact. It invites readers to support its work through social investment.
Financial Inclusion Improving the financial health of the nationDr Lendy Spires
The document discusses financial inclusion in the UK and the work of the Financial Inclusion Commission. Some key points:
1. The Commission was formed to examine the current state of financial exclusion in the UK and make recommendations to promote greater financial inclusion.
2. While progress has been made in recent decades to improve access to financial services, around 2 million UK adults still do not have a bank account and many lack savings or insurance.
3. The Commission took evidence around the country and heard the desire for a more coordinated national effort to promote inclusion and ensure all UK residents can access and benefit from financial services.
The PA Educational Improvement Tax Credit (EITC) provides tax credits to businesses that donate to scholarship organizations or educational improvement organizations. Businesses can receive a state tax credit equal to 90% of their donation if they commit for 2 years or 75% for 1 year. For example, a $10,000 donation with a 2-year commitment would provide $9,000 in tax credits each year, effectively reducing the cost to the business to $650. Eligible businesses must apply to the PA Department of Community and Economic Development (DCED) and funds are granted on a first-come first-served basis each year.
Paul Harper, Director of Finance at the National Autistic Society, provides an overview of payment by results (PbR) models in the public sector. He defines PbR as contracting providers to deliver outcomes, with payment based on achievement of outcomes. Benefits include harnessing the profit motive and private investment, but issues can include unintended consequences of focusing on measurable outcomes. Harper examines examples of PbR schemes in criminal justice, employment programs, and healthcare. He also discusses opportunities and risks of social impact bonds for non-profits. Overall, the summary outlines what PbR is and examines some potential benefits and issues to consider.
Another tax year has started and, as always in the world of tax, nothing stays the same. There are a number of methods of
extracting funds from your own limited company and in this Briefing we consider the main options for extracting profit.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
Why pensions might just change your lifeHenry Tapper
This document discusses the challenges Jill faces in managing her multiple pensions and getting answers to her questions. It provides tips to help Jill understand pensions and ensure she gets value from her savings. The document notes that while pensions can be complex, there are simple steps Jill can take to stay on top of her state pension, private pensions, track her various pots, and find help when she needs it. The overall message is that pensions are an important way for Jill and others to save for retirement, but many people find them overwhelming and would benefit from easy-to-use tools and guidance.
The document provides information on end-of-year tax planning opportunities and strategies, tips for using online marketing around the holidays to engage local customers, and notes that the upcoming Autumn Statement and EU gender directive could impact taxes and insurance premiums. It encourages reviewing personal and business tax allowances, investing within ISA and other tax-efficient limits, and using tools like emails, websites and social media to promote special offers to local clients over Christmas.
The document discusses the challenges facing non-profit organizations in managing both paid staff and volunteers. It notes increasing demand for services, funding cuts, and a shortage of skilled workers in the sector. While volunteering is increasing, volunteers often feel undervalued and lack clear roles. Paid staff may see volunteers as a threat or burden. The document explores scenarios where tensions could arise and provides suggestions for developing a charter of relationships to establish principles for both employees and volunteers.
An immediate annuity can provide increased monthly cash flow for retirees by converting premium payments into guaranteed monthly payments for life or a term of years. While tax-free bonds are a popular source of income, an annuity may provide higher cash flow due to a portion of payments being tax-free as a return of principal. A hypothetical example showed an annuity providing $17,918 more annual spendable income than tax-free bonds. However, annuities do not leave assets for heirs unless a refund feature is purchased.
Bunching Tax Deductions to Maximize Their BenefitSarah Cuddy
Bunching expenses, particularly charitable gifts, in one year rather than over multiple can provide added tax benefits, especially after the latest tax law changes. And combining that plan with a donor-advised fund can compound the tax savings.
This document discusses recent changes to the federal tax code related to expiring tax provisions from 2010 that were extended to 2013. Key provisions discussed include increases to individual income tax rates, dividends being taxed as ordinary income, increases to long term capital gains tax rates, decreases to child tax credits, and reductions to dependent care tax credits starting in 2013. The document also provides an example of how these tax increases could impact an individual's taxes.
Economic alliance health care reform update march 5-2013Michelle Hundley
The document summarizes upcoming changes to health care reform regulations beginning in 2013, including limits on flexible spending accounts, new reporting requirements for employers, comparative effectiveness research fees, exchange notices for employees, individual mandates, employer pay or play rules, and independent contractor classifications. It also outlines additional reforms taking effect in 2014, such as state health insurance exchanges, premium subsidies, individual and employer mandates, rating limits, and cost sharing limits.
Actuary Steve Vernon, retirement expert, Fellow of the Society of Actuaries and president of Rest-of-Life Communications, provides his recommendations regarding the current state of retirement and what individuals, employers and plan sponsors should do to prepare for retirement. For more information, visit www.restoflife.com
1) The Cash Flow Project surveyed residents in Miner County, South Dakota about their spending habits. Analysis of the survey data found that residents spent 10% more of their disposable income outside of Miner County.
2) If 600 residents in Miner County earning $22,000 annually increased their local spending by 10%, it would result in $622,776 more money circulating in the local economy. Factoring in an economic multiplier effect, the total economic impact could be over $7 million.
3) Between 1996 and 1997, as a direct result of the Cash Flow Project, total gross sales in the county increased by $15.6 million, a 41.1% rise from the previous year. The
- Partnerships do not pay income tax, rather income/expenses flow through to partners and are reported on their individual tax returns. Partnerships must file an informational Form 1065 tax return.
- When forming a partnership, individuals receive a partnership interest in exchange for assets or cash contributed. Gain may be recognized if liabilities assumed by other partners exceed the adjusted basis of property contributed.
- A partner's basis in their partnership interest is adjusted annually for their share of income/losses and distributions received from the partnership. Losses cannot reduce a partner's basis below zero.
Governor Pence's Roadmap 2014 jobs and economyHoosierAccess
Governor Pence's 2014 roadmap outlines several initiatives to spur economic growth and job creation in Indiana, including phasing out the business personal property tax, developing plans to attract private investment and improve quality of life in regional cities, creating a talent initiative to recruit entrepreneurs, making it easier for new businesses to raise capital by exempting some from state securities laws, streamlining the business permitting process, and investing $400 million in highway expansion projects.
This document is a newsletter from Cedar Point Financial Services that discusses estate planning and retirement planning topics. It provides key retirement and tax numbers for 2019 that were adjusted for inflation. It also discusses famous celebrities like Aretha Franklin, Prince, Pablo Picasso, and Howard Hughes who died without wills or estate plans, leading to lengthy and costly legal battles over their estates. The newsletter recommends taking the time to create an estate plan to avoid similar issues and outlines some tips for planning a career change, including doing research, protecting retirement savings, getting advice, and considering additional education.
This document summarizes the findings of research into Rhode Island's public debt management practices. It identifies four main findings: 1) numerous entities issue debt with weak oversight; 2) a lack of professional debt management staff; 3) underutilization of the Public Finance Management Board; and 4) over-reliance on external consultants. It then provides recommendations to address these findings, including establishing an Office of Debt Management, strengthening PFMB oversight of quasi-public debt, ensuring independence of financial advice, and improving research and reporting. The document concludes systemic reform is needed to solve Rhode Island's debt management challenges.
This document describes Charities Aid Foundation (CAF) Venturesome and its social investment activities. CAF Venturesome provides affordable finance to charities and social enterprises, and has supported over 360 organizations with £30 million in funding over 10 years. It aims to maximize social impact through its investments. The document provides information on CAF Venturesome's funds, investment process, impact areas and case studies to illustrate how its financing has helped organizations scale their social impact. It invites readers to support its work through social investment.
Financial Inclusion Improving the financial health of the nationDr Lendy Spires
The document discusses financial inclusion in the UK and the work of the Financial Inclusion Commission. Some key points:
1. The Commission was formed to examine the current state of financial exclusion in the UK and make recommendations to promote greater financial inclusion.
2. While progress has been made in recent decades to improve access to financial services, around 2 million UK adults still do not have a bank account and many lack savings or insurance.
3. The Commission took evidence around the country and heard the desire for a more coordinated national effort to promote inclusion and ensure all UK residents can access and benefit from financial services.
The document discusses the issue of rising consumer debt levels in the UK. It notes that total household debt excluding mortgages is almost £9,000 on average and including mortgages is over £30,000. This high level of debt corresponds to a rise in individuals seeking help from organizations like Citizens Advice Bureau. While many factors have contributed to rising debt, consumers, lenders, and the government all share some responsibility. Moving forward, financial institutions can help by providing advice, education, and engaging more directly with customers to help them better manage their finances.
Hyde Plus and the Hyde Charitable Trust_Our Impact_2015-16_FINALLindsay Wake
The Hyde Charitable Trust and Hyde Plus provided support to over 10,700 residents in 2015-2016. Their money and debt advisors achieved over £1.7 million in financial gains for residents. They helped 1,437 residents improve their financial situation and 257 residents secure jobs or apprenticeships. The Hyde Charitable Trust also awarded over 480 individual grants and 84 community grants totaling £1.7 million to support residents and local organizations.
The Hyde Charitable Trust and Hyde Plus provided support to over 10,700 residents in 2015-2016. Their money and debt advisors helped 1,437 residents improve their financial situation, generating £1.7 million in financial gains. They also helped 257 residents secure jobs or apprenticeships, creating £2.2 million in social value. Additionally, the Trust awarded over 480 individual grants and 84 community grants totaling £1.7 million to support residents and local organizations.
The Regional Growth Fund is a £3.2 billion UK government fund that provides grants to private sector projects and programs to stimulate economic growth and job creation. It aims to transition areas dependent on public sector employment to private sector-led growth. Round 6 of the fund opened in June 2014 with £200 million available. Previous rounds have allocated £2.9 billion generating over 500,000 jobs. Projects require at least £1 million in funding and must leverage private investment. The strongest bids that return best value will be selected for funding in early 2015.
Sarah Lambert, Affordability Assessment Manager, Policy in Practice, delivered this presentation to the Money Advice Liason Group (MALG) Virtual summit on Thursday 29 October.
Over 20 million of us don’t have the necessary skills to effectively manage our money and 11.5 million of us have less than £100 in savings.
With predictions of widespread unemployment and an expected tsunami of people needing debt advice and support during the coming months and years, this session explored the innovative new tools and approaches that will help organisations to improve the financial capability of customers, increase the financial resilience of customers and engage customers earlier.
Sarah Lambert from Policy in Practice discussed research and initiatives we've developed, including our award winning Benefit and Budgeting Calculator, to support organisations to get ahead of the curve.
For more information visit www.policyinpractice.co.uk, email hello@policyinpractice.co.uk or call 0330 088 9242.
The Big Lottery Fund is launching an ambitious £100 million investment programme called Talent Match to help young people aged 18-24 who have been unemployed for 12 months or more to find work or start their own business. The funding will be distributed through partnerships led by voluntary/community organizations in local enterprise partnership areas across England to develop innovative local solutions tailored to each area's needs. The goal is to improve pathways into employment or training and enable thousands of long-term unemployed young people to lead fulfilling lives.
This document discusses how increasing tax revenues in developing countries through improved collection and tackling illicit financial flows could help achieve development goals to reduce poverty and preventable child deaths. The research finds that if developing countries increased tax revenues to 20% of GDP while maintaining social spending, over 287,000 child deaths could be averted annually and 72 million more people would have access to clean water. Tackling illicit financial flows, estimated at $946.7 billion leaving developing countries in 2011, could result in reaching zero preventable child deaths 20 years earlier according to models. The report recommends actions by the international community to increase tax transparency, information sharing between countries, and reform international tax rules to support developing country tax collection efforts.
Madam Speaker
In A Tale of Two Cities, Charles Dickens opens with:
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity… we were all going direct to Heaven, we were all going direct the other way...”
So too is the present time. As a country, we stand at a crossroads. We can choose a path of hope; or a path of despair. We can go directly to Heaven, or as Dickens so politely puts it, we can go the other way.
This report recommends establishing a £30 million 'Life in the Community' Social Investment Fund to help address the issue of approximately 3,250 people with learning disabilities living in inpatient facilities in the UK. The fund would consist of a £30 million 'Payment for Outcomes' Fund to finance transition costs out of inpatient facilities and a linked £200 million Social Property Fund to provide flexible leased property as more people move out of inpatient facilities. An initial £10 million investment each is recommended for the two funds, as well as £10 million for strengthening sector infrastructure. This approach aims to significantly scale up third sector provision of support, encourage best practice commissioning, and provide the capital needed to transition over 2,000 people out
The document provides information about the ACCA Charity Finance Conference taking place on October 12, 2016 at the St John's Hotel in Solihull, UK. The one-day conference will focus on recent developments and best practices in charity finance, taxation, and employment law. It will feature presentations from industry experts, panel discussions, and networking opportunities. Attendees will gain 7 CPD units and learn how to improve financial reporting, governance, and compliance at their own organizations.
Tackling debt, financial resilience and vulnerability at LACEFPolicy in Practice
Deven Ghelani, Director and founder of Policy in Practice, was invited to speak at the Local Authority Civil Enforcement Forum on the topic of 'Debt, Financial Resilience and Vulnerability'. He focused on our early intervention work on arrears with local authorities who are using data analytics insights to identify vulnerability, target support and track change.
For further information visit www.policyinpractice.co.uk, call 0330 088 9242 or email hello@policyinpractice.co.uk
In today’s economic climate falling into debt is perilously easy, getting out is hard. Firms in the debt sector have adopted flexible and ethical collection practices to support families who are struggling, yet costs and the time taken to collect have increased.
This Policy in Practice webinar featured guest speakers Carole Kenney, Director, Welfare and Customer Care, Gareth McNab, Social Inclusion Lead, Nationwide Building Society who spoke alongside Zoe Charlesworth, Director of Policy and Operations, Policy in Practice, and Sarah Lambert, Affordability Assessment Manager, Policy in Practice.
Whether you’re a collection agency, utility company, advice organisation, local authority or housing association, you’re on the frontline for helping people in debt.
You can boost the financial resilience of households by helping them to increase their income. In this way, you can increase collection rates and social impact, in the knowledge that you’re doing the right thing.
In this webinar we discussed:
- How COVID-19 has already hit people’s incomes, and what’s in store
- Who the newly vulnerable households are
- How to reduce existing arrears and the chance of a customer falling into arrears
- How to minimise the cost of debt collection
For more information visit www.policyinpractice.co.uk, email hello@policyinpractice.co.uk or call 0330 088 9242
Funding Good Outcomes- Using social investment to support payment by results.PDFrhoddavies1
This document discusses payment by results (PbR) contracts and how social investment can help address challenges they present for non-profit organizations. It provides examples of government programs using PbR in areas like employment, families, health, and criminal justice. While PbR allows more flexibility, they require upfront capital that non-profits often lack. The document examines how social investment can help by providing loans or guarantees. However, it notes key issues around balancing risk between parties and ensuring fair returns for investors, non-profits, and commissioners.
Financing-Growth - take a step to the right.Henry Tapper
Labour's plan outlines a vision for the UK's financial services sector based on six priorities:
1. Deliver inclusive growth across UK regions by expanding regional financial centres and unlocking potential of mutuals.
2. Enhance international competitiveness through a more innovation-focused regulatory approach and collaboration with the EU.
3. Reinforce consumer protection and inclusion through initiatives like longer mortgages and financial education.
4. Lead in sustainable finance by making the UK a global hub for green finance and supporting decarbonization.
5. Embrace fintech innovation in areas like AI, open banking, and digital currencies.
6. Reinvigorate capital markets through pension reforms, increasing investment capital
The document is the 2016 Budget Speech presented by Pravin Gordhan, Minister of Finance. It outlines the key priorities and proposals of the 2016 budget, which are guided by South Africa's National Development Plan. The budget aims to accelerate fiscal consolidation through expenditure cuts and tax increases, while also increasing funding for education, social grants, and responding to the drought. It emphasizes inclusive growth through support for small business, youth jobs, and partnerships between government, business, and civil society.
Peterborough City Council 2015-16 budget proposals, Phase 1 - November 2014Richard Kendall
This document outlines budget proposals from Peterborough City Council to address a £25 million shortfall for the 2015/16 fiscal year. It discusses cost increases in areas like adult social care due to an aging population and increased needs. The proposals include £16.8 million in savings across various departments. A second round of proposals will be released to close the remaining funding gap. The council is launching a "Budget Conversation" to get public input on priorities and potential cost-saving ideas.
3. Investment
£474,336 RMBC Credit Crunch funding for
credit unions and advice
£260,000 SY Financial Inclusion Champions
funding
£120,000 Regional Improvement and
Efficiency Partnership funding
£20,000 Transformation Fund for increasing
learning opportunities for vulnerable people
£13,000 Targeted Communities funding for
LASER Credit Union
Strategic role for financial inclusion in the
Credit Crunch Partnership
Health & Wellbeing
Promotions, including an NHS promotion
video, tackling illegal money lending and fuel
poverty
Partnerships linking affordable warmth
awareness schemes and 60+ benefit
checks (Hotspots)
RMBC debt recovery review resulting in far
reaching recommendations
Learning
Financial Capability Co-ordinator post created
Financial capability programme for front line
workers
Financial capability training delivered to over
120 people
Partnerships linking financial capability,
advice services and affordable credit
Promotion of financial inclusion issues
through Rotherham News, Rotherham Show
Safety & Housing
Partnership with Illegal Money Lending Team
to pursue prosecutions, support victims and
raise awareness
Financial Inclusion training and awareness
raising sessions for 2010 Ltd front line
workers
Partnership to reduce homelessness through
the Rent in Advance Scheme
Promotion of affordable credit and advice
services on letters to tenants
Partnerships with the Strategic Housing
Partnership group and 2010 ltd to develop
services
The Financial Inclusion team and partners, working together, have achieved considerable advances in the
delivery of services to Rotherham's financially excluded. It’s important to recognise the collective efforts of all
those involved and to see the picture as a whole. This is a summary of our most significant achievements so far:
04 05
Achievements
Now half way through the project we are
producing this report to show what has been
achieved so far and what remains to be done to
March 2011 and beyond.
The report also sets the context in which
financial inclusion work is being delivered in
Rotherham and details some of our initiatives.
We are focussing on improving access
particularly for Rotherham's most vulnerable
individuals and communities to:
affordable credit and banking services
face to face debt and money advice
financial capability training,.
The impact of the work rests on the
interdependency of each of these three
elements. To truly help people out of the cycle of
financial exclusion whether immediately or in the
longer term, they need effective support in all of
these areas.
Our significant achievements in the first half of
the project include:
Locating the project within the voluntary
and community sector – invaluable in
connecting with local organisations through
established networks.
Embedding financial inclusion in other
key policy areas – essential to generate
impetus for financial inclusion activity on the
front line.
Bringing together key partners in
partnership at local, regional and sub
regional levels.
Working Neighbourhoods Fund supports the
team of four including a Project Manager,
Project Worker, Administrator and Financial
Capability Coordinator. Key to our success will
be how this report can help determine financial
inclusion work post March 2011.
Rotherham's Financial Inclusion Strategy is being implemented through the Financial Inclusion Project,
which is based at Voluntary Action Rotherham, and has been running since July 2008.
Foreword
Jane Woodford
Financial Inclusion Project Manager
4. 0706
In Rotherham
24.7% of adults are at risk of financial
exclusion
14,680 adults have no bank account
13 200 children live in workless
households
1
the sub-prime lending market is worth
an estimated £50m a year
For many this means increased costs, hardship
and disadvantage and loss of opportunities. It
creates barriers to employment, increases the
risk of ill health and leads to substantial and
continued social and financial isolation. It results
in money, initiative and self-reliance being
drained from our most deprived communities.
14 of Rotherham Borough's 166 Super
Output Area’s have an average annual
household income of less than £14k.
Overall average household income is £26,904
against a national average of £33,384
2
Children are those most at risk of income
deprivation and the resulting financial exclusion.
A Profile of Rotherham’s Financially Excluded
Research recently conducted in Leeds shows
that for every £1 invested in financial inclusion,
£8.40 is generated for the local economy
3
. This
demonstrates the benefits both to the economy
and to individuals, many of whom are living in
the most deprived communities. It helps to keep
money local, supporting businesses, saving
jobs, providing opportunities and raising morale
and aspirations.
WHAT ARE WE DOING
Advice
VAR has been working in partnership with Advice
in Rotherham (AIR) to improve coordination of
local advice services. AIR's funding activity has
helped to direct an additional £174,336 through
Rotherham's Credit Crunch initiative to meet
increasing demand for debt advice due to the
recession.
Credit unions
Supporting credit unions to lend to people who
would otherwise turn to doorstep lenders also
has a very direct impact. Legal doorstep lending
rates start from 272.2% APR which means that
someone borrowing £300 from a doorstep lender
over 12 months will pay £140 more than if they
borrow the same amount from a credit union.
Working with RMBC's Credit Crunch initiative we
have helped to secure an additional £300,000 of
capital for Rotherham's credit unions to support
people with housing needs. Despite the fact that
this is relatively high risk lending, default rates are
low and many of those helped have started to
manage their money well and even to save for
the first time in their lives.
Sub Regional Links
We support strategic financial inclusion activity
across South Yorkshire through two initiatives:
Department for Work and Pensions (DWP)
Financial Inclusion Champions, employing
two workers for South Yorkshire to March
2011 working strategically and in partnership
to increase supply and demand for financial
inclusion services and support key
stakeholders
Regional Improvement and Efficiency
Partnership (RIEP) employing two workers in
South Yorkshire to:
Improve financial capability
coordination, sharing materials,
identifying and filling gaps
Increase capacity in the advice sector
Improve and coordinate services for
offenders and their families
Investment
“…for every £1 invested in financial
inclusion, £8.40 is generated for the
regional economy…”
“…Rotherham suffers disproportionately
in terms of income deprivation…”
3 Dayson K., Conaty P., Dawson J., Marchant B., Salt A., Vik, P., Financial Inclusion Initiatives,
Economic impact and regeneration in city economics:
1 NOMIS, December 2009
2 Source: Yorkshire Forward/Axicom Lifestyle Data (2008)
As of 01.04.09
0
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
Aged 0-15
PercentageDeprivedofIncome
Age Groups
Aged 16-59/64 Aged 60/65 All Ages
Index of Multiple Deprivation 2007
Rotherham
England
22.40%
24.60%
15.40%
12.70%
18.30%
15.40%
18.40%
15.60%
5. 08 09
People with a mental health condition are
three times more likely to be in debt
4
.
They are also much more likely to
experience poverty than people who are not
living with mental distress.
In Rotherham between 2005-2006 there
were over 100 excess winter deaths as a
result of fuel poverty
5
.
Nearly one-in-two adults with debt also has
a mental health disorder
6
. This debt can
undermine recovery for many sufferers
7
.
Both physical and verbal abuse experienced
by loan shark victims has led to cases of
prostitution and suicide.
So it is very important that the link between ill
health and money worries is recognised and
that we co-ordinate activity to ensure that front
line staff are alert to the signals and can
signpost people to appropriate services.
WHAT ARE WE DOING
Training for NHS mental health teams.
Health promotion video on loan sharks and
fuel poverty amongst older people.
Working with SY Champions, energy
services and social housing providers on
promoting energy saving measures, clarifying
options and ensuring fairness in the use of
prepayment meters
Input into and
monitoring of
RMBC's Debt
Recovery Review.
Key
recommendations
include improving
and simplying
communications
and lines of
accountability,
considering an
in-house bailiff service and taking health
issues and ability to pay in to account.
Health & Wellbeing
“…People with a mental health condition
are three times more likely to be in debt…”
Financial capability, which is improving people's
ability to manage money, keep track of their
finances, make informed choices about financial
products and plan ahead, is one of the three
key components of our overall strategy. Without
it the impact of providing face to face advice,
affordable credit and other services is greatly
diminished.
The appointment of a dedicated full-time
Financial Capability Coordinator in July 2009
has given us the foundation for forming new and
strengthening existing partnerships for a more
co-ordinated, wide ranging programme of
training and awareness raising particularly for
front line workers.
WHAT ARE WE DOING
Learning opportunities – a successful
Transformation Fund bid is to provide training
opportunities for hard to reach financially
excluded individuals through outdoor
activities including rock climbing and white
water rafting. This also boosts self
confidence, and improves motivation and
aspirations as well as providing an
introduction to personal financial
management.
Money Skills – working with West Yorkshire
Trading Standards, we are cascading the
use of this interactive training resource
helping young people to manage their own
finances and develop other skills including
team working, communication, leadership,
problem solving, creativity, presentation and
meeting deadlines.
Beat the Money Maze Tent – in partnership
with advice services we organised a tent
alongside partners at this years Rotherham
Show. Using money quiz games and the
enticement of a free, stigma-free benefit
check we were able to reach many more
people than would have been the case
through more formal activities. Over 40
benefit checks were done on the day by
CAB volunteers and Welfare Rights and
Money Advice workers.
Learning
4 Final Demand, Debt and Mental Health, Financial Services Authority Leaflet (November 2009)
5 Yorkshire & Humber Public Health Observatory Death Extracts, ONS
6 Jenkins R., Bhugra D., Bebbington P., Brugha T.,Farrell M., Coid J. et al. ‘Debt, income and mental disorder in the
general population’, in Pscyhological Medicine, 38, 2008, pp. 1485-1493
7 Demos and Toynbee Hall, Widening the Safety Net: Learning the lessons of insurance with rent schemes
(Royal and Sun Alliance, December 2005)
6. The Financial Inclusion Project was born out of
the absence of a framework for bringing services
for financially excluded people together.
The first phase has been extremely successful in
establishing a sustainable model for joint
working. We have created an active network with
new partnerships and initiatives and brought
financial inclusion higher up the policy agenda
locally and across South Yorkshire.
The credit crunch has highlighted the need to
focus on vulnerable communities and individuals,
the value of locating financial inclusion activity
where strong community networks already exist
and strengthened the partnership model.
Our next steps will be:
To keep up the momentum.
The co-ordination role has proved critical in
maximising impact. We will need to maintain a
strong and enduring infrastructure for
sustainability after Mar 2011. Funding or
mainstreaming support for this work is critical.
To continue to focus activities for
vulnerable groups and communities. This
is particularly important as we emerge from
economic recession, and begin to deal with
the anticipated cuts to local services
To continue to drive forward new
initiatives, for example, exploring the
potential for expanding the scope of post
offices.
To build on innovation and co-operation
to increase the capacity of the advice
services to meet mounting demand.
To build on extending credit union
services, including delivering the
Savings Gateway, developing a possible
single credit union for South Yorkshire,
raising the profile and growing credit union
membership.
To develop closer links with social
housing, health service providers, and
employment initiatives.
To continue to embed financial inclusion
through education and training, especially
of front line workers.
1110
A Way Forward
Of the poorest 10% of households in the UK by
income, 51% live in social housing. If
households are already only just managing, a
small change in their circumstances can easily
tip them into financial difficulties. For social
housing residents, being unable to pay their
rent, means they could become homeless.
We believe people who work in the housing
sector are ideally placed to support tenants to
learn good money management skills.
The involvement of social landlords is essential
for us to deliver our objectives. Due to the high
concentrations of financially excluded people in
the social rented sector they are in a strong
position to reach many of those we're aiming
to help.
For example, a tenant may be at increased
risk of debt by missing out on benefit
entitlement, paying sky-high interest to a
doorstep lender, lacking insurance cover to
meet unexpected expenditure and not being
able to budget effectively. They'll need help
in all these areas.
A strong business case exists for investing in
preventative measures for financially excluded
households.
For instance:
Evicting a tenant costs up to £6000
Court action alone costs around £2000
Failed tenancies cost social landlords around
£1300 each (not including staff time)
WHAT ARE WE DOING
Rent in Advance
Since 2007 we have supported the Rent in
Advance partnership between Key Choices,
LASER Credit Union and Robond
8
. This is to
provide homeless families with a bond (Robond)
and the advance rent (a loan from the credit union)
required by private landlords to secure private
rented accommodation.
2010
We are currently working on a pilot in
Munsborough to provide budget and money
management training for new tenants so that
they are better prepared for the responsibilities
of managing their own tenancy. For many,
problems in managing household expenses can
lead to rent arrears and in some cases eviction.
Safety & Housing
“…Of the poorest 10% of households in the
UK by income, 51% live in social housing…”
8 Robond is a registered Charity in Rotherham set up in 1997 to
provide help and support for people who are homeless or about to
become homeless
“…The first phase has been extremely
successful in establishing strategic
objectives and a model for joint working…”