Faith in the City
Unveils Unique "Learning Lab" for Financial and Educational Services
MINNEAPOLIS (June 29,
2005) -- Faith in the City, a coalition of seven Twin Cities Lutheran
organizations, today unveiled a unique learning lab to assist low- and
moderate-income working individuals and families in Minneapolis' Phillips
Neighborhood. Called the Faith in the City Personal Finance Center, the
lab offers a broad continuum of financial and educational services
designed to help people make good choices about how they manage their
money.
When the center first opened
in 2004, it offered free tax preparation services for Phillips
Neighborhood residents. In the ensuing months, it has expanded its
services, following a plan to build on the coalition's strengths by
intersecting Thrivent Financial's mainline financial services with
Lutheran Social Service of Minnesota's (LSS's) experience in serving the
neighborhood.
"From our start we
envisioned offering a continuum of financial and educational services,"
said Jeri Nelsen, Faith in the City executive director. "Fortunately,
through the collaborative efforts of our partner organizations, we've
grown our services to include all the fundamentals of successful personal
financial management with varying degrees of professional support."
The center's services are
aimed at Phillips Neighborhood residents who are motivated to plan and
achieve a stable financial future for themselves and their families. The
center incorporated services already in existence at LSS-such as debt
management services and family car loans-and added others, such as Get
Checking (a program to assist individuals in opening checking accounts),
and a financial reference library-including budgeting, debt management and
money management resources-as well as Internet-accessible workstations for
Internet banking, account and records management, and consumer research.
The McKnight Foundation came alongside Faith in the City and provided a
grant for the center's operational support.
A key to the center's growth
occurred late last year when major grants totaling $1.4 million from
Thrivent Financial for Lutherans and the U.S. Department of Health and
Human Services - Office of Community Services were received by Faith in
the City to establish Phillips Saves, an individual development account
(matched savings) program. The program provides $2 in matched savings for
every $1 saved by qualifying program participants for higher education,
home ownership and business development. Educational classes and mentoring
relationships accompany the Phillips Saves program and help establish and
solidify beneficial financial behaviors for participants.
"This is a new and exciting
means of helping Phillips Neighborhood residents build a strong financial
foundation for their future," said Carlene Coleman, director of the Faith
in the City Personal Finance Center. "We strive to empower people with
knowledge, skills and support so they move beyond 'financial survival' to
'financial stability and success.'"
The community-based work of
the Faith in the City Personal Finance Center is supported by volunteers
who prepare tax returns, teach financial classes and mentor the clients at
the center. Last year, for example, 12 volunteers working at the Faith in
the City Tax Clinic prepared returns for 82 clients (29 of whom qualified
for the Federal Earned Income Tax Credit and 26 of whom qualified for the
Minnesota Working Family Credit). The work of these volunteers saved the
center's clients an estimated $22,000 in tax preparation fees. In
addition, the returns generated $126,031 in refunds and credits back to
Phillips Neighborhood residents.
"It is extremely gratifying
for both our staff and our volunteers to know that this work is making a
difference in the lives of those we serve," said Colleen Wilkinson, Faith
in the City director of community and volunteer initiatives. "Each person
who visits the Personal Finance Center can connect personally with our
staff and volunteers and gain from their financial knowledge, skills and
encouragement."
"When the respective leaders of Faith in the City first gathered in 2002,
they envisioned a renewed public calling for the well-being of the city
and its people through their partnerships with each other, with other
community-based organizations, and with individuals of good will," said
Nelsen. "Based on our results thus far, we are optimistic about the
future."
For more
information:
Click Here to view
the Faith in the City Fact Sheet
Click Here to view the Personal
Finance Center Fact Sheet
Click Here to view the recent Minneapolis Star Tribune article about
Faith in the City
Click Here to read more comments from
Colleen Wilkinson - Faith in the City Director of Community & Volunteer
Initiatives
About Faith in the
City
Faith in the City is a partnership of seven major Lutheran institutions
in the Minneapolis-St. Paul Metropolitan area committed to improving the
quality of life of the communities in which they serve. These partners
have expertise in a wide variety of areas, including health care, social
services, education, finance, publishing and Christian service. Partners
include: Augsburg College, Augsburg Fortress Publishers, Central Lutheran
Church, Fairview Health Services, Luther Seminary, Lutheran Social Service
of Minnesota, and, Thrivent Financial for Lutherans. For more information,
visit:
www.faithinthecity.org.
About Thrivent
Financial for Lutherans
Thrivent Financial for Lutherans is a not-for-profit Fortune 500
financial services organization helping 2.8 million members achieve their
financial goals. Thrivent Financial and its affiliates offer a broad range
of financial products and services including life insurance, annuities,
mutual funds, disability income insurance, bank products and more. As a
not-for-profit organization, Thrivent Financial sponsors national outreach
programs and activities that support congregations, schools, charitable
organizations and needy individuals. For more information, visit
www.thrivent.com.
About Lutheran Social
Service of Minnesota
Lutheran Social Service of Minnesota offers a wide variety of human
support services relating to the basics of life-food, shelter, safety,
physical and emotional well-being. The nonprofit organization,
headquartered in St. Paul, serves more than 100,000 Minnesotans yearly
with operations in 300 Minnesota communities, and employs more than 2,300
people. LSS serves all people regardless of race, color, creed, religion,
national origin, sex, sexual orientation, handicap or age. For more
information, visit:
www.lssmn.org.
Securities are offered through Thrivent
Investment Management Inc., 625 Fourth Ave. South, Minneapolis, MN
55415-1665, 1-800-THRIVENT (800-847-4836) a wholly owned subsidiary of
Thrivent Financial for Lutherans. Members NASD. Member SIPC.
