Bashir Algaheim Community Engagement Manager CSA 101 Bashir Algaheim Community Engagement Manager

Welcome to the first day of college It just looks like kindergarten CSA 101 Welcome to the first day of college It just looks like kindergarten

Challenges our Families Face CSA 101 Challenges our Families Face A third of San Francisco children are born into families with no savings or assets of any kind, one-half of African American and Latino children 47% of families in San Francisco are financially insecure (Urban Institute, 2017) 21% of K2C families surveyed indicated financial hardship as main barrier to saving (Earn, 2013)

Hope for our Students CSA 101 According to the US Census Bureau, a college graduate will earn $1 million more than a high school graduate over their lifetime. A child with a college savings account in his/her name is 7 times more likely to attend college than one without, regardless of income, race or academic achievement. M

Kindergarten to College (K2C) Spring 2011, San Francisco launched the first universal, public, matched Children’s Savings Account (CSA) program in the country K2C opens a savings account, with initial $50, for all children entering kindergarten in the City’s public school district, putting students on a path to college from the first day of school.

Program goals Create a college going culture CSA 101 Create a college going culture Children with even less than $500 are 3Xs more likely to go to college than those without savings. Reduce financial exclusion Universal access to a college savings accounts for children as they enter kindergarten in our public schools Increase financial literacy Incorporate financial education into our school classrooms, and link education to action. Leverage private investment for good K2C leverages private funds for savings matches and help families earn money for college

Key Design Features Auto-enrollment, opt-out: children enrolled by default Universal: all incoming Kindergartners at SFUSD Publicly Funded: City commitment Matched Savings: incentives to help families save Range of deposit options: variety of channels Financial Education: equips kids for success

HOW THE ACCOUNTS WORK FEBRUARY OCTOBER NOVEMBER SEPTEMBER CSA 101 School District sends Data OCTOBER K2C Creates Accounts NOVEMBER Parents Receive Welcome Packets with account number FEBRUARY Cycle Restarts in Spring Money held in trust in child’s name for post-secondary school Parents can register on Portal City tracks incentives Emergency Withdrawal

Basics All K-5 enrolled, with select 6th and 7th graders The city seeds every student’s account with $50 Families can receive additional money through program incentives Families contribute by mail, bank branch, direct deposit or online Accounts do not affect families’ eligibility for public assistance Free--no hidden fees or charges

Current Incentives Free and Reduced Lunch Incentive- $50 Expires 10/31/2017 Match - 1:1 up to $100 Save Steady - $100 if save regularly for six consecutive months Expires 3/31/2018

Progress To-Date 90 schools 27,000 accounts $5 M in accounts CSA 101 90 schools 25% 7th graders 55% 6th graders 100% K-5th graders 27,000 accounts $5 M in accounts $2.8 million contributed by families 18.4% Saver rate $575 average saved

New Incentives Effective November 1, 2017 $10 - Save Now bonus: one-time $10 bonus if a contribution is made before December 31st, 2017 $60 - Save Monthly bonus: save a minimum of $10 in any month, receive $10, up to $60 for any six months of saving by December 31, 2018 $20 Account Registration bonus: register on the K2C portal to view account activity Other incentives considered on an annual basis, based on funding

Program Updates Welcome/welcome back kits to all participants with their K2C activity statements to be distributed by schools Schools to receive quarterly scorecards Involving high school students in delivering college kit lessons in elementary schools Targeting to have a K2C school ambassador for each school

Strengthen Engagement Explore new channels for families to make deposits Engage more schools and CBOs to conduct branch field trips or college saving days Mission Graduates Richmond Neighborhood Center Parents for Public Schools Portola Family Connections Bay Area Community Resource Felton Institute Urban Ed

K2C engagement Citibank Field Trips Community Events School Presentations Back to school night College kits at all elementary school Teacher and parent workshops

K2c support Talk with students about college, savings Ask K-5 families their awareness of the program Encourage students and families to save, and take advantage of the incentives Volunteer (field trips, assist with community events) Donate Provide feedback Direct families where to go for K2C help www.k2csf.org info@k2csf.org 3-1-1 (in SF) or 415-701-2311

CSA 101  Bashir Algaheim Community Engagement Manager Kindergarten to College Office of Financial Empowerment Office of the Treasurer & Tax Collector City and County of San Francisco bashir.algaheim@sfgov.org