KENTUCKY ASSET DEVELOPMENT SUMMIT October 10, 2012 Louisville, KY

Americans with Disabilities Act The Nations proper goals regarding individuals with disabilities are to assure equality of opportunity, full participation, independent living, and economic self- sufficiency for individuals with disabilities. 42 U.S.C. §1201(a)(8)(2005)

Growing Poverty, Not Prosperity 54 million Americans in poverty 18 million children People with disabilities 2 to 5 times more likely to experience poverty (She & Livermore, 2009) Over half people that report income poverty report disability (Fermstad, 2009) Pay higher out of pocket health expenditures $795 vs. $256 (Livermore & Hill, 2002)

Profile & Gaps- Taxpayers with Disabilities 54% earn < $20,000 compared to 35% without disabilities (Adjusted Gross Income) 22% earn > $40,000 compared to 42% without disabilities AGI 35% employed full time compared to 66% without disabilities 46% unemployed or on disability compared to 13% without disabilities 30% of taxpayers with disabilities using free tax preparation (NYC) reported using a checking account compared to 66% without disabilities (Ford Study 2006) 12% of taxpayers using free tax preparation reported having a savings account compared to 44% with no disability (NYC) (Ford Study 2006) IRS Benchmark Study: 2007/2010 2% of people have a disability/illness that makes it harder or impossible to use the internet 39% of Americans without broadband access living with a disability 54% use the internet compared to 81% without a disability 10% use tax prep software compared to 20% with no disability Pew Internet & American Life Project January 2011 FINANCES TECHNOLOGY

Financial Status of Americans with Disabilities A Harris Poll from 2010 found that 58 percent of people with disabilities are either living paycheck to paycheck or going into debt as compared to only 34 percent of people without disabilities.

For millions of working age adults with disabilities a dependence on public benefits for income, health care, food, and housing becomes a trap that requires staying poor to stay eligible

No group in America is more in need and more deserving of economic recovery

Economic Empowerment Where do we begin?

Economic Empowerment, What is it? A paradigm shift that moves us from the acceptance of a life of poverty due to the need for public assistance to the right to equality of opportunity, full participation, independent living, and economic self-sufficiency.

New Tools and Strategies Increase access to health care through enrollment in the Medicaid Buy-In Increase access and benefit from the Earned Income Tax Credit (EITC) and other favorable tax provisions Qualify for an Individual Development Account (IDA) to achieve an asset goal through matched savings Increase use of Social Security Work Incentives Benefit from financial education and affordable financial services Set savings and asset goals as part of peer-support strategies Consider the possibilities of self-employment

New Partnerships Establish community-wide savings and asset building work groups Build a bridge across disability and non-disability, public and private, for profit and not for profit entities

New Partnerships Mayors Offices United Way IRS FDIC IDA Providers EITC Coalitions Financial Institutions Microenterprise Lenders Home Ownership and Credit Counseling Programs DD Council VR Agency Social Security Field Office WIPA Grantees Peer Support Groups Centers for Independent Living OMH Community Action Agencies

Summit Goals Build relationships between the Asset Development and Disability communities Increase understanding of tools and strategies to advance a better economic future for people with disabilities Increase understanding of current needs and available services to assist people with disabilities become more economically stable

Summit Outcomes Develop a coordinated action agenda that mobilizes the resources of government, business, financial institutions, and community nonprofits to build a better economic future for people with disabilities

Summit Outcomes Set short-term objectives and longer term goals Building the capacity of Asset Development Programs to serve people with disabilities Design and implement education and training for people with disabilities to utilize effective tools and strategies that advance a better economic future Agree on an infrastructure and lead collaborators to move forward the agenda

Presenter: Michael Morris, J.D.