Lapeer County Community Foundation Launches Child Savings Account Initiative

Lapeer County Community Foundation Launches Child Savings Account Initiative

 

 

 

Lapeer County Community Foundation Launches Child Savings Account Initiative

FOR IMMEDIATE RELEASE

Lapeer County, Michigan The Lapeer County Community Foundation (LCCF) is pleased to announce the Lapeer County Education Attainment Fund (LEAF). Beginning this fall, every kindergartener in the county will have an education savings account at ELGA Credit Union. The accounts are deposit only and withdrawals are restricted to post-secondary education expenses. This includes traditional college/university degrees as well as other types of career training or education including skilled trades’ professions. Each account will be seeded by the LCCF with $25 and students will be able to earn additional philanthropic contributions throughout their k-12 school years.

“We are extremely excited about the impact that this program will have on students in Lapeer County,” said LCCF Executive Director Nancy Boxey. “It’s a major achievement for the foundation. LEAF is the largest program since the LCCF’s inception over twenty years ago. The program will serve over 800 kindergarteners in the first year and will serve more than 2,400 students by the third year.”

The LCCF has partnered with the Lapeer County Intermediate School District (LCISD) and ELGA Credit Union to create the county-wide program. The LCISD will administer the program and ELGA will provide financial education and conduct deposit days. ELGA has also agreed to provide additional financial support which will allow the program to offer additional philanthropic incentives over the first three years. Dave Brandt, CFO of ELGA, sees the potential to impact families in a positive way and said that ELGA, “feels honored” to be part of LEAF.

The program’s approach is multifaceted. ELGA will provide financial education in every classroom and will conduct deposit days throughout the school year. Students will be encouraged to make deposits and will receive a financial reward when they make their first deposit. In addition, ELGA has agreed to work with schools to integrate financial education on a wider basis. Finally, the program will impact parents through financial education workshops. These workshops will be free and will cover topics such as budgeting and credit scores.

Parents and the community are encouraged to support the program. Parents can support their children by making contributions to the account. They can do this through multiple means including signing up for direct deposit or by making a contribution at any ELGA branch. The wider community is invited to support LEAF as the LCCF works to build a permanent endowment. In addition, the Foundation is seeking the support of local organizations and groups to provide additional philanthropic incentives to students. Steve Zott, superintendent of the LCISD, praised the program for bringing the wider community into the conversation about post secondary education.

LCCF was founded in 1996 and has invested $4.01 million back into the community and has total assets of more than $10 million.

For more info contact the LCCF at 810-664-0691

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