The United Way of Tarrant County has funds available for agencies to implement the Asset Development and Income Support Initiative for Fiscal Year 2017-2018. The outcome of this initiative is to positively impact the financial stability of Tarrant County working families. One method to accomplish this is by assisting unduplicated low-income families through the Volunteer Income Tax Assistance (VITA) program. In 2001, VITA became a community based program that provides tax return preparation, outreach products and financial education. The goal is to deliver a program and teach people how to invest their refunds in an advantageous manner to assist them with becoming self-sufficient.
During the 2016-2017 Fiscal Year, the Neighborhood Services Department administered the program through the Community Action Partners at 11 sites throughout Tarrant County. If the funds are awarded, the Neighborhood Services Department will administer the program in 2017-2018. As of April 15, 2017, 3,530 tax returns were completed for an overall refund amount of $6,101,335 of which $2,509,979 was Earned Income Credit dollars from 1,393 clients. The number of clients choosing to purchase savings bonds was 61 and 41 clients decided to split their refund by placing a portion in a savings account. The impact to Tarrant County's economy is $7,160,335 in refunds and money saved. The goal for Fiscal Year 2017-2018 is to assist up to 4,000 unduplicated low-income workers file their tax returns through a VITA site and to file for approximately $3.0 million in Earned Income Tax Credits (EITC). EITC can supplement the income for families while they work to advance their earnings. This will enable these families to meet daily living expenses, begin saving, build assets and achieve a level of financial stability.
A 10 percent match is required for this grant and will be provided by allocating a portion of assigned Staff time valued in the amount up to $25,000.00 that is billed to and paid out of previously appropriated general fund money. The total amount of this grant, when factoring in the in-kind match, is up to $275,000.00. The grant does not allow for indirect costs to be charged. As a result, all funding will be applied to direct services to operate the program.
This program serves ALL COUNCIL DISTRICTS. |