Spotlight Story

Coast to Coast: Los Angeles and Miami Pave the Way With Two New CSA Programs

2019 has been an amazing year for the Children’s Savings Account (CSA) field, ushering in many new or expanded programs at the local, city and state levels. In early November, the announcement of two new citywide CSA programs, Future Bound Miami and Opportunity LA, capped off this successful year. Catalyst Miami—an organization dedicated to collectively solving issues adversely affecting low-wealth communities—partnered with United Way Miami, the Children’s Trust and South Florida Credit Union to launch Miami’s first CSA program. The Los Angeles city council approved a plan that, when fully rolled out, will give every Los Angeles Unified School District (LAUSD) first-grade student a CSA funded with a $50 initial deposit. The program will also provide kindergarten students with a $25 initial seed deposit when their parents activate their account plus an additional $25 to students eligible for free or reduced lunch. At full rollout, Opportunity LA will be the largest municipal CSA program in the nation. Future Bound Miami plans to expand to all kindergarten students in Miami-Dade County by 2023. Read more

Miami kindergarten students attend the FutureBound Miami launch event at Santa Clara Elementary School.

Los Angeles City Councilmember David E. Ryu (second from right) with County Board of Supervisors, Mark Ridley-Thomas (far right), LAUSD Board of Education representatives Monica Garcia (far left) and Nick Melvoin (second from left) with students and staff from 9th Street Elementary School on the steps of Los Angeles City Hall. Photo Courtesy David Ryu.

In the News

State and Local CSA Programs Offer Valuable Lessons for Building a National Program

An editorial published by the Boston Globe applauded San Francisco Kindergarten to College, Boston Saves and SEED OK for their efforts to pioneer children’s savings account programs. As Sen. Corey Booker and Rep. Ayanna Pressley continue to push their Baby Bonds initiative, the importance of children’s savings programs has been elevated to the national spotlight. With 65 new programs having been launched by the end of 2018, the consistency and expansion of state and local programs serve as a strong model for future national legislation.

Marquette Area Public Schools Opening CSAs to All Students

1st to Finish, a new CSA program established by the Marquette Area Public Schools Education Foundation (MAPSEF) is set to launch in January 2020. The program will provide a $50 initial seed deposit to 225 first-grade students from four elementary schools in Marquette, MI. In describing why MAPSEF is starting the program, foundation president Linda Winslow stated, “We as a community felt that it was important to tell our students that we believe in them and that we are willing to support them. So, it’s about paying it forward and, for many of us, it’s about giving back.”

Excite Credit Union and the Eastside Alliance Launch a New CSA Program in San Jose

The Step Up Savings Program is a new CSA program—created by Excite Credit Union and the East Side Alliance, a group of eight East San Jose school districts—designed to help low-income students build college savings. The program will provide a $50 initial deposit to all enrolled students as well as a $25 match each year. In addition to the school districts, Excite is also partnering with several nonprofits across San Jose—such as Sunday Friends, Pivotal and Child Advocates of Silicon Valley—to help them provide this opportunity to the most vulnerable youth, including foster kids, across San Jose.

From the Field

Washington State Stakeholders Pave the Way for a Statewide CSA Program

On November 8, the Washington State Budget and Policy Center, the Washington Asset Building Coalition, Asset Funders Network and the Seattle Foundation hosted an event titled “Building Support for Children’s Savings Accounts in Washington.” The audience included philanthropists, policymakers and nonprofit organizations that support a statewide CSA program. Speakers included representatives from two local Washington CSAs, Tacoma Housing Authority and Whatcom Community Foundation, Washington Senator Marko Liias, and Becca Loya from the Institute on Assets and Social Policy. The stakeholders will continue to work toward the goal of developing a statewide, universal, opt-out, at-birth CSA program in 2020.

Last Chance to Complete the 2019 CSA Program Survey!

Over 40 programs have already completed Prosperity Now’s 2019 CSA Program Survey, including the newly-launched Future Bound Miami program. We will use this data in the State of the Children’s Savings Field 2019 report that will be published in early 2020. If you haven’t already submitted your program’s information, click here to complete the survey.

Resources and Publications

Financially Vulnerable Families Reap Multiple Benefits from Child Development Accounts | Center for Social Development at Washington University in St. Louis | October 2019

Upcoming and Past Webinars

Investing in the Future of Our Community: A Case Study on Funders' Motivation for Supporting Children’s Savings Accounts (register here) | Asset Funders Network | January 8

Key Considerations When Developing Statewide CSA Policies (register here) | Prosperity Now | December 17

Designing a CSA Program for Your Community with an Equity Lens (recording and slides) | Prosperity Now | October 24

Job Postings

The Los Angeles Housing and Community Investment Department has two available positions with the city’s CSA program.

Project Assistant

Project Coordinator

Welcome Our New Campaign Partner!

Jackson Saves (MI)

Thanks to all our Campaign for Every Kid’s Future individual and organizational members for helping to raise the visibility of CSA programs. We look forward to sharing more updates with you in the new year!