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News & Events Digest





*September 2022*
Fall Colors on Pond

The September fall colors reflect on Bright Lake in Hartwick Pines State Park in Grayling, Mich. (Danelle Gittus/Michigan Department of Treasury)

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*This edition's stories:*


* More than $65,000 raised at 10th annual Fostering Futures Scholarship event in Detroit [ #ffs ]
* Learn How to Pay for College at a 'Virtual Financial Aid Night' [ #mistudentaid ]
* Gov. Whitmer Urges Parents to Save Today for their Children?s Future Education [ #met ]
* Don?t Forget to File Individual Income Tax Returns [ #iit ]
* Upcoming Fiscally Ready Communities Webinar [ #localgov ]
* Apply Today for December Michigan Certified Assessing Technician Program [ #application ]
* Bennett Named Director of Bureau of Lean Innovation and Improvement [ #bennett ]
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More than $65,000 raised at 10th annual Fostering Futures Scholarship event in Detroit

Fostering Futures

Nearly 400 foster youth are eligible to receive college scholarships following the 10th annual Fostering Futures Scholarship Trust Fund Benefit Dinner organized by the Michigan Education Trust (MET) and the Michigan Department of Health and Human Services (MDHHS).

The Sept. 22 event at the Roostertail along the banks of the Detroit River was attended by close to 200 guests who raised $61,555 for scholarships through MET, the Michigan Department of Treasury?s 529 prepaid education program. So far this year, MET has raised $68,355 for the scholarships.

Both the fundraiser dinner and raffle benefit youth who have experienced foster care in Michigan. A partnership between MET and MDHHS makes Fostering Futures Scholarships possible.

?Making dreams a reality is why we support the Fostering Futures Scholarship program,? said State Treasurer Rachael Eubanks, who spoke at the event. ?This scholarship can make the dream of a college education come true for foster youth who may not have any other options available. None of this would be possible without each of you and your support for this outstanding program.?

Approximately 10,500 youth are in the Michigan foster care system run by MDHHS. Nationally, fewer than 10% of former foster youth nationally enroll in college after high school and fewer than 3% eventually earn a degree.

?Fostering Futures ? investing in our students ? is one of the best investments that all of us in and out of this room can make,? said Lewis Roubal, chief deputy director of opportunity for MDHHS, who also spoke at the event. ?For proof, we need look no further than the former and current recipients here this evening. Whether someone wants to go on to a vocational school, an apprenticeship, or college, everyone deserves a chance and the option to pursue the path that is right for them and their goals?

Carolyn Clifford, anchor for television station WXYZ Channel 7, emceed the event.

Keynote speaker Stephen A. Queisser, vice president of strategic partnerships at Student Connections LLC, shared his life story as a foster parent.

?Your financial support of Fostering Futures will help a child survive whatever trauma the child may have experienced and give them an opportunity ? not a handout but a hand-up ? at the one thing that levels the playing field in our country, and that is a college education,? Queisser told attendees.

The Fostering Futures Scholarship Trust Fund provides former foster care students who may not have adequate financial resources to attend college with a scholarship. During the 2022-23 academic year, 381 students at 56 institutions are eligible for support.

Anyone who could not attend Thursday?s event can make donations to the Fostering Futures Scholarship Trust Fund by visiting?www.FosteringFutures-MI.com [ [link removed] ]. Fostering Futures Scholarship Trust Fund is a Section 170 (c) non-profit organization.? All contributions are eligible for an income tax deduction.

Since 2012, fundraising efforts have totaled more than $1.3 million, with funds awarded as scholarships in the year they were raised.?

"Shown above is Anya Fuller, who received a Fostering Futures Scholarship to attend Eastern Michigan University, announcing the winner of a raffle at Thursday evening?s fundraiser. She is joined onstage by Diane Brewer, MET executive director, left, and Carolyn Clifford, anchor for television station WXYZ Channel 7, right."


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Learn How to Pay for College at a 'Virtual Financial Aid Night'

MiStudentAidLogo

With the 2023-24 Free Application for Federal Student Aid (FAFSA) becoming available on Oct. 1, students and families looking for help paying for college are encouraged to register for a Virtual College Financial Aid Night provided by Michigan Department of Treasury?s MI Student Aid team.

Sessions will be available every Tuesday evening during the months of October and November. Each session will take place from 6:30-8 p.m. Eastern time.

Participants will be able to gather information on the following financial aid topics:


* FAFSA application information
* Federal financial aid programs
* State financial aid programs
* Scholarship searching
* MiSSG Student Portal Information

?Paying for college can be a confusing process for anyone who is seeking financial support as they pursue postsecondary education,? said Robin Lott, Treasury?s Executive Director of the Office of Postsecondary Financial Planning. ?The MI Student Aid Outreach team is knowledgeable and equipped with helpful information to assist students and families through the financial aid process. Attending a virtual College Financial Aid Night will help eliminate confusion and put Michiganders on the correct path to applying for financial aid.?

All sessions are open to the public and participants are encouraged to sign up for one session only due to limited space. Registration can be completed by visiting the MI Student Aid website at?Michigan.gov/MIStudentAid [ [link removed] ].

Administered by Treasury, MI Student Aid is Michigan?s go-to resource for finding the financial resources needed to pay for college. For more information, contact MI Student Aid [email protected], 1-888-447-2687 or @mistudentaid on Facebook, Twitter, and Instagram.


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Gov. Whitmer Urges Parents to Save Today for their Children?s Future Education

MET

In recognition of?September as Michigan?s College Savings Month [ [link removed] ]?and with nearly 1.4 million federal student loan borrowers statewide holding $51.3 billion in debt, Governor Gretchen Whitmer recently stressed the importance of parents using a 529 plan to save for their child?s post-secondary education.?

?Saving today for your child?s education tomorrow has long-term benefits and can put them on a path to long-term success,? said?*Governor Whitmer*. ?I am focused on ensuring every Michigander can pursue opportunities after high school and land a good-paying job?whether that means going to trade school or attending a two- or four-year college. Students and families often have to take out student loans to pay tuition, which can take decades to pay off. Families who begin to save for college early, when their children are young, are often in a stronger position financially when the tuition bills come later in life. I encourage families to check out some the options provided by the Michigan Department of Treasury.?

A 529 plan is an education savings plan designed to help families set aside money for future education expenses. Contributions provide state income tax deductions and earnings in a plan grow tax free and are exempt at the federal and state level when used for higher education.

These plans get their name from Section 529 of the federal Internal Revenue Code.

The state of Michigan offers three Section 529 college saving plans: Michigan Education Trust (MET), Michigan Education Savings Program (MESP) and MI 529 Advisor Plan (MAP). These plans can be broken up into two categories:


* *Prepaid Tuition Plan*?(MET) allows for the pre-purchase of tuition based on today's rates and then paid out at the future cost when the beneficiary is in college. Performance is often based upon tuition inflation. Prepaid plans may be administered by states or higher education institutions.
* *Investment-Based Savings Plans*?(MESP and MAP) are different in that your account earnings are based upon the market performance of the underlying investments, which typically consist of mutual funds. Investment-based savings plans may only be administered by states.

?Our MET and MESP staff members can guide you through the process of opening an account,? said?*State Treasurer Rachael Eubanks*. ?Please contact us so we can help you figure out which plan best suits you and your family?s needs. Saving for college does not require a huge deposit. Every little bit helps.?

For more information about 529 plans, go to?SavewithMI529.com [ [link removed] ]. For more information about saving for college, contact MET [email protected], 1-800-MET-4-KID or on?Facebook [ [link removed] ],?Twitter [ [link removed] ]?or?Instagram [ [link removed] ].


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*Don?t Forget to File Individual Income Tax Returns*

IIT Extension

Taxpayers who requested an extension to file their individual income tax returns have less than a month to file a complete and accurate return.

Individual income tax returns due under an extension must be received by Treasury on or before Oct. 17, 2022. Returns can be sent through the U.S. Postal Service or e-Filed on or before Oct. 17, 2022.

For the convenience of taxpayers, the extension deadline is the same as the Internal Revenue Service.

?If you haven?t filed your individual income tax return yet ? regardless of an extension -- please consider doing so today,? said Deputy State Treasurer Glenn White, who oversees Treasury?s Revenue Services programs. ?Some individuals who haven?t filed could be entitled to a refund due to tax credits or other forms of assistance. Please reach out to us if you have questions about navigating through the filing process.?

Taxpayers who have yet to file their individual income tax return should consider:


* *Filing a return to claim an outstanding refund.*?Taxpayers risk losing their state income tax refund if they don't file a return within four years from the due date of the original return. Go to?www.michigan.gov/mifastfile [ [link removed] ]?to learn more about e-filing.
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* *Filing a return to minimize interest and penalties.*?File returns and pay now to limit?interest charges and late payment penalties [ [link removed] ]. An extension of time to file is not an extension of time to pay. Penalty and interest on the tax due is applicable from the original due date of the return until payment is received.?


* *Paying as much tax as possible.*?If taxpayers owe outstanding taxes and can't pay in full, they should pay as much as they can when they file their tax returns. Payments can be made using?Michigan's e-Payments service [ [link removed] ]. When mailing checks, carefully follow tax form instructions. Treasury will work with taxpayers who cannot pay the full amount of tax they owe.

*Questions?*

Taxpayers with questions about their state income taxes are encouraged to use?Treasury eServices [ [link removed] ]. The online platform enables taxpayers to ask state income tax-related questions when convenient and avoids the extended wait times for calls this time of year.

To get started with Treasury eServices, go to?www.michigan.gov/incometax [ [link removed] ]?and click on "Access eServices [ [link removed] ]."

To learn more about the state Treasury Department, go to?Michigan.gov/Treasury [ [link removed] ]?or follow?@MiTreasury [ [link removed] ]?on Twitter.


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Upcoming Fiscally Ready Communities Webinar

Local Government Webinar

The Michigan Department of Treasury and Michigan State University Extension (MSU Extension) are reminding you of our next Fiscally Ready Communities training opportunity from 6-7:30 p.m. ET on Tuesday, Oct. 4. This FREE training is an hour-and-a-half webinar that's designed to assist appointed and elected officials.

*Managing Internal Controls*

This training will include a deep dive into internal controls. It will cover what internal controls are, why you need them, how they help your community, how to implement them, and where to start.

*What will be covered:*


* Building a culture of fiscal sustainability
* The role of internal controls in fiscal sustainability
* Understanding internal controls and their importance
* How internal controls help strengthen your community
* Best practices for internal controls implementation

Register Now [ [link removed] ]

For more information about Fiscally Ready Communities, please check out the Treasury?Fiscally Ready Communities webpage [ [link removed] ]. This webpage includes Treasury?s 32-page?Fiscally Ready Communities Best Practices [ [link removed] ]?document, which we encourage all local officials to review.

If you have any questions, please [email protected]?with the subject line ?Fiscally Ready.?


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Apply Today for December Michigan Certified Assessing Technician Program

Application

The State Tax Commission is pleased to announce that applications are now being accepted for the December 2022 Michigan Certified Assessing Technician (MCAT) program to be held Dec. 1 and Dec. 2, from 8 a.m. to 5 p.m., at the St. Clair County Auditorium.?

The exam will be on Dec. 5, from 9-11 a.m., at the same location.?Fully completed applications must be received in our office no later than Nov. 11, 2022, to be considered for the December 2022 MCAT Program.

The application (and MCAT program details) is available on the State Tax Commission's website at?[link removed].

Further questions can be directed to Will Gast [email protected].


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Bennett Named Director of Bureau of Lean Innovation and Improvement

Pam Bennett

Pam Bennett has accepted the position of director of Treasury's new Bureau of Lean Innovation and Improvement. The bureau will be charged with recruiting, developing, engaging, and retaining an inclusive and diverse workforce with a continuous improvement mindset and a formal process for effectively managing change.

Pam comes to us with more than 20 years of labor relations and human resources experience, with the last five years serving as the director of Human Resources for Treasury. In her roles, Pam has championed employee engagement efforts, been involved in strategic planning, created and delivered various trainings, and promoted employee development opportunities for staff.

Pam earned her bachelor?s and master?s degrees from Michigan State University. Please join us in congratulating Pam on her new role!







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