In the News
SANTA CRUZ COMMUNITY VENTURES PARTNERS WITH SCHOLARSHARE 529 TO HELP MORE FAMILIES START SAVING FOR COLLEGE
Eligible Families Could Receive Up To $225 in Incentives for Opening a College Savings Plan Account
Watsonville, CA - April 7, 2021 - With the goal of helping more families achieve the dream of pursuing a higher education, Santa Cruz Community Ventures (SCCV) announced today it has partnered with ScholarShare 529, California’s official college savings plan, to offer financial incentives for opening a new ScholarShare 529 account and the opportunity to kick-start the college savings process.
As of February 1, 2021, the ScholarShare 529 2021 Matching Grant Program has offered eligible families a dollar-for-dollar match in contributions of up to $200 to those who apply and open new accounts. These funds grow 100% tax-free and can be used at any accredited higher education program, including community colleges and trade schools. To be eligible, participants must be California residents, be the parent or legal guardian of the beneficiary, have valid Social Security Numbers or Federal Tax Identification Numbers, and earn $75,000 annually or less. The beneficiary of the account must be 14 years of age or younger.
“We are excited to partner with ScholarShare 529 in offering this great college savings program to families in our community,” said Maria Cadenas, SCCV Executive Director. “In January, we launched Santa Cruz SEEDS, a countywide collaborative effort that provides a dedicated savings account to all newborns in Santa Cruz County of up to $50. The ScholarShare Matching Grant Programs makes it easy for families to build on this and grow their children’s educational savings.”
Research has established a strong correlation between child savings accounts and greater educational and economic opportunity. The ScholarShare 529 2021 Matching Grant Program was created to help families jump-start good savings practices.
“Like many other things in life, getting started is often the biggest challenge,” said Cadenas. “That’s why SCCV launched Santa Cruz SEEDS and why we are reaching out to families in our community because we know a higher education is a critical element in helping ensure our children have a bright future.”
ABOUT SANTA CRUZ COMMUNITY VENTURES
For over 30 years, Santa Cruz Community Ventures, a tax-exempt nonprofit organization, has helped families understand and use their economic power. To learn more about SCCV and SEEDS program, visit www.sccvonline.org
ABOUT SCHOLARSHARE 529
ScholarShare 529 is administered by the ScholarShare Investment Board, which is chaired by California State Treasurer Fiona Ma. TIAA-CREF Tuition Financing, Inc. Program Manager. To learn more about the ScholarShare 529 2021 Matching Grant Program, visit ScholarShare529.com/mgp.
To learn more about the California 529 College Savings Plan, its investment objectives, tax benefits, risks, and costs, please see the Plan Description at ScholarShare529.com. Read it carefully. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Consult your legal or tax professional for tax advice. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the California 529 College Savings Plan.
Eligible Families Could Receive Up To $225 in Incentives for Opening a College Savings Plan Account
Watsonville, CA - April 7, 2021 - With the goal of helping more families achieve the dream of pursuing a higher education, Santa Cruz Community Ventures (SCCV) announced today it has partnered with ScholarShare 529, California’s official college savings plan, to offer financial incentives for opening a new ScholarShare 529 account and the opportunity to kick-start the college savings process.
As of February 1, 2021, the ScholarShare 529 2021 Matching Grant Program has offered eligible families a dollar-for-dollar match in contributions of up to $200 to those who apply and open new accounts. These funds grow 100% tax-free and can be used at any accredited higher education program, including community colleges and trade schools. To be eligible, participants must be California residents, be the parent or legal guardian of the beneficiary, have valid Social Security Numbers or Federal Tax Identification Numbers, and earn $75,000 annually or less. The beneficiary of the account must be 14 years of age or younger.
“We are excited to partner with ScholarShare 529 in offering this great college savings program to families in our community,” said Maria Cadenas, SCCV Executive Director. “In January, we launched Santa Cruz SEEDS, a countywide collaborative effort that provides a dedicated savings account to all newborns in Santa Cruz County of up to $50. The ScholarShare Matching Grant Programs makes it easy for families to build on this and grow their children’s educational savings.”
Research has established a strong correlation between child savings accounts and greater educational and economic opportunity. The ScholarShare 529 2021 Matching Grant Program was created to help families jump-start good savings practices.
“Like many other things in life, getting started is often the biggest challenge,” said Cadenas. “That’s why SCCV launched Santa Cruz SEEDS and why we are reaching out to families in our community because we know a higher education is a critical element in helping ensure our children have a bright future.”
ABOUT SANTA CRUZ COMMUNITY VENTURES
For over 30 years, Santa Cruz Community Ventures, a tax-exempt nonprofit organization, has helped families understand and use their economic power. To learn more about SCCV and SEEDS program, visit www.sccvonline.org
ABOUT SCHOLARSHARE 529
ScholarShare 529 is administered by the ScholarShare Investment Board, which is chaired by California State Treasurer Fiona Ma. TIAA-CREF Tuition Financing, Inc. Program Manager. To learn more about the ScholarShare 529 2021 Matching Grant Program, visit ScholarShare529.com/mgp.
To learn more about the California 529 College Savings Plan, its investment objectives, tax benefits, risks, and costs, please see the Plan Description at ScholarShare529.com. Read it carefully. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Consult your legal or tax professional for tax advice. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the California 529 College Savings Plan.
Santa Cruz Community Ventures and Bay Federal Credit Union to Provide Financial Capability Workshops in Vulnerable Communities
Santa Cruz, CA – October 6, 2020 – Santa Cruz Community Ventures (SCCV) and Bay Federal Credit Union have joined forces to provide financial education in rural, low-income minority communities throughout Santa Cruz and Monterey Counties. This effort is funded in part by an AHEAD grant from the Federal Home Loan Bank of San Francisco.
“We’re so pleased to be able to share our expertise and passion for financial capability with our community,” said Maria Cadenas, SCCV Executive Director. “The pandemic and recent wildfires have financially affected many residents and underscore a need to ensure we all understand and revisit the basic best-practices of money management.”
“Bay Federal is proud to partner with Santa Cruz Community Ventures on this important effort,” said Carrie Birkhofer, Bay Federal’s President and Chief Executive Officer. “Supporting financial education initiatives like Familias Con Más allows us to demonstrate our commitment to making a real difference in the financial lives of the people in the communities we serve. We hope this effort helps the community become more resilient to the financial consequences of natural disasters.”
Earlier this year, Bay Federal Credit Union supported SCCV’s UndocuFund Monterey Bay efforts, providing one-time direct aid to undocumented friends and neighbors who were adversely impacted by the COVID-19 pandemic.
About Santa Cruz Community Ventures
For over 30 years Santa Cruz Community Ventures has worked to create an inclusive economy in the region through financial capability, wealth accumulation, and advocacy. Learn more at www.SCCVonline.org.
About Bay Federal Credit Union
Bay Federal is a full-service, not-for-profit financial institution that serves over 78,000 members and 1,200 local businesses throughout Santa Cruz, San Benito, and Monterey counties. With more than $1.1 billion in assets, Bay Federal Credit Union is the largest member-owned financial institution in Santa Cruz County, serving its members and the community since 1957. Bay Federal Credit Union has an award-winning employee volunteer program in which employees have given their own money and volunteer for numerous local schools, nonprofit organizations, and community events each year.
Santa Cruz, CA – October 6, 2020 – Santa Cruz Community Ventures (SCCV) and Bay Federal Credit Union have joined forces to provide financial education in rural, low-income minority communities throughout Santa Cruz and Monterey Counties. This effort is funded in part by an AHEAD grant from the Federal Home Loan Bank of San Francisco.
“We’re so pleased to be able to share our expertise and passion for financial capability with our community,” said Maria Cadenas, SCCV Executive Director. “The pandemic and recent wildfires have financially affected many residents and underscore a need to ensure we all understand and revisit the basic best-practices of money management.”
“Bay Federal is proud to partner with Santa Cruz Community Ventures on this important effort,” said Carrie Birkhofer, Bay Federal’s President and Chief Executive Officer. “Supporting financial education initiatives like Familias Con Más allows us to demonstrate our commitment to making a real difference in the financial lives of the people in the communities we serve. We hope this effort helps the community become more resilient to the financial consequences of natural disasters.”
Earlier this year, Bay Federal Credit Union supported SCCV’s UndocuFund Monterey Bay efforts, providing one-time direct aid to undocumented friends and neighbors who were adversely impacted by the COVID-19 pandemic.
About Santa Cruz Community Ventures
For over 30 years Santa Cruz Community Ventures has worked to create an inclusive economy in the region through financial capability, wealth accumulation, and advocacy. Learn more at www.SCCVonline.org.
About Bay Federal Credit Union
Bay Federal is a full-service, not-for-profit financial institution that serves over 78,000 members and 1,200 local businesses throughout Santa Cruz, San Benito, and Monterey counties. With more than $1.1 billion in assets, Bay Federal Credit Union is the largest member-owned financial institution in Santa Cruz County, serving its members and the community since 1957. Bay Federal Credit Union has an award-winning employee volunteer program in which employees have given their own money and volunteer for numerous local schools, nonprofit organizations, and community events each year.
UndocuFund Monterey Bay has distributed almost $2 million in aid to undocumented people.
by Marielle Argueza (Source: Monterey County Weekly 08/03/2020))
With federal leadership sitting on longterm solutions for the pandemic and a new aid package, there is at least some good news on the local level. Santa Cruz Community Ventures, a nonprofit that helps create equitable local economies on the Central Coast, announced that they have distributed $1.7 million in aid for undocumented people through their collaborative project UnodcuFund Monterey Bay since April.
In a July 29 statement, SCCV Executive Director Maria T. Cadenas states UndocFund—which partners with various local organizations like Catholic Charities and United Way Santa Cruz County—has aided over 1,300 households. Of those households, 70 percent work in agriculture and 60 percent are families with children.
READ THE ARTICLE
by Marielle Argueza (Source: Monterey County Weekly 08/03/2020))
With federal leadership sitting on longterm solutions for the pandemic and a new aid package, there is at least some good news on the local level. Santa Cruz Community Ventures, a nonprofit that helps create equitable local economies on the Central Coast, announced that they have distributed $1.7 million in aid for undocumented people through their collaborative project UnodcuFund Monterey Bay since April.
In a July 29 statement, SCCV Executive Director Maria T. Cadenas states UndocFund—which partners with various local organizations like Catholic Charities and United Way Santa Cruz County—has aided over 1,300 households. Of those households, 70 percent work in agriculture and 60 percent are families with children.
READ THE ARTICLE
Op-Ed: Local and state together dollars make the biggest difference for our community
By Maria Cadenas
This week, Gov. Newsom shared some wonderful news about the creation of a $125 million fund to support to undocumented workers in California. While this is a great first step, we recognize that based on population projections this will only cover about 250,000 people out of the estimated 2.8 million undocumented individuals in the State. In the Monterey Bay region, we have an estimated 91,500 undocumented individuals.
As much as State funds will help, they will take time to reach families. Funds raised locally provide immediate relief. Ultimately, we need both local and state dollars to make the biggest difference for our friends and neighbors that need help.
This is why UndocuFund Monterey Bay was created. This effort is being led and represented by members of the community it serves. Every cent contributed to the fund is going directly to undocumented workers and families to make ends meet during the COVID-19 pandemic. All partners are donating their time to help with the fund’s coordination and alignment.
Furthermore, it is important to recognize the need to go beyond immediate relief. We must use this moment to move California towards a more permanent solution that strengthens our social safety programs. We can ensure workers impacted by sudden loss of wages or employment receive state aid and make California’s Earned Income Tax Credit (EITC) open to all taxpayers. These changes would provide support and recognize undocumented immigrants’ contribution of over $3 billion in taxes (Public Policy in California).
I am ever grateful that our community spirit calls us to be there for each other, to ensure no one is left behind. Thank you for all who have pledged to share their stimulus check with those will not receive one, your generous actions greatly contribute to our local solution. If you haven’t yet, and can afford to, I invite you to consider donating to undocufundmb.org and join me as I #ShareMyCheck.
For more infomation:
By Maria Cadenas
This week, Gov. Newsom shared some wonderful news about the creation of a $125 million fund to support to undocumented workers in California. While this is a great first step, we recognize that based on population projections this will only cover about 250,000 people out of the estimated 2.8 million undocumented individuals in the State. In the Monterey Bay region, we have an estimated 91,500 undocumented individuals.
As much as State funds will help, they will take time to reach families. Funds raised locally provide immediate relief. Ultimately, we need both local and state dollars to make the biggest difference for our friends and neighbors that need help.
This is why UndocuFund Monterey Bay was created. This effort is being led and represented by members of the community it serves. Every cent contributed to the fund is going directly to undocumented workers and families to make ends meet during the COVID-19 pandemic. All partners are donating their time to help with the fund’s coordination and alignment.
Furthermore, it is important to recognize the need to go beyond immediate relief. We must use this moment to move California towards a more permanent solution that strengthens our social safety programs. We can ensure workers impacted by sudden loss of wages or employment receive state aid and make California’s Earned Income Tax Credit (EITC) open to all taxpayers. These changes would provide support and recognize undocumented immigrants’ contribution of over $3 billion in taxes (Public Policy in California).
I am ever grateful that our community spirit calls us to be there for each other, to ensure no one is left behind. Thank you for all who have pledged to share their stimulus check with those will not receive one, your generous actions greatly contribute to our local solution. If you haven’t yet, and can afford to, I invite you to consider donating to undocufundmb.org and join me as I #ShareMyCheck.
For more infomation:
- UndocuFund Webpage Link - https://www.undocufundmb.org
Program invests in Watsonville’s young people
By Todd Guild (Source: Register-Pajaronian)
WATSONVILLE — Beginning this month, babies born in Watsonville will have a small head start toward college.
That’s thanks to Santa Cruz Community Ventures, which has launched Savings and Engagement for Education and Development Success, otherwise known as SEEDS.
The program will launch with newborn babies from Salud Para la Gente in Watsonville and the East Cliff Family Health Center in Live Oak. Organizers hope the program will evolve to include children born countywide.
The idea, said SCCV Executive Director Maria Cadenas, is to set each child up with a tax-free, interest-bearing account at the beginning of their lives, either $25 or $50, depending on the family’s income.
The program is based on a 2013 study by the University of Kansas School of Social Welfare, which showed that young people who have even $1 in a college account are anywhere from three to four times more likely to enroll in college.
“Our biggest commitment is making sure our kids are succeeding and getting the tools they need,” Cadenas said. “You need a small investment, and you can grow a great return out of it.”
The program is funded by the Santa Cruz County Office of Education, the county’s Health Services Agency, United Way of Santa Cruz County, First 5 and the City of Watsonville. Organizers hope that community donations will allow it to continue and grow. They also hope it has enough revenue to make continued deposits into the account.
The program also includes financial discussions with the parents.
“The hope of the program is that it starts a conversation with the parents and the community to make sure the child succeeds in life,” Cadenas said.
Similar programs have shown success across the country. The first was launched in 2007 in Oklahoma.
SCCV organizers introduced the program to the Watsonville City Council on Sept. 24.
“Higher education is the great equalizer for a lot of the disparities that we have, this program will be vital in the community of Watsonville, which does have a lot of inequities,” councilman Felipe Hernandez said.
For information, or to make a donation, visit sccvonline.org.
By Todd Guild (Source: Register-Pajaronian)
WATSONVILLE — Beginning this month, babies born in Watsonville will have a small head start toward college.
That’s thanks to Santa Cruz Community Ventures, which has launched Savings and Engagement for Education and Development Success, otherwise known as SEEDS.
The program will launch with newborn babies from Salud Para la Gente in Watsonville and the East Cliff Family Health Center in Live Oak. Organizers hope the program will evolve to include children born countywide.
The idea, said SCCV Executive Director Maria Cadenas, is to set each child up with a tax-free, interest-bearing account at the beginning of their lives, either $25 or $50, depending on the family’s income.
The program is based on a 2013 study by the University of Kansas School of Social Welfare, which showed that young people who have even $1 in a college account are anywhere from three to four times more likely to enroll in college.
“Our biggest commitment is making sure our kids are succeeding and getting the tools they need,” Cadenas said. “You need a small investment, and you can grow a great return out of it.”
The program is funded by the Santa Cruz County Office of Education, the county’s Health Services Agency, United Way of Santa Cruz County, First 5 and the City of Watsonville. Organizers hope that community donations will allow it to continue and grow. They also hope it has enough revenue to make continued deposits into the account.
The program also includes financial discussions with the parents.
“The hope of the program is that it starts a conversation with the parents and the community to make sure the child succeeds in life,” Cadenas said.
Similar programs have shown success across the country. The first was launched in 2007 in Oklahoma.
SCCV organizers introduced the program to the Watsonville City Council on Sept. 24.
“Higher education is the great equalizer for a lot of the disparities that we have, this program will be vital in the community of Watsonville, which does have a lot of inequities,” councilman Felipe Hernandez said.
For information, or to make a donation, visit sccvonline.org.
Agents of Hope Tackling the Golden State's Crisis of Poverty
By K. M. Watson (Source: Inquiry @ UC Santa Cruz Research Magazine)
Un- and underbankedRaisa Sanchez grew up in the rural town of Watsonville south of Santa Cruz surrounded by a family with agricultural roots. A child of immigrants, she knows firsthand the difficulties of navigating new cultures, with their different languages, skills, and traditions. She now draws on this life experience in her work helping low-income Watsonville residents as a senior program manager with the affordable housing enterprise MidPen Housing Corp. One of the most important systems to access and navigate, said Sanchez, is banking services. Otherwise, it’s tough to get out of poverty.
“The financial system in the United States and internationally depends on credit and your ability to build it,” said Maria Cadenas, executive director of the nonprofit financial services organization Santa Cruz Community Ventures (SCCV). To build wealth, “it’s important to understand credit and leverage it.” This typically means having savings and loans accounts within the traditional banking system. But low-income workers in particular don’t have them or use them infrequently, so they become the “unbanked or underbanked.”
To investigate the challenges of this group, SCCV and the UC Santa Cruz Blum Center on Poverty, Social Enterprise, and Participatory Governance partnered together. “Nationally, we know that families who are unbanked and/or underbanked are especially likely to turn to alternative lenders to meet basic financial needs and that the exorbitant rates charged by these services deepens hardship. We wanted to learn more about this problem locally and what could be done to foster greater economic inclusion,” said psychology professor Heather Bullock, Blum Center director and coprincipal investigator with postdoctoral researcher and lecturer Erin Toolis.
Latinas who managed households appeared to be among those facing the greatest barriers, so the team decided to focus on them. More than 100 women in the region shared their experiences with the researchers. The resulting report, Mamás con Más (Mothers with More), identifies obstacles as well as possible solutions. What stood out, the authors noted, was that most of the mothers have a strong understanding of money management but encounter significant barriers to using mainstream banking services. Barriers included feeling unwelcome in banks as well as dealing with language gaps, requested documentation, and a lack of transparency regarding fees. Many found the institutional processes and documents confusing and off-putting. And then there were those whose budgets and income were so limited that they couldn’t afford, or see the sense in, monthly account charges or other fees.
Ofelia, for instance, is a single mother of two who makes money working in the fields and in child care. She went without a banking account for four years, she said, because she didn’t have enough money to support a minimum account balance. After participating in one of the study’s listening circles and having a lot of her questions answered, she found herself motivated to try again. She discovered a local bank that treats her well, with bilingual staff who recognize and greet her.
If the mothers in the project didn’t use banks but needed financial help, they turned to alternative services. These include payday loans, check-cashing services, money transfers, rent-to-own services, and car-title loans—services often considered predatory because they can charge steep fees and high interest rates.
What the researchers found was that Watsonville had more than twice as many alternative lenders as the city of Santa Cruz. Using these lenders can push families further into debt, so their availability should be limited or banned, the report recommended. In addition, there should be improved access to mainstream financial services. Unfortunately, said Cadenas, government social-service asset limit policies often discourage their use. “Various programs and policies designed to assist the poor actually discourage them from building credit and financial assets.” To address this potential barrier, the report recommended eliminating asset limits that can discourage families from using mainstream financial services. Providing useful and specific information such as this is helpful, said Robert Singleton, executive director of the Santa Cruz County Business Council. It can guide the development of business practices and policies that improve the region’s economy and “collective quality of life.”
For Victoria, an agricultural worker and mother of three, supports such as the ones identified by the study have gone far. She is benefiting from bank classes held by the Santa Cruz Community Credit Union as well as by MidPen. “Both helped me out a lot,” she said, adding that the credit union makes her feel safe and comfortable. The process of getting a car loan was difficult, but has made her more organized and careful, she said. “It’s a good thing to prepare for the future.”
READ THE REST OF THE ARTICLE MORE HERE
By K. M. Watson (Source: Inquiry @ UC Santa Cruz Research Magazine)
Un- and underbankedRaisa Sanchez grew up in the rural town of Watsonville south of Santa Cruz surrounded by a family with agricultural roots. A child of immigrants, she knows firsthand the difficulties of navigating new cultures, with their different languages, skills, and traditions. She now draws on this life experience in her work helping low-income Watsonville residents as a senior program manager with the affordable housing enterprise MidPen Housing Corp. One of the most important systems to access and navigate, said Sanchez, is banking services. Otherwise, it’s tough to get out of poverty.
“The financial system in the United States and internationally depends on credit and your ability to build it,” said Maria Cadenas, executive director of the nonprofit financial services organization Santa Cruz Community Ventures (SCCV). To build wealth, “it’s important to understand credit and leverage it.” This typically means having savings and loans accounts within the traditional banking system. But low-income workers in particular don’t have them or use them infrequently, so they become the “unbanked or underbanked.”
To investigate the challenges of this group, SCCV and the UC Santa Cruz Blum Center on Poverty, Social Enterprise, and Participatory Governance partnered together. “Nationally, we know that families who are unbanked and/or underbanked are especially likely to turn to alternative lenders to meet basic financial needs and that the exorbitant rates charged by these services deepens hardship. We wanted to learn more about this problem locally and what could be done to foster greater economic inclusion,” said psychology professor Heather Bullock, Blum Center director and coprincipal investigator with postdoctoral researcher and lecturer Erin Toolis.
Latinas who managed households appeared to be among those facing the greatest barriers, so the team decided to focus on them. More than 100 women in the region shared their experiences with the researchers. The resulting report, Mamás con Más (Mothers with More), identifies obstacles as well as possible solutions. What stood out, the authors noted, was that most of the mothers have a strong understanding of money management but encounter significant barriers to using mainstream banking services. Barriers included feeling unwelcome in banks as well as dealing with language gaps, requested documentation, and a lack of transparency regarding fees. Many found the institutional processes and documents confusing and off-putting. And then there were those whose budgets and income were so limited that they couldn’t afford, or see the sense in, monthly account charges or other fees.
Ofelia, for instance, is a single mother of two who makes money working in the fields and in child care. She went without a banking account for four years, she said, because she didn’t have enough money to support a minimum account balance. After participating in one of the study’s listening circles and having a lot of her questions answered, she found herself motivated to try again. She discovered a local bank that treats her well, with bilingual staff who recognize and greet her.
If the mothers in the project didn’t use banks but needed financial help, they turned to alternative services. These include payday loans, check-cashing services, money transfers, rent-to-own services, and car-title loans—services often considered predatory because they can charge steep fees and high interest rates.
What the researchers found was that Watsonville had more than twice as many alternative lenders as the city of Santa Cruz. Using these lenders can push families further into debt, so their availability should be limited or banned, the report recommended. In addition, there should be improved access to mainstream financial services. Unfortunately, said Cadenas, government social-service asset limit policies often discourage their use. “Various programs and policies designed to assist the poor actually discourage them from building credit and financial assets.” To address this potential barrier, the report recommended eliminating asset limits that can discourage families from using mainstream financial services. Providing useful and specific information such as this is helpful, said Robert Singleton, executive director of the Santa Cruz County Business Council. It can guide the development of business practices and policies that improve the region’s economy and “collective quality of life.”
For Victoria, an agricultural worker and mother of three, supports such as the ones identified by the study have gone far. She is benefiting from bank classes held by the Santa Cruz Community Credit Union as well as by MidPen. “Both helped me out a lot,” she said, adding that the credit union makes her feel safe and comfortable. The process of getting a car loan was difficult, but has made her more organized and careful, she said. “It’s a good thing to prepare for the future.”
READ THE REST OF THE ARTICLE MORE HERE
How to give back this holiday season (12/16/2018)
By Jordy Hyman (Source: Santa Cruz Sentinel)
SANTA CRUZ — It’s beginning to look a lot like Christmas, which means the season of giving to charity is upon us.
Nearly a third of all charitable donations are made in December, according to Giving USA, and it’s not just for the tax deductions. During the shortest days of the year people tend to find themselves reflecting, giving thanks and trying to find ways to give back.
There are many ways to give a gift that really makes a difference, instead of one that will end up gathering dust in some relative’s closet. If you’re not sure where to start, here are a few options that may have slipped under your radar.
The effective altruism movement is a growing attempt to use reason and evidence to figure out which causes, careers and organizations are capable of making the biggest impact per dollar. According to eponymous nonprofit Effective Altruism, the cost-effectiveness of charities working on the same problem can vary by orders of magnitude, so figuring out which ones get better results can make a big difference.
Effective Altruism researches issues deemed to be large-scale, neglected and solvable, and manages funds in four key areas. A related nonprofit, GiveWell, analyzes and recommends charities based on their effectiveness at reducing global poverty and improving the quality and quantity of life. Both organizations offer resources to help decide which causes to prioritize and which interventions have the highest impact.
The Community Foundation of Santa Cruz County helps people donate and invest in other local nonprofits and organizations. It has established funds for different causes such as the arts, the environment, women and girls, health and the local economy, so donations will provide a return toward those issues in perpetuity.
CEO Susan True said the Community Investment Revolving Fund focuses on loans for economic development and housing, and has recently helped three organic farmers lease a new farm and 12 teachers buy homes in the area.
“What’s great is, we put money out in the form of loans, and as they’re paid back they’re recycled back into the community in the form of a new loan,” True said. “So it’s a gift that you make one time but it keeps on giving.”
Santa Cruz Community Ventures provides financial workshops and coaching for individuals, families and businesses with the aim of growing and sustaining local economies. It’s also in the process of developing a Community Investment Revolving Fund to help keep business ownership local, allow for the growth of worker cooperatives and help people invest in their community in smaller amounts.
“Impact investment is the idea that you can use our financial system to create better communities while creating profit,” said Executive Director Maria Cadenas.
“We’re perpetuating a wealth-building mechanism where people can invest in local, democratically owned businesses that take care of our environment and workforce, and get a moderate return,” she said.
Cadenas also encouraged holiday shoppers to support local businesses that depend on the gift-giving season to get them through the winter.
If you’re short on money but have time to spare, the Volunteer Center of Santa Cruz County connects people with volunteer opportunities at the 17th Avenue center or with one of its partner organizations. This year it was awarded the California Nonprofit of the Year by Gov. Jerry Brown.
Christina Thurston, director of volunteer connections, said that the Center always sees an uptick in volunteers around the holidays.
“It’s a great time to jump in on one of these special seasonal projects and get to know us or one of our partner organizations,” she said.
The holiday volunteer guide is full of ways to support people in the community with food, gifts, errands or just company during the season. The Volunteer Center also has year-round programs on issues like improving literacy, assisting the incarcerated and helping seniors with transportation and fall prevention.
“Santa Cruz is full of really generous community members, that’s why people love living here, because people really look out for each other,” Thurston said.
For more charity ideas, check out the Santa Cruz Gives fundraising campaign, a collaboration between Good Times and the Volunteer Center highlighting 33 local nonprofits tackling a variety of issues.
By Jordy Hyman (Source: Santa Cruz Sentinel)
SANTA CRUZ — It’s beginning to look a lot like Christmas, which means the season of giving to charity is upon us.
Nearly a third of all charitable donations are made in December, according to Giving USA, and it’s not just for the tax deductions. During the shortest days of the year people tend to find themselves reflecting, giving thanks and trying to find ways to give back.
There are many ways to give a gift that really makes a difference, instead of one that will end up gathering dust in some relative’s closet. If you’re not sure where to start, here are a few options that may have slipped under your radar.
The effective altruism movement is a growing attempt to use reason and evidence to figure out which causes, careers and organizations are capable of making the biggest impact per dollar. According to eponymous nonprofit Effective Altruism, the cost-effectiveness of charities working on the same problem can vary by orders of magnitude, so figuring out which ones get better results can make a big difference.
Effective Altruism researches issues deemed to be large-scale, neglected and solvable, and manages funds in four key areas. A related nonprofit, GiveWell, analyzes and recommends charities based on their effectiveness at reducing global poverty and improving the quality and quantity of life. Both organizations offer resources to help decide which causes to prioritize and which interventions have the highest impact.
The Community Foundation of Santa Cruz County helps people donate and invest in other local nonprofits and organizations. It has established funds for different causes such as the arts, the environment, women and girls, health and the local economy, so donations will provide a return toward those issues in perpetuity.
CEO Susan True said the Community Investment Revolving Fund focuses on loans for economic development and housing, and has recently helped three organic farmers lease a new farm and 12 teachers buy homes in the area.
“What’s great is, we put money out in the form of loans, and as they’re paid back they’re recycled back into the community in the form of a new loan,” True said. “So it’s a gift that you make one time but it keeps on giving.”
Santa Cruz Community Ventures provides financial workshops and coaching for individuals, families and businesses with the aim of growing and sustaining local economies. It’s also in the process of developing a Community Investment Revolving Fund to help keep business ownership local, allow for the growth of worker cooperatives and help people invest in their community in smaller amounts.
“Impact investment is the idea that you can use our financial system to create better communities while creating profit,” said Executive Director Maria Cadenas.
“We’re perpetuating a wealth-building mechanism where people can invest in local, democratically owned businesses that take care of our environment and workforce, and get a moderate return,” she said.
Cadenas also encouraged holiday shoppers to support local businesses that depend on the gift-giving season to get them through the winter.
If you’re short on money but have time to spare, the Volunteer Center of Santa Cruz County connects people with volunteer opportunities at the 17th Avenue center or with one of its partner organizations. This year it was awarded the California Nonprofit of the Year by Gov. Jerry Brown.
Christina Thurston, director of volunteer connections, said that the Center always sees an uptick in volunteers around the holidays.
“It’s a great time to jump in on one of these special seasonal projects and get to know us or one of our partner organizations,” she said.
The holiday volunteer guide is full of ways to support people in the community with food, gifts, errands or just company during the season. The Volunteer Center also has year-round programs on issues like improving literacy, assisting the incarcerated and helping seniors with transportation and fall prevention.
“Santa Cruz is full of really generous community members, that’s why people love living here, because people really look out for each other,” Thurston said.
For more charity ideas, check out the Santa Cruz Gives fundraising campaign, a collaboration between Good Times and the Volunteer Center highlighting 33 local nonprofits tackling a variety of issues.
- The Christmas Project is soliciting food, gifts and other donations to provide for migrant labor camps and families in need throughout the county during the holidays.
- The Museum of Art & History is looking for donations of money and warm clothing for the 3rd annual Christmas at the MAH, which will provide Christmas dinner for the homeless.
- The Homeless Garden Project’s downtown holiday store is stocked by the volunteers with care, offering candles, wreaths and jams and more made and grown by trainees on its organic farm.
Susan True Steers Community Foundation’s New-Wave Charity (11/20/2018)
By Lauren Hepler (Source: GoodTimes)
One of the first things Susan True did when she started as CEO of Community Foundation Santa Cruz County was move her office right next to the front door of the 26-year-old organization’s Aptos office.
“I want to be accessible,” says True, a Minnesota native who moved to Santa Cruz to pursue a degree in community studies at UCSC in the early 1990s.
Since then, in two decades of work with local groups like the University of California AIDS Research Program, First 5 Santa Cruz County, and CASA, True has tackled everything from slowing the spread of HIV to court representation for foster children. (In the process, she became a foster parent herself).
An easy conversationalist who jumps deftly from different loan structures to the on-the-ground impacts of income inequality, True estimates that she’s amassed “at least 1,000 data points” in meetings with all manner of community groups during her first year on the job. The challenge now: connecting the dots on issues ranging from housing to public health to youth development.
“We have problems in this county that are bigger than any foundation’s grantmaking can cure,” True says. “How can the Community Foundation promote economic mobility?”
If the task sounds daunting, there are several factors working in the Community Foundation’s favor. For one, the organization’s financial muscle has increased dramatically, to more than $131 million in total assets last year, compared to $46 million in 2009, annual reports show. In 2017 alone, the Community Foundation gave out $6.3 million in annual grants, $15.2 million in agency investments and launched several new impact funds.
Among the programs True has spearheaded is an expansion of low-interest loans to organizations working on issues including local housing and small business assistance.
“She is someone who, when she gets an idea in her head, it’s gonna happen,” says Ian Magruder, a Santa Cruz native who works for loan recipient Landed. “Not everyone we work with has that mentality. It’s been really refreshing.”
The Community Foundation has allocated $1 million to support San Francisco-based startup Landed, which provides downpayment assistance to teachers purchasing homes in expensive areas like Santa Cruz. In the first several months of the program, 10 local public school teachers have taken advantage of the loans to buy homes in Aptos, Ben Lomond and other areas, Magruder says.
Key to the impact fund model espoused by the Community Foundation, along with nearby Silicon Valley donors like Facebook founder Mark Zuckerberg’s Chan Zuckerberg initiative, is long-term financial sustainability. Rather than a one-time grant or donation, the idea is that teachers will pay back the down-payment loans and provide capital for additional colleagues to use.
“If we were just giving away some free money, we could help some families, but it would be gone overnight,” Magruder says.
PHILANTHROPY 2.0
In 2012, True embarked on an unplanned “hiatus” from Santa Cruz—a five-year tour of the Bay Area that took her through Stanford’s business school for a master’s degree in management and a job as director of education strategy and ventures at Oakland’s Kenneth Rainin Foundation.
While sneaking in weekend trips back to Santa Cruz, True also got a front-row view of the fast-evolving world of “social innovation.” An outgrowth of “traditional philanthropy,” or straightforward grants and donations, evangelists of social innovation—including, as the name implies, many tech industry philanthropists—promote a wider array of investment techniques, tax-advantaged funds and more detailed data on the impact of dollars contributed.
“We have so many tools now,” True says, noting that the Community Foundation has seen a sharp uptick in donations of tech company stock and more individualized “donor-advised funds.” The foundation also offers one-on-one planning for retirement fund disbursements and giving that takes maximum advantage of recent tax reforms.
For Reggie Knox, executive director of Aptos-based agricultural lender FarmLink, a recent $1 million loan commitment from the Community Foundation translates to more early-season capital available to small-scale Central Coast farmers. Like the teacher housing loans provided by Landed, the funding for FarmLink comes from the foundation’s Community Investment Revolving Fund launched after an anonymous donation earlier this year.
“Community foundations haven’t traditionally done a lot of what some people refer to as direct investing,” Knox says. “It’s a really exciting new area.”
While traditional banks rarely lend less than $250,000 to small businesses, FarmLink focuses on “microloans” of $50,000 or less. About 80 percent of those funds go straight to daily operations like seeds, fuel or irrigation supplies, Knox says.
“You have all these up-front costs at the beginning of the year,” he says. In Santa Cruz, San Benito and Monterey counties, FarmLink focuses on berry and vegetable farms that span 5-20 acres, including upstart farms that have traditionally struggled to get off the ground. “A lot of people drop out in the first three or four years,” Knox says.
Encouraging local first-time charitable donors is another priority for the Community Foundation, True says. That includes a first-time $20,000 commitment to Good Times’ own Santa Cruz Gives nonprofit holiday fundraising drive. The Community Foundation’s funds will bolster online contributions to 33 local nonprofits working on education, homelessness, public health, the environment and other causes. Organizations with the most community support also qualify for additional financial rewards.
“It gives a spotlight to stellar organizations and creates an easy opportunity to give,” True says of Santa Cruz Gives, which is also supported by the Volunteer Center of Santa Cruz County, the David and Lucile Packard Foundation and Santa Cruz County Bank.
SOCIAL TSUNAMI
Though True has deep roots in Santa Cruz, one thing stuck out when she moved back to town full-time last year.
“One thing that has really changed is there are so many new leaders,” she says, thanks in part to a “silver tsunami” of social services leaders like her Community Foundation predecessor, Lance Linares, who retired last year after 22 years as CEO.
Among those that have emerged with a similar mandate of more inclusive economic development are individuals like Maria Cadenas of Santa Cruz Community Ventures, which is working on a community impact fund of its own to support small businesses. Another is Sibley Simon of New Way Homes, which has created a fund to help cover housing costs.
In the last year, True has also worked to round out financing for a $2.5 million endowed Fund for Women and Girls to expand scholarships, grants and related programs. The fund, which is about $90,000 away from the $2.5 million goal, is one example of the Community Foundation’s efforts to both invest in areas important to donors and target the region’s most pressing issues.
“The community foundation is such a unique organization,” True says. “You get to take this different view of the community and think about, ‘How do we bring people together to create solutions to some of our most persistent problems?’”
To see the nonprofits participating in this year’s Santa Cruz Gives holiday giving drive, and to donate, go to santacruzgives.org.
By Lauren Hepler (Source: GoodTimes)
One of the first things Susan True did when she started as CEO of Community Foundation Santa Cruz County was move her office right next to the front door of the 26-year-old organization’s Aptos office.
“I want to be accessible,” says True, a Minnesota native who moved to Santa Cruz to pursue a degree in community studies at UCSC in the early 1990s.
Since then, in two decades of work with local groups like the University of California AIDS Research Program, First 5 Santa Cruz County, and CASA, True has tackled everything from slowing the spread of HIV to court representation for foster children. (In the process, she became a foster parent herself).
An easy conversationalist who jumps deftly from different loan structures to the on-the-ground impacts of income inequality, True estimates that she’s amassed “at least 1,000 data points” in meetings with all manner of community groups during her first year on the job. The challenge now: connecting the dots on issues ranging from housing to public health to youth development.
“We have problems in this county that are bigger than any foundation’s grantmaking can cure,” True says. “How can the Community Foundation promote economic mobility?”
If the task sounds daunting, there are several factors working in the Community Foundation’s favor. For one, the organization’s financial muscle has increased dramatically, to more than $131 million in total assets last year, compared to $46 million in 2009, annual reports show. In 2017 alone, the Community Foundation gave out $6.3 million in annual grants, $15.2 million in agency investments and launched several new impact funds.
Among the programs True has spearheaded is an expansion of low-interest loans to organizations working on issues including local housing and small business assistance.
“She is someone who, when she gets an idea in her head, it’s gonna happen,” says Ian Magruder, a Santa Cruz native who works for loan recipient Landed. “Not everyone we work with has that mentality. It’s been really refreshing.”
The Community Foundation has allocated $1 million to support San Francisco-based startup Landed, which provides downpayment assistance to teachers purchasing homes in expensive areas like Santa Cruz. In the first several months of the program, 10 local public school teachers have taken advantage of the loans to buy homes in Aptos, Ben Lomond and other areas, Magruder says.
Key to the impact fund model espoused by the Community Foundation, along with nearby Silicon Valley donors like Facebook founder Mark Zuckerberg’s Chan Zuckerberg initiative, is long-term financial sustainability. Rather than a one-time grant or donation, the idea is that teachers will pay back the down-payment loans and provide capital for additional colleagues to use.
“If we were just giving away some free money, we could help some families, but it would be gone overnight,” Magruder says.
PHILANTHROPY 2.0
In 2012, True embarked on an unplanned “hiatus” from Santa Cruz—a five-year tour of the Bay Area that took her through Stanford’s business school for a master’s degree in management and a job as director of education strategy and ventures at Oakland’s Kenneth Rainin Foundation.
While sneaking in weekend trips back to Santa Cruz, True also got a front-row view of the fast-evolving world of “social innovation.” An outgrowth of “traditional philanthropy,” or straightforward grants and donations, evangelists of social innovation—including, as the name implies, many tech industry philanthropists—promote a wider array of investment techniques, tax-advantaged funds and more detailed data on the impact of dollars contributed.
“We have so many tools now,” True says, noting that the Community Foundation has seen a sharp uptick in donations of tech company stock and more individualized “donor-advised funds.” The foundation also offers one-on-one planning for retirement fund disbursements and giving that takes maximum advantage of recent tax reforms.
For Reggie Knox, executive director of Aptos-based agricultural lender FarmLink, a recent $1 million loan commitment from the Community Foundation translates to more early-season capital available to small-scale Central Coast farmers. Like the teacher housing loans provided by Landed, the funding for FarmLink comes from the foundation’s Community Investment Revolving Fund launched after an anonymous donation earlier this year.
“Community foundations haven’t traditionally done a lot of what some people refer to as direct investing,” Knox says. “It’s a really exciting new area.”
While traditional banks rarely lend less than $250,000 to small businesses, FarmLink focuses on “microloans” of $50,000 or less. About 80 percent of those funds go straight to daily operations like seeds, fuel or irrigation supplies, Knox says.
“You have all these up-front costs at the beginning of the year,” he says. In Santa Cruz, San Benito and Monterey counties, FarmLink focuses on berry and vegetable farms that span 5-20 acres, including upstart farms that have traditionally struggled to get off the ground. “A lot of people drop out in the first three or four years,” Knox says.
Encouraging local first-time charitable donors is another priority for the Community Foundation, True says. That includes a first-time $20,000 commitment to Good Times’ own Santa Cruz Gives nonprofit holiday fundraising drive. The Community Foundation’s funds will bolster online contributions to 33 local nonprofits working on education, homelessness, public health, the environment and other causes. Organizations with the most community support also qualify for additional financial rewards.
“It gives a spotlight to stellar organizations and creates an easy opportunity to give,” True says of Santa Cruz Gives, which is also supported by the Volunteer Center of Santa Cruz County, the David and Lucile Packard Foundation and Santa Cruz County Bank.
SOCIAL TSUNAMI
Though True has deep roots in Santa Cruz, one thing stuck out when she moved back to town full-time last year.
“One thing that has really changed is there are so many new leaders,” she says, thanks in part to a “silver tsunami” of social services leaders like her Community Foundation predecessor, Lance Linares, who retired last year after 22 years as CEO.
Among those that have emerged with a similar mandate of more inclusive economic development are individuals like Maria Cadenas of Santa Cruz Community Ventures, which is working on a community impact fund of its own to support small businesses. Another is Sibley Simon of New Way Homes, which has created a fund to help cover housing costs.
In the last year, True has also worked to round out financing for a $2.5 million endowed Fund for Women and Girls to expand scholarships, grants and related programs. The fund, which is about $90,000 away from the $2.5 million goal, is one example of the Community Foundation’s efforts to both invest in areas important to donors and target the region’s most pressing issues.
“The community foundation is such a unique organization,” True says. “You get to take this different view of the community and think about, ‘How do we bring people together to create solutions to some of our most persistent problems?’”
To see the nonprofits participating in this year’s Santa Cruz Gives holiday giving drive, and to donate, go to santacruzgives.org.
CAP Report focuses on youth well-being (11/19/2018)
By Johanna Miller (Source: Register-Pajaronian)
WATSONVILLE — The annual Community Assessment Project (CAP) Report was released for 2018, and the findings were discussed at an event at the Watsonville Civic Plaza Community Room Monday morning.
This year, the event, put on by the United Way of Santa Cruz County and Applied Survey Research (ASR), focused on health and well-bring for children and youth ages 1 to 24. Dubbed the “Children & Youth Well-Being Spotlight,” the new approach was an effort by organizers to inspire the community to find solutions to issues affecting young people’s lives.
United Way of Santa Cruz County CEO Keisha Frost welcomed guests and introduced co-emcees Matt Huffaker, Watsonville’s city manager, and Santa Cruz Mayor-Elect Martine Watkins. ASR’s Susan Brutschy then explained the importance of equity in research, and why CAP Report organizers were taking a different approach this year.
“We stand united in our community to support our most valuable — our children,” Brutschy said.
The majority of Monday’s event alternated between findings reports and “Bright Spots,” which highlighted individuals and groups that have had made strides in supporting community youth.
“We should remember that all these facts and figures are just a starting point,” said Maria Cadenas of Santa Cruz Community Ventures. “The data is only valuable when we take it to the next level.”
Cadeñas, who reported on economic findings, emphasized Santa Cruz County’s housing issues and how it pertains to homeless youth. ASR found that 588 unaccompanied homeless children and transition-age youth were counted in the county in 2017.
“This isn’t about percentages and dollar signs,” she said. “It’s about love and community, and how we can achieve well-being for all.”
Speakers covered every aspect of the Community Assessment Project Report’s findings, from education and health to family and community. Pajaro Valley Unified School District Superintendent Michelle Rodriguez, Dori Rose Inda from Salud Para La Gente and Kristal Caballero of the United Way of Santa Cruz County presented the findings. Groups such as Live Oak Cradle to Career and Joveños SANOS were spotlighted.
“The challenges we face aren’t unique to Watsonville,” said Digital NEST founder Jacob Martinez, who spoke about the organization’s success as well as its future. “We need to do all we can to ensure the success of our youth.”
By Johanna Miller (Source: Register-Pajaronian)
WATSONVILLE — The annual Community Assessment Project (CAP) Report was released for 2018, and the findings were discussed at an event at the Watsonville Civic Plaza Community Room Monday morning.
This year, the event, put on by the United Way of Santa Cruz County and Applied Survey Research (ASR), focused on health and well-bring for children and youth ages 1 to 24. Dubbed the “Children & Youth Well-Being Spotlight,” the new approach was an effort by organizers to inspire the community to find solutions to issues affecting young people’s lives.
United Way of Santa Cruz County CEO Keisha Frost welcomed guests and introduced co-emcees Matt Huffaker, Watsonville’s city manager, and Santa Cruz Mayor-Elect Martine Watkins. ASR’s Susan Brutschy then explained the importance of equity in research, and why CAP Report organizers were taking a different approach this year.
“We stand united in our community to support our most valuable — our children,” Brutschy said.
The majority of Monday’s event alternated between findings reports and “Bright Spots,” which highlighted individuals and groups that have had made strides in supporting community youth.
“We should remember that all these facts and figures are just a starting point,” said Maria Cadenas of Santa Cruz Community Ventures. “The data is only valuable when we take it to the next level.”
Cadeñas, who reported on economic findings, emphasized Santa Cruz County’s housing issues and how it pertains to homeless youth. ASR found that 588 unaccompanied homeless children and transition-age youth were counted in the county in 2017.
“This isn’t about percentages and dollar signs,” she said. “It’s about love and community, and how we can achieve well-being for all.”
Speakers covered every aspect of the Community Assessment Project Report’s findings, from education and health to family and community. Pajaro Valley Unified School District Superintendent Michelle Rodriguez, Dori Rose Inda from Salud Para La Gente and Kristal Caballero of the United Way of Santa Cruz County presented the findings. Groups such as Live Oak Cradle to Career and Joveños SANOS were spotlighted.
“The challenges we face aren’t unique to Watsonville,” said Digital NEST founder Jacob Martinez, who spoke about the organization’s success as well as its future. “We need to do all we can to ensure the success of our youth.”
Maria Cadenas Wants the Economy to Work for Everyone (7/10/2018)
By Jacob Pierce (Source: GoodTimes)
If all of modern society were a board game, Maria Cadenas thinks it would be a game of Monopoly. But play time, she says, is over.
“Somebody has all the cash, and the accumulation of wealth is totally decided and others are completely left out, and we’re losing the middle,” says Cadenas, the executive director for Santa Cruz Community Ventures. “Those wealth gaps are the results of policies—how the system has been working. So we need to change the system, change the game.”
To fix all this, Cadenas wants to create a local impact investment fund and help finance a more even playing field.
Impact investing has been among the business world’s hottest buzz phrases in recent years. Over time, it’s gone from a vague concept to a way for investors and everyday people to make a difference. Essentially, it’s the practice of putting cash into assets that an investor can feel good about—anything from the environment to journalism in developing countries. These investors typically accept smaller returns than they would on Wall Street or somewhere else.
Although Santa Cruz Community Ventures has not yet finalized its approach, Cadenas’ pitch is to launch a fund that would help local businesses switch to worker-owned models. With the Silver Tsunami now underway, baby boomers will be retiring. For many, that means selling their businesses.
To help frame the region’s biggest needs, Community Ventures, which is funded by donations, recently collaborated on two economic analyses—one that the group is now getting ready to share, and another with UCSC’s Blum Center that it’s just now finalizing.
Cadenas wants anyone to be able to invest in the fund, for as little as $25. Implementing and scaling this strategy would take time, but she sees that impact investing—combined with what she hopes will be a boom in employee-owned businesses—as the best way to give the county’s economy an even-keeled boost.
“If we don’t address the perpetual generational poverty from one side of the county to the other, we’re gonna be hurting, because most of the county is gonna be poor,” she says. “What does that mean for social structures? What does that mean for transportation? What does that mean for county government funds that are already limited? What does that mean for housing plans? If you don’t address income and wealth gaps, we’re not going to be able to solve the problems jeopardizing our future. If people can’t understand love, I hope they understand numbers.”
DOLLAR BACK
At a recent Monterey Bay Economic Partnership summit, financial adviser Morgan Simon dove into the thinking behind the concept of impact investing, as well as its significance. In the early days, many of the investors were foundations targeting inequality.
“The idea of impact investing,” Simon said at May’s Regional Economic Summit, “was that you could really bridge that gap, that you could have a social and environmental return alongside your foundation return.”
Simon, the author of the new book Real Impact, got her first exposure to some big-picture financial issues at a young age, when she visited Sierra Leone as a USAID worker. While there, she bought a can of tuna at a roadside stand from a woman who had no interest in eating fish out of a can. Simon calculated that the $1 that she had paid the vendor was enough for the woman to buy a few full meals for her family; not only that, but the can brought far more economic value to the shippers along the supply chain, from Japan to Africa, than it did to the woman it was supposed to help.
The interaction illustrated an important lesson—that making a difference involves more than having philanthropic organizations write big checks. Donors have to be invested in how their checks are getting cashed.
Simon—whose sister Nina is executive director of the Santa Cruz Museum of Art and History—said there are a number of ways for people to get involved with their money. They could bank locally to keep their money in the community. She highlighted the work of her brother-in-law Sibley Simon, who’s created an impact investment fund to spur workforce housing development. She also lauded Cadenas for helping kick-start a local movement of worker-owned businesses.
“Watch your assets,” Simon said. “The point is, it’s your money. When we put our money in the bank or we hand it to the financial adviser, we treat it like it’s not ours anymore. And other people are making decisions about what our money is doing in society, but we’re still responsible for those decisions.”
SELLING POINT
Cadenas knows how big some of her ideas sound. She realizes that will take more than a couple worker-owned businesses to create a more balanced economy, but she says we have to think about building a new ecosystem when it comes to impact investing.
“We have to plan for 50 years in the future,” she says. “The idea that you’re looking for a return on investment in one year and you’re gonna capitalize on it, that’s the idea of the current model. You’re going to go in and extract all the value from the community or a resource, benefit from it and go. That’s the model. What we’re saying is, ‘No, that doesn’t work.’ We’re not looking to extract the value. We’re looking to build the value in the community where people are going to live. That means we’re not looking to build billionaires.”
Most people, Cadenas says, simply want to be able to afford going to the occasional movie or have the time to visit their regional park.
Cadenas says the first phase of Community Ventures’ plan involves supporting the switch to more worker-owned businesses. Local group Co-Op SC formed earlier this year to help business owners explore these issues. Cadenas says Community Ventures plans to offer technical assistance, providing access to accountants, lawyers and consultants. The next step would involve crowdfunding, which is just taking off in California as a way for businesses to seek funding from their communities. The final piece, Cadenas says, will be the impact investment fund, to fill in the gaps.
She says that in order to address income gaps, the Community Ventures prioritizes women and Latino families. Those are also the groups that the nonprofit will target as potential employee owners of local businesses.
Cadenas envisions this new model being able to scale from Santa Cruz County and the Monterey Bay to the Central Coast—and eventually even beyond that.
“We have the political will and the history—and, I think, the guts—to try it,” she says. “If there’s any place where we can pilot this and build it up, it’s Santa Cruz. We’re the right size. We’re the right people, and it’s the right time to do it. There’s no reason to hold up. We’ve just got to be willing to take it and build on it.”
By Jacob Pierce (Source: GoodTimes)
If all of modern society were a board game, Maria Cadenas thinks it would be a game of Monopoly. But play time, she says, is over.
“Somebody has all the cash, and the accumulation of wealth is totally decided and others are completely left out, and we’re losing the middle,” says Cadenas, the executive director for Santa Cruz Community Ventures. “Those wealth gaps are the results of policies—how the system has been working. So we need to change the system, change the game.”
To fix all this, Cadenas wants to create a local impact investment fund and help finance a more even playing field.
Impact investing has been among the business world’s hottest buzz phrases in recent years. Over time, it’s gone from a vague concept to a way for investors and everyday people to make a difference. Essentially, it’s the practice of putting cash into assets that an investor can feel good about—anything from the environment to journalism in developing countries. These investors typically accept smaller returns than they would on Wall Street or somewhere else.
Although Santa Cruz Community Ventures has not yet finalized its approach, Cadenas’ pitch is to launch a fund that would help local businesses switch to worker-owned models. With the Silver Tsunami now underway, baby boomers will be retiring. For many, that means selling their businesses.
To help frame the region’s biggest needs, Community Ventures, which is funded by donations, recently collaborated on two economic analyses—one that the group is now getting ready to share, and another with UCSC’s Blum Center that it’s just now finalizing.
Cadenas wants anyone to be able to invest in the fund, for as little as $25. Implementing and scaling this strategy would take time, but she sees that impact investing—combined with what she hopes will be a boom in employee-owned businesses—as the best way to give the county’s economy an even-keeled boost.
“If we don’t address the perpetual generational poverty from one side of the county to the other, we’re gonna be hurting, because most of the county is gonna be poor,” she says. “What does that mean for social structures? What does that mean for transportation? What does that mean for county government funds that are already limited? What does that mean for housing plans? If you don’t address income and wealth gaps, we’re not going to be able to solve the problems jeopardizing our future. If people can’t understand love, I hope they understand numbers.”
DOLLAR BACK
At a recent Monterey Bay Economic Partnership summit, financial adviser Morgan Simon dove into the thinking behind the concept of impact investing, as well as its significance. In the early days, many of the investors were foundations targeting inequality.
“The idea of impact investing,” Simon said at May’s Regional Economic Summit, “was that you could really bridge that gap, that you could have a social and environmental return alongside your foundation return.”
Simon, the author of the new book Real Impact, got her first exposure to some big-picture financial issues at a young age, when she visited Sierra Leone as a USAID worker. While there, she bought a can of tuna at a roadside stand from a woman who had no interest in eating fish out of a can. Simon calculated that the $1 that she had paid the vendor was enough for the woman to buy a few full meals for her family; not only that, but the can brought far more economic value to the shippers along the supply chain, from Japan to Africa, than it did to the woman it was supposed to help.
The interaction illustrated an important lesson—that making a difference involves more than having philanthropic organizations write big checks. Donors have to be invested in how their checks are getting cashed.
Simon—whose sister Nina is executive director of the Santa Cruz Museum of Art and History—said there are a number of ways for people to get involved with their money. They could bank locally to keep their money in the community. She highlighted the work of her brother-in-law Sibley Simon, who’s created an impact investment fund to spur workforce housing development. She also lauded Cadenas for helping kick-start a local movement of worker-owned businesses.
“Watch your assets,” Simon said. “The point is, it’s your money. When we put our money in the bank or we hand it to the financial adviser, we treat it like it’s not ours anymore. And other people are making decisions about what our money is doing in society, but we’re still responsible for those decisions.”
SELLING POINT
Cadenas knows how big some of her ideas sound. She realizes that will take more than a couple worker-owned businesses to create a more balanced economy, but she says we have to think about building a new ecosystem when it comes to impact investing.
“We have to plan for 50 years in the future,” she says. “The idea that you’re looking for a return on investment in one year and you’re gonna capitalize on it, that’s the idea of the current model. You’re going to go in and extract all the value from the community or a resource, benefit from it and go. That’s the model. What we’re saying is, ‘No, that doesn’t work.’ We’re not looking to extract the value. We’re looking to build the value in the community where people are going to live. That means we’re not looking to build billionaires.”
Most people, Cadenas says, simply want to be able to afford going to the occasional movie or have the time to visit their regional park.
Cadenas says the first phase of Community Ventures’ plan involves supporting the switch to more worker-owned businesses. Local group Co-Op SC formed earlier this year to help business owners explore these issues. Cadenas says Community Ventures plans to offer technical assistance, providing access to accountants, lawyers and consultants. The next step would involve crowdfunding, which is just taking off in California as a way for businesses to seek funding from their communities. The final piece, Cadenas says, will be the impact investment fund, to fill in the gaps.
She says that in order to address income gaps, the Community Ventures prioritizes women and Latino families. Those are also the groups that the nonprofit will target as potential employee owners of local businesses.
Cadenas envisions this new model being able to scale from Santa Cruz County and the Monterey Bay to the Central Coast—and eventually even beyond that.
“We have the political will and the history—and, I think, the guts—to try it,” she says. “If there’s any place where we can pilot this and build it up, it’s Santa Cruz. We’re the right size. We’re the right people, and it’s the right time to do it. There’s no reason to hold up. We’ve just got to be willing to take it and build on it.”
79% of Santa Cruz County Individuals Have Low Financial Capability (4/6/2018)
Santa Cruz, CA – 79% of Santa Cruz County low-income individuals scored low on the Financial Capability survey conducted by Community Ventures, a local nonprofit working on creating equitable economies. The survey aimed to measure financial education, skills, and access of low-income families.
The Economic Policy Institute estimates that a family of four needs an annual income of $82,000 to secure a decent yet modest standard of living in Santa Cruz County. Most of the survey participants’ households earn less than $54,000 a year.
“Earnings are not enough to meet the high costs of living in the region for our low-income families,” said Maria Cadenas, Executive Director of Community Ventures. “Low earnings combined with poor financial behavior, our neighbors and their children are being set up to fail.”
“Financial behaviors are passed on from parent to child,” said Cadenas. “Investing in financial capability programs for youth and their parents is a good first step to start building pathways out of poverty.”
The survey also noted that 36% of participants incurred late fees in the last 2 months and 53% of the community reported they do not use any type of electronic deposit or automatic savings.
“While we knew that families were not fully using banking services, per our 2016 Assets and Access data, this survey shows the significant gap in education, skills, and access our low-income neighbors are facing,” said Cadenas.
The Snapshot relied on the use of a Financial Capability Scale, a tool developed by University of Wisconsin Center for Financial Security (CFS) and Annie E. Casey Foundation that captures a mix of reported behaviors, as well as feelings and perceptions.
Community Ventures worked with Community Action Board, Goodwill Central Coast, Project SCOUT, and Families in Transition to collect survey data.
Santa Cruz, CA – 79% of Santa Cruz County low-income individuals scored low on the Financial Capability survey conducted by Community Ventures, a local nonprofit working on creating equitable economies. The survey aimed to measure financial education, skills, and access of low-income families.
The Economic Policy Institute estimates that a family of four needs an annual income of $82,000 to secure a decent yet modest standard of living in Santa Cruz County. Most of the survey participants’ households earn less than $54,000 a year.
“Earnings are not enough to meet the high costs of living in the region for our low-income families,” said Maria Cadenas, Executive Director of Community Ventures. “Low earnings combined with poor financial behavior, our neighbors and their children are being set up to fail.”
“Financial behaviors are passed on from parent to child,” said Cadenas. “Investing in financial capability programs for youth and their parents is a good first step to start building pathways out of poverty.”
The survey also noted that 36% of participants incurred late fees in the last 2 months and 53% of the community reported they do not use any type of electronic deposit or automatic savings.
“While we knew that families were not fully using banking services, per our 2016 Assets and Access data, this survey shows the significant gap in education, skills, and access our low-income neighbors are facing,” said Cadenas.
The Snapshot relied on the use of a Financial Capability Scale, a tool developed by University of Wisconsin Center for Financial Security (CFS) and Annie E. Casey Foundation that captures a mix of reported behaviors, as well as feelings and perceptions.
Community Ventures worked with Community Action Board, Goodwill Central Coast, Project SCOUT, and Families in Transition to collect survey data.
Could Tech Companies Work as Co-ops? (3/14/2018) By Jacob Pierce (Source: Goodtimes)
The question came up at a recent event on employee-owned businesses: will this trend of worker ownership ever spread to the tech world?
Eager to offer insights, Maria Cadenas**, a panelist at the Co-Op SC event on creating employee ownership succession plans (GT, 3/7), suggested that options for business structures are really only “as limited as our imagination.”
Cardenas, executive director of Santa Cruz Community Ventures, said at the March 8 event that the worker-ownership model has been more concentrated among lower-income groups because those groups had less financial means to start with. “It’s really what has worked up ’til now, based on necessity and need,” said Cardenas, who has plans to start a local investment fund.
This question about tech business ownership—posed by a Co-Op SC organizer—originally came in response to an explanation from Democracy at Work Institute’s Zen Trenholm. He said that worker ownership generally works best in labor-intensive industries.
Trenholm, another of the evening’s three panelists, said there actually are some successful tech co-ops, including Isthmus Engineering, which designs custom automation equipment in Madison, Wisconsin. In general, there’s more of a culture around worker ownership in Europe, explained Trenholm, who once worked for a startup accelerator which devoted all of its energy toward building a product that it hoped would get bought by Google.
“It doesn’t even matter if you’re making a profit. Maybe someone sees a potential 10 years down the line and invests tons of money into it,” said Trenholm, who suggested that American tech companies’ lack of interest in employee ownership was a cultural issue.
Ross Newport, sales manager for the cooperatively owned Community Printers, called it “refreshing to be sitting on a panel with young people who are passionate and excited about democracy in the workplace. It’s something that gets passed on from generation to generation.”
Newport, like Cardenas, feels that a lack of creative thinking can be dangerous when it comes to planning and structuring a business. He says that his favorite client is a group of young board game designers, who have formed a co-op called Tools for Social Change.
“It’s important not to pigeon-hole too much what’s possible, because the imagination of young people is a very, very powerful force,” says Newport, who helped found his company 41 years ago. “If the folks at Tools for Social Change had said, ‘Well, we can’t do this because there’s no example of ever having done this before,’ well, they never would have explored the possibilities. And they’re being hugely successful. There’s seven people in the co-op. None of them live in the same city. They’re experts at Skype. They taught me how to engage with them on a technical level that I didn’t know how to do.”
**Corrected by Community Ventures
The question came up at a recent event on employee-owned businesses: will this trend of worker ownership ever spread to the tech world?
Eager to offer insights, Maria Cadenas**, a panelist at the Co-Op SC event on creating employee ownership succession plans (GT, 3/7), suggested that options for business structures are really only “as limited as our imagination.”
Cardenas, executive director of Santa Cruz Community Ventures, said at the March 8 event that the worker-ownership model has been more concentrated among lower-income groups because those groups had less financial means to start with. “It’s really what has worked up ’til now, based on necessity and need,” said Cardenas, who has plans to start a local investment fund.
This question about tech business ownership—posed by a Co-Op SC organizer—originally came in response to an explanation from Democracy at Work Institute’s Zen Trenholm. He said that worker ownership generally works best in labor-intensive industries.
Trenholm, another of the evening’s three panelists, said there actually are some successful tech co-ops, including Isthmus Engineering, which designs custom automation equipment in Madison, Wisconsin. In general, there’s more of a culture around worker ownership in Europe, explained Trenholm, who once worked for a startup accelerator which devoted all of its energy toward building a product that it hoped would get bought by Google.
“It doesn’t even matter if you’re making a profit. Maybe someone sees a potential 10 years down the line and invests tons of money into it,” said Trenholm, who suggested that American tech companies’ lack of interest in employee ownership was a cultural issue.
Ross Newport, sales manager for the cooperatively owned Community Printers, called it “refreshing to be sitting on a panel with young people who are passionate and excited about democracy in the workplace. It’s something that gets passed on from generation to generation.”
Newport, like Cardenas, feels that a lack of creative thinking can be dangerous when it comes to planning and structuring a business. He says that his favorite client is a group of young board game designers, who have formed a co-op called Tools for Social Change.
“It’s important not to pigeon-hole too much what’s possible, because the imagination of young people is a very, very powerful force,” says Newport, who helped found his company 41 years ago. “If the folks at Tools for Social Change had said, ‘Well, we can’t do this because there’s no example of ever having done this before,’ well, they never would have explored the possibilities. And they’re being hugely successful. There’s seven people in the co-op. None of them live in the same city. They’re experts at Skype. They taught me how to engage with them on a technical level that I didn’t know how to do.”
**Corrected by Community Ventures
Could Tech Companies Work as Co-ops? (3/14/2018) By Jacob Pierce (Source: Goodtimes)
The question came up at a recent event on employee-owned businesses: will this trend of worker ownership ever spread to the tech world?
Eager to offer insights, Maria Cadenas**, a panelist at the Co-Op SC event on creating employee ownership succession plans (GT, 3/7), suggested that options for business structures are really only “as limited as our imagination.”
Cardenas, executive director of Santa Cruz Community Ventures, said at the March 8 event that the worker-ownership model has been more concentrated among lower-income groups because those groups had less financial means to start with. “It’s really what has worked up ’til now, based on necessity and need,” said Cardenas, who has plans to start a local investment fund.
This question about tech business ownership—posed by a Co-Op SC organizer—originally came in response to an explanation from Democracy at Work Institute’s Zen Trenholm. He said that worker ownership generally works best in labor-intensive industries.
Trenholm, another of the evening’s three panelists, said there actually are some successful tech co-ops, including Isthmus Engineering, which designs custom automation equipment in Madison, Wisconsin. In general, there’s more of a culture around worker ownership in Europe, explained Trenholm, who once worked for a startup accelerator which devoted all of its energy toward building a product that it hoped would get bought by Google.
“It doesn’t even matter if you’re making a profit. Maybe someone sees a potential 10 years down the line and invests tons of money into it,” said Trenholm, who suggested that American tech companies’ lack of interest in employee ownership was a cultural issue.
Ross Newport, sales manager for the cooperatively owned Community Printers, called it “refreshing to be sitting on a panel with young people who are passionate and excited about democracy in the workplace. It’s something that gets passed on from generation to generation.”
Newport, like Cardenas, feels that a lack of creative thinking can be dangerous when it comes to planning and structuring a business. He says that his favorite client is a group of young board game designers, who have formed a co-op called Tools for Social Change.
“It’s important not to pigeon-hole too much what’s possible, because the imagination of young people is a very, very powerful force,” says Newport, who helped found his company 41 years ago. “If the folks at Tools for Social Change had said, ‘Well, we can’t do this because there’s no example of ever having done this before,’ well, they never would have explored the possibilities. And they’re being hugely successful. There’s seven people in the co-op. None of them live in the same city. They’re experts at Skype. They taught me how to engage with them on a technical level that I didn’t know how to do.”
**Corrected by Community Ventures
The question came up at a recent event on employee-owned businesses: will this trend of worker ownership ever spread to the tech world?
Eager to offer insights, Maria Cadenas**, a panelist at the Co-Op SC event on creating employee ownership succession plans (GT, 3/7), suggested that options for business structures are really only “as limited as our imagination.”
Cardenas, executive director of Santa Cruz Community Ventures, said at the March 8 event that the worker-ownership model has been more concentrated among lower-income groups because those groups had less financial means to start with. “It’s really what has worked up ’til now, based on necessity and need,” said Cardenas, who has plans to start a local investment fund.
This question about tech business ownership—posed by a Co-Op SC organizer—originally came in response to an explanation from Democracy at Work Institute’s Zen Trenholm. He said that worker ownership generally works best in labor-intensive industries.
Trenholm, another of the evening’s three panelists, said there actually are some successful tech co-ops, including Isthmus Engineering, which designs custom automation equipment in Madison, Wisconsin. In general, there’s more of a culture around worker ownership in Europe, explained Trenholm, who once worked for a startup accelerator which devoted all of its energy toward building a product that it hoped would get bought by Google.
“It doesn’t even matter if you’re making a profit. Maybe someone sees a potential 10 years down the line and invests tons of money into it,” said Trenholm, who suggested that American tech companies’ lack of interest in employee ownership was a cultural issue.
Ross Newport, sales manager for the cooperatively owned Community Printers, called it “refreshing to be sitting on a panel with young people who are passionate and excited about democracy in the workplace. It’s something that gets passed on from generation to generation.”
Newport, like Cardenas, feels that a lack of creative thinking can be dangerous when it comes to planning and structuring a business. He says that his favorite client is a group of young board game designers, who have formed a co-op called Tools for Social Change.
“It’s important not to pigeon-hole too much what’s possible, because the imagination of young people is a very, very powerful force,” says Newport, who helped found his company 41 years ago. “If the folks at Tools for Social Change had said, ‘Well, we can’t do this because there’s no example of ever having done this before,’ well, they never would have explored the possibilities. And they’re being hugely successful. There’s seven people in the co-op. None of them live in the same city. They’re experts at Skype. They taught me how to engage with them on a technical level that I didn’t know how to do.”
**Corrected by Community Ventures
As tax time approaches, UCSC students volunteer to help low-income filers (1/30/2018) By Jennifer McNulty (Source: UCSC)
As April 15 looms, a team of UC Santa Cruz undergraduate volunteers is getting ready to provide free tax-preparation assistance to low- and moderate-income residents of Santa Cruz County.
Last year, student volunteers helped 500 families claim more than $600,000 in federal and state tax refunds.
"This program provides a great service to people who need it," said UCSC economics major Daniel Vargas, who coordinates the students. "We serve a lot of Latinos who don't have many resources. People are extremely grateful. It's an awesome feeling."
Vargas is in the second year of a three-year paid internship coordinating an IRS program called Volunteer Income Tax Assistance (VITA) for Santa Cruz Community Ventures, one of several agencies and nonprofits administering VITA programs locally.
"For many of these families, these refund checks are the biggest checks they get all year," said Community Ventures Executive Director Maria Cadenas.
This year, Vargas and Cadenas are eager to get the word out to even more people. Each year, more than $6 million in tax credits go unclaimed in Santa Cruz County, according to Cadenas.
"A lot of people don't know about this or don't take advantage of it," said Vargas, who is in the process of recruiting 15-20 volunteers, all of whom will receive extensive training in tax preparation, as well as serving the public.
In the past, VITA has set up shop in public libraries and at Goodwill. This year, Vargas's team will also operate out of "pop-up" style sites, trying to reach those who need support where they live and work. "You have to provide a lot of personal information for taxes—your address, Social Security number, income, employer information," he said. " In this climate, we want to take our services to the community, where they'll feel safer."
Most participants get a refund—but not everyone. "People get frustrated when they find out they owe money," said Vargas. "People who are self-employed often don't realize they need to pay self-employment taxes."
Vargas recalled helping a self-employed hairdresser think through her options after discovering that she owed about $1,000 in taxes. "At first, she was upset," he recalled. "She asked a lot of questions and wondered if we'd done it right." Vargas told her how to request a filing extension and discussed the option of making monthly payments. He also referred her to information about budgeting workshops, credit and debt management, and strategies to avoid getting behind on self-employment taxes in the future.
"That alleviated her frustration," he said. "Through VITA, Community Ventures connects the people we serve to the skills they need to build economic independence—financial capability skills."
Vargas is a first-generation college student who grew up in East LA, a predominately Latino area. When he was applying to colleges, he knew he wanted to go to an in-state, Hispanic-Serving Institution. Santa Cruz, he said, was "away from home but not too far away."
Last year, Vargas coordinated 19 volunteers who donated more than 1,200 hours to VITA. About half the students Vargas recruits earn academic credit through the Economics Department's field-study internship program. "All the students are really motivated," said Vargas. "This is an opportunity for them to apply what they learned in accounting courses to the real world."
Ninety percent of VITA volunteers are UCSC students, noted Vargas. "We are sometimes underestimated, but this shows how much we can really perform," he said. "Students at UCSC are really making a change."
Vargas jokes that coffee and motivation get him through the busy season, when he works up to 30 hours a week on the program—in addition to keeping up his schoolwork. "I love math," said Vargas. "It just clicks in my brain."
But being involved with the community this way has broadened Vargas's horizons. He is now interested in public policy.
"This program is amazing, but it only runs a few weeks a year, and it's only one aspect of what the community needs," he said. "We need a system that works for them. I want to go bigger. We need bigger ideas, bigger changes."
As April 15 looms, a team of UC Santa Cruz undergraduate volunteers is getting ready to provide free tax-preparation assistance to low- and moderate-income residents of Santa Cruz County.
Last year, student volunteers helped 500 families claim more than $600,000 in federal and state tax refunds.
"This program provides a great service to people who need it," said UCSC economics major Daniel Vargas, who coordinates the students. "We serve a lot of Latinos who don't have many resources. People are extremely grateful. It's an awesome feeling."
Vargas is in the second year of a three-year paid internship coordinating an IRS program called Volunteer Income Tax Assistance (VITA) for Santa Cruz Community Ventures, one of several agencies and nonprofits administering VITA programs locally.
"For many of these families, these refund checks are the biggest checks they get all year," said Community Ventures Executive Director Maria Cadenas.
This year, Vargas and Cadenas are eager to get the word out to even more people. Each year, more than $6 million in tax credits go unclaimed in Santa Cruz County, according to Cadenas.
"A lot of people don't know about this or don't take advantage of it," said Vargas, who is in the process of recruiting 15-20 volunteers, all of whom will receive extensive training in tax preparation, as well as serving the public.
In the past, VITA has set up shop in public libraries and at Goodwill. This year, Vargas's team will also operate out of "pop-up" style sites, trying to reach those who need support where they live and work. "You have to provide a lot of personal information for taxes—your address, Social Security number, income, employer information," he said. " In this climate, we want to take our services to the community, where they'll feel safer."
Most participants get a refund—but not everyone. "People get frustrated when they find out they owe money," said Vargas. "People who are self-employed often don't realize they need to pay self-employment taxes."
Vargas recalled helping a self-employed hairdresser think through her options after discovering that she owed about $1,000 in taxes. "At first, she was upset," he recalled. "She asked a lot of questions and wondered if we'd done it right." Vargas told her how to request a filing extension and discussed the option of making monthly payments. He also referred her to information about budgeting workshops, credit and debt management, and strategies to avoid getting behind on self-employment taxes in the future.
"That alleviated her frustration," he said. "Through VITA, Community Ventures connects the people we serve to the skills they need to build economic independence—financial capability skills."
Vargas is a first-generation college student who grew up in East LA, a predominately Latino area. When he was applying to colleges, he knew he wanted to go to an in-state, Hispanic-Serving Institution. Santa Cruz, he said, was "away from home but not too far away."
Last year, Vargas coordinated 19 volunteers who donated more than 1,200 hours to VITA. About half the students Vargas recruits earn academic credit through the Economics Department's field-study internship program. "All the students are really motivated," said Vargas. "This is an opportunity for them to apply what they learned in accounting courses to the real world."
Ninety percent of VITA volunteers are UCSC students, noted Vargas. "We are sometimes underestimated, but this shows how much we can really perform," he said. "Students at UCSC are really making a change."
Vargas jokes that coffee and motivation get him through the busy season, when he works up to 30 hours a week on the program—in addition to keeping up his schoolwork. "I love math," said Vargas. "It just clicks in my brain."
But being involved with the community this way has broadened Vargas's horizons. He is now interested in public policy.
"This program is amazing, but it only runs a few weeks a year, and it's only one aspect of what the community needs," he said. "We need a system that works for them. I want to go bigger. We need bigger ideas, bigger changes."
Recent Changes at Community Ventures (01/01/2018)
2017 marked the end of a 27 year affiliation between Community Ventures and Santa Cruz Community Credit Union (SCCCU).
2017 marked the end of a 27 year affiliation between Community Ventures and Santa Cruz Community Credit Union (SCCCU).
- What happened? The current community development environment for financial institutions is different than when the affiliation started. SCCCU needed to move in a new direction. Community Ventures recognizes their organizational needs and is committed to continue our role in innovating to ensure a new inclusive economy for all in the region.
- Is SCCCU stills providing financial support? There is no continued financial commitment from SCCCU to Community Ventures as of December 31, 2017.
- Is Community Ventures an independent nonprofit? Yes, Community Ventures has an independent 501c3 status and Nonprofit Board.
- What comes next? Community Ventures is excited about the opportunity to continue to innovate and grow for the benefit of our local economies.
- How can I contact you? We continue to serve the region and can be reached via email at [email protected] or at PO BOX 7808, Santa Cruz, CA 95061
- What work are you doing now? Community Ventures is currently working on four pilot programs:
- 1) Moving Health Care Upstream: A health/wealth pilot to redefine healthcare to include financial coaching and universal children's college savings accounts as medical treatments
- 2) Credit Bound: A lending circle model to build credit for young adults
- 3) Mamás con Más : A qualitative study in partnership with UCSC's Blum Center of how low-income Latina mothers use and see the financial and banking sector in the county
- 4) Financial Capability Snapshot: A onetime survey analysis of key financial capability gaps for low-income families
- What about VITA? We are working with Project SCOUT to support county VITA projects, including providing access to our interns and equipment. Community Ventures will host a few one day events for 2018 and will continue to advocate for changes in tax policy that increase EITC and credits for low-income families.
- How can I help? Please donate and join our mailing list. And let us know if you are interested in having a conversation with you, your peers, and/or organizations you are involved with.
$620K in Tax Refunds Secured for Working Families (05/03/2017)
SANTA CRUZ, CA - Serving 560 working families, Santa Cruz Community Ventures (SCCV) was able to help low and moderate income households receive $620,000 in federal and state refunds.
SCCV offered free tax preparation services as one of the IRS Volunteer Income Tax Assistance (VITA) partners in Santa Cruz County. This year, SCCV expanded evening and weekend hours, continued to offer free application support for those in need of an individual tax identification number (ITIN), and increased the number of bilingual volunteers and interpreters to better serve the Pajaro Valley.
"Our goal is to provide a welcoming and professional service to working families," said Brando Sencion, SCCV Program Coordinator.
"Tax refunds can be a key way to provide financial stability to families, especially in high cost of living communities, like Santa Cruz," said Maria Cadenas, SCCV Executive Director. "For many families their tax refund is the largest check they will see all year and most will use that tax refunds towards savings, food, and rent."
"Our work was only made possible thanks to our partners and amazing volunteers," said Daniel Vargas, VITA Coordinator. "This year, our 19 volunteers donated over 1,240 hours to serve their neighbors."
Each year more than $6 million in tax credits remain unclaimed in Santa Cruz County. Many low-income families don't know that the credits are available or don't know how to claim them.
SCCV works to create an inclusive economy through financial capability, asset building, and advocacy. To learn more visit www.sccvonline.org or email [email protected].
SANTA CRUZ, CA - Serving 560 working families, Santa Cruz Community Ventures (SCCV) was able to help low and moderate income households receive $620,000 in federal and state refunds.
SCCV offered free tax preparation services as one of the IRS Volunteer Income Tax Assistance (VITA) partners in Santa Cruz County. This year, SCCV expanded evening and weekend hours, continued to offer free application support for those in need of an individual tax identification number (ITIN), and increased the number of bilingual volunteers and interpreters to better serve the Pajaro Valley.
"Our goal is to provide a welcoming and professional service to working families," said Brando Sencion, SCCV Program Coordinator.
"Tax refunds can be a key way to provide financial stability to families, especially in high cost of living communities, like Santa Cruz," said Maria Cadenas, SCCV Executive Director. "For many families their tax refund is the largest check they will see all year and most will use that tax refunds towards savings, food, and rent."
"Our work was only made possible thanks to our partners and amazing volunteers," said Daniel Vargas, VITA Coordinator. "This year, our 19 volunteers donated over 1,240 hours to serve their neighbors."
Each year more than $6 million in tax credits remain unclaimed in Santa Cruz County. Many low-income families don't know that the credits are available or don't know how to claim them.
SCCV works to create an inclusive economy through financial capability, asset building, and advocacy. To learn more visit www.sccvonline.org or email [email protected].
New Financial Dashboards Highlight Affordability and Wealth Gaps in the County (06/06/20216)
Santa Cruz, CA – Santa Cruz Community Ventures' (SCCV) and the University of California Santa Cruz’(UCSC) Blum Center on Poverty, Social Enterprise and Participatory Governance released three regional dashboards highlighting the issue of affordability and wealth gaps in the city of Santa Cruz, the city of Watsonville, and Live Oak.
“Our goal is to provide a quick reference for community leaders, elected officials, and our neighbors to help bring the data to life and facilitate efforts to build an inclusive economy,” said Maria T. Cadenas, Executive Director of SCCV.
All regions have a similar range in Labor Force Participation, but the disparity in wealth and assets created by the workforce is disproportionate based on region. Watsonville faces a 65% Liquid Asset Poverty rate, the percentage of households without sufficient funds to subsist at the poverty level for three months in the absence of income, compared to 29% in Live Oak, 28% in Santa Cruz, and 46% in the state of California. The household assets and average hourly wage is in part impacted by the largest employers in each region, where Watsonville faces a unique challenge on low-paying seasonal employment compared to Live Oak or Santa Cruz.
Another key indicator, the Unaffordable Rental Housing percentage, shows that a third of each region’s population is paying more than 30% of their income to housing. Likewise, while the unbanked and underbanked rates for Live Oak and Santa Cruz align close to State of California rates, Watsonville has 50% of its population as unbaked or underbanked, creating a unique gap in access to financial services and tools to build wealth.
"These dashboards shed light on the harsh realities people in Santa Cruz County face,” said Gillian Bogart, Graduate Student Researcher at the Blum Center. “They are also a testament to the kind of resilience living here demands of so many. We hope the dashboards stimulate further collaboration across communities and become a tool for building creative solutions towards economic equity in the county."
The team is proposing some short term interventions including 1) Increased use of Children’s Savings Accounts, 2) Incorporating culturally relevant financial capability programs into existing organizations, and 3) Sustained funding for basic need programs.
SCCV is a local organization working on social and economic justice. An affiliate of the Santa Cruz Community Credit Union, SCCV's work aims to create an inclusive economy in our county via education, advocacy, and wealth building efforts. Learn more at SCCVonline.org.
The focus of the UC Santa Cruz Blum Center on Poverty, Social Enterprise and Participatory Governance is to: investigate, analyze, educate and train students, scholars and practitioners in mechanisms, policies and practices that will facilitate properly scaled, innovative and effective institutional management and operation. Learn more at blumcenter.ucsc.edu.
SCCV Returns Over $660K Back to Working Families (4/27/2016)
Santa Cruz, CA – Santa Cruz Community Ventures' (SCCV) free tax assistance program gave back over $660,000 to working families in Santa Cruz County. The effort provided an average federal refund of $1,577.
"For many low-income families tax time can be a significant source of stress. They may not be able to afford a paid tax preparer or tax software," said Maria Cadenas, SCCV's Executive Director. "Many working families qualify for valuable tax credits, and in many cases their tax refund is the single largest check they received all year."
This year SCCV extended a partnership with Natividad Medical Foundation in order to offer interpreting services for Mexican Indigenous communities, a first in the United States. This complimented SCCV's already English and Spanish service. SCCV also launched a new partnership with the IRS to process Individual Tax Identification (ITIN) applications, enabling individuals without a Social Security Number to file their taxes.
"None of this would be possible without the commitment of our volunteers who step up every year, including our dedicated UCSC student interns," said Roxanne More, SCCV's VITA Coordinator.
Tax clinics were offered in multiple locations in Watsonville and Santa Cruz. Each site also offered financial education and referrals to other community programs serving working families and low-income individuals. Sites were selected based on their access to public transportation, space, and existing public assistance role in the community.
SCCV's tax assistance program is part of the Volunteer Income Tax Assistance (VITA) effort, a national Earned Income Tax Credit (EITC) project and the largest federal antipoverty program. SCCV is a local organization working on social and economic justice. An affiliate of the Santa Cruz Community Credit Union, SCCV's work aims to create an inclusive economy in our county via education, advocacy, and wealth building efforts. Learn more at www.SCCVonline.org.
Santa Cruz, CA – Santa Cruz Community Ventures' (SCCV) free tax assistance program gave back over $660,000 to working families in Santa Cruz County. The effort provided an average federal refund of $1,577.
"For many low-income families tax time can be a significant source of stress. They may not be able to afford a paid tax preparer or tax software," said Maria Cadenas, SCCV's Executive Director. "Many working families qualify for valuable tax credits, and in many cases their tax refund is the single largest check they received all year."
This year SCCV extended a partnership with Natividad Medical Foundation in order to offer interpreting services for Mexican Indigenous communities, a first in the United States. This complimented SCCV's already English and Spanish service. SCCV also launched a new partnership with the IRS to process Individual Tax Identification (ITIN) applications, enabling individuals without a Social Security Number to file their taxes.
"None of this would be possible without the commitment of our volunteers who step up every year, including our dedicated UCSC student interns," said Roxanne More, SCCV's VITA Coordinator.
Tax clinics were offered in multiple locations in Watsonville and Santa Cruz. Each site also offered financial education and referrals to other community programs serving working families and low-income individuals. Sites were selected based on their access to public transportation, space, and existing public assistance role in the community.
SCCV's tax assistance program is part of the Volunteer Income Tax Assistance (VITA) effort, a national Earned Income Tax Credit (EITC) project and the largest federal antipoverty program. SCCV is a local organization working on social and economic justice. An affiliate of the Santa Cruz Community Credit Union, SCCV's work aims to create an inclusive economy in our county via education, advocacy, and wealth building efforts. Learn more at www.SCCVonline.org.
IRS Recognition of Community Ventures to Increase Financial System Access (03/22/2016)
SANTA CRUZ, CALIFORNIA -- Santa Cruz Community Ventures (SCCV), a local organization working on social and economic justice, has been recognized by the Internal Revenue Service (IRS) as a Certifying Acceptance Agent, authorizing the nonprofit to assist foreign individuals in obtaining an Individual Taxpayer Identification Number (ITIN).
"The primary purpose for using an ITIN is to declare taxes," said Maria T. Cadenas, Executive Director of SCCV. "An ITIN can also be used to earn interest on your accounts, to apply for loans, and build and maintain your credit history. An ITIN opens the door to financial systems."
SCCV's new designation simplifies and expedites the process for foreign individuals who require an ITIN. Prior to SCCV's new recognition, local individuals would have to go to Salinas or San Jose to process their applications or pay up to $200 for the service – barriers too great for many families.
"This is about creating the building blocks to an inclusive economy," said Cadenas. "An ITIN helps increase access for local working families."
SCCV is offering ITIN application services free of charge and aligning it with its free tax clinic program. People can make an appointment and process ITIN applications with SCCV in Watsonville or Santa Cruz by calling 831.460.2317. ITINs are used as tax processing numbers for foreign nationals who are required to have a U.S. taxpayer identification number but who are not eligible to obtain a Social Security Number.
For over 25 years Santa Cruz Community Ventures has worked to create an inclusive economy in the region through financial capability, wealth accumulation, and advocacy. SCCV is the nonprofit affiliate of the Santa Cruz Community Credit Union. Learn more at www.SCCVonline.org
SANTA CRUZ, CALIFORNIA -- Santa Cruz Community Ventures (SCCV), a local organization working on social and economic justice, has been recognized by the Internal Revenue Service (IRS) as a Certifying Acceptance Agent, authorizing the nonprofit to assist foreign individuals in obtaining an Individual Taxpayer Identification Number (ITIN).
"The primary purpose for using an ITIN is to declare taxes," said Maria T. Cadenas, Executive Director of SCCV. "An ITIN can also be used to earn interest on your accounts, to apply for loans, and build and maintain your credit history. An ITIN opens the door to financial systems."
SCCV's new designation simplifies and expedites the process for foreign individuals who require an ITIN. Prior to SCCV's new recognition, local individuals would have to go to Salinas or San Jose to process their applications or pay up to $200 for the service – barriers too great for many families.
"This is about creating the building blocks to an inclusive economy," said Cadenas. "An ITIN helps increase access for local working families."
SCCV is offering ITIN application services free of charge and aligning it with its free tax clinic program. People can make an appointment and process ITIN applications with SCCV in Watsonville or Santa Cruz by calling 831.460.2317. ITINs are used as tax processing numbers for foreign nationals who are required to have a U.S. taxpayer identification number but who are not eligible to obtain a Social Security Number.
For over 25 years Santa Cruz Community Ventures has worked to create an inclusive economy in the region through financial capability, wealth accumulation, and advocacy. SCCV is the nonprofit affiliate of the Santa Cruz Community Credit Union. Learn more at www.SCCVonline.org