Family Financial Tracking A template for tracking financial stability programs using ETO Software

Transcription

1 Family Financial Tracking A template for tracking financial stability programs using ETO Software Copyright and Disclaimer Notice Local Initiatives Support Corporation This work is protected by United States copyright law. Apart from any use as permitted by the U.S. Copyright Act, no part of this document may be reproduced, distributed, transmitted, or published without the express written permission of Local Initiatives Support Corporation. You may not alter or remove any copyright notice or proprietary legend contained in or on this document. Local Initiatives Support Corporation does not guarantee the accuracy, completeness, or usefulness of any content in this document or its fitness for any particular purpose.

2 FFT What We Track Demographics: information gathered at program entry that generally doesn t change over time Assessments: snapshots of client circumstances taken at program entry, and then repeated at intervals to see how client circumstances change Education Records: basic information about each training /school attended by the client during his/her participation in the program Employment Records: basic information about each job held by the client during his/her participation in the program Service Plans: a running record of all issues that counselors and clients are working on together - a client can be working on multiple issues at any given time Story Outcomes: individual issues that are tracked over time on Service Plans as stories with a beginning, middle and end (based on tracking methodology licensed by LISC from Project Match) a credit card, for example, is a story in FFT that may start with the opening of the card, continue through the use of the card (noting when fees are charged, or just minimum balances are being paid), and then end when the card is closed and no money is owed to the credit card company. The story of a credit card can play out in myriad ways but FFT makes it possible to tell each story through a finite set of customized codes.

3 FFT Assessments FFT Combined Financial Assessment (CFA): a comprehensive assessment of client financial circumstances, completed at program entry and then at intervals Basic Profile Credit Report Budget Household Composition Products/Practices Red Flags Participant Present? Credit Report Credit Score Revolving Accounts Foreclosure / Bankruptcy Collections Delinquencies Monthly Income Monthly Expense Monthly Net Income (auto calculated) Monthly Savings Target Balance Sheet Assets Liabilities Net Worth (auto calculated) Vision Vision of Financial Future Steps to Get There (with completion dates) DRAFT 9/9/11 CFA Data Sources: Key Outcomes: Budget Increase in Net Income Balance Sheet Increase in Net Worth Credit Report / Score Increase in Credit Score

4 FFT Service Plans / Story Outcomes Story Outcome CATEGORIES (Financial Counseling) Transacting Saving Insurance Administrative Issues / Errors / Disputes New Credit / Debt Transportation Housing Debt Resolution Story Outcomes (Income Support Counseling) Emergency Cash Assistance Child Care Subsidies FAFSA Financial Aid (grants) Food Stamps / WIC Head Start / Early Head Start Medical Benefits SSI / SSD Subsidized Housing Unemployment Compensation Utility Assistance TANF Story Outcomes (Employment Counseling) Job Search Education / Training Search

5 FFT Customized Reports FFT Budget/Balance Sheet Report (Participant Level): FFT generates this report to configure personal budget and balance sheet data from the Combined Financial Assessment into easy to read standard budget and balance sheet formats FFT Detailed Outcome Report (Participant Level): This report provides a chronological record, per client, of the issues addressed over time, and how each one progressed from beginning, middle to end. FFT Summary Performance Report (Program Level): This customized report allows program staff and other stakeholders to easily view aggregated program data the report makes it possible to quickly do three things.1) understand whether program staff have mastered the tracking system, 2) understand whether program staff are entering all the required data, and 3) assess how the program is performing overall. Among the many outcomes lifted up through this report are Program-wide Job Placements Program-wide Job Retentions Program-wide Education/Training Enrollment & Completion Program-wide Benefit Approvals and Amounts Program-wide Increases in Net Income Program-wide Increases in Credit Score Program-wide Increases in Net Worth Program-wide Participation Numbers

6 For more information CONTACT: Jennifer D. McClain Senior Program Officer Local Initiatives Support Corporation 135 S. LaSalle St., #2230 Chicago, IL Phone: Fax: Copyright and Disclaimer Notice Local Initiatives Support Corporation This work is protected by United States copyright law. Apart from any use as permitted by the U.S. Copyright Act, no part of this document may be reproduced, distributed, transmitted, or published without the express written permission of Local Initiatives Support Corporation. You may not alter or remove any copyright notice or proprietary legend contained in or on this document. Local Initiatives Support Corporation does not guarantee the accuracy, completeness, or usefulness of any content in this document or its fitness for any particular purpose.