Independent Development Accounts Match Steps and Checklist Adult Supporters Six steps to $1,000 A youth who is eligible for ILP services and is between the ages of 14-21 is eligible to participate in the state sponsored IDA program for a lifetime match of up to $1,000. Match dollars must be used towards the purchase of an asset in the areas of education, housing, credit building, vehicle, health, micro-enterprise or investment, credit repair or credit building. 1. Youth completes Financial Education- Keys to Your Financial Future Youth can sign up for the next training by contacting their provider or the IDA coordinator at ida@maac4kids.org. Once they verify completion of their financial education curriculum (by completing the online evaluation form), they will receive a Georgia Youth Opportunities Initiative application, if they haven t completed one already, an IDA agreement form and an award letter. Applications and agreement forms can be obtained from the IDA coordinator. The IDA coordinator must provide the award letter. The award letter and application must be returned to the IDA office before a participant is considered enrolled. At that point they will receive your survey number and survey directions. 2. Opening their account. At SunTrust- they must have: Individual Development Account Award Letter- They will receive this from the IDA coordinator after they complete their financial education. If they complete their financial education through a provider, the award letter needs to come from the IDA coordinator, and can be coordinated through the provider. State issued ID (passport, driver s license or ID card). *A student ID, even from a college, is not considered a state ID. Minimum $5 to open their account Social Security Number (they don t need their card, but need to know their number). They will need to go to a designated IDA SunTrust to open their account. Once their account is opened they can deposit their money into any SunTrust. See the included list of designated IDA SunTrust locations. Youth may also open an account at the bank of their choice but must submit their bank and account information to the IDA coordinator. Participants must complete the baseline survey within 5 days of receiving their survey information. Go to https://webserv2.metishost.com/youthopps/login.aspx. They will not have a password yet so they will leave it blank and click login. If internet access is an issue, please contact the IDA coordinator as soon as possible.
3. Youth contacts the IDA Coordinator with their bank location and account number. Once their application is completed and their account is open the IDA coordinator will process $100 seed money for their account and $25 stipend for completing the financial education. Once they complete the survey (should be completed within 5 days of receiving their survey info) they will receive an additional $30 stipend. 4. Youth saves their money. Ideally they would save at least $25 every month. Remember the goal is to teach savings. Thus, a gradual savings plan, gradual savings over time versus opening and immediately matching, is preferred but not required. Youth will receive monthly communication with employment and financial tips, EmpowerMEnt updates and reminders of savings. 5. Youth completes the follow up surveys every April and October at this website https://webserv2.metishost.com/youthopps/login.aspx? They will need to take a survey every April and October and will receive reminders to do so. They will receive $30 in their account every time they complete their survey. Again, please let us know if internet access is an issue. *Youth may opt to directly receive half of their savings. If a youth has a SunTrust account they may opt to have half of their stipend sent directly to them and the other directly deposited. If a youth has their own account in a community bank, they may opt to save half of their stipend in their MAAC account and half to them. MAAC accounts are not mandatory for participation. Participants choosing to have a MAAC account will receive balance notices after each survey month in which they participate. The MAAC account allows for an additional option to enhance their savings and was a recommendation of young people. 6. Asset Specific Training and Matching Out. When youth are ready to match out they must first complete an asset specific training and evaluation. This is a quick informational online session around their asset with an accompanying evaluation of the information. They can contact the IDA coordinator for their asset specific information. They will then be given the match asset form and begin the match process (see below). Steps for Matching 1. Contact the IDA coordinator with interest to match out. 2. IDA coordinator will assist you in completing the Match-Asset form. Remember your match check will be made to the vendor not to the youth and supporting documentation must be included- billing, lease agreement, etc. If they are matching for a car, a copy of their driver s license and either proof of insurance or ability to be insured must be provided. Other documentation will be requested if needed. A current account statement showing savings in the match amount must also be provided. For example, if a youth is matching for $200, they must show proof of savings up to $200. 3. The GA IDA team will respond within 3 business days directly to the youth, copying adult supporters as guided, with an update on the match status and any additional information needed. Additional requirements
might include, asset training, completing a survey or updating your contact information. Funds from SunTrust accounts will be released and can be withdrawn. *If a participant with a SunTrust account is not matching for their full savings, they will need to withdraw all of their SunTrust funds and deposit into another account. For example, if they have saved $500 but are only matching for $200, they will need to withdraw the full $500 and deposit the balance of $300 into another account. 6. Once all documents are received and all requirements met, matches can be made within 5-7 days. Frequently Asked Questions for Adult Supporters How does a youth get their stipend? After it is verified that the youth has completed their survey, the IDA coordinator will process the check for them and deposit it as guided (see step 5). I have a youth functioning at a lower level. Is there a curriculum for them? Please contact the IDA coordinator for more information and ideas on how to adjust the curriculum. How does a youth get their match? They need to complete the match steps listed above. Do they have to match for $1,000? No, but there is a minimum of a $100 dollar match. What if they get adopted? As long as the young person is ILP eligible, they can remain in the program. Frequently Asked Questions for Youth How old do I need to be to participate? You must be between the ages of 14 and 21 and be eligible for ILP services. To be ILP eligible, youth must have been in the care of the state for at least 6 months between their 14th and 18th birthday. What is financial education and how do I sign up? Financial Education lessons are developed to help you better understand finances and financial tools. You can sign up to take the class in person through your provider or by contacting the IDA coordinator at IDA@maac4kids.org. The financial education will take approximately 8 hours to complete. Can I use my own bank account? Yes!
Why do I have to take surveys and when? The surveys help us collect data so that we can better serve you in the future. They do not affect your account or your match in anyway. You will take your baseline survey the day you open your account and then another survey every October and April that your account is open and don t forget about the $30 you get every time you take a survey. What if I save money but change my mind? You can withdraw from the program at any time. The money in your account will always be yours. Can I take the money out whenever I need to? Yes! But if you have a SunTrust account, once you withdraw your funds you will need to open another account. How many times can I match out? You can match multiple times for a total of up to $1,000. This allows more youth to have a chance to participate. How long do I have to save my money? You must match out by your 21 st birthday. If you open an account at 14 or 19 you will have until your 21 st birthday to save your money. What can I save for? You can save for a variety of assets and goals in the following areas: housing, education, vehicle, health, microenterprise, investment or credit repair. This includes housing down payments, rent deposits, credit building, tuition or books, car payment, car insurance, medical bills or procedures, funds needed to start your own business or if you are trying to save for the future you can also save it as an investment. This sounds too good to be true- what s the catch? This is an opportunity the state wants to provide to help you save for your financial goals. The only catch is that you have to save for an asset. We also ask that you save a little each month, take your surveys and be patient with the process as we complete your paperwork for your account. What if my placement or other information changes? If your placement changes, or any other contact information, please let the IDA coordinator know so they can make sure to update your IDA records.. For more information contact Yatecca Lofton, IDA Coordinator at ida@maac4kids.org or at 678-719-2496.
SunTrust locations to open an IDA Blue Ridge Dalton Walmart Gainsville Walmart Fort Oglethorpe Walmart 204 West Main St 2545 E Walnut Ave 400 Shallowford Road 3040 Battlefield Pkwy Blue Ridge, GA 30513 Dalton, GA 30721 Gainesville, GA 30504 Fort Oglethorpe, GA 30742 EE Butler Cedartown East Rome Walmart Wilshire Pavillion 121 EE Butler Pkwy 632 N. Main St 825 Cartersville Hwy 1212 Hwy 74 South Gainesville, GA 30501 Cedartown, GA 30125 Rome, GA 30161 Peachtree City, GA 30269 Newnan Prince Avenue Vineyards Publix Galleria Branch 75 Jackson St #402 1022 Prince Ave 2095 Hwy 211 NW 125 S. Houston Lake Road Newnan, GA Athens, GA 30606 Braselton, GA 30517 Warner Robins, GA 31088 Macon Main Walton Way Broad Street Moultrie Walmart 606 Cherry Street 1602 Walton Way 801 Broad Street 641 Veteran s Pkwy South Macon, GA 31201 Augusta, GA 30904 Augusta, GA 30901 Moultrie, GA 31788 Cross Country Peachtree Mall Baxley Albany Main 2050 Auburn Ave 3491 Courtyard Way 105 W Parker St 201 S. Peterson Ave Columbus, GA 31906 Columbus, GA 31909 Baxley, GA 31513 Douglas, GA 31533 Tifton Waycross Valdosta Walmart Camp Creek Parkway 200 John Howard Way 1807 Knight Ave 340 Norman Drive 3510 Camp Creek Parkway Tifton, GA 31794 Waycross, GA 31501 Valdosta, GA 31602 East Point, GA 30344 Mall Garden City Altama Southlake 330 Mall Blvd 215 Main Street 4410 Altama Ave 1235 Southlake Circle Savannah, GA 31406 Garden City, GA 31408 Brunswick, GA 31520 Morrow, GA 30260 Fairburn Road Decatur Barrett Parkway Towne Lake 5641 Fairburn Road 2727 Candler Road 1184 Barrett Parkway 1450 Towne Lake Pkwy Douglasville, GA 30134 Decatur, GA 30034 Kennesaw, GA 30144 Woodstock, GA 30189
Lawrenceville 4095 Sugarloaf Pkwy Lawrenceville, GA 30044 Court Square 930 Main Street Conyers, GA 30012