|
Individual Development
Account Initiative
The Chalmers Center has launched a church-based Individual Development Account (IDA) initiative. IDAs are matched income accounts that allow economically poor households to build an asset base. This financial ministry tends to have deep impact by coupling the triumph of asset accumulation with financial literacy training and counseling. The church is in a unique position to implement IDA programs while simultaneously developing lasting relationships with participants and their families.
More about IDAs »
Vision
The Chalmers Center would like to enable churches and small-scale ministries to begin utilizing IDAs.
For a number of different reasons, most existing IDA programs operate on a large scale. It is the belief of the Chalmers Center that this approach to IDAs, while valuable, is not the only model. Churches and small ministries possess strengths and resources that large organizations do not. Among these special strengths is the capacity to minister to individuals not just as economic agents in material need, but rather as whole beings with spiritual, emotional, relational, physical, technical, and economic abilities as well as needs.
Unfortunately, many small-scale IDA projects often struggle or fail for numerous reasons. Through this project, Chalmers hopes to stand with ministries in such a way that not only allows them to succeed, but also articulates more clearly the peculiar challenges of running a small-scale IDA program.
"IDAs have been powerful tools for many institutions in helping people obtain assets. We believe that the church has the opportunity to achieve even higher success rates as they simultaneously minister to the multifaceted needs of individuals and their households."
— Dr. Lance Wescher, Chalmers Center IDA Program Director
|
Goal
The goal of the Chalmers Center’s program is to walk with small ministries and churches in starting IDA programs by providing technical consulting services as well as facilitating key institutional relationships. The experience and knowledge from this program will form the basis for a program manual geared toward empowering small ministries and churches to start IDA programs. Our hope is that this will enhance the church’s participation in bringing the Kingdom of God through ministering to the poor. We anticipate the release of the manual in the summer of 2009.
Strategy
The technical knowledge of the Chalmers Center will be backed by a network of IDA program participants and a partnership with long-time IDA provider Covenant Community Capital Corporation in Houston, Texas. Covenant Community Capital will be available to assist, when needed, with information management software and technical administration for these savings accounts, while the Chalmers Center hopes to provide a network to churches and ministries that will bring them together in practitioner-driven, group-based learning and mutual support.
Enrollment
Enrollment in the program is continuous and the services and support are currently free of charge. If your church or ministry is interested, please contact Brandon Russell at 706-419-1809 or via e-mail at brussell@covenant.edu.
|
