# Presentation: 040101

## Welcome!

- Establishing Sound Asset Purchase Practices

## YOUR 

**ORGANIZATION**

**Income**

**Family**

**Values**

**Current**
**Financial**
**Obligations**

**Credit**

**Work**

**Dreams**

## Successful Asset Purchase is...

- A ***process*** that begins at ***enrollment ***and ***supports*** the account holder along the path to purchase
- AND
- A ***statement*** of ***policies and procedures*** that describes the process and ensures proper accountability for all involved.

## Five Questions to Help...

- Who is involved in the asset purchase and what are their interests?
- What are the typical preparation steps for a participant?
- Where do participants tend to need support?
- Where does program staff require information?
- What policies and procedures are needed?

## 1. Who is involved and why?

**Participant:**
- Wants a successful purchase
**Project Organization:**
- Successful purchase, proper use of match, completion of responsibilities
**Asset Vendor:**
- Complete a sales transaction in compliance with laws and in useable form of payment

## Slide 6

## Process Chart Activity Instructions

- On your table is a card with an asset goal assignment.
- Using the sheets on pages 7 through 10 of your handout, ***brainstorm ***the supports that your participants may need to complete each step.
- Next, ***brainstorm*** what project staff may need to approve or verify regarding the completion of each step for the participant.
**Sketch** this in the block format following the example on a flip chart and in your workbook.  Prepare to present to group.

## Asset Purchase Policies

- Two Areas for Policy Development:
-  Participant Readiness
-   *IDA Preparation*
* **Asset-Specific Readiness*

-  General Withdrawal Policies

## Participant Readiness

- Asset goal identification
- Training attendance/participation
- Development of asset plan
- Use of counseling and other resources
- Submission of appropriate request forms and documentation
- Compliance with asset-specific readiness guidelines

## Asset-Specific Readiness

- Guidelines outlining satisfactory conditions for use of match in asset goals
- Comprehensive to entire purchase process
- Different for each asset goal

## General Withdrawal Policy

- Match fund payment
- Minimum/maximum participation periods (6 months plus)
- Standards for communicating the policies and procedures (e.g., Savings Agreements, other)
- Use of partners in asset purchase
- Flexibility
- Appeals process

## Withdrawal Procedures

## Slide 13

## Retirement Policy Ideas

- Eight-hour financial planning course required
- Submission of retirement investment plan
- Participants must sign assurance about retirement account intentions

## Retirement Procedure Ideas

- Must submit information regarding the account and institution providing it.
- Assurance must be signed in order for withdrawal to be approved.
- Require two weeks to review request and process vendor check.

## Brainstorming Obstacles for Retirement

- Initial deposit required for retirement product is greater than IDA amount.
- Participant receives contradictory information from resources about retirement products.
- Participant has difficulty determining the distribution of funds in retirement account.

## AFI Resource Center

- For more information on this or other AFI Training Curriculum modules, contact the AFI Resource Center at the Office of Community Services.
- Phone:	(202) 401-4626
- Email:	AFIProgram@acf.hhs.gov
- Web:	_[http](http://www.acf.hhs.gov/assetbuilding)__[://](http://www.acf.hhs.gov/assetbuilding)__[www.acf.hhs.gov/assetbuilding](http://www.acf.hhs.gov/assetbuilding)_