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The FutureFundz program was established in 1999 by Juma Ventures, a social entrepreneurial non-profit organization. Today FutureFundz is the largest asset-building and Individual Development Accounts (IDA) program in the U.S. for young people ages 14 to 29.
FutureFundz helps youth build assets in two ways: 1) by providing youth with IDAs with clearly defined authorized savings goals, and 2) by requiring youth to participate in a Training Component that is explicitly designed to help them develop financial management skills and make the psychological connection to saving and building assets as a means of advancement. FutureFundz also matches up to $5,000 over three years on participants' monthly IDA savings to help them accumulate money needed for high-return investments such as education, home ownership and micro-enterprise development.
FutureFundz presents four workshops, each focused on developing financial management skills from budgeting to investing and credit. Upon workshop completion, youth participate in monthly Investors Club meetings that focus on asset-building and forming relationships with peers.
In 2003, 115 youth opened IDA accounts through the FutureFundz track. Also, over 700 young people participated in basic financial literacy training workshops, and 155 opened their first bank account through the First Accounts track, designed specifically for younger members of the program. Through the FutureFundz and First Accounts tracks, youth are equipped with building tools, education, and support to help them exit poverty and envision bold futures. In 2004, Juma intends to train and open accounts for 290 youth.
Merrill Lynch supports expansion of the FutureFundz to increase the number of low-income youth taking part in this asset-building program.
"Juma's IDA program helped me save for college tuition and a computer. I've also learned how to budget and how to track the money I spend."
- Dorethea Burton, IDA participant
News Releases
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Contact Information:
Jim Schorr
Executive Director
Juma Ventures
131 Steuart Street, Suite 201
San Francisco, CA 94105
Phone: 415.371.0727, x220
Fax: 415.371.1634
E-mail: jims@jumaventures.org
Website: www.jumaventures.org |
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Program Contact Information:
Mary Bussi
Program Support Director
Phone: 415.252.0502, x216
Fax: 415.252.0940
E-mail: maryb@jumaventures.org
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