Dozens are saving for the American dream

Individual Development Account (IDA) Participants gathered to celerate saving toward the American Dream of owning their own home or the opportunity to pursue post-secondary educational opportunities.

Arnold Thompson, an evacuee from Gulfport, Miss., holds grand-children, Terrion, 3, left, and Derrick, 2. Thompson is saving through the Individual Development Account program at FreshMinistries to purchase a home after his own home was destroyed by Hurricane Katrina.

On the evening of Dec.13, a group of enthusiastic, future-minded citizens filled the festively decorated Beaver Street Enterprise Center urban business incubator with holiday cheer and hope for the new year.

They were people who are saving money as if their futures depended on it.

“I felt a sense of real empowerment among the people who attended our Individual Development Account Christmas party,” said Vanessa Boyer, associate director of FreshMinistries Center for Urban Initiatives. “They brought their families for a fun evening of caroling, good food, fellowship and to celebrate their blessings.”

It was also a celebration of personal goals being achieved by the savings program participants.

FreshMinistries provides Individual Development Accounts, which are matched savings accounts enabling modest-income Americans to build financial assets and attain the goals of home ownership, secondary education or business ownership.

The 2-to-1 match incentive (each $1 they save is matched by $2 more from FreshMinistries) is coupled with classes participants take to learn all about budgeting and managing their money.

In cooperation with several community organizations, such as Families First, Vestcor, Jacksonville Housing Authority, Small Business Center of the Jacksonville Regional Chamber of Commerce, and RealSense Prosperity Campaign, FreshMinistries introduced the program to dozens of families during the past year, with some encouraging outcomes.

Maria Williams, an IDA participant since 2004, was recognized as a member of the “IDA 400 Club” for having saved more than $400 (which, when matched, amounts to $1,200) toward her goal of home ownership.

Williams received $50 to be deposited in their home ownership account.

“Within a year, if God wishes it, we will own our own home,” Williams said.

Giving a dramatic testimony about the savings program, Yohannes Bereket, who immigrated three years ago from his Eritrea and who now works in the printing industry, credited the savings program for giving his family a foothold on the American dream.

“Don’t waste time,” he urged the gathering of more than 80 people. “Start saving with IDA and make your dreams come true.”

“I’m taking the Money Smart Class and starting my IDA account in 2006 with the goal of opening my own house cleaning business,” said Geneva Bouyer, a resident of the Westside.

Accompanied by her twin daughters, 11-year old Diamond and Dionne, Bouyer was one of 80 people now working on their savings accounts and toward a brighter future.

At left, 11 year old twins Diamond and Dionne Bouyer (right) enjoy the holiday reception honoring IDA participants.

“My daughters are excited about our plans,” she said, “and they’re helping me budget my money and save for our future.”

For the Thompson family, who are recent Hurricane Katrina transplants to Jacksonville from Gulfport, Miss., following the destruction of their home, the IDA savings opportunity is another life ring provided by FreshMinistries programs, which include Women to the Rescue.

“Women to the Rescue connected us with the Church of Jacksonville,” said Tammy Thompson, attending the party with her husband, Arnold, and their grandchildren, Terrion, 3, and Derrick, 2. “The church has given us a home near Confederate Park rent-free for a year. We’ll be putting money we would have paid for rent straight into an IDA account.”

The Thompson’s goal is to own a home by this time next year.

Guests at the IDA Christmas Party watched a skit performed by Kaye D. Schmitz, director of the RealSense Prosperity Campaign and two volunteers from the audience, illustrating the earned income tax credit that is available to people with qualifying children (dependents).

Schmitz said the Prosperity Campaign will have more than 11 volunteer tax preparation sites available throughout Jacksonville, and encouraged guests to avail themselves of the free services and invest their refunds in IDA.

“FreshMinistries introduced IDA to residents of my apartment complex in Argyle Forest,” said Timekod Harris, a receptionist at the Veterans Administration and the single mother of Fredrick, 7. “I’m signing up for the financial training classes and starting my IDA account in January.”

“Put your best foot forward in the New Year,” said Vanessa Boyer. “Set your goals, get free financial training and open an IDA. The American dream is open to everyone who is willing to do the work.”

To find out if your family qualifies for IDA, call Boyer at 854-4444.

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