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TO: Mayor Richard C. Irvin
FROM: Martha Paschke, Director Innovation & Strategy
DATE: November 27, 2024
SUBJECT:
A Resolution authorizing the Director of Purchasing to enter into an agreement with Operation Hope to become a service partner as managing agent for the Aurora's Promise Children's Savings Account (CSA) program for a twenty (20) year term in an amount not to exceed $1,983,600.85.
PURPOSE:
The Aurora's Promise Children's Savings Account (CSA) program is being established in an effort to equitably prepare Aurora's children for the challenges and opportunities ahead while narrowing wealth gaps and providing knowledge and skills necessary to access higher-paying job opportunities.
Operation Hope, founded in 1992, is a 501(3) organization that has received a 4-star rating from Charity Navigator for 10 consecutive years. Operation Hope operates a number of initiatives with a mission to expand economic opportunity, making free enterprise work for everyone. Operation Hope operates its financial literacy and economic empowerment initiatives through over 275 locations around the country.
Operation Hope has managed the City of Atlanta's Child Savings Account (CSA) program since it was established in 2021, currently managing over 7,500 accounts for that program.
Operation Hope's proposal leverages their knowledge and experience in managing a municipal CSA program to effectively and efficiently launch and operate Aurora's Promise CSA program through ownership and management of accounts and facilitation of outreach and engagement activities.
BACKGROUND:
On December 5, 2023, City Council approved the FY24 Budget which included funds to establish a Children's Savings Account (CSA) program.
CSA programs are long-term savings or investment accounts designed to help young children save for postsecondary education. With over 128 CSA programs operating across the country and nearly 5,000,000 children benefiting, CSAs are growing in popularity due to the support...
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