United Way of the River Cities  - Awarded Grant for "America Saves" Pilot Project and promotes "America Saves Week"

The Southwest Earned Income Tax Credit (EITC) Coalition, with United Way of the River Cities as the lead agency, has been chosen to pilot a savings project as part of the statewide Earned Income Tax Credit effort.  The project will be modeled around the “America Saves” program.  “America Saves” is a nationwide campaign in which a broad coalition of nonprofit, corporate, and government groups help individuals and families save and build wealth.  Through information, advice and encouragement, assistance is offered to those who wish to pay down debt, build an emergency fund, save for a home, save for an education, or save for retirement.  “America Saves Week” which runs February 24 – March 2, 2008, is a new and expanded effort aimed at reaching more institutions and individuals to increase awareness about the need to save money, reduce debt and build wealth, with a primary focus on financial action. 

The local savings campaign, in conjunction with EITC coalition efforts, has the potential to greatly improve the financial stability of families in our region.  “The savings rate across the United States is negative 1%,” said Michele Sigler, Project Director of the Southwest EITC Coalition.  “Although there has been much publicity recently about spending, as a result of the tax stimulus package, the EITC Coalition wants to make sure that individuals understand the importance and necessity of saving.”  

The Earned Income Tax Credit, or EITC, is a powerful work incentive and anti-poverty tool that has benefited millions of hard-working families since its inception. The EITC is a refundable credit offered through the federal tax system.  Families earning less than $40,000 could receive up to $4,700 back from the IRS. It is estimated that nationally 25% of eligible families do not take advantage of the credit.  In West Virginia alone this could be as many as 185,000 households. 

Saves Week will promote saving and building wealth by providing educational materials.  In addition, the project will provide information about resources which are available through local agencies and financial institutions that assist individuals and families to build wealth through savings, debt reduction, and/or credit repair.  The local pilot will be used as a best practice model for 6 other regional coalitions working in partnership with the West Virginia Alliance for Sustainable Families. 

 For more information, visit the following websites:
www.wveitc.org, www.americasaves.org or contact Michele Sigler at 304-523-8929, ext. 12 or michele.sigler@unitedwayrivercities.org.