New Funding For Financial Literacy Programs- Applications Being Sought From Schools, Community Non-Profit Organizations
The State of Delaware has officially launched the Financial Literacy Education Fund (FLEF)!
K-12 schools and non-profit organizations throughout Delaware will be able to apply for funding to increase financial and economic literacy among youth and adults. A total of over $200,000 is available to support programs which meet criteria established by the Office of the State Bank Commissioner and the Department of Education.
“At a time when families know that every dollar earned or kept matters more than ever, the mission of bringing people together to make the most of their money is more critical than ever,”
Governor Markell said.
“The goal is to help people make the most out of every dollar – how to reduce costs, maximize returns, fix errors and identify new opportunities to turn a few dollars a week into longer-term wealth.”
The funding is derived from a fee charged to payday loan and other businesses which make short-term consumer loans. Last July, Governor Markell signed Senate Bill 108 requiring these businesses to pay an annual high-cost loan license fee of $1,500 for each licensed office which would then be used to establish and maintain a Financial Literacy Education Fund.
Proposals for competitive grants will be considered on the basis of how they improve the financial well-being of Delawareans. The State is particularly interested in funding proactive, preventive, and forward-thinking proposals. Applications for programs and services designed to reach populations or geographic regions within the State that have had limited access to financial literacy programs are encouraged.
FLEF grants will be awarded to schools and other organizations for K-12 financial literacy programs, adult financial literacy programs, and targeted campaigns for residents facing decisions on debt, with special emphasis on reaching out to members of the military, seniors and minority communities. A grants committee will oversee all grant-making, subject to approval of the Secretary of State. All schools recognized by the Delaware Department of Education and nonprofit organizations within the state of Delaware that have a 501(c)(3) designation by the Internal Revenue Service are eligible to apply.
The Fund has one competitive Program Grant cycle each year. For fiscal year 2011, grant applications will be available on October 25, 2010 and are due no later than December 15, 2010. Grants must be completed using the form available at http://sos.delaware.gov and sent to Gerard Kelly along with any attachments.
Receipt of grant applications will be confirmed via electronic mail within 3 business days. If you do not receive confirmation via email, please contact Mr. Kelly at 302-577-5092 and resubmit your application electronically.
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