The Battle Creek Community Foundation (BCCF) will receive a $500,000 grant from the state to establish a Children’s Savings Account (CSA) pilot program.
Governor Gretchen Whitmer recently announced the award of $1 million to support two CSA pilot programs to BCCF and Wayne Metro Community Action Agency.
“By investing $1 million into the Children’s Savings Account pilot program, we are expanding opportunities and improving outcomes for Michigan’s children," Whitmer said. “Children’s savings accounts offer an exciting platform to help families build wealth and pay for educational expenses, including extracurricular activities that are critical to a child’s development. We will continue working with our philanthropic partners to build children’s saving account pilot programs in urban and rural regions of Michigan and keep finding ways to empower every Michigander to chase their potential.”
According to a state press release, this announcement builds on the $1 million award earlier this year to the Community Economic Development Association of Michigan (CEDAM). CEDAM will develop a statewide CSA program infrastructure to support the financial success of Michigan families.
CEDAM will work with BCCF and Wayne Metro Community Action Agency to support the state’s efforts to expand access to CSAs. The two organizations will provide matching funds and are committed to offering a robust, high-quality CSA program tailored to meet the specific needs of the families and communities they serve.
Through this grant, BCCF will create CSAs for the underserved school districts of Harper Creek Community Schools and Pennfield Schools, starting in kindergarten, for a goal of 360 CSA accounts. They will also create an endowment for additional cohorts to be added.
“The Battle Creek College Access Network and the Battle Creek Community Foundation are very excited about this award. This opportunity will allow us to continue to grow a college-going culture in our community, particularly for those students who live in more rural school districts,” Annette Chapman, senior vice president and executive director of Battle Creek College Access Network said.
Read the full press release.