The WABC grew out of an August 2006 Asset Building Summit in Ellensburg, WA which attracted more than 140 leaders from across the state. The 2006 Summit not only educated participants about asset building imperatives and policy, it also engaged those in attendance in creating an initial set of desired goals and actions to improve savings and financial skills, behaviors and outcomes for working families:
- Create a range of private and public prosperity products for asset building;
- Develop and promote public and lending policies for asset building;
- Market savings, smart borrowing and benefits like the EITC; and
- Expand financial literacy opportunities and outcomes across the state
From its inception in 2006 to early 2009, the WABC received organizational and staff support from the Washington State Department of Commerce (formerly the Department of Community, Trade, and Economic Development). In early 2009, WABC's Steering Committee made the decision to form WABC as a nonprofit corporation to enable WABC to act independently and pursue its mission and goals. The coalition incorporated as a Washington State nonprofit in 2009 and has been operating under the fiscal sponsorship of the Washington State Microenterprise Association while waiting for federal tax exempt, nonprofit status from the IRS.
Over the past four years, WABC successes have include:
- Convening three, statewide Building Assets, Strengthening Communities conferences with national caliber speakers and asset building leaders from Washington communities. The next conference will take place June 21-22, 2011 in Yakima, WA.
- Securing $100,000 in federal funds to expand and enhance financial education statewide.
- Conducted three FDIC MoneySmart "train the trainer" classes in 2008, resulting in more than 100 graduates who work with low-income customers.
- In partnership with Burst for Prosperity, development of a financial coaching training which will be provided at no cost in 2011 to 150 participants statewide.
- Gained Legislative budget support that expanded funding to $1.8 million for local and statewide asset building activities for the 2007-09 period. WABC also restored new funding for IDAs over the same period and passed the first EITC-based sales tax rebate (Working Families Tax Rebate) in the nation.
- Under severe state revenue shortfalls, WABC's advocacy maintained asset building funding for the local coalitions in the 2009-11 period.
- Successful grant applications for support from private foundations and nonprofits (Mott, Northwest Area, Strategies to Eliminate Poverty, Corporation for Enterprise Development) that demonstrate their commitment and support for our work.