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 which still guides the coalition.
Since 2006, this array of private, public and non-profit organizations in Washington state have joined together under the WABC to improve savings and financial skills, behaviors and outcomes for working families.
Over the past two years, key WABC successes have included:
- Design and implementation of a state outreach campaign regarding the federal EITC program resulting in the expansion of free tax prep filings exceeding 18% annually.
- Conducted three FDIC MoneySmart “train the trainer” classes in 2008 resulting in more than 100 graduates who will work with low-income customers.
- Convened the June 2008 Building Assets-Strengthening Communities Conference which attracted 280 people from across the state to Yakima. Participants learned from a combination of national-caliber speakers and asset building leaders from Washington communities. Eighty-four percent of the conference attendees rated it as outstanding or above average and 97 percent said it met or exceeded their expectations. Sponsors contributed $20,000 to offset attendee costs.
- 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.
- WABC, thanks to much appreciated technical support from CFED, will be launching our Web site in mid May that will augment the regular communication provided through our WABC e-letter which goes out quarterly to over 1100 recipients.
- Under severe state revenue shortfalls, WABC’s advocacy maintained $1 million in asset building funding for the 2009-11 period.
- WABC has written and been awarded two private foundation grants (Mott and Northwest Area) in the past five months that demonstrate their commitment and support for our work.
