Financial Coaching Partnership

CONSUMER AND BUSINESS AFFAIRS

County Spending Category
1.5 Breaking the Cycle of Intergenerational Poverty
Federal Expenditure Category
Economic Impact Assistance: Other
Project Launch Date
06/23/2023
Anticipated End Date
12/30/2024
Interpretation Languages
  • Spanish
Written Languages
  • Spanish

Project Contacts

Indicators & Metrics to Date

  • Number of Non-Profits Served
    0
  • Number of Households Served
    0
  • Total Number of Families/Households Served
    0
  • Number of CBO's partnering with TPA.
    21
  • Outreach to residence
    0
  • Number of hours of training / technical assistance (cohort)
    301.5
  • Number of Certified Financial Coaches trained
    0
  • Number of CBO grants distributed
    0
  • Number of Certified Financial Coaches trained
    0

Target Populations

Project Description

As a result of the COVID-19 pandemic, CBOs face significant challenges to increased demand for services in the face of the decline in revenue and donations. The Los Angeles County Department of Consumer and Business Affairs (DCBA) is providing training and economic assistance to Community-Based Organizations (CBOs) to help build the capacity to deliver financial coaching services to individuals in the highest and high-need communities. The purpose of the Financial Coaching Partnerships project is to establish a network of financial ambassadors to provide financial coaching and debt avoidance services to most in-need residents of Los Angeles County impacted by the COVID-19 pandemic. This project will invest $1.2 million to expand access to the Financial Coaching Certification Training (FCCT) Program to nonprofit service providers to increase the number of certified coaches who can deliver financial coaching services to support Los Angeles County residents in their economic recovery and long-term economic mobility. This project aims to ensure that the program is responsive to the negative impact caused by the COVID-19 pandemic for individuals/residents that are most severely impacted to recover economically. Specifically, to provide financial services to the unbanked, under-banked, and experiencing financial insecurity.

Goals & Objectives

Goal Description By December 31, 2024, create create pathways to economic recovery and resiliency by increasing the number of certified financial coaches in community nonprofits by 30.

Objective Description Disburse grant funding to community non-profits with the requirement that staff participates and complete the Financial Coaching Training to professionalize and standardize financial coaching services by December 31, 2024.

Activity Description DCBA will identify and enter into an agreement with a Third-Party administrator/s to carry out: 1. Select a grants administrator TPA that will disburse grants to non-profits for each staff who participates in the financial coaching training program and obtains certification (at $12,000 per staff, distribute monthly for one year)* 2. Select a Financial Coaching Training TPA that will develop a training curriculum that incorporates both financial capability concepts and effective coaching skills by December 31, 2024.
Indicators
# Type Name Baseline Target
22 Performance Number of CBO's partnering with TPA. 30.00

Activity Description The Grant Administrator TPA will disburse grants, per DCBA guidelines and collaboration, to nonprofits to train a minimum of 30 staff (at $12,000 per staff) to receive a professional certification in financial coaching.
Indicators
# Type Name Baseline Target
1 Program Outcome Number of Non-Profits Served 30.00 30.00

Activity Description The Financial Coaching TPA will develop a training plan and training schedule. TPA will then implement the financial coaching curriculum.
Indicators
# Type Name Baseline Target
25 Performance Number of hours of training / technical assistance (cohort) 66.00 166.00

Objective Description Clients are more financially capable and can make knowledgeable decisions about their financial circumstances.

Activity Description Trained coaches will provide financial coaching for 12 months per coach
Indicators
# Type Name Baseline Target
2 Program Outcome Number of Households Served 30.00 30.00

Activity Description Trained coaches will provide information about local financial capability services
Indicators
# Type Name Baseline Target
3 Performance Total Number of Families/Households Served 30.00 30.00

Activity Description The CBOs will survey clients on the results of the financial coaching provided
Indicators
# Type Name Baseline Target
6 Program Outcome Number of Households Served 30.00 30.00

Objective Description Develop at least 5 recommendations on best practices and lessons learned on how best to approach standardizing and professionalizing financial coach training and understanding its impact by December 31, 2024.

Activity Description TPA will submit regular reporting on grants disbursed, and the participant’s progress in the training program.
Indicators
# Type Name Baseline Target
2 Program Outcome Number of Households Served 30.00 30.00
26 Performance Number of Non-Profits Served 30.00 30.00

Activity Description TPA will obtain regular reporting from each grantee with performance metrics of clients served by each certified financial coach for a period of 12 months.
Indicators
# Type Name Baseline Target
23 Service Delivery Number of Households Served 30.00 30.00

Activity Description Produce a final impact report with lessons learned and best practices.
Indicators
# Type Name Baseline Target
19 Service Delivery Number of Households Served 30.00 30.00

Outcome Description At minimum 30 Financial Coaches will be certified from selected CBO’s in targeted communities by December 31, 2024.
Indicators
# Type Name Baseline Target
8 Program Outcome Number of Certified Financial Coaches trained 30.00 30.00

Goal Description By December 31, 2024, expand the capacity of Community Based Organizations to professionalize and standardize financial coaching by developing and implementing a specialized financial coaching training program across 30 CBOs

Objective Description CBOs will have access to specialized financial coaching training that certifies them to provide high quality financial coaching services to their clients by December 31, 2024.

Activity Description CBO staff will participate in and complete the financial coaching training program.
Indicators
# Type Name Baseline Target
5 Program Outcome Number of CBO's partnering with TPA. 30.00 30.00

Outcome Description At minimum 30 grants at $12,000 per staff will be awarded to Nonprofits as a stipend to train their staff as financial coaches.
Indicators
# Type Name Baseline Target
9 Program Outcome Number of CBO grants distributed 30.00 30.00

Goal Description By December 31, 2024, establish a network of 30 financial coaches across 30 CBOs which will increase the availability of standardized and professionalized financial coaching services throughout Los Angeles.

Objective Description Los Angeles County residents in the hardest hit and most in need communities will benefit from financial coaching services through services provided by December 31, 2024.

Activity Description In collaboration with DCBA and the third-party administrator, CBOs will identify the Census tracts of the hardest hit and most in need communities in the County to conduct outreach.
Indicators
# Type Name Baseline Target
21 Service Delivery Outreach to residence 30.00 30.00

Activity Description CBOs will offer financial coaching services to those residents who seek out assistance as a result of the targeted outreach.
Indicators
# Type Name Baseline Target
4 Performance Number of Households Served 30.00 30.00

Outcome Description Establish a network of nonprofits that have added capacity to provide financial coaching services in L.A. County due to the investment made by DCBA
Indicators
# Type Name Baseline Target
10 Program Outcome Number of Certified Financial Coaches trained 30.00 30.00