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Asset Building

Asset building is an essential component of any long-term anti-poverty strategy and is in alignment with a strengths-based approach to achieving family economic success.

In providing asset building services we try to meet the customer where we are most needed – if crushing debt is the issue, credit repair is available, and if someone is considering home ownership, we can link them with education, home buying assistance and IDA’s for home purchase. Our customers have a variety of financial conditions, from those who are using their tax refund to pay back rent and avoid eviction to those who may be saving for retirement or investing.

Planning for asset building services needs to begin many months before the sites open for service. Individual hosts are able to customize the services available at their sites, based on needs of their clients, geographical location and other considerations. In 2005, each site had information on financial literacy, homeownership classes, and credit repair. In the coming year we will expand the asset services offered by having an asset specialist on site to discuss opportunities with taxpayers.

Many of the EITC Campaign tax customers were interested in receiving information on financial matters. These customers received a letter with direct contact information for agencies that could assist them. Below are the types of information in which the customers were interested:

  • Home Ownership - 11%
  • Planning for Education - 10%
  • Credit Repair - 10%
  • Getting Out of Debt - 10%
  • Job Training - 8%
  • Starting a Small Business - 8%
  • Household Budgeting - 6%
  • Opening a Bank Account - 1%
  • No response - 37%

Central District Seattle Vocational Institute

The EITC site in Seattle's Central District was sponsored by Seattle Jobs Initiative and located at Seattle Vocational Institute. SVI students were able to take advantage of free tax preparation services and SVI had the opportunity to share information about the school with all customers.

In 2006 we will relocate the Central District EITC site to a location that will be more easily accessible for local taxpayers.

  • Returns Prepared
256
  • Total Federal Refunds
$303,184
  • Average Refund
$1,184
  • Total EITC
$133,611
  • Average EITC
$1,485
  • # EITC Claimants
90
  • % EITC Claimants
35%
  • Total Child Tax Credit
$72,170
  • Average AGI
$18,991
"My last client on my last shift made the comment that someday she hoped to learn how to do her return herself. She had a simple return, with only W-2s and 1 dependent. She qualified for both the Child Tax Credit and EITC. After I entered her information, I got a paper form and instruction booklet and showed her how to do her own taxes next year. I think she left with a lot more confidence in her ability to understand the process and take more ownership."
~EITC VOLUNTEER

DOWNLOAD EITC Report 2005(PDF*)

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