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The Community Foundation of Greater New Britain connects donors who care with causes that matter in Berlin, New Britain, Plainville and Southington. If you'd like to make a difference in your community, please contact us for more information.

Human Resources Agency of New Britain, Inc. Receives $10,000 Grant from the Catalyst Fund of the Community Foundation of Greater New Britain to Implement Budget Coaching Program

New Britain, Conn. (December 5 , 2011) – The Human Resources Agency of New Britain, Inc. (HRA) recently received a $10,000 grant from The Catalyst Fund of The Community Foundation of Greater New Britain (CFGNB). The grant will be used to augment HRA’s Foundations for Financial Independence (FFI) program by implementing a personal budget coaching initiative designed to increase financial literacy among low to moderate income individuals.

The Catalyst Funds will be employed to train 20 volunteers to do the one-on-one financial training. The volunteer budget coaches will each sign a commitment to provide 480 hours of coaching time. According to HRA, other organizations have found success with this budget coaching program, and the program is gaining national attention for innovation and effectiveness. Of the nearly 100 families in other Connecticut communities who have worked with trained budget coaches, 85% have reduced their debt, 72% pay bills on time and more than half say they’ve stayed within their budget for at least six months. HRA hopes to achieve similar percentages with their program for Greater New Britain.

As well, some of the grant funds will go towards training 15 HRA staff members to deliver the FDIC’s Money Smarts Workshop. This 10-session workshop is recognized by the U.S. Department of Labor and is used nationwide for basic financial literacy education. HRA hopes to offer the Money Smarts Workshop to up to 150 individuals from Berlin, New Britain, Plainville and Southington. The grant will also provide for two additional FDIC workshops to take place in the coming year.

“Our ability to enhance our FFI program with this significant Catalyst Fund grant will have a very positive impact for the 170 individuals who will either receive the personal budget coaching or will attend one of the FDIC workshops HRA will provide this year. These folks are trying to make ends meet on low or moderate incomes during one of the worst recessions in history,” explains Marlo Greponne, Director of Planning & Programs for HRA. “And we’ll monitor their success. We expect 80% of Money Smarts Workshop participants will demonstrate the ability to complete and maintain a budget for over 90 days, and 70% of Money Smarts Workshop participants will pay their bills on time.”

Keith Bova, Chair of The Catalyst Fund, explains, “Each year, members of Catalyst select an area of focus for grant making that addresses needs in the Greater New Britain area. This year’s focus on building financial literacy is extremely timely and greatly needed in these difficult economic times. We believe enhancing HRA’s existing Financial Independence Program by funding the budget coach training and FDIC workshops will provide a large number of individuals with the financial skills they need to improve the lives of their families and positively impact our communities.”

About The Catalyst Fund

Now in its ninth year, the Catalyst Fund is a grass-roots, community service project in which citizens from all walks of life may meaningfully participate in the philanthropic process. This giving circle of donors works to improve the quality of life in Berlin, New Britain, Plainville and Southington. Membership in the Catalyst Fund is available with a modest annual investment of $250 per individual or couple. Members pool their resources to learn about important issues facing our communities and jointly choose and award an annual grant to a nonprofit that is tackling that issue. Over the past eight years, the Catalyst Fund has provided an annual $10,000 grant to organizations addressing a variety of concerns. For example, grants have been awarded to Central Connecticut Senior Health Services for the creation of a Mobile Connecticut Center for Healthy Aging Kiosk, Literacy Volunteers of Central Connecticut for The Women’s Literacy Project and the New Britain Food Security Collaborative, a community partnership dedicated to effectively addressing food insecurity in New Britain.

To learn more about Catalyst Fund membership, please contact Ann Bova, CFGNB Director of Development, at 860- 229-6018 x 302 or abova@cfgnb.org .

For more information about the HRA Financial Independence Program Catalyst Fund Grant please contact Joeline Wruck, CFGNB Director of Program, at 860-229-6018 x 307 or jwruck@cfgnb.org .

About The Community Foundation of Greater New Britain

Established in 1941, the Community Foundation of Greater New Britain connects donors who care with causes that matter in Berlin, New Britain, Plainville and Southington. It does this by raising resources and developing partnerships that make a measurable improvement in the quality of life in each of these communities. www.cfgnb.org

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