III Cord Foundation | IDA Program

IDA PROGRAM

What is an IDA?

An Individual Development Account (IDA) is a special matched savings account used to save money for a specific asset purchase. IDAs are similar to Individual Retirement Accounts and 401K plans; however, they are not pension plans. IDAs may be used to save toward:

1) First-time Home Ownership,
2) Post-Secondary Education
3) Child's Post-Secondary Education
4) Micro Enterprise (Small Business) Start-Up or Expansion

IDA participants attend personal financial management classes, establish a savings account at a local bank, and make monthly deposits based on a savings plan. Money saved is matched by public or private funds at rates of 1:1 up to $1,000 maximum.

Why Join?

IDAs are risk-free investments. Savers cannot lose money. At the same time, IDA's offer several benefits:

Double your savings in 1-2 years! Turn $1,000 into $2,000 or more. Traditional investments earn between 6% and 10% annually, but IDAs yield a 100% guaranteed return. That means $1,000 invested in the stock market might earn $100 in a year. By comparison $1,000 in an IDA would grow to $2,000 within 1 year.

Become a Home Owner: Build Equity. Stop wasting $500 or more a month on rent. Gather up to $2,000 down payment.

Earn a Post-Secondary Degree: Earn more money! Persons with a Bachelor's Degree earn on average $13,100 more per year than those with High School Diplomas.

Start or Expand a Small Business: Buy new equipment, more advertising, expand your market without a loan, or use your IDA savings as a down payment on a larger business loan. Be your own boss, make decisions, be creative, work long and hard hours that benefit you, not someone else.

Manage Money More Wisely: The financial education program helps savers budget money better, reduce over spending, identify spending leaks, save more money and establish regular habits of saving. Additionally, savers can unburden themselves from debt, repair credit, use credit more wisely and improve credit scores! Learn to plan for the future, as opposed to simply staying afloat today.

Who's Eligible?

Prospective savers must:

Have a goal of home ownership, post-secondary education, or small business start-up/expansion
Reside in Maricopa County
Have earned income
Have annual household income at or below the following specified levels:

Size	Max Income
1	$30,000
2	$34,450
3	$38,750
4	$43,050
5	$46,500
6	$49,950

III Cord Foundation is a private non profit, tax-exempt community foundation. The intent of our agency is to serve high risk populations in the Phoenix community. III Cord Foundation works with a range of local churches, public, private, and educational groups to promote opportunities for educational enhancement, capacity building and leadership development.

TO ENROLL

Please contact one of our project partners or contact us at:

III CORD Foundation

P.O. Box 16032

Phoenix, AZ 85011-6032

Phone: (602) 589-5500
Fax: (602) 589-5005

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