Globe Newswire, January 7, 2021: FFP to develop and support pro bono financial planning programs serving thousands of Americans facing financial hardship in 2021
WASHINGTON, D.C.: January 7, 2021 – The Foundation for Financial Planning (FFP), a 501(c)(3) nonprofit organization dedicated to expanding access to pro bono financial planning for people in crisis or need, today announced that it will award grants to 16 nonprofit organizations around the country, each working to deliver pro bono financial planning to populations who could otherwise not afford or access such services. These organizations will benefit from more than $460,000 in grants that FFP has allocated since COVID-19 began impacting American families and businesses last spring.
FFP will also continue to support and develop its national programs and volunteer “matching” efforts to expand pro bono financial planning services nationwide. Benefiting pro bono clients in 2021 will include low- to moderate-income individuals and families, such as those affected by cancer, military veterans, victims of natural disasters, domestic violence survivors, financially vulnerable seniors, frontline healthcare workers, and more. These programs target to reach more than 15,000 at-risk people with free, one-on-one advice from Certified Financial Planner™ professionals in 2021.
Grant funds from FFP will support the following organizations:
- American Nurses Foundation in Silver Spring, MD
- Angel Foundation in Mendota Heights, MN
- Bedford Stuyvesant Restoration Corporation in Brooklyn, NY
- Britepaths (formerly Our Daily Bread, Inc.) in Fairfax, VA
- Caroline Friess Center, Inc. in Baltimore, MD
- CASH Campaign of Maryland in Baltimore, MD
- Catholic Charities of Dallas, Inc. in Dallas, TX
- Down Syndrome Indiana in Indianapolis, IN
- Family Reach in Boston, MA
- Financial Planning Association® (FPA®) in Denver, CO and selected FPA® Chapters
- NCEF-NAPFA Consumer Education Foundation in Chicago, IL
- Prepare + Prosper in St. Paul, MN
- San Diego Financial Literacy Center in San Diego, CA
- United Policyholders in San Francisco, CA
- United Way of Central Florida in Lakeland, FL
- Working in Support of Education (W!SE) in New York, NY
Grants to three of these organizations – Caroline Friess Center, Britepaths, and Bedford Stuyvesant Restoration Corporation – were funded through FFP’s Communities of Color initiative, in partnership with BNY Mellon’s Pershing, to help connect more families of color with CFP® professionals during a time of economic uncertainty. “Black and Latinx families have a fraction of the wealth of white families, resulting not only in less economic security but also in less access to quality, objective financial planning and advice,” said Jon Dauphiné, CEO of FFP. “Through FFP’s Communities of Color initiative, pro bono financial planners can help alleviate the financial burden that many of these families face.”
FFP’s grants will also support individuals and families affected by the pandemic. By December 2020, close to 60 percent of U.S. households reported financial challenges caused by the COVID-19 crisis, with three-quarters of that group struggling to pay their bills. With many households reporting reduced income as unemployment remains high, people are facing wrenching economic choices.
“COVID-19 has made financial advice and guidance more important,” said Sara Johnson, co-founder and COO of FFP Grantee, CASH Campaign of Maryland. “With the growing financial impact of the pandemic affecting already vulnerable families, CASH is proud to partner with the Foundation for Financial Planning to provide these critical financial services.”
This year, FFP will award its second annual Alexandra Armstrong Innovation Grant to Working in Support of Education (W!SE), whose FFP-funded program will help bring virtual, one-on-one financial counseling to domestic violence survivors. This special grant – named after longtime FFP supporter and trustee Alex Armstrong – is awarded annually to a nonprofit organization demonstrating remarkable creativity and potential impact in its programming. Armstrong received FFP’s first-ever Lifetime Achievement Award in 2019.
“Each of these diverse nonprofit organizations contributes to our mission to expand access to pro bono financial planning programs for people in need,” explained Dauphiné, also noting that two of the 2021 grant recipients are part of FFP’s signature Pro Bono for Cancer effort, which funds pro bono financial planning services for cancer patients and their families. Since 2018, the campaign’s funded programs have served over 1,000 families via the efforts of over 330 financial planners.
On January 15, FFP will open applications for 2022 grants, with funding available in January 2022. Eligible 501(c)(3) nonprofit organizations are invited to apply by visiting foundationforfinancialplanning.org/our-work/grants/. The application process will close on April 30, 2021.
About the Foundation for Financial Planning
The Foundation for Financial Planning is a Washington, DC-based 501(c)(3) charitable organization, solely devoted to supporting the delivery of pro bono financial planning to at-risk populations, including active military members and wounded veterans, people with cancer and other serious medical diagnoses, seniors and family caregivers, low-income individuals and their families, domestic violence survivors and many more. Dedicated to powering pro bono financial planning, FFP has provided more than $8.3 million in grants to national and community-based pro bono programs; worked with partners to activate more than 22,000 financial planners to volunteer their time and talents; and acted as a leader and catalyst to embed a rich tradition of pro bono service across the financial planning profession. Visit FoundationForFinancialPlanning.org to learn more.