Economic Empowerment Trust Fund

“Form 990 EZ, Part I, Line 10 ($4,450):SeedMA is a children's savings account program designed to help families prepare for post-secondary education. Every eligible 529 account opened through the SeedMA program receives a $50 deposit funded by the Economic Empowerment Trust Fund. Kindergarten students enrolled in the 2018-2019 school year in the public schools of Worcester, Massachusetts and Monson, Massachusetts were eligible to participate in the SeedMA program. Fifteen (15) 529 accounts for the benefit of kindergarten students enrolled in the Worcester public schools during FY2018 received SeedMA grants of $50.01 in FY2018. Four (4) 529 accounts for the benefit of kindergarten students enrolled in the Monson public schools during FY2020 received SeedMA grants of $50.01 in FY2020. SoarMA was a children's savings account program designed to help families prepare for post-secondary education. Every eligible 529 account opened through the SoarMA program received a $50.02 deposit funded by the Economic Empowerment Trust Fund. Five (5) 529 accounts opened through SoarMA received $50.02 in FY2020. As an incentive, three (3) 529 accounts opened early through the SoarMA program received grants of $100.05 in FY2020. The program provided a matched savings program and a financial education curriculum. The SoarMA program was open to eligible seventh graders enrolled in the following middle schools starting in the 2018-2019 school year: Consentino Middle School (Haverhill), Stoklosa Middle School (Lowell), Reid Middle School (Pittsfield), South End Middle School (Springfield), and Worcester East Middle School (Worcester). Twelve (12) 529 accounts received matching deposit grants totaling $3,550.03 via SoarMA during FY2020.”

“Form 990 EZ, Part III, Line 28: The Women's Financial Summit ("WFS"), formerly known as Women's Economic Empowerment Series ("WEES"), is a free, multi-session program that provides women training related to salary negotiation, money management, retirement, and investment strategies. During FY2020, WFS served Two (2) communities and Fifty-eight (58) women. The Economic Empowerment Trust Fund expended $405.75 on WFS ("WEES") expenses.”

“Form 990-EZ, Part III, Line 29: SeedMA was a children's savings account program designed to help families prepare for post-secondary education. The goals of SeedMA included: increase the percentage of children saving for higher education; deliver quality financial education programming to families, while also building a culture of saving and prudent budget management; and inspire economically vulnerable and disadvantaged children to enroll at and graduate from higher education institutions. Eligible 529 account opened through the SeedMA program received a $50.01 deposit funded by the Economic Empowerment Trust Fund. Kindergarten students enrolled in the 2018-2019 school year in the public schools of Worcester, Massachusetts and Monson, Massachusetts were eligible to participate in the SeedMA program. Fifteen (15) 529 accounts for the benefit of kindergarten students enrolled in the Worcester public schools during FY2020 received SeedMA grants of $50.01 in FY2020. Four (4) 529 accounts for the benefit of kindergarten students enrolled in the Monson public schools during FY2020 received SeedMA grants of $50.01 in FY2020. Five (5) 529 accounts opened through SoarMA received $50.02 in FY2020. As an incentive, three (3) 529 accounts opened early through the SoarMA program received grants of $100.05 in FY2020. Twelve (12) 529 accounts received matching deposit grants totaling $3,550.03 via SoarMA during FY2020. In total, the Economic Empowerment Trust Fund provided $5,050.47 in SeedMA and SoarMA grants in FY2020. OEE implements the SeedMA and SoarMA programs and OEE expended OEE resources on SeedMA and SoarMA in FY2020.”

“Form 990 EZ, Part IV: Per its by-laws, the EETF meets quarterly and the meetings last approximately 1.5 hours (averaged out to be approximately 0.12 hrs./week). The Economic Empowerment Trust Fund does not provide compensation to members of its Board of Trustees. The Economic Empowerment Trust Fund does not provide benefits as described in Column (d) of Part IV of Form 990-EZ to members of its board of trustees. Treasurer and Receiver-General Deborah Goldberg is Chair of the Economic Empowerment Trust Fund. It is estimated that the Treasurer and Receiver-General devotes approximately 2 hours per week to her position as Chair of the EETF. Marcony Almeida-Barros, Designee of the Attorney General, member of the Economic Empowerment Trust Fund Board of Trustees. Barbara Anthony, Appointee of the State Treasurer, member of the Economic Empowerment Trust Fund Board of Trustees. Elizabeth Barajas-Roman, Appointee of the State Treasurer, member of the Economic Empowerment Trust Fund Board of Trustees. Roy Belson, Appointee of the State Treasurer, member of the Economic Empowerment Trust Fund Board of Trustees. Senator Jamie Eldridge, Appointee of the Senate President, non-voting member of the Economic Empowerment Trust Fund Board of Trustees. Jacqueline Furtado, Designee of Secretary of Housing & Economic Development, member of the Economic Empowerment Trust Fund Board of Trustees. Hamel Husbands, Appointee of the State Treasurer, member of the Economic Empowerment Trust Fund Board of Trustees. Raichelle Kallery, Appointee of the Senate Minority Leader, non-voting member of the Economic Empowerment Trust Fund Board of Trustees. Ellen Kennedy, Appointee of the State Treasurer, member of the Economic Empowerment Trust Fund Board of Trustees. Tom Moreau, Designee of Secretary of Education, member of the Economic Empowerment Trust Fund Board of Trustees. Evelyn Murphy, Appointee of the State Treasurer, member of the Economic Empowerment Trust Fund Board of Trustees. Todd Ostrowski, Designee of Commissioner of Elementary & Secondary Educ., member of the Economic Empowerment Trust Fund Board of Trustees. Edward A. Palleschi, Undersecretary of Consumer Affairs, member of the Economic Empowerment Trust Fund Board of Trustees. Michael Prisco, Appointee of the House of Minority Leader, non-voting member of the Economic Empowerment Trust Fund Board of Trustees. Jerry Rubin, Appointee of the State Treasurer, member of the Economic Empowerment Trust Fund Board of Trustees. Representative Daniel Ryan, Appointee of the Speaker of the House, non-voting member of the Economic Empowerment Trust Fund Board of Trustees. Yvonne Spicer, Appointee of the State Treasurer, member of the Economic Empowerment Trust Fund Board of Trustees. Representative Steven Ultrino, Appointee of the Speaker of the House, non-voting member of the Economic Empowerment Trust Fund Board of Trustees. Alayna Van Tassel is the Executive Director of the EETF. Ms. Van Tassel also serves as the Executive Director of the Massachusetts Treasurer's Office of Economic Empowerment ("OEE"). OEE is a department within the Office of the Massachusetts State Treasurer and Receiver General ("Treasury") that is distinct from the EETF; however, the missions of the two entities overlap substantially and OEE implements programmatic goals of the EETF. The EETF is administered by OEE in consultation with its board of trustees. It is estimated that during FY2020, Ms. Van Tassel and OEE staff spent approximately 50% of their work week on services related to EETF funded programs. Both Ms. Van Tassel and the OEE staff are employees of the Treasury and are compensated as employees of the Treasury and not as employees of the EETF.”

“Form 990-EZ, Part I, Line 10: BabySteps Savings Plan is a seeded college savings program that has grown statewide from the SeedMA pilot program. Every child born or adopted after its launch on January 1, 2020, who is a Massachusetts resident, is eligible to receive a $50 seed deposit from the State Treasurer's Office into a U.Fund 529 College Investing Account. BabySteps is designed to empower families to plan and save for their children's higher education. During FY2020, one thousand forty (1,040) children born or adopted in Massachusetts received $50.00 grants via BabySteps for newly opened U.Fund 529 College Investing Accounts. Funds were redeposited for one (1) account which had been returned due to an issue with the account owner's information. In total, the Economic Empowerment Trust Fund provided $52,000.00 in BabySteps grants in FY2020. OEE implements the BabySteps program and OEE expended OEE resources on BabySteps in FY2020.”

“The Empowerment Grant for Small Businesses ("Small Business Grant") is a program that aims to support the well-being and continuity of small businesses serving Massachusetts' twenty-six (26) Gateway Cities. The program provides access to capital and empowerment through engagement in OEE resources. Applicants were encouraged to illustrate how they could utilize funds to support initiatives that would allow them to continue operating during and/or after the COVID-19 pandemic. Twenty-six (26) businesses, one from each of the twenty-six (26) gateways cities will be awarded a $2,500.00 grant via the Empowerment Grant for Small Businesses Program in FY2021. Funding for the Small Business Grant was made possible by reallocating $66,264.90 of unexpended funds from OEE's WFS ("WEES") program with pre-approval from the Program's sole Donor, Citizens Bank of Massachusetts. In FY2020, $1,264.90 was expended to MORE Advertising for account management, graphic and production design for the Empowerment Grant for Small Businesses Program.”

“Interest Earned BabySteps Acct 46.”

“SeedMA-Worcester Scholarship; Grant; : , , , ; , 750.”

“SeedMA-Monson Scholarship; Grant; : , , , ; , 200.”

“SoarMA Scholarship; Grant; : , , , ; , 4100.”

“BabySteps-Foundation Seed Starter; Grant; : , , , ; , 52000.”

“WEES Food Service 406.”

“Indirect Cost Recoupment 312.”