DES MOINES, Iowa (3/13/08)--The Iowa Credit Union Foundation received a $10,000 grant in January from Prairie Meadows Racetrack and Casino through its 2007 Community Betterment Grant Program. The funds will be used to support the Credit Union Family Partnership Project, which will make individual development accounts (IDAs) available to qualified families through participating credit unions. An IDA is a matched savings account in which a participant saves for one of four specific purposes:
* Saving funds for a down payment or closing costs on a first home; * Creating an account for post-secondary education or job training; * Starting or expanding a small business; or * Purchasing a vehicle to commute to work.
The Prairie Meadows Grants Advisory Committee--comprising education, religious and business leaders from the greater Des Moines area--reviews grant requests and recommended funding levels. The Iowa foundation was one of more than 190 organizations to receive funding from Prairie Meadows. “Individual development accounts help working families leverage their savings toward the purchase of a long-term financial asset,” said Marybeth Foster, foundation executive director. “These funds will allow us to select our participating credit union partners and to provide financial education to families and individuals in the program. “Our goal is not only to help families save money, but to give them the tools they need to better manage their finances for the long term,” she continued.