Governor Markell Announces Recipients of Over $450,000 in Financial Literacy Education Funding
Twenty-two Delaware nonprofit organizations will receive a collective total of $452,605 in grant money to improve the well-being of Delawareans through financial literacy programs, announced Governor Jack Markell at an event today in Wilmington. A total of 39 organizations throughout the state applied for funding from state’s Financial Literacy Education Fund (FLEF). Governor Markell was joined in his announcement by State Bank Commissioner Robert Glen, Chief Deputy Secretary of State Richard Geisenberger and representatives of the recipient organizations.
In 2009, Governor Markell signed Senate Bill 108 requiring businesses that make short-term consumers loans (such as title loans and payday loans) to pay an annual high-cost loan license fee of $1,500 for each licensed office they operate. These monies are deposited into the FLEF, which the law states must be used to fund grants to or contracts with schools or other organizations that provide financial and economic literacy skills to adults and youth.
“We are providing opportunities for adults and young people to have access to information that helps them make responsible financial decisions,” said Governor Markell. “Good financial decisions in the short term make for a better quality of life in the long term. If we educate our children about spending and saving money, we give them a better chance of making good financial decisions throughout their lives.”
The FLEF is administered by the Office of the State Bank Commissioner and the Secretary of State’s Office. Proposals for competitive grants were assessed on how they would improve the financial well-being of Delawareans. The State was particularly interested in funding proactive, preventive, and forward-thinking proposals. Applications for programs and services designed to reach populations or geographic regions within Delaware that have had limited access to financial literacy programs were strongly encouraged.
All schools recognized by the Delaware Department of Education and nonprofit organizations within the state of Delaware that have a 501(c)(3) designation by the Internal Revenue Service were eligible to apply. Agencies receiving a Financial Literacy Education Fund grant must serve the state of Delaware and its residents without discrimination based on race, religion, gender, age, disability, or national origin.
Grants were awarded in three categories: K-12 Financial Literacy Programs; Adult Financial Literacy Programs; and Targeted Campaigns focused on providing education to those facing decisions on debt, with specific emphasis on reaching out to the military, seniors, and minority communities.