Delaware News

Governor Markell Announces Recipients of the Third Annual Financial Literacy Education Fund Grant

Department of State | Former Governor Jack Markell (2009-2017) | News | Office of the Governor | Date Posted: Wednesday, June 5, 2013



Dover — At an event in Dover today, Governor Markell announced 19 Delaware nonprofit organizations will receive a total of $355,000 in grant money from the state’s Financial Literacy Education Fund (FLEF). Through the FLEF grant program, these nonprofit organizations will improve the financial skills of Delawareans through education on how to budget, save, invest and plan for the future. A total of 24 organizations throughout Delaware applied for funding from the state’s Financial Literacy Education Fund. To make this announcement, Governor Markell was joined today by State Bank Commissioner Robert Glen.

The Financial Literacy Education Fund was established in 2009 when Governor Markell signed Senate Bill 108 requiring businesses that make short-term consumer loans (such as title loans and payday loans) to pay an annual high-cost loan license fee of $1,500 for each licensed office. 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 in Delaware.

In 2011, the first grant year saw 13 organizations receive over $550,000 in grant awards. In 2012, the second grant year saw 22 organizations receive over $452,000 in grant awards.

“These organizations have done our state a great service by helping hundreds of Delawareans gain the tools to make sound financial judgments,” said Governor Markell. “Our greatest asset is our people and we all benefit from a stronger economy when more people in our state make smart decisions for their future and their families.”

The FLEF is administered by the Office of the State Bank Commissioner and the Secretary of State’s Office. Applications for the competitive grants were rated on how they would improve the financial literacy of Delawareans. Programs reaching populations or geographic regions within Delaware that have limited access to financial literacy programs, particularly reaching out to members of the military, seniors and minority communities, were encouraged. The Fund has one competitive grant cycle each calendar year.

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.

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 decision on debt, with specific emphasis on reaching out to the military, seniors, and minority communities.

Contact:
Robert A. Glen
State Bank Commissioner
302-739-4235

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Governor Markell Announces Recipients of the Third Annual Financial Literacy Education Fund Grant

Department of State | Former Governor Jack Markell (2009-2017) | News | Office of the Governor | Date Posted: Wednesday, June 5, 2013



Dover — At an event in Dover today, Governor Markell announced 19 Delaware nonprofit organizations will receive a total of $355,000 in grant money from the state’s Financial Literacy Education Fund (FLEF). Through the FLEF grant program, these nonprofit organizations will improve the financial skills of Delawareans through education on how to budget, save, invest and plan for the future. A total of 24 organizations throughout Delaware applied for funding from the state’s Financial Literacy Education Fund. To make this announcement, Governor Markell was joined today by State Bank Commissioner Robert Glen.

The Financial Literacy Education Fund was established in 2009 when Governor Markell signed Senate Bill 108 requiring businesses that make short-term consumer loans (such as title loans and payday loans) to pay an annual high-cost loan license fee of $1,500 for each licensed office. 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 in Delaware.

In 2011, the first grant year saw 13 organizations receive over $550,000 in grant awards. In 2012, the second grant year saw 22 organizations receive over $452,000 in grant awards.

“These organizations have done our state a great service by helping hundreds of Delawareans gain the tools to make sound financial judgments,” said Governor Markell. “Our greatest asset is our people and we all benefit from a stronger economy when more people in our state make smart decisions for their future and their families.”

The FLEF is administered by the Office of the State Bank Commissioner and the Secretary of State’s Office. Applications for the competitive grants were rated on how they would improve the financial literacy of Delawareans. Programs reaching populations or geographic regions within Delaware that have limited access to financial literacy programs, particularly reaching out to members of the military, seniors and minority communities, were encouraged. The Fund has one competitive grant cycle each calendar year.

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.

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 decision on debt, with specific emphasis on reaching out to the military, seniors, and minority communities.

Contact:
Robert A. Glen
State Bank Commissioner
302-739-4235

image_printPrint

Related Topics:  , ,


Graphic that represents delaware news on a mobile phone

Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.

Here you can subscribe to future news updates.