A thriving business to call your own? A comfortable home? An education to learn a new skill?
Discover a tool to help you meet your financial goal faster. It's a Diocese of Olympia Invidividual Development Account - an IDA. Simply put, it's a matched savings account. For every dollar you save in your IDA, we'll match it with a dollar more.
Your dream can come true sooner than you think. Become an investor - open your IDA today!
Q: What is DO - IDA Project?
A: Diocese of Olympia Individual Development Accounts (IDAs) are a matched savings accounts that are designed to help you build savings for an investment with a high return. Education, small business or buying a home are such investments. By participating in our IDA Program and by saving money for any of those goals you become an investor and every dollar you save we match we another dollar!
Q: How does an IDA work?
A: Step One: SAVE YOUR MONEY When you sign up for an IDA you become an 'investor', setting a personal savings goal and making a commitment to deposit at least $25 every month.
Step Two: LEARN HOW TO MANAGE MONEY Attend free financial skills training to further your financial knowledge while you save. In addition to money management, you'll learn skills particularly importiatn to YOUR savings goal. Future homeowners will learn basic home repair and upkeep. Those saving for a business will learn how to write a business plan. Participants with education in mind will create a career development plan.
Step Three: INVEST YOUR MONEY! As early as six months into the program, or after completion of the training, you can begin using a portion of your IDA savings to work toward one of three long-term goals: 1. Starting or expending a business 2. Attending a school 3. Buying a home
Learn to manage your hard earned money and DOUBLE IT! The DO-IDA program offers you the chance to double your money, learn everyday financial skills to improve your long-term finances, and to help you Realize Your "American Dream"!
Who is eligible for the DO-IDA Project?
Eligibility is limited to refugees, asylees, Cuban and Haitian entrants, victims of trafficking and certain Amerasians: -who are 18 years or older and currently employed, and -who have earned income and whose household earned income at time of enrollment does not exceed 200% of the federal poverty level, and -whose assets at time of enrollment do not exceed $10,000, excluding the value of a primary residence and one vehicle.
Is participation limited to refugees who have been in the U.S. for fewer that 5 years?
No, there is no limit on the lenght of time in the U.S. However, at time of enrollment, prospective partcipants must still be refugees and not have become American citizens (But, if participants have opened up their IDA and made a deposit PRIOR to receiving citizenship, they continue to qualify for the program).
How do I start my IDA?
Signing up for an IDA is as easy as 1-2-3! Follow these steps to get yourself started on the road to savings success:
1. Contact Greg Hope, DO - IDA Project Coordinator at 206.323.3152 Ext 101
- he will let you know if there are any accounts available. If not, ask how to be added to his mailing list; - if he does have open accounts, he will let you know about any upcoming IDA orientations or how to meet with him one-on-one to fill out an application
2. At the orientation or one-on-one interview you will:
- complete an IDA program application - learn more details about the program
3. Once you are determined as eligible you will:
- enroll in the DO-IDA Project - sign up for free financial skills training - commit to a monthly savings goal - open your IDA bank account and... - begin saving
For more information about the DO-IDA Project, contact: Greg Hope Tel: 206. 323.3152 Ext 101 Email: DOIDA@rroseattle.org