CalMoneySmart 2022-23 Grant

Portal ID:
8030
Status:
Closed (128 total applications submitted)
Opportunity Type:
  • Grant
Last Updated:
 | 

Details

Purpose:

CalMoneySmart is a grant program created by Senate Bill 455 (Ch. 478, Stats. 2019), which established the Financial Empowerment Fund. Through this program, the Department of Financial Protection and Innovation (DFPI) offers grants of up to $200,000 each to develop and deliver free financial education and empowerment programs to help unbanked and underbanked communities. 

Description:

Grant Uses

Governor Gavin Newsom signed Senate Bill 455 (Bradford, Financial Empowerment Fund) on Oct. 2, 2019. This bill requires the DFPI to administer a program (CalMoneySmart) to offer qualifying nonprofit organizations grants of up to $200,000. The grants may be used to:

Design, develop, or offer free classroom- or web-based financial education and empowerment content intended to help unbanked and underbanked consumers achieve, identify, and access lower-cost financial products and services, establish or improve their credit, increase their savings, or lower their debt. Provide individualized, free financial coaching to unbanked and underbanked consumers. Design, develop, or offer a free financial product or service intended to help unbanked and underbanked consumers identify and access responsible financial products and financial services, establish or improve their credit, increase their savings, or lower their debt.

Additionally, every project funded with a CalMoneySmart grant must:

Promote and enhance the economic security of consumers. Adhere to the five principles of effective financial education described in the Consumer Financial Protection Bureau’s 2017 report Effective financial education: Five principles and how to use them: Know the individuals and families to be served Provide actionable, relevant and timely information Improve key financial skills Build on motivation and, Make it easy to make good decisions and follow through. Include one or more specific outcome targets Include an evaluation component designed to measure and document the extent to which the project achieves its intended outcomes and increases consumers' financial well-being.

Eligibility Criteria

To be eligible for a CalMoneySmart grant, an organization must:

Be a nonprofit organization – exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and organized and operated exclusively for one or more of the purposes described in Section 501(c)(3) of the Internal Revenue Code. Have no part of their net earnings inure to the benefit of a private shareholder or individual.

Other Grant Requirements

No more than 15 percent of the grant can be used to cover administrative costs, which may include, but are not limited to, costs of workforce overhead, human resources, accounting, finance, business and facility operations, and information technology. Grantees must submit to the DFPI an annual report documenting: The specific uses to which grant funds were allocated, The number of individuals aided through use of the funds, Quantitative results from grant funding, and Any other information requested by the Commissioner of the Department of Financial Protection and Innovation. Applicants selected for a grant must submit to the DFPI a completed, signed CalMoneySmart Agreement within five business days of the award notification. Applicants selected for a grant must submit to the Department a completed, signed Form STD. 204, “Payee Data Record,” within five business days of the award notification.

Eligibility Requirements

Eligible Applicants:

  • Nonprofit

To be eligible for a CalMoneySmart grant, an organization must:

Be a nonprofit organization – exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and organized and operated exclusively for one or more of the purposes described in Section 501(c)(3) of the Internal Revenue Code. Have no part of their net earnings inure to the benefit of a private shareholder or individual.

Important Dates

Application deadline The date (and time, where applicable) by which all applications must be submitted to the grantmaker. Time listed as “00:00” equates to midnight.
Expected award announcement The date on which the grantor expects to announce the recipient(s) of the grant.
July 2022
Period of performance The length of time during which the grant money must be utilized.
Fiscal year 2022-23

Funding Details

Total estimated available funding The total projected dollar amount of the grant.
$2,000,000
Expected number of awards A single grant opportunity may represent one or many awards. Some grantors may know in advance the exact number of awards to be given. Others may indicate a range. Some may wish to and wait until the application period closes before determining how many awards to offer; in this case, a value of “Dependent” will display.
Dependent
Estimated amount per award Grant opportunities representing multiple awards may offer awards in the same amount or in varied amounts. Some may wish to wait until the application period closes before determining per-award amounts; in this case, a value of “Dependent” will display.
$1 – $200,000
Letter of Intent Required? Certain grants require that the recipient(s) provide a letter of intent.
No
Requires Matched Funding? Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source.
No
Funding Source: The funding source allocated to fund the grant. It may be either State or Federal (or a combination of both), and be tied to a specific piece of legislation, a proposition, or a bond number.
  • State

Funding Source Notes:

CalMoneySmart is a grant program created by Senate Bill 455, which established the Financial Empowerment Fund. Through this program, the Department of Financial Protection and Innovation (DFPI) offers grants of up to $200,000 each to develop and deliver free financial education and empowerment programs to help unbanked and underbanked communities. The DFPI can award up to $2 million per year until the program sunsets in 2030.

Funding Method: The manner in which the grant funding will be delivered to the awardee. Funding methods include reimbursements (where the recipient spends out-of-pocket and is reimbursed by the grantor) and advances (where the recipient spends received grant funds directly).
  • Advances & Reimbursement(s)

How to Apply

State agencies/departments recommend you read the full grant guidelines before applying.

Resources

For questions about this grant, contact:
Jeff Jelsma, 1-916-208-5716, calmoneysmart@dfpi.ca.gov

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