Child Savings Account Grant Program

Departmental Grant ID:
20-102
Portal ID:
4178
Status:
Closed
Opportunity Type:
  • Grant
Last Updated:
 | 
Categories:

Details

Purpose:

The California Student Aid Commission (Commission) is accepting grant applications from qualifying entities, including California local government agencies and nonprofit organizations, that sponsor or collaborate on one or more comprehensive citywide or regional child savings account programs.  

Description:

The Commission will provide funding for a grant period beginning upon the disbursement of funds from the Commission, which is anticipated to be on or about March 8, 2021. Funds shall be available for encumbrance or expenditure until June 30, 2022.  Funds that will be awarded are available based on an eligible applicant’s timely submitted and properly completed application and proposed budget. The total funds available for this grant program is ten million dollars ($10,000,000). 

The Budget Act of 2020 appropriates ten million dollars ($10,000,000) in one-time General Fund dollars to the CSA Grant Program. The amount of each grant award shall be at a minimum, one hundred thousand dollars ($100,000). Of the ten million dollars ($10,000,000):

1. Up to 74 percent or seven million four hundred thousand dollars ($7,400,000) of the funding shall be used to initiate new local child savings account programs.

2. A minimum of 24 percent or two million four hundred thousand dollars ($2,400,000) of the funding shall be used to expand existing local child savings account programs.

3. Two percent or two hundred thousand dollars ($200,000) shall be used by the Commission to provide outreach and administration of the program, and to provide technical assistance to applicants.

Eligibility Requirements

Eligible Applicants:

  • Business
  • Individual
  • Nonprofit
  • Public Agency
  • Tribal Government

Who can apply? New Programs – Child Savings Account programs that are in planning or under discussion, and do not have children enrolled in the program with open accounts at the time of the application submission. Existing Programs – Child Savings Account programs that are in operation and have children enrolled in the program with open accounts at the time of the application submission.

Eligible Geographies:

Only programs operating and serving communities in California.

Important Dates

Application deadline The date (and time, where applicable) by which all applications must be submitted to the grantor.
Expected award announcement The date on which the grantor expects to announce the recipient(s) of the grant.
Mid 01-2021
Period of performance The length of time during which the grant money must be utilized.
03-08-21 to 06-30-22

Funding Details

Total estimated available funding The total projected dollar amount of the grant.
$10,000,000
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.
Dependent
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 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).
  • Advance(s)

Funding Method Notes:

Grantees will be required to submit Payment Requests to obtain funds. 

How to Apply

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

Resources

For questions about this grant, contact:
Linda Vu, 1-916-464-8107, linda.vu@csac.ca.gov