California Education Code — §§ 70115-70115.2
Added by Stats. 2019, Ch. 53, Sec. 18. (SB 77) Effective July 1, 2019.
Added by Stats. 2019, Ch. 53, Sec. 18. (SB 77) Effective July 1, 2019.
(A) For funding to initiate a new local child savings account program.
(B) For funding to expand an existing local child savings account program.
support the Child Savings Account Grant Program shall be used by the commission for outreach and administration of the program, to establish the Child Savings Account Grant Program Council pursuant to subdivision (d) of Section 70115.2, and to provide technical assistance to applicants pursuant to subdivision (b) of Section 70115.2.
(A) Not have a local child savings account program in operation or under development.
(B) Seek the grant to establish a local child savings account program that primarily targets children who are 0 to 10 years of age, inclusive.
(C) Have or develop a plan to augment funding it receives under this chapter to provide continued financial support for its proposed program.
(D) Indicate in its application that its proposed program has the capacity to enroll eligible children into the program or that the program has the ability to automatically enroll eligible children.
(ii) Lower average and median incomes of families living in the local program’s geographic region.
(iii) Lower college-going rates for students in the local program’s geographic region.
(iv) A higher amount of funding secured, or planned to be secured, through local budget commitments, philanthropy, or other funding sources.
(vi) A higher number of children who would have access to a college savings account under the local program.
(vii) The extent to which the applicant has a more detailed and effective plan to inform local families about the importance of establishing a college savings account, provide local families with college savings fiscal literacy assistance, and establish a college-going
culture.
(B) The commission shall give grant priority to an applicant meeting the qualifications described in paragraph (1) that has a plan to invest a minimum of one hundred dollars ($100), through a combination of initial deposits and incentive payments, into each college savings account opened under the local program.
(A) Have a local child savings account program in operation or under development that primarily targets children who are 0 to 10 years of age, inclusive.
(B) Have moneys, in addition to grants received under this chapter, to support its
program.
(C) Indicate in its application that its program has the capacity to enroll eligible children into the program or that the program has the ability to automatically enroll eligible children.
(ii) Lower average and median incomes of families living in the local program’s geographic region.
(iii) Lower college-going rates for students in the local program’s geographic region.
(iv) A higher amount of funding secured through local budget commitments, philanthropy, or other funding sources.
(vi) A higher number of outreach events demonstrated by the applicant in its application to cultivate a college-going culture and encourage contributions to child savings accounts.
(vii) Demonstrated ability to sustain and potentially expand its program.
(B) The commission shall give grant priority to an applicant meeting the qualifications described in paragraph (1) that has a plan to invest a minimum of one hundred dollars ($100), through a combination of initial deposits and incentive payments, into each child
savings account opened under the local program.
Added by Stats. 2019, Ch. 53, Sec. 18. (SB 77) Effective July 1, 2019.
entities that are not offering a local child savings account program in developing an application to receive a grant.
(A) The development of systems and infrastructure to facilitate the successful implementation and operation of local child savings account programs.
(B) Outreach and coordination with local child savings account programs.
(C) Incentives to assist in the development of sustainable and expandable local child savings account programs.
(D) Strategies to minimize grantees’ administrative fees and to cap administrative costs to better ensure that local child savings account programs are of low or no cost to participants.
(E) Contribution strategies, including recordkeeping and cash deposit strategies.
(F) The development of strategies to address local child savings account program accessibility issues, such as language barriers, identification of eligible students, and banking access.
local child savings account programs, experts in relevant fields such as taxation, savings, and outreach, and interested researchers.