About the Grant
The Financial Education Innovation Fund Grant helps Massachusetts high schools bring financial education to life by supporting new or ongoing financial education fairs. This grant is designed to benefit high school students, many of whom are beginning to earn income, take out loans, and make financial decisions that could impact them for years.
Also known as "Credit for Life" fairs, these fun and hands-on simulations teach high school students how to budget, save, and make real-world financial decisions. During the fair, students select a career, receive a monthly income, and navigate expenses like housing, transportation, groceries, and retirement savings.
The fair format is flexible and can be tailored to fit your school's size and population. Past grantees have successfully hosted fairs of all sizes and have adapted the experience to fit the learning styles, abilities, and needs of their students.
Eligibility
Applicants must be one of the following:
- A Massachusetts public or charter high school
- A Massachusetts special education program approved by the Massachusetts Department of Elementary and Secondary Education
Applicants may only receive one grant per school year. Grantees will be selected through a publicly advertised application process through the Massachusetts State Treasurer’s Office. An internal selection process will be conducted based on several criteria.
Which Type of Applicant Are You?
| Applicant Type | Definition | Funding Available |
|---|---|---|
| Seed | A school that is planning a financial education fair for the first time and has not received prior funding from the Innovation Fund | Up to $6,400 |
| Innovation | A school that has executed a financial education fair in the past but has not received prior funding from the Innovation Fund. This applicant will propose how to innovate the fair by expanding and/or enhancing an existing fair. | Up to $3,200 |
| Continuation | A past Seed or Innovation school that has successfully executed a financial education fair, plans to continue the program, and is applying for a grant to expand and/or enhance an existing fair. | Up to $3,200 |
Schools that have over 50% of a student population considered low-to-moderate income, as designated by the Department of Elementary and Secondary Education, can apply for additional funding of $500.
Unsure of your category? Contact us at empowerment@tre.state.ma.us.
Apply
Applications for the Financial Education Innovation Fund Grant will open in early fall. In the meantime, create a Foundant grant application account and sign up for our newsletter to be the first to know when applications open.
New to Foundant? View our Getting Started with Foundant Guide.
Frequently Asked Questions
What are the criteria required to apply, and how does the selection process work?
- Applicants must be a Massachusetts public or charter high school or a Massachusetts special education program approved by the Massachusetts Department of Elementary and Secondary Education.
- Applicants must demonstrate a commitment to providing a financial literacy education program for their students. Innovation and Continuation applicants must show due diligence in expanding and enhancing their existing programs.
- Applicants must complete all required application documents, W-9 form, Standard Contract/Terms and Conditions, and Contractor Authorized Signatory Listing form to receive the grant.
If the applicant decides not to host a financial education fair, can they use the funds for other financial education opportunities?
No, grant monies must be used to provide a financial education fair. If grantees decide not to host a fair, grant monies must be returned to OEE.
When will grantees receive the funds?
Grant payments will be disbursed upon receipt of proper submission of W-9 form, Standard Contract/Terms and Conditions, and Contractor Authorized Signatory Listing form. Required forms will be provided by Treasury with the award notification. Only the forms provided will be accepted.
What are the criteria and restrictions for how I can use the grant funds?
The following are allowable costs:
- Stipends for eligible individuals
- Professional development registration costs
- Substitute teachers
- In-state travel for professional development activities
- Supplies, materials, and books specifically for program improvement for students with IEPs
- Supplies, collateral, printing, and reproduction of training materials
- Computer hardware or software, including licenses
- Rentals, venue, and catering costs
Are multiple schools eligible to participate in this initiative together?
Yes, multiple schools can participate, or “host,” a fair together, but only one school will receive the grant funding and be considered the applicant.
Applicants may either:
- Apply as a school district
- Apply as a single school and invite other participating schools to their financial education fair
Applicants are not able to receive more funding for additional schools participating in their financial education fair. All costs associated with inviting students from other schools and districts must be either funded through the $3,200 or $6,400 grant award or outside funding.
What if my school is unable to host a fair by itself? Will the Office of Economic Empowerment help us plan and host a financial education fair?
Unfortunately, the Office of Economic Empowerment is unable to plan or host a fair on a school’s behalf. Schools are encouraged to connect with outside organizations, such as non-profits and financial institutions, if hosting a fair is not possible.
Who can fill out forms and documents associated with this grant?
Grant application materials (online application, program design, and budget & narrative forms) can be completed by the Fair Coordinator or a Grant Writer.
Following grant award notification, only individuals authorized as legal representatives of the applicant may sign contracts, W-9 forms, and other legally binding documents relating to this grant. The Contractor Authorized Signatory Listing form must be signed by the President (or Superintendent), Chief Executive Officer, Chief Fiscal Officer, Corporate Clerk, or Legal Counsel from your school district authorizing individuals listed to sign contracts and other legally binding documents on the grantee’s behalf.