Financial Education Innovation Fund Grant

In collaboration with the Division of Banks and the Office of Consumer Affairs and Business Regulation, the Office of Economic Empowerment is proud to offer the Financial Education Innovation Fund Grant, commonly known as “Credit for Life Fairs.”

Applications for the 2024 Financial Education Innovation Fund Grant are now closed. This page will be updated if and when more funding becomes available for future rounds. Learn more about the typical application process below.

Download the full Program Summary document to learn more.

In collaboration with the Division of Banks and the Office of Consumer Affairs and Business Regulation, the Office of Economic Empowerment (OEE) offers grant funding towards financial education fairs through the Financial Education Innovation Fund Grant. A financial education fair is a fun, interactive simulation of saving, spending, and budgeting based on career choices and lifestyle decisions. Student participants choose an occupation and make a variety of financial decisions, ranging from where to live and how to save for retirement to buying a television or owning a pet.

The target audiences for this grant are high school students. At this stage many students begin to earn a real income from jobs, so the fair experience has an immediate application. The fair concept can be adapted to suit the needs of your school and for your students. In the past, grantees have prepared fairs both large and small, and schools have adapted the structure to be accessible to students who need special accommodations.

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. Applicants will fit into one of the following categories:

Seed Applicant is defined as an applicant school that is planning a financial education fair for the first time and has NOT received prior funding from the Innovation Fund. Seed applicants may apply for up to $6,400 in seed funds to start a new program.

Innovation Applicant is defined as an applicant 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. Innovation applicants may apply for up to $3,200 in funding to improve their existing financial education fairs.

Continuation Applicant is defined as a past Seed or Innovation grant recipient school. These schools have successfully executed a financial education fair, plan to continue the program, and are applying for a grant to expand and/or enhance an existing fair. Schools that were grant recipients during the 2015-2022 school years are eligible to apply again for up to $3,200 in continuation funds.

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.

If you have any questions about which category your schools fits into, please email [e-mail].

How to Apply for a Grant

Applications for the 2024 Financial Education Innovation Fund Grant are now closed. Learn more about the typical application process below.

1. Submit the online application form. As a part of this online application, you will be required to include a:
   • Budget & Narrative Form (required for all applicants).
   • Program Design Form (ONLY required for Seed and Innovation applicants).
     • These documents should be attached to the online application form above. Applicants can include these forms at the end of the application. Any submissions without one or both of these forms (depending on the type of applicant) will be considered incomplete.
2. Submit other forms after award notification.
   • All awarded grantees are required to submit the Commonwealth of Massachusetts "Contractor Authorized Signatory Listing" form, a standard contract, and a Treasury-provided W-9 form 10 business days after grant notification.
     • These forms will be emailed directly to grantees.
3. Complete post-fair evaluation

   • All awarded grantees are required to submit survey data following their financial education fair. Student participants AND Fair Coordinators are required to complete post-participation surveys provided by the Office of Economic Empowerment.

Timeline

• Tuesday, September 12^th: Applications launch.
• Monday, November 13^th: Applications close.
• OEE then reviews applications and selects grantees.
• Monday, December 11^th: Grantees are alerted of selection; W-9 form, Standard Contract/Terms and Conditions, and Contractor Authorized Signatory Listing documents must be submitted no later than 10 business days after grant notification.
• December 31^st, 2024: Fairs are completed and student and Fair Coordinator surveys are returned to OEE.

Questions and Answers (Q&A)

What are the criteria required to apply and how does the selection process work?

• Applicants must be Massachusetts public or charter high schools or a Massachusetts special education program approved by the Massachusetts Department of Elementary and Secondary Education.
• Applicants must show a commitment to providing a financial literacy education program on behalf of 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 in order to receive grant.

If the applicant decides to not 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 to not 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 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

Please note, 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 through 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.