Community Economic Development
The Community Foundation has been focused upon the economic development of our community for more than 30 years. In our ongoing role as a regional leader, the Foundation promotes a community-driven process aimed at building the capacity of organizations and residents so they can work together to improve the quality of life in our area.
By working as a catalyst for positive change, the Community Foundation is committed to mobilizing support and the philanthropic resources necessary to make improvements. Currently the Foundation is focused upon the programs areas of early childhood education and financial stability.
Early Childhood Education
By investing in early education, the savings reaped by the community include decreased costs in schooling, social service, crime and health care. If we are to move our economy forward, we must invest in early childhood programs. High quality early childhood programs have been shown to increase job growth more than subsidies to business. Investment in Pre-K ensures the availability of future labor, reduces crime and health issues. By forming public-private partnerships and investing in early childhood programs we can shape our future.
Financial Stability
In the United States, 41% of adults gave themselves a grade of C, D, or F on their knowledge of personal finance in a survey conducted by The National Foundation for Credit Counseling. The Financial Stability strategy is focused upon Individual Development Accounts, Volunteer Income Tax Assistance and Earned Income Tax Credits.
One component of asset building is the support of Individual Development Accounts (IDA). The Community Foundation of South Alabama in partnership with the United Way of Central Alabama has provided more than $55,000 for IDAs in South Alabama. These special matched savings accounts help participants save earned income that can be used to buy a home, capitalize a small business or post-secondary education and training.
The Foundation works actively to increase awareness and participation for Volunteer Income Tax Assistance (VITA). The VITA program provides free volunteer tax assistance for low to moderate income tax payers as well as those with limited English proficiency and disabilities. These families are also eligible for Earned Income Tax Credits. Earned Income Tax Credits remain the single largest federal aid program for working families and approximately 20% of qualified recipients are unaware of their eligibility.
Community Economic Development Initiative History
The impact of devastating hurricanes in 2004 and 2005 exacerbated widespread community issues that existed before the storms. This situation not only hindered recovery but threatened the long term health of our community.
In response to this overwhelming need, The Ford Foundation awarded The Community Foundation of South Alabama a four-year capacity building grant to pursue community economic development projects promoting the long term recovery of our region. On behalf of our nonprofit partners and the citizens of South Alabama, we would like to thank the Ford Foundation for support and guidance that has made the community economic development initiative possible.
One area of concentration was workforce development programs that provide training and education to individuals to meet the needs of local business for skilled workers. The Community Foundation in partnership with the City of Mobile, the Mobile Area Chamber of Commerce and the Mobile Area Education Foundation assisted with the establishment of The Southwest Alabama Workforce Development Council (SAWDC).
Today SAWDC is an independent nonprofit organization and a strategic partner of The Community Foundation, whose sole purpose is to establish a seamless workforce development system that supports economic and job development to meet the needs of business and industry in our community.
After the storms, The Community Foundation invested more than $2.6 million in the long term recovery efforts of South Alabama. Projects that received funding from the Foundation included healthcare services, work force training for displaced workers, and disaster recovery efforts.