Brief Summary of Minutes of Annual Meeting

Attending: Cathy Bowen, Bernadine Enevoldsen, Liz Gorham, Mike Gutter, Sherman Hanna, Celia Hayhoe, Lisa Marcinko, Teresa Mauldin, Nancy Porter, Jane Schuhardt, Catherine Solheim

Goal: Draft data collection instrument

Activity: Team members discussed variables to arrive at consensus about what to include in the draft. We agreed that for those questions that were also on the SCF we would like to use parallel language to allow for comparison. Small groups worked on various sections of the draft: Teresa and Nancy on demographics; Lisa on income sources and wealth; Mike on education; Celia on access to financial benefits; Liz on encouragements to save; Bernie and Cathy on money management behaviors; Sherman and Mike on savings measures; Jane on funding sources.

Outcomes: Work groups reported back to the group as a whole and discussed. Mike will incorporate ideas into the next draft of the instrument. Jane presented the following framework and suggestions for funding:

Funding Possibilities Discussed and Matrix Developed Category/Who/Trigger/Why/Contact Foundations/NEFE(75-100k)/Savings/Anthes Foundations/FPA/Planning Fooundations/CFP Board(small)/Planning/Diffendaffer Foundations/CFA/Savings/Steve Brobeck Foundations/Ford/Savings/Barron Tenny Foundations/Investor Protection Trust/Investment decisions/Don Blandin FederalGov/CSREES-No FederalGov/ERS/Rural/Offutt FederalGov/Treasury/GAO/Savings rate/Ianicola Corporate/Citigroup/Financial literacy/ Dara Duguay Corporate/Chase Education 1st/Personal finance/Pam Britton

Next Steps: Mike will send out a revised draft to group in September. Feedback will be discussed via the listserv during October. The next meeting will be held via conference call from 10-11 on November 12. Following, we will seek estimates from survey research centers and apply for human subjects approval. Cathy and Jane will make some potential funder contacts in D.C. in September. The team will discuss authorship and data usage in December.

Notes to Self regarding follow-up: " Contact Robin D. about non-participation in project " Set conference call time for December " Add Lisa Marcinko to listserv " Check on Bernadine.Enevoldsen@sdstate.edu on listserv with Sue Badenhof

Notes from NC1013 Follow-up Funding Exploration on September 15, 2004 in Washington, D.C. by Jane Schuchardt and Catherine Solheim

NOTE: Thanks to Jane for supporting us with her unbelievable connections and reputation in Washington, D.C.

Wrote one-page descriptor to share with potential funders or advisors

Visited by phone with Pam Britton from Chase Education First Foundation. She expressed interest in the project and requested a brief description so that she could share with Chase to gauge their interest. Later Jane received communication that Pam was waiting to learn which group in their new structure would be most appropriate.

Visited by phone with Dara Duguay at Citigroup (duguayd@citigroup.com). She expressed interest in the project and asked for a brief description as well as clarification of universities 501C3 or tax exempt status. Mike Gutter was contacted and he provided us with the documentation from Wisconsin that was forwarded to Dara.

Met with Steve Brobeck, Consumer Federation of America, for advice on how we might proceed to seek funding. He suggested that what most people are interested in is why savings education does or doesnt work. He also suggested we develop an informal advisory committee of research and industry leaders to help move this forward. Two academics he mentioned as having national recognition are Mike Staton at GWU (formerly at Purdue) and Elizabeth Warren at Harvard. Steve also suggested Citigroup, American Express, and NEFE as potential funding partners. Finally, he suggested that the Opinion Research Corporation at Princeton might be a cost-effective option for data collection.

Plans for 2005-2006 1. Pilot instrument and methodology in multiple states with multiple groups - fall 2005/winter 2006; use state resources where available to fund pilot 2. Continue to seek external funding for large-scale study 3. Hold monthly conference calls to keep momentum going 4. Hold face to face meeting in January, 20006 to review pilot data and revise instrument and methodology

Chang, C.C., DeVaney, S. A., & Chiremba, S. T. (2004). Determinants of subjective and objective risk tolerance. Journal of Personal Finance, 3(3), 53-67.

DeVaney, S. A., Chiremba, S., & Vincent, A. M. (2004). Life cycle stage and housing cost burden. Financial Counseling and Planning, 15(1), 31-39.

Guion, L., Turner, J., & Wise, D. (2004). Design, implementation and evaluation of a financial elder abuse program. Journal of Extension. Available at: http://www.joe.org/joe/2004june/a6.shtml.

Gustafson, C. (2004). Rural small business finance: Evidence from the 1998 Survey of Small Business Finances. Agricultural Finance Review, 64, 33-44.

Hogan, M. J., Solheim, C., Wolfgram, S., Nkosi, B., & Rodrigues, N. (2004). The working poor: From the economic margins to asset building. Family Relations, 53(2).

Articles in Refereed Conference Proceedings Bishoff, M. C., Gorham, E. E., Pankow, D., & Healy, B. (2004, November). Legally secure your financial future: Organize, communicate, prepare. Proceedings of the Association of Financial Counseling and Planning Education. Denver, CO. 17-20.

Chase, M., Leech, I., Hayhoe, C. R., & ONeill, B. (2004, February). Strategies to enhance young adults financial decision-making. Proceedings of the 32nd Conference for Eastern Family Economics and Resource Management: Taking Risks in Research and Education, Tampa, FL. 3-7.

Gordon, G. M., Bankston, J., Gorham, E. E., & Porter, N. (2004). Legally secure your financial future: Organize, communicate, prepare curriculum showcase. Proceedings of Western Family Economics Association, Honolulu, HI. Available at http://www.csus.edu/indiv/a/andersenj/wr/research/2004/contents2004.htm.

Gorham, E. E., Bankston, J., & Pankow, D. L. (2004). Motivation for getting legal papers in place. Proceedings of Western Family Economics Association, Honolulu, HI. Available at http://www.csus.edu/indiv/a/andersenj/wr/research/2004/contents2004.htm.

Hayhoe, C. R., & White, A. B. (2004). Practical applications of financial counseling techniques for students: An inter-departmental project. Poster session presented at the annual meeting of the Association for Financial Counseling and Planning Education, Denver, CO.

Mimura, Y., & Mauldin, T. (2004). Poverty dynamics and changes in marital status among mothers with special focus on mothers in Georgia. Poster session presented at the fall meeting of the Public Service/Outreach Annual Meeting, Athens, GA.

Vanderford, S. E., Mauldin, T., & Mimura, Y. (2004). Financial resources earned and non-earned: A comparison of complicated and biological low-income families. Poster session at the fall conference of the Association of Public Policy Analysis and Management, Atlanta, GA.

Zhang, H., & DeVaney, S. A. (2004). The impact of households ability, willingness, and uncertainty on the probability of emergency funds adequacy. Proceedings of the Association for Financial Counseling and Planning Education, 94-103.

Presentations at Professional Conferences Porter, N., Bischoff, M., Stovall, C., Sweedler, K., & Wise, D. (2004). Financial security in later life showcase of programming success. National Extension Association Family & Consumer Sciences Annual Conference, Nashville, TN, October 3-7.

Wise, D. (2004). Gaining economic empowerment through financial literacy. Tennessee Economic Summit for Women, Nashville, TN, December 3. Invited panelist.

Wise, D. (2004). Seven steps to building wealth. Tennessee Jump$tart Teacher Training Conference, Murfreesboro, TN, July 14-15. Invited presenter.

Wise, D. (2004). What teenagers dont know about financial education and what we need to do. Tennessee Jump$tart Teacher Training Conference, Murfreesboro, TN, July 14-15, 2004. Keynote speaker.

Wise, D. (2004). Tennessee Saves: Partnerships for financial education. National Savings Forum, Washington, DC, June 23. Invited presenter.

Wise, D., Gault, J., & Neilson, B. (2004). Developing a comprehensive state financial education program. National Extension Association Family & Consumer Sciences Annual Conference, Nashville, TN, October 3-7.

Wise, D., George, V., Reid, F., & Powers, M. (2004). Homebuyer education and Money Smart programs. Capacity Building for Non-Profits Conference, Tennessee Housing Development Agency, Nashville, TN, October 12. Invited presenter.

Wise, D., Puett, J., Gault, J., Bell, B., & Sheeley, B. (2004.) Seven steps to wealth building. Tennessee Association of Family & Consumer Sciences Joint Conference, Paris Landing State Park, TN, March 2-7. Invited presenter.

Wise, D., Rupert, M., Haynes-Bordas, R., & Janke, B. (2004). Working with financially vulnerable populations. National Extension Association Family & Consumer Sciences Annual Conference, Nashville, TN, October 3-7. Invited presenter.

Extension Publications Gorham, E. (2004). Medicare Part D: Prescription drug insurance, Brookings, SD. South Dakota State Uni

versity Extension Service Website at http://sdces.sdstate.edu. Hayhoe, C. R. (2004). (354-045). Deciding if bankruptcy is an option for you. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Hayhoe, C. R. (2004). (354-041). 2004 tax law changes. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Hayhoe, C. R., Chase, M., & ONeill, B. (2004). (354-080). What young adults need to know about money. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Hayhoe, C. R., & Williamson, S. (2004). (354-0460). Renters rights and responsibilities: The basics. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Hayhoe, C. R., & Williamson, S. (2004). (354-025). Home equity conversions: Reverse mortgages. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Hayhoe, C. R., & Williamson, S. (2004). (354-047). Refinancing your mortgage. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Wise, D. (2004). Tools for money management: Net worth statement instructions. Knoxville, TN. The University of Tennessee Agricultural Extension Service.

Wise, D. (2004). Tools for money management: Net worth statement worksheet. Knoxville, TN. The University of Tennessee Agricultural Extension Service.

Wise, D. (2004). Tools for money management: Saving-spending plan instructions. Knoxville, TN. The University of Tennessee Agricultural Extension Service.

Wise, D. (2004). Tools for money management: Saving-spending worksheet. Knoxville, TN. The University of Tennessee Agricultural Extension Service.

Grants Bowen, C., Radhakrishna, R., & Furry, M. (2004). Pennsylvania Saves. College of Agricultural Sciences Seed Grant. The Pennsylvania State University. (2004-2005). $14,900.

Gorham, E. (2004). Promotion of the High School Financial Planning Program. National Endowment for Financial Education (NEFE). $1,000.

Gorham, E. (2004). Legally Secure Your Financial Future Curriculum Development. Association of Financial Counseling and Planning Education. $2,000.

Gorham, E. (2004). Legally Secure Your Financial Future: Communicate, Organize, Prepare. Sub-contract for data analysis. $5,000.

Porter, N. M. (2004). Promotion of the High School Financial Planning Program. National Endowment for Financial Education (NEFE). $1,000.

Solheim, C. A. (2004). Financial Coaches Training Program Evaluation. Minnesota Department of Human Services Grant. (March 2004  May 2005). $8,500.

Trautman, K., & Gorham, E. (2004). Medicare-Approved Drug Discount Card Sign-Up Campaign for Low-Income Eligible Beneficiaries and Medicare Education. USDA/CSREES. $50,000.

2003 Book Chapters DeVaney, S. A., & Chen, Z. (2003). Economic status of older men and women. In Lois A. Vitt (Ed.), Encyclopedia of Retirement and Finance, 1, 208-211. Westport, CT: Greenwood Press.

DeVaney, S. A. (2003). Pension plans for the self-employed. In Lois A. Vitt (Ed.), Encyclopedia of Retirement and Finance, 2, 594-597. Westport, CT: Greenwood Press.

DeVaney, S. A. (2003). Research applications in financial preparation for retirement. Research Methods in Family and Consumer Sciences. Alexandria, VA: AAFCS. 114-122.

Porter, N. (2003). Financial education for seniors. In Lois A. Vitt (Ed.), Encyclopedia of Retirement and Finance, 1, 280-285. Westport, CT: Greenwood Press.

Articles in Refereed Journals Baeck, S., & DeVaney, S. A. (2003). Determinants of the type of mortgage: Conventional or federally guaranteed mortgage. Financial Counseling and Planning, 14(2), 53-62.

DeVaney, S. A., & Chen, Z. (2003). The accumulation of net worth as workers approach retirement. Journal of Personal Finance, 2(1), 54-77.

DeVaney, S. A., & Kim, H. (2003a). Older self-employed workers and planning for the future. The Journal of Consumer Affairs, 37(1) 101-120.

DeVaney, S. A., & Kim, H. (2003b). Womens knowledge of their pension plans. Journal of Family and Consumer Sciences, 95(2) 19-25.

Kim, H., & DeVaney, S. A. (2003). The expectation of partial retirement among family business owners. Family Business Review, 16(3), 199-210.

Wise, D. (2003). Re-framing expectations of employment: providing experiences for building life skills. Fueling Dreams by Promoting Family Resilience. Family Relations and Human Development/Family Economics and Resource Management Biennial: The Journal of the FRHD and FERM Divisions of the American Association of Family and Consumer Sciences.

Wise, D., & Ezell, P. (2003). Characteristics of effective training: Developing a model to motivate action. Journal of Extension, 41(2). Available at: http://www.joe.org/joe/2003april/a5.shtml.

Articles in Refereed Conference Proceedings DeVaney, S. A., Presley, S., & Chen, Z. (2003). Consumer bankruptcy filing and repayment of debt. Academy of Financial Services Paper Abstracts, 17, p. 11.

Hayhoe, C. R. (2003). Retirement and other financial information for family caregivers. Family Economics and Resource Division of the American Association of Family and Consumer Sciences Conference, Washington, DC.

Leach, L., Hayhoe, C. R., Allen, M., & Brewster, B. (2003). Improving parent-college student discussions about credit. Poster session presented at the annual meeting of Association for Financial Counseling and Planning Education, Savannah, GA.

Lee, Y., & DeVaney, S. A. (2003). Determinants of savings behavior. Association of Financial Counseling and Planning Education, 91-97.

Moore, W., & Wise, D. (2003) Employee education: a win-win situation. Proceedings of the American Council on Consumer Interest Annual Conference. Atlanta, GA.

Porter, N. M. (2003). Financial security in later life: A national initiative maximizing the national, state, territory, and local organizational model of the CES. Proceedings of the Galaxy II Conference (p. 344). Salt Lake City, UT.

Presley, S., & DeVaney, S. A. (2003). Examining the financial recovery period after the loss of a spouse. The Gerontologist, 43(1), 109.

Schuchardt, J., DeVaney, S., Vohs, K., Faber, R., Gutter, M., & Finke, M. (2003). The economic and psychological determinants of household savings behavior. Consumer Interests Annual, (49), http://www.consumerinterests.org/i4a/pages/Index.cfm?pageid=3432.

Wise, D., Bower, L., Gault, J., & Puett, J. (2003). Marketing and evaluation tools for welfare-to-work audiences and facilitators. Proceedings of the Association for Financial Counseling and Planning Education Annual Conference. Savannah, GA.

Wise, D., Gault, J., & Puett, J. (2003). Partnerships for savings education. Proceedings of the Association for Financial Counseling and Planning Education Annual Conference. Savannah, GA.

Wise, D., & Puett, J. (2003). Effectively using simulations to teach youth financial education skills. Proceedings of the Association for Financial Counseling and Planning Education Annual Conference. Savannah, GA.

Wright, K., & Porter, N. M. (2003). BE-SMART: An interagency educational program for seniors. Proceedings of the Galaxy II Conference (p. 487). Salt Lake City, UT.

Presentations at Professional Conferences Chase, M., ONeill, B., & Hayhoe, C. R. (2003). Enhancing financial literacy using Newspapers in Education. Workshop at the Annual Meeting of Association for Financial Counseling and Planning Education, Savannah, GA.

Hayhoe, C. R., & Chase, M. (2003). What is money and the cost of parenting. Workshop at the annual meeting of Association for Financial Counseling and Planning Education, Savannah, GA.

Moore, W., & Wise, D. (2003). An employee education program for limited resource employees: A win-win situation. Strengthening & Building Partnerships for Workforce Development Conference, Orlando, FL, March 2-7.

Moore, W., & Wise, D. (2003). Employee education: a win-win situation. American Council on Consumer Interest Annual Conference, Atlanta, GA, April 4-5.

Wise, D., Bower, L., Brandon, D., & Puett, J. (2003). Facilitating adult learning. Galaxy II Extension Conference, Salt Lake City, UT, September 21-25.

Wise, D., & Carroll, D. (2003). Classroom tools for teaching financial management. Tennessee Association Family & Consumer Science/Tennessee Association Extension Family & Consumer Science Annual Meeting. Johnson City, TN, April 2-4. (Invited presenter.)

Wise, D., Puett, J., Gault, J., & Bell, B. (2003). Partnerships for statewide savings education. Galaxy II Extension Conference, Salt Lake City, UT, September 21-25.

Wise, D., Puett, J., Gault, J., & Bower, L. (2003). Tennessee Saves. Entrepreneurial Extension Pre-Conference, Association for Financial Counseling and Planning Education Annual Conference, Savannah, GA. November 18-20.

Extension Publications Bowen, C. F. (2003 revision). Cutting Credit Costs: Understanding Credit Fees. University Park, PA. The Pennsylvania State University.

Flashman, R. H., Hayhoe, C. R., & Lesueur, A. Jr. (2003). (354-141). Emergencies: Are You Prepared? Your Personal Checklist of Important Documents.

Gorham, E. (2003). Household account book. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Gorham, E. (2003). EXTFCS 40-B: Reduce your debt&the PowerPay way. Brookings, SD. SDSU Extension Electronic Publication.

Gorham, E. (2003). Setting up a budget. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Gorham, E. (2003). Tracking your spending I. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Gorham, E. (2003). Tracking your spending II. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Gorham, E. (2003). PowerPay© computer program: A tutorial. Brookings, SD. SDSU Extension Publication.

Gorham, E., & Pankow, D. (2003). (ExEx14082) Consequences of living on the credit card. Brookings, SD. South Dakota State University Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Hayhoe, C. R. (2003). (354-028). How to make your money go further. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Hayhoe, C. R. (2003). (354-027). Getting out of debt. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Hayhoe, C. R., Dillard, A.F., Jamison, S., & Chase, M. (2003). (354-031). Planning for baby - Consumer issues. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Hayhoe, C. R., Jamison, S., Dillard, A.F., & Chase, M. (2003). (354-030). Planning for baby - Financial issues. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Grants Gorham, E. (2003). Promotion of the High School Financial Planning Program. National Endowment for Financial Education (NEFE). $1,000.

ONeill, B, Hayhoe, C. R., & Chase, M. E. (2003). Financial Literacy Using Newspapers in Education. J.P. Morgan Chase Foundation. $25,000.

Porter, N. M. (2003). Promotion of the High School Financial Planning Program. National Endowment for Financial Education (NEFE). $1,000.

Wise, D. (2003). Homebuyer Education. Tennessee Housing Development Agency. (2004-2006). $50,000.