CASH CAMPAIGN OF MARYLAND INC
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Mission Statement
The CASH Campaign of Maryland promotes economic advancement for low-to-moderate income individuals and families in Baltimore and across Maryland. CASH accomplishes its mission through operating a portfolio of direct service programs, building organizational and field capacity, and leading policy and advocacy initiatives to strengthen family economic stability. To learn more, visit our website: www.cashmd.org
About This Cause
CASH intentionally works to reduce financial stress and build the confidence (self-efficacy) of our clients. Financial education not only increases preparedness for economic difficulties and allows people to avert significant debt or financial stress but also promotes success. To CASH, success is when our clients achieve financial well-being. Financial well-being is achieved when a person can fully meet current and ongoing obligations, feel secure in their future, and make choices that allow them to enjoy life (CFPB). In other words, financial well-being is having financial security and freedom of choice in the present and when considering the future. It entails having control of daily/monthly finances, the capacity to absorb financial shocks, and the freedom to make fun choices while still being on track to meet financial goals. CASH's vision is for the economic landscape provides opportunities for individuals and families to achieve financial mobility, to recover from financial instability; and to have the tools and resources they need to save, build assets, and weather a financial emergency. CASH believes –based on its own work and evidence from cities and states across the country– that the long- term achievement of this vision requires integration into larger systems. Financial capability works best when it is a salient component of other programming. There is a significant need for greater financial capability and economic security among Maryland families, especially among residents of Baltimore. Thousands of low-income families struggle to make ends meet and face the rising costs of basic needs such as food, transportation, and housing while working in persistently low-wage jobs. There is an ongoing and relentless challenge to keep one’s head above water. Addressing the financial wellness of Maryland residents, CASH provides free tax preparation, benefits screening, financial education, financial coaching/planning, and hosts outreach events for community members. CASH continues to lead a network of direct service providers that also offer these financial services by providing organizations with funding, training, and technical assistance. In Baltimore City, CASH has built strategic partnerships with over 150 community organizations, financial institutions, and city agencies. Across the state, CASH partners with over 50 local organizations to provide free tax return preparation (as well as financial education classes and financial coaching). The Maryland CASH Academy provides free or low-cost financial education classes on a range of topics; provides a statewide calendar of financial education classes, workshops, and events; offers easy student registration by phone or online; and connects financial educators and provides them with professional training opportunities. Our Volunteer Income Tax Assistance (VITA) and financial capability programs help low- income individuals and families access valuable tax credits and public benefits, effectively manage finances, repair and build credit, and save for emergencies. Our clients receive the benefit of saving on preparation fees (~$306/return commercially) and do not incur costs for unnecessary products. Tax sites offer opportunities for putting refund dollars into savings (E.g., U.S. Savings Bonds can be purchased directly from a tax return), and sites assist taxpayers with additional asset-building services such as benefits screening and financial education. Across 8 sites in Baltimore in 2022, 168 volunteers prepared 4,800 tax returns. Keeping cash in the pockets of households that need it most, Baltimore residents were refunded a total of $10.3 million. To enhance practitioners' capacity to improve the financial stability of those they serve, CASH has worked with various organizations to review existing programs and identify methods to support the financial well-being of clients. In this capacity, CASH provides classroom instruction to case managers and knowledge to support clients as they move towards financial stability. CASH also reviews intake processes, case management structures, existing curricula, data collection tools, and discharge methods to identify opportunities to embed financial readiness indicators and support for clients. CASH has improved supporting partners by using tools from the Emergent Learning Framework in annual site visits to help partners to assess their impact, which allows CASH to focus its limited resources in a more customized way and partners to deliver more services. CASH is a data-driven organization committed to an ongoing cycle of data collection and analysis feeding into program self-assessment and continuous improvement. In addition to customer feedback mechanisms, CASH is aided by the quantitative nature of its core work. The tax software reporting tools enable detailed review of operations and outcomes, and CASH tracks volunteer and partner staff training. The Internal Revenue Service also conducts quality assurance site visits to confirm that mandated site operation procedures are followed. The volunteer and staff tax preparers at the CASH Campaign of Maryland free tax preparation sites are all trained and certified by the Internal Revenue Service (IRS), so taxpayers can rest assured that only highly trained people are helping them. In addition to free VITA and financial capability programs, CASH exerts significant effort on research and advocacy to promote economic advancement. We staff the Maryland Financial Education and Capability Commission chaired by Senator Katherine Klausmeier (District 8 – Baltimore County) and Delegate Dana Stein (District 11 – Baltimore County). In the past legislative session, we advocated for and successfully gained passage of numerous state level policies such as the opportunity to claim missed EITC funds through the newly created Maryland Earned Income Tax Credit Assistance (HB 252/SB 369 – Supporting Maryland’s EITC) and to refund claimants the missing amount of their initial unemployment insurance payments (HB 4 – Improving the Unemployment Insurance (UI) System). Through these resources and services, the CASH Campaign of Maryland strives to further financial wellness for low-to-moderate individuals and families.