Mission and Goals

Mission

The Alabama Asset Building Coalition (AABC) is a statewide 501 c 3 nonprofit that has organized to promote financial stability for individuals and families. By encouraging savings, financial education and other wealth building programs, the coalition strives to build an economic foundation that will allow the underserved residents in Alabama to reach their highest potential and strengthen their financial future. We are composed of nonprofits, community action, & community development agencies, United Ways, federal and state government and banking regulatory agencies, and financial institutions that have joined together to achieve shared goals and objectives for the citizens of Alabama. Asset building and wealth-equalization opportunities for Alabama's citizens requires creatively networking and leveraging existing resources, utilizing the capacity of established organizations to build sustainable, consistent activities throughout the state. The Alabama Asset Building Coalition is a strategy that has, been able to achieve outcomes and 'spark' collaboration in a manner that is unique to Alabama. The strength of the Coalition is the partnership among federal, state, public, private, corporate and non-profit organizations to achieve a mission that produces outcomes and does not foster competition which would undermine the work. The Coalition draws upon the expertise and experience of federal, state and local partners to engage stakeholders in a manner that networks their existing services and capacity to achieve increased outcomes.

Goals

• Provide support to organizations that are involved in asset building initiatives around the state
• Identify asset building opportunities and implement new strategies and programs
• Serve as an educational resource for all organizations and the general public on asset building strategies
• Work toward expanding economic opportunity for all people in Alabama by advocating for change in state and federal policies

History

The Alabama Asset Building Coalition was founded in 2008 with the purpose of assembling and leading a coalition of state based organizations to establish an Individual Development Account (IDA) Program in Alabama. The purpose of the program is designed to help providing wealth building services and assets to low-moderate communities across Alabama. The coalition was established consisting of twenty-five organizations composed of nonprofits, financial institutions, bank regulatory agencies, and colleges/universities. The coalition began supporting nonprofits, local government agencies, and financial institutions by providing regional educational meetings and technical assistance in the implementation of the IDA Program.

AABC mission would later evolve to its current purpose of promoting and supporting programs, policies and initiatives that lead to asset building and economic security for Alabama individuals and families. AABC is a 501 c 3 nonprofit aimed to promote and encourage savings particularly for low-moderate communities. The organization achieves this mission through the promotion of financial education, wealth building programs, and with efforts focused on building an economic foundation that allow underserved residents of Alabama to reach higher financial potentials and strengthen financial futures.

AABC would later advance its community outreach initiatives by securing a grant from the Internal Revenue Services (IRS) to implement the Volunteer Income Tax Assistance (VITA) Program through a network of community organizations, universities and faith-based organizations. The purpose of the grant is to supports free tax preparation service for the underserved through AABC’s partner organizations. This service helps low- to moderate-income individuals, persons with disabilities, the elderly, and limited English speakers file their taxes each year.

AABC continues to work policies at the federal, state and local levels to expand economic opportunity for low- and moderate-income households. Many of AABC policy endeavors helps issues afflicting low-modern individuals such pay-day lending reform, fair housing, entrepreneurship, tax and incentives, limited access, consumer protection and financial education and access.