2024-05-15T19:29:26-04:00 2023-06-30 943448082 Lynn Durkin CPA 73 Border Street Scituate MA 02066 990 2022-07-01 383865038 Economic Empowerment Trust Fund ECON 24 Beacon Street STE Rm 227 Boston MA 02133 Deborah B Goldberg Treasurer 6178941262 2024-04-22 true Deborah Goldberg Lynn Durkin P01251629 7813781845 2024-05-15 X 0 00 AAL2 IAL1 2022 2023-04-26 12:10:37Z 915462 false X www.mass.gov/treasury/empowerment/ X 2011 MA Charitable, Literary & Educational 14 14 0 0 0 130500 915000 0 24 462 0 130524 915462 3300 29250 0 0 0 0 46209 44042 49509 73292 81015 842170 221773 1063943 0 221773 1063943 Charitable, Literary & Educational false false 29250 29250 The Childcare Startup Grant is a program aimed at increasing the number of childcare seats in Massachusetts. This program is funded through support from Citizens. This program seeks to fund individuals interested in starting a home childcare program in the cities of Lynn and Springfield, Massachusetts. Grantees were selected through a publicly advertised application process through the Massachusetts State Treasurers Office. Grantees will receive up to $4,500 in funding toward business expenses related to starting a home childcare program. Grantees also participated in educational webinars conducted in the fall of 2022 on running a small business and starting a childcare business. Following the application period, grantees underwent six (6) weeks of training through the United Way of Mass Bay and Merrimack Valleys Shared Services Program. See attached Schedule O supplemental info. 16382 The Community Ambassadors Program is an initiative of the Office of Economic Empowerment (OEE) funded by the EETF aimed at increasing the number of Massachusetts residents who have a deep understanding of financial foundations by creating a network of community spokespeople tasked with delivering financial education to their communities. Following an application period in early 2023, OEE selected nine (9) Ambassadors. In May 2023 Ambassadors began hosting financial workshops. Ambassadors receive a $2,5000 stipend. 10272 40000 The Worth & Wealth Seminars (W&W) is a free, multi-session program that provides women training related to salary negotiation, money management, retirement, and investment strategies. In FY23, $40,000.00 was received from Citizens Bank for workshops which will run from September 2023 through February 2024. The expenses were for website hosting, translations and administrative costs. 9629 875462 BabySteps Savings Plan is a seeded college savings program that has grown statewide from the SeedMA pilot program. Every child born or adopted after its launch on January 1, 2020, who is a Massachusetts resident, is eligible to receive a $50 seed deposit from the State Treasurers Office into a U.Fund 529 College Investing Account. BabySteps is designed to empower families to plan and save for their childrens higher education. During FY23, 9,307 children born or adopted in Massachusetts received $50.00 seed deposits for newly opened U.Fund 529 College Investing Accounts, which were funded by the Massachusetts Educational Financing Authority . In FY23 the EETF did not fund any accounts, but had administrative expenses. 4475 The Financial Wellness Program for State Employees and Retirees (Financial Wellness) is a program that provides free financial education for Massachusetts state employees and retirees. Funding was received in FY21 from the Wells Fargo Foundation through the National Association of State Treasurers (NAST). 14104 875462 70008 true true false false false false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 0 0 0 false false false false false false false false X 14 14 false false false false false true false true true false false false true false true false true false false false MA X Minot Powers Assistant Treasurer 6173676900 One Ashburton Place 12th Floor Boston MA 02108 X Various See Schedule O Board Director 0.00 0.00 X 0 0 0 Deborah B Goldberg Treasurer and Receiver-Genera 0.00 0.00 X 0 0 0 0 0 0 0 false false false 500000 415000 915000 462 462 915462 462 0 0 X 29250 29250 1820 1820 10878 10360 518 19751 19751 25 25 1834 1834 Comptroller Recoup Indirect 946 946 Administrative fees 2247 2247 Gift Card incentives 6541 6541 73292 70008 3284 0 221773 1063943 221773 1063943 0 0 X 221773 1063943 221773 1063943 221773 1063943 842170 0 X X false true X true false X 45450 172402 350250 130500 915000 1613602 467909 483278 487591 592513 1033658 3064949 513359 655680 837841 723013 1948658 4678551 612858 4065693 4678551 0.86900 1.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED Member election for additional members Part VI line 7a Under Section 35QQ, Section 10 of Massachusetts General Laws, the Massachusetts State Treasurer and Receiver General has appointing authority. Committee meeting documentation Part VI line 8b The EETF follows Chapter 30A, Sections 18-25 of the Massachusetts General Laws, 940 CMR 29.00, and the Open Meeting Law Guide published by the Commonwealth of Massachusetts Office of the Attorney General. All approved Economic Empowerment Trust Funds Board of Trustees meeting minutes are published on the EETF website. Form 990 governing body review Part VI line 11 CPA provided copies of the completed 990 to the EETF for review and approval prior to submission Conflict of interest policy compliance Part VI line 12c Public employees of the Commonwealth of Massachusetts are required to adhere to Chapter 268A of the Massachusetts General Laws. The is enforced by completing online training within 30 days of entering public service and biennially thereafter. Additionally, they must acknowledge, in writing, they received the summary of the conflict of interest law within thirty (30) days of entering public service, and annually thereafter. Five (5) board members and the EETF and Treasury support staff are public employees. Nine (9) board members are not. Governing documents etc available to public Part VI line 19 Information is available on the Economic Empowerment Trust Fund website: https://www.mass.gov/economic-empowerment-trust-fund Audited by an independent accountant Part XII line 2b The Commonwealths Office of the State Comptroller is the oversight for the ACFR and they follow the Commonwealths procurement process for the selecting and independent auditor. The procurement committee includes key stakeholders in the audit. List of other fees for services expenses Part IX line 11g Ambassador stipends, auxiliary services, contract services List of other expenses Part IX line 24e Administrative fees, gift card incentives, indirect cost recoupment from Comptrollers office