Call for Applications
Building Capacity for Household Financial Resilience
How are community-based organizations supporting household financial resilience?
The Institute for Emerging Issues (IEI) at NC State University is seeking applications from NC community-based organizations that work to increase household financial resilience, especially for communities with historically increased barriers to saving and debt management. Those selected will join IEI’s Financial Resilience Community Cohort.
Organizations selected for the cohort will benefit from:
- Increased visibility for their organization’s efforts. We provide a statewide platform for each organization to highlight their work. In addition, we will track and communicate each organization’s efforts in this program, capturing lessons learned and inspiring others to scale what works.
- Free support to strengthen each organization. All cohort members will receive an organizational assessment to enhance their ability to effectively complete their work. Additional support will be tailored to the specific needs of each organization and will take place over a 12- to 18-month period, depending on the time needed to deliver the support.
- A peer learning network to share with—and learn from—organizations working in communities across the state.
There is no fee for participating in the cohort, and IEI will cover travel expenses for organizations to attend two daylong meetings in Raleigh over the course of 18 months. Much of the cohort work will be virtual.
The Financial Resilience Community Cohort is an extension of IEI’s multi-year program of work recently highlighted at the 2024 Emerging Issues Forum.
Please direct any questions about this call for applications to IEI Director of Community Initiatives Samantha Graham. Applications are due no later than Friday, March 29, 2024, at 5 p.m. EDT.
Additional Information on the Call for Applications
Too many of us are unprepared for an economic downturn or for those unexpected—but all too common—financial emergencies, like a major car repair, large medical bill or appliance replacement. According to a 2022 survey by the Consumer Financial Protection Bureau, 37% of American households reported that they would be unable to cover more than a month’s expenses if they lost their main source of income. An inability to handle financial challenges can threaten the stability of households through increased debt and a decreased ability to afford essentials like housing, healthcare or food. As important, the emotional stresses that accompany financial emergencies can undermine the mental and physical health of household members.
Boosting financial resilience—the ability to financially withstand and recover from unexpected economic challenges—is crucial to the future of North Carolina’s households and communities and the state as a whole.
At IEI, we believe that local communities—with their traditions, willingness to work, and history of coming together in tough times to solve big challenges—are the unit of change to spark action. Five community-based organizations will be chosen to be a part of our Financial Resilience Community Cohort. They will work with IEI and each other over a two-year period to implement solutions that make them stronger and better equipped to succeed. We see community-based organizations as the experts that can lead change and inspire others to raise household resilience levels across North Carolina. This will be IEI’s 10th cohort promoting community-level change.
The cohort will be recruited through an open application process in spring 2024. We expect to receive applications from non-profit, community-based organizations that work directly with households to strengthen their financial wellbeing. Such organizations may provide some combination of financial education or counseling, access to public benefit programs, such as those for food, broadband service or housing, as well as organizations that provide free tax filing services that help lower-income families access all tax credits for which they are eligible.
Those organizations selected for the cohort will benefit in several ways. Each will receive:
- A peer learning network where members share with—and learn from—organizations with the same mission;
- Individualized capacity building anchored in an organizational assessment that identifies key opportunities and challenges facing the participating members; and
- Increased visibility for their efforts as IEI tracks and communicates their work to others around the state.
Who Can Apply: Community-based organizations refers to nonprofit and public entities located in a region, county, city, town or neighborhood. These can include, but are not limited to, units of local government, educational institutions, businesses, non-profit organizations and faith communities.
Benefits and Expectations for Financial Resilience Community Cohort Members
The five organizations selected for the Financial Resilience Community Cohort will:
- Receive an organizational assessment to identify key capacity-building needs for their organization.
- Work with a support provider who will address one or more of those needs over 12-18 months, depending on the time needed to deliver the support.
- Participate in five semi-annual peer learning meetings over a 24-month period. There will be two in-person and three virtual meetings that include sharing successes and problem-solving challenges.
- Commit to sharing what you learn with a statewide audience to capture lessons learned and inspire others to scale what works.
These activities and a sample meeting timeline are provided in Appendix 1 (download the Appendices here).
Application Criteria
Eligibility: As noted above, a “community-based organization” refers to a public or private entity located in a region, county, city, town or neighborhood. Applicants must provide the following information to be considered for the Financial Resilience Community Cohort. The application narrative must not exceed three pages, not including the cover page (download the Appendices here and see Appendix 2 for a template of the cover page). The narrative must be single-spaced, 12-point font with one-inch margins.
The application narrative should not exceed three pages and must include the following:
- Current Effort: Tell us about your organization’s efforts to support financial resilience in your community. Describe recent activities and investments that have received public and/or private support.
- Your Success: How does your organization measure success? Please provide relevant information that describes the impacts of your work in the past three years.
- Challenges and Opportunities: What are the current challenges and potential opportunities for boosting the effectiveness of your work? How might participating in the Financial Resilience Community Cohort enhance your organization’s success?
Application submission and review: Applications are due no later than Friday, March 29, 2024 at 5 p.m. EDT and should be emailed in a single PDF to Samantha Graham at samantha_graham@ncsu.edu.
An email will be sent to confirm receipt of the application. A committee will review each application against the criteria described above and select five organizations to join this effort. Those selected will represent a diverse mix of initiatives from across the state. All applicants will be notified of their status by April 26, 2024.
