Organizational Information:

Mennonite Central Committee of British Columbia (MCC BC) was established in 1962 as the provincial arm of MCC Canada. Its activities include managing a range of economic and social service programs in BC and raising funds for overseas programs. The BC programs include Employment & Community Development (ECD), Aboriginal Neighbours, Refugee & Newcomer Assistance, Women's Issues, AIDS Education, Youth Programs, International Visitor Exchange, Supportive Care Services, Social Housing, Thrift Stores, Ten Thousand Villages, and Disaster Services

Program Description:

Future Foundations is a project that equips low-income individuals with the tools and resources to build their savings, assets, and financial skills to help alleviate their poverty permanently. The concept of Individual Development Account programs was introduced to MCC-Employment & Community Development (MCC-ECD) in 1998 culminating in the creation of the Future Foundations pilot program in 2000. Future Foundations operates on the premise that poverty is not just a matter of income, but also of assets. If the poor are enabled to save, they will build a future for themselves and their children. Savings are restricted for use on high return investments like a small business, education, or a home. Through the savings period the participant attends financial education sessions, peer group sessions, and one-on-one counselling sessions.

Program goals are to:

Help participants develop patterns of regular savings for life;
Help participants increase their self-confidence, take ownership of their lives, and have a positive outlook on the future;
Create a path for participants to lift themselves out of poverty through asset building (business start-up or expansion, education, or home ownership);
Promote social responsibility among program participants and partners and contribute to the well-being of the greater community.

Participants can use the savings they accumulate in the program for:

Purchasing a home;
Enrolling in Education / Training;
Starting or Expanding a Small Business; or,
Other assets as approved by program staff.

Target Participant Criteria

Future Foundations is designed to work with 15 participants per cycle over a 24-month period. Participants are eligible for participation in Future Foundations if:

They are at least 19 years old;
They have minimal savings and assets;
They have some steady source of earned income;
Their total household income falls below the LICO index for household size 1 to size 5;
Participants are eligible to apply for the program if they are residents of Abbotsford, Mission, or Chilliwack;

To date, the majority of participants have been female and over half of the participants were in the 35-44 year age bracket. There was also a significant number of single parents in the two intake groups (43% -intake one; 25% - intake two). Participant income profile was dictated by the program's entrance requirements (total income below Low-Income Cut-Off index)

Program Contact Information:

Program co-ordinator, MCC BC
Phone: 604-859-6790
Email: futurefoundations@mccbc.com
Website: www.mccecd.bc.ca

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