Financial Education Institute (FEI) &
Individual Development Accounts Program (IDA) - Rites/Graduates/Alumni
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Launched in 2006, the Financial Education Institute (FEI)/Individual
Development Accounts Program (IDA) for youth and young adults
ages 8-30. The FEI/IDA is an extension of Ifetayo’s Rites of Passage
Programs which support young people of African descent based in Flatbush,
Brooklyn serving borough wide and surrounding communities in their passage
from adolescence to adulthood. The Rites of Passage after-school programs
provide an educational structure and a nurturing community which build
participants’ intellectual and emotional skills, and prepare them
to grow into independent, compassionate, self-confident men and women.
The creation of the Financial Education Institute (FEI)/Individual Development
Accounts Program (IDA) allows the first full integration of financial
literacy training into the Rites programming, and addresses a glaring
need for knowledge and support in a community where most participants
are living below the poverty level, earn low incomes, and have no accumulated
wealth through asset development.
The program specifically offers classes in financial literacy training
and college counseling for four (4) groups: Youth in our SIS and IAMB Pre-Rites
of Passage Programs ages 8-12; Youth in SIS and IAMB Rites of Passage Programs
ages 13-18; Graduates of Rites Programs ages 19-30; and parents and family
members of Rites and Pre-Rites Graduates/Participants. Participation in
the program is accessible by joining one of the rites programs and committing
to completing the minimum two year curriculum or by gradating the Rites
program and joining the alumni section of the FEI.
All Pre-Rites and Rites Participants, and Rites Graduates participate
in Individual Development Accounts (IDA) Program in which they save money
towards the pursuit of post-secondary education. Their savings are matched
2:1.
