Allowable purchases for each asset:
Assistive Technology Guidelines
Youth Education Guidelines
Home Renovation Guidelines
The goal of WSCAT’s Individual Development Account (IDA) Program is to assist lower income people on the Warm Springs Reservation in moving towards greater self-sufficiency by:
- Accumulating savings;
- Purchasing long-term assets; and
- Managing their finances wisely.
IDAs, or individual development accounts, are matched savings accounts that enable people to accumulate savings and purchase assets. Program participants are responsible for depositing money into savings accounts, for which they receive matched savings contributions. For each dollar participants deposit in their IDA, they receive $5 in matching funds to be used towards the purchase of an asset.
To participate in WSCAT’s IDA program, a person must:
- Be at least 14 years of age.
- Be employed or receive public benefits, unless he/she is a minor. If the participant is a minor, his/her parent or guardian must be able to show income or benefits.
- Reside on or near (within a 15-mile radius of) the Warm Springs Indian Reservation.
- Be able to attend and complete WSCAT’s financial education courses.
- Be able to attend complete WSCAT’s asset specific education course, for their asset.
Participants must meet annual Income Guidelines as published by the Oregon IDA Initiative and have a household net worth of less than $20,000. Please contact the WSCAT office, at 541-553-3148 to discuss your eligibility for the program.
How the IDA program works
Our IDA program enables you to save your own money in a bank account and have that money matched with dollars from state, federal, and private funders. With the money you save and the matching dollars, you must purchase an asset. Qualifying assets include home purchase or repair, business startup or expansion, education (either college or vocational), home renovation, assistive technology, or motor vehicles. Because WSCAT works with a wide range of generous donors, we are able to provide Warm Springs community members with matching funds at a 5:1 rate. This means that if you save $1,000, you will receive $5,000 in matching funds toward the purchase of an asset! Depending on the type of asset you are saving for, there is a minimum savings period of 6 to 13 months.
New in2018, WSCAT has reserved 15 spaces for business and 10 spaces for youth education (up to age 24). We are currently only accepting applications for these IDAs.
In the coming years, the IDA program may allow community members to save for new types of asset purchases, including retirement savings accounts and credit building.
IDA clients must do more than be accepted into the program and save their own money to receive the IDA matching funds. All clients must complete financial empowerment training and asset-specific education to help them make the most of their savings. The financial empowerment training course taught by WSCAT is called Building Native Communities: Financial Skills for Families course, and it is described in the Personal Finance section of our website. Asset-specific educational offerings are also highlighted in the Indianpreneurship and Homeownership sections.
From 2009, when the program began, until April 30, 2019, 272 Warm Springs community members opened IDA accounts, and 138 made asset purchases using their IDA savings. Thirty-six program participants bought assets for their small businesses, 26 paid for college or vocational education, 40 purchased vehicles, 18 made downpayments on a house, 11 renovated their homes, and 1 purchased assistive technology. In total clients have saved $150,465.63 in their own money, which has been matched with $684,342.71 through the IDA program. In the coming years, we hope that hundreds more Warm Springs community members will take advantage of the IDA program. Please don’t let this opportunity slip by you; join others on the path to financial success!
If you are scheduled for an IDA intake please bring in the following that apply to you:
- Photo ID: Tribal ID, State Issued ID, or a Passport
- Proof of Oregon residency: Tribal ID card, Oregon Driver’s License, or proof of address
- Most recent years tax return
- 2 months of paystubs
- If you receive per capita, food stamps, housing assistance, unemployment, pension or a similar payment, please contact the issuing agency for a statement or award letter
- Verification of all assets (including housing appraisal, Kelly Blue Book vehicle appraisal, bank account balances, retirement account balances)
- Verifications of all loans (including mortgage, Tribal Credit, student, credit card, or other debt)