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Albemarle High School Student Branch Proposal

Albemarle High School Student Branch Proposal. Banking-at-School Partnership Program. Program Objectives . Support Standards of Learning (SOL’s) Support the new Personal Finance Course Develop basic life skills pertaining to money management, personal finance

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Albemarle High School Student Branch Proposal

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  1. Albemarle High School Student Branch Proposal Banking-at-School Partnership Program

  2. Program Objectives Support Standards of Learning (SOL’s) Support the new Personal Finance Course Develop basic life skills pertaining to money management, personal finance Facilitate financial literacy & understanding of the American economic system Allow students to explore career options in banking & finance Develop entrepreneurial skills

  3. Program Background • In 2002 General Assembly passed legislation authorizing VDOE to develop guidelines • Used guidelines to develop RFPs with December 2009 deadline • Elected to proceed with UVA Community Credit Union’s proposal

  4. Why UVA Community Credit Union? • Established in 1954 • Over 54,000 member-owners • Serves the City of Charlottesville, and the counties of Albemarle, Fluvanna, Greene, Louisa, Madison, Nelson, and Orange • Eleven full-service branches in area • Award winning financial institution

  5. Why UVA CommunityCredit Union? • Non-profit dedicated to improving the financial well-being of our community • Experienced financial education provider • Credit Union membership • Area schools and non-profit organizations • Local businesses

  6. Why UVA Community Credit Union? • Credit unions across the nation are leaders in providing student run branches • National support committees • Shared “best practices” • Award-winning student run branch at Louisa County High School • opened in December 2008

  7. Why Open aStudent-Run Branch? • Beneficial to: • Students • School • Community • Credit Union

  8. Benefits for the Students • Learning useful real-life skills in a positive and safe environment • Managing personal finances • Improving financial literacy • Experience with business leadership practices • Developing entrepreneurial skills • Employment opportunities • Internships • Part time/full time employment

  9. Benefits for the School • Meet SOLs without additional training or resources • Supports the new Personal Finance Course • Additional layer of curriculum support • Credit Union designed materials • National Endowment for Financial Education (NEFE) • FoolProof online financial education modules • Opportunity to foster partnerships & networking with the business community • Good public relations

  10. Benefits for the Community • A new generation of more knowledgeable consumers who can help stimulate the economy and successfully manage their money • Healthier individuals/family units through financial stability • A new group of employees with experience in running a business (marketing, branding, and financial operations)

  11. Benefits for theCredit Union • Enrich the lives of our future members • Develop positive public relations with the community • Build pool of employee candidates

  12. Student-Run Branches • 42 States currently have credit union student-run branches • Nationally – 773 branches • Virginia – 69 branches • Branches use different delivery models

  13. Central VirginiaFederal Credit Union

  14. Central Virginia Federal Credit Union

  15. Central Virginia Federal Credit Union

  16. Central Virginia Federal Credit Union

  17. Henrico Federal Credit Union

  18. Henrico Federal Credit Union

  19. Apple Federal Credit Union

  20. Apple Federal Credit Union

  21. Apple Federal Credit Union

  22. Apple Federal Credit Union

  23. Louisa County High School

  24. Lion Nation Branch

  25. Creating Excellence Award Governor’s Career & Technical Education Exemplary Standards Awards

  26. The Albemarle High School Student-Run Branch

  27. Products & Services • School System Employees – full service accounts • Students – require parental/guardian signature if under 18 • On-Site Financial Education • Students • School System Employees • School’s Community Members

  28. Operational Structure • Utilize space outside of cafeteria • Open initially two days a week • Partial data connection • allow the student branch to use a “store & forward” feature of our system • blocks student’s access to account balances and histories • Cash withdrawal limits & other security practices

  29. Division of Responsibilities

  30. Staffing • School Staff • Supervising teacher • Student manager • Three student tellers • Credit Union Manager to oversee student-run branch • Training • Daily operations • Partner with supervising teacher • Coordinate Financial Education curriculum between Credit Union staff and teachers

  31. Implementation Timeline • Winter 2009 • Explored different student-run models with a site visit to Louisa • Completed the RFP process • Reviewed and working in compliance with Virginia’s “Guidelines for Banking at School Partnership Programs” • Spring 2010 • Secure School Board and Credit Union Board approval • Implement financial literacy education

  32. Implementation Timeline • Spring / Summer 2010 • Apply for Regulatory Branch Approval • Prepare facilities for operations • Recruit & train staff • Fall 2010 • Student-run branch opens at AHS • Full-operation with student employees

  33. Questions?

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