STEP 2: Do I qualify for an Education or Small Business IDA ?
If you can answer “yes” to all the questions below, and have not been enrolled in IDA program, you may qualify for the Opportunity Fund IDA Program for Education or Small Business:
1. Do you live in Santa Clara, San Mateo or Alameda Counties?
2. Do you or someone in your Household have proof of earned income from employment or self-employment?
3. Have you filed your 2011 Federal Tax Returns?
4. Can you answer yes to at least ONE of the following three statements?
a. Are your Household Earnings below the Maximum Annual Income Limit?
b. Are you or someone in your household a recipient of TANF/Calworks?
c. Did you qualify for the Earned Income Tax Credit in the most recent tax year?
5. Is your Household Net Worth or net assets (what you own) less than $10,000?
6. Are you 16 years or older?
7. Can you save at least $20 per month?
8. Can you comply with the specific requirements for an IDA for Small Business or for Education?
If you answered YES to all 8 questions you may qualify for our IDA Savings program for school or business. Please sign up for an orientation now.
If you answered NO to any of the these questions, you probably do not qualify at this time. Please check out our programs with a waiting list. Please also visit our website again in the future - we may have new programs available.
*Based on 200% of the 2012 Federal HHS Poverty Guidelines
Contact Us: (866) 364-4391 or ida@opportunityfund.org
How do I know who or how many people are in my Household?
The names and number of family members that you claimed on your 2011, 1040 Federal Tax Return make up your Household.
How do I calculate my Household Earnings?
You use the amount that appears on the line for Adjusted Gross Income on your 2011, 1040 Federal Tax Return. For the 2011 tax year any tax credits or tax refunds are not included in Household Income.
How do I calculate my Household Net Worth (also known as Net Assets)?
Add the market value of all the things you and all members of your household own including, homes, other property or land, vehicles, a business, financial investments (such as stocks, bonds, 401K, 403B, etc.) and a checking or savings accounts. Then subtract from this total the following amounts if they are applicable to your household:
- The market value minus any outstanding debt on one vehicle and your home (if you own it and live in it);
- The sum of all other obligations or debts of all members of your household, and
- Any tax refunds or tax credits (including the Earned Income Tax Credit) received during the period January 1, 2011 and December 31, 2011
What are the Maximum Annual Income Limits?
The Maximum Annual Income Limits are equal to 200% of the 2012 Federal Poverty Guidelines. If in 2011 you qualified for the Earned Income Tax Credit or are a CalWorks/TANF recipient, you do not need to meet the Maximum Annual Income Limit.
What are the IDA Education Program Requirements?
Demonstrate commitment to furthering your education at one of the following accredited post-secondary educational institutions:
• Community college or university.
• An accredited vocational, technical or adult school.
Have proof that you have fulfilled the school’s enrollment requirements
Develop an education spending plan that can be implemented within 6 to 12 months.
What are the IDA Small Business Program Requirements?
1. Have a business license or agree to obtaining one prior to receiving any withdrawals from your IDA account.
2. Have two meetings with the IDA Small Business Advisor prior to receiving any withdrawals from your IDA account.
And
3. For new small businesses or with less than 6 months of operating history:
- Proof of the business concept or history.
- A Realistic business plan with concrete goals that can be implemented and require financing within 6 to 12 months.
Or
3. For small businesses with 6 months or more of operating history:
- Proof of sales revenue.
- An actionable business plan that includes clear marketing, sales, operations and administration strategies that can be implemented and require financing within 6 to 12 months.
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