2012-2014 Strategic Plan
Creating
Pathways
to Financial Security
and Opportunity
Let America Be America Again
Let America be America again.
Let it be the dream it used to be …
(America never was America to me.) …
[Where] opportunity is real, and life is free, Equality is in the air we breathe.
O, let America be America again …
The land that never has been yet …
And yet must be –
Langston Hughes
Introduction
This is an optimistic plan for a pessimistic time.
The world has changed at an almost bewildering pace since CFED drafted its last strategic plan in 2007. We have
endured the worst recession in 60 years, which generated historically high poverty rates and resulted in a staggering
loss of wealth for American households. For the first time in decades, the majority of Americans don’t believe that
their children’s futures will be better than their own.
Yet like the Chinese symbol for crisis, we see as much opportunity in the current environment as we do danger.
We know – from decades of experimentation and demonstration and centuries of history – that people, given the
opportunity, will save, start businesses, buy and keep homes, pursue college and skilled work, and build economic
futures for themselves, their children and the nation as a whole. CFED faces the future even more convinced that
what we have to offer is an essential and powerful element of what is necessary to create pathways to financial
security and opportunity for all.
Research shows that students with a college savings account in their name are six times more likely to attend college
than students without savings.1 In 2011, The Kauffman Foundation and the National Bureau of Economic Research
documented that new businesses under one year old contributed three million new jobs to the economy – more
than all the net new jobs of all older businesses, large and small, over the past 30 years. Low-income homeowners
who bought their homes with IDAs were two to three times less likely to face foreclosure than similar homeowners
who did not have IDAs.2 The strategy and products of the asset-building field have never been more essential to
achieving greater economic prosperity, given the levels of financial insecurity reaching high into the middle class
and the lack of consensus today on how we build wealth and opportunity – or the American Dream – in the 21st
century.
CFED benefits from its years of experience within the asset-building field and from its partners that understand
the need to integrate financial access and asset building into their education, housing, social service and
entrepreneurship programs and services. Our emerging social enterprises connect us to a growing industry of
individual donors and social investors that value our ability to straddle policy and practice as well as our market
knowledge of what products and services actually build assets for low- and moderate-income Americans. Our
policy advocacy and applied research products underscore and document the claims of the current political moment
that current levels of wealth and income inequality in the United States are unsustainable. Thus, we have the
ability to shine light on how to reform our current tax and fiscal policies that provide 80% of the asset-building tax
incentives – more than $300 billion a year – to the wealthiest one-fifth of taxpayers, with only 4% of these incentives
directed to the 60% low- and moderate-income majority. We must change current federal policies to drive forward
program and product ideas that can create a more sustainable economy.
At the same time, we aim to build a more robust, resilient CFED by developing new financial and human capital
models. Through diversifying our revenue sources, we will deepen our capacity to invest in innovative products
and social enterprise solutions that improve financial access for low-income Americans. A redesigned human capital
model will ensure we develop and nurture the staff necessary to achieve our goals while reflecting the growing
diversity of our nation.
CFED has crafted a three-year strategic plan that will create pathways to financial security and opportunity in
support of the efforts of millions of low- and moderate-income American families to claim their piece of the
American Dream.
1 Elliott, W. and Beverly, S. (2010). The Role of Savings and Wealth in Reducing “Wilt” between Expectations and College Attendance (CSD
Working Paper 10-01). St. Louis, MO: Washington University, Center for Social Development.
2 Rademacher, Ida, Kasey Wiedrich, Signe-Mary McKernan, Caroline Ratcliffe and Megan Gallagher. 2010. Weathering the Storm: Have
IDAs Helped Low-Income Homebuyers Avoid Foreclosure? Washington, DC: CFED, The Urban Institute.
2012-2014 Strategic Plan: Creating Pathways to Financial Security and Opportunity
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Vision
Given a reasonable opportunity, CFED believes every family can save, build assets and create a more prosperous
future for themselves and their children. The proof lies not only in the results of rigorous evaluations, but in the
lives of tens of thousands of low-income and even very poor families who have turned opportunity into enduring
economic and social benefits. We believe that such an opportunity economy will not only produce a fairer, more
cohesive and inclusive society, but a more prosperous, resilient and sustainable one. In the next three years, CFED’s
unique combination of expertise and vision will help bring greater financial security and opportunity to millions
more Americans.
Mission Statement
CFED empowers low- and moderate-income households to build and preserve assets by advancing policies and
programs that help them achieve the American Dream, including buying a home, pursuing higher education,
starting a business and saving for the future. As a leading source for data about household financial security and
policy solutions, CFED understands what families need to succeed. We promote programs on the ground and invest
in social enterprises that create pathways to financial security and opportunity for millions of people.
Values
CFED has identified six enduring values that guide all aspects of our strategic choices and operations:
1. Respect for the productive capacity of low-wealth people, the talents of our partners, and the competence and
creativity of our Board and staff.
2. Enterprise, in all its forms, in low-income communities, all sectors and within CFED.
3. Collaboration, as a special organizational calling and competency, engendered by a conviction that our success
requires the varied talents and contributions of many, that a rich diversity of race, gender, background and
perspectives and a commitment to learning from others strengthens our work.
4. Impact on the economic prospects of millions of low-income families and the economy as a whole through
making markets more inclusive and embedding savings and other programs in existing systems and
institutions.
5. Integrity through allegiance to the highest ethical standards, honesty, accountability and consistency in words
and actions.
6. Sustainability by identifying viable revenue streams to support organizational and market activities through
policy advocacy, making the business case and engaging in strategic partnerships.
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2012-2014 Strategic Plan: Creating Pathways to Financial Security and Opportunity
Impact Model
For the past three decades, CFED has advanced its mission and strategic goals by combining expertise in
community practice, public policy and private markets in ways that expand financial access and asset-building
opportunities. We believe that our ability to understand the interplay among these sectors and work effectively with
stakeholders in each enables us to achieve more impact than could be achieved by focusing on any one alone.
Now, as the demands of the external political and economic environment have changed over the past five years, so
too have CFED’s organizational capacities to meet them. This strategic plan presents an expanded model to describe
CFED’s work and impact. It builds upon CFED’s historic triangle of community practice, public policy and private
markets, re-framing the roles and relationships of each of these three elements to one another, yet also capturing
the ways in which our growing capacity in the areas of applied research, social enterprise and investment, and
communication combine to increase our effectiveness.
Our new impact model combines five competencies which we believe are essential to achieving our strategic goals
and objectives and creating long-term impact: influence, inform, innovate, integrate and invest.
INFLUENCE policymakers, the general public and key stakeholders
We must convince the general public, policymakers and our partners that harnessing the productive capacity
of low- and middle-income working people as savers, entrepreneurs, homeowners, college students and skilled
workers is the key to rising out of this recession, and that economic expansion will benefit all of us. Our primary
tactics include an upgraded communications effort, an integrated local, state and federal policy development and
advocacy capacity, and coordination of a robust network of local, state and federal asset coalitions to support policy
priorities.
2012-2014 Strategic Plan: Creating Pathways to Financial Security and Opportunity
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INFORM by expanding and sharing the evidence base of what works
We must contribute to expanding the evidence base that demonstrates the impact of our strategy while serving
as a source of data and best practice information for the field, key “influencers” and the broader public. Our
tactics include strengthening our applied research capacity in partnership with leading academic institutions and
practitioners, expanding our online presence to become the go-to place for industry information, and upgrading our
virtual and site-based convening expertise to support national, regional and/or local conferences and events.
INNOVATE with new products and services, policies and social enterprises
CFED’s signature contribution to the field has been its ability to identify and test new ideas and products, determine
what works and what doesn’t, and scale promising innovations through policy change, partnerships and new
enterprises. We have also recognized the value of building infrastructure to support the innovation process and
recognize innovators, no matter where they might be located. Our tactics include the design and delivery of
innovative asset-building products and services for children and adults, and the incubation and operation of assetbuilding social enterprises.
INTEGRATE asset-building products and services into mainstream systems and institutions
One of our primary routes to moving from supporting the financial aspirations of thousands of people to reaching
millions of Americans is by integrating financial and asset-building products and services into existing systems,
infrastructure and institutions that reach and are trusted by low- and moderate-income people. This strategy
involves the creation of operating partnerships with federal, state and municipal agencies, employers, and national
intermediaries and systems dedicated to delivering educational, housing and social services. Our tactics include
leveraging regulatory and program policies at the federal and state levels; engaging local and state asset coalitions
on integration opportunities, and contractual partnerships with leading innovators in the public, private and
nonprofit sectors to expand the delivery of asset-building products and services.
INVEST through the creation and mobilization of capital resources
We must mobilize short- and longer-term resources to invest in partnerships to create a more inclusive marketplace
where millions of low- and middle-income households can save, invest, start businesses, buy (and keep) homes and
save for college. Our tactics include the conception, development, implementation and scaling of financial products
that meet the diverse asset-building needs of low-income communities, ongoing investment in social ventures, and
assessment of the feasibility of creating a “mega-fund” to invest in new asset-building products and enterprises.
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2012-2014 Strategic Plan: Creating Pathways to Financial Security and Opportunity
Strategic Goals
CFED’s mission outlines the four primary routes by which Americans build financial security, assets and wealth:
savings, education, homeownership and entrepreneurship. We have crafted a single unifying goal that aligns our
program and policy priorities with the competencies we deploy to achieve our mission.
Over the next three years, CFED will create pathways to financial security and opportunity for
millions of low- and moderate-income Americans. We will increase access to savings, education,
homeownership and entrepreneurship by innovating new or improved financial products and tools,
integrating these products and tools into existing community and public institutions, informing and
influencing asset-building policy at all levels of government, and investing in scalable solutions to
create a more inclusive financial marketplace.
Our unifying strategic goal will be achieved through four targeted goals, focused on the sectors in which we work to
expand financial access and opportunities to build assets. The objectives that follow each goal specify how we will
deploy the core competencies in our impact model to achieve these asset-building goals.
GOAL 1: SAVINGS
Catalyze a full spectrum of policy reforms, product innovations and systems enhancements, ranging from basic financial
access interventions to asset and wealth accumulation strategies, which will improve savings, financial security and protection
opportunities for low- and moderate-income Americans.
Specific objectives to achieve this goal include:
n Produce and disseminate applied research that expands awareness, compels action, builds the evidence base
of effective savings solutions and strengthens CFED’s reputation as a leading source for data on household
financial security and policy solutions. (Inform)
n Leverage insights from the behavioral sciences to improve the performance of asset-building products,
programs and policies. (Innovate)
n Integrate financial security and asset-building interventions into key community institutions, employerbased programs, federal grantee programs and other scalable delivery systems. (Innovate and Integrate)
n Broaden and strengthen the Assets & Opportunity Network of local and state asset coalitions, facilitating
their work on the front lines of legislative and regulatory advocacy and service delivery. (Influence and
Inform)
n Catalyze a major research and advocacy campaign around shifting an “upside down” federal asset-building
budget and tax code into a “right side up” set of policies that brings equity and provides scale opportunities
for millions of asset-poor Americans to save and build wealth. (Influence)
n Build the field’s capacity to implement asset-based solutions – including but not limited to Individual
Development Accounts and other matched savings – and strengthen CFED’s position as convener of the field
by linking knowledge, networks and solutions through in-person and virtual technical assistance and other
platforms. (Influence and Inform)
n Promote a broad range of policy efforts at the local, state and federal levels that will expand opportunities
for low-income Americans to save, build and protect assets. (Influence)
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GOAL 2: EDUCATION
Embed custodial savings accounts for higher education, along with savings incentives, in systems serving thousands of lowincome children in 25 to 50 cities, states, school districts or child-serving networks, while building an infrastructure to match
thousands of additional accounts.
Specific objectives to achieve this goal include:
n Make the public case for Children’s Savings Accounts (CSAs) as a path to educational attainment through
communications, national forums and information-sharing. (Inform)
n Secure at least two major federal policy wins that substantially advance the ability to fund and deliver CSAs.
(Influence)
n Lead the CSA field as its national coordinating entity by connecting, supporting, and facilitating the growing
network of CSA practitioners, educators, policymakers, lenders and advocates. (Influence)
n Develop one or more financial institution partnerships and a turnkey savings account product for CSA
initiatives and document the business case. (Innovate)
n Integrate CSAs into at least three major child-serving systems through cross-sector partnerships,
development of new technical assistance tools and advocacy for new revenue streams. (Integrate)
n Embed CSAs with savings incentives in 25 to 50 new systems that serve at least 50,000 low-income children
and youth. (Invest and Integrate)
n Embed tracking and evaluation mechanisms into CSA initiatives to measure progress in the shorter-term,
recognizing the longer-term time frame needed to achieve ultimate outcomes. (Inform)
n Build the necessary infrastructure of CFED’s social enterprise, the 1:1 Fund, to raise and mobilize assets
under management to provide savings incentives for thousands of savers. (Invest)
GOAL 3: HOMEOWNERSHIP
Create and enhance the policies, systems and infrastructure that will enable over one million owners of manufactured homes
– the largest source of unsubsidized housing in America – to access affordable financing, achieve greater financial security,
integrate energy efficiency, enjoy stable tenure and have the opportunity to build wealth through asset appreciation.
Specific objectives to achieve this goal include:
n Lead the field as the national coordinating entity responsible for connecting and supporting a growing
network of manufactured housing stakeholders and link the network to the mainstream affordable housing
community. (Influence and Integrate)
n Launch a new and sustainable social enterprise to provide credit enhancements on manufactured housing
loan products in at least 10 states, in order to catalyze the creation of a safe and affordable manufactured
housing finance system. (Innovate and Invest)
n Advocate for federal policies that support the development and preservation of manufactured housing,
replacement of energy-inefficient homes, integration of green and energy-saving technologies, and improved
consumer protections for buyers and owners. (Influence)
n Enact at least 30 policy changes at the state level that increase consumer protections, protect fundamental
freedoms, support tenure and rent stability, allow titling of manufactured homes as real estate, incent energy
efficiencies and enable resident ownership. (Influence)
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2012-2014 Strategic Plan: Creating Pathways to Financial Security and Opportunity
n Support the growth and sustainability of the two aligned social enterprises, ROC USATM and Next StepTM,
through policy and regulatory advocacy and the creation of a financing system that will begin to transform the
manufactured housing industry. (Innovate and Invest)
n Improve and coordinate messaging and communications to broaden the circle of advocates, advance strategic
objectives and begin to reverse the stigma associated with this form of housing. (Inform)
GOAL 4: ENTREPRENEURSHIP
Enact a comprehensive strategy of policy advocacy, program and product innovation, public education and knowledge sharing
that will incent tens of thousands of low-income entrepreneurs to formalize and grow their businesses in the mainstream
economy while enhancing public understanding of their economic impact.
Specific objectives to achieve this goal include:
n Expand the number of self-employed entrepreneurs who formalize and grow their businesses with the
support of the Self-Employment Tax Strategy, through collaboration with nonprofit and private sector
partners and by influencing positive regulatory change impacting all 12,000 VITA sites. (Innovate and
Influence)
n Integrate tax preparation, business development, and asset-building products and services into credit
unions, microenterprise and community development organizations. (Integrate)
n Advocate for state, federal and Tribal policies and programs that provide equitable treatment for start-up and
low-income entrepreneurs, minimize the burdens of the tax code and provide greater access to supports for
microbusiness development. (Influence and Inform)
n Leverage insights from the behavioral sciences to improve the effectiveness of products and tools provided to
self-employed entrepreneurs and small businesses to create jobs and build assets. (Innovate)
n Design and implement a national communications and public education campaign to increase public
awareness of the role of new businesses and self-employed entrepreneurs as a driver of innovation, job creation
and economic growth. (Inform and Influence)
n Develop and disseminate research data, innovative practices and model policies to promote access to and
quality of capital and supportive services targeted to low-income and self-employed entrepreneurs. (Inform
and Integrate)
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Stewardship & Sustainability
Our ability to achieve our strategic goals and to provide for programmatic and organizational sustainability
will rest upon the quality and amount of financial and human resources we direct toward those ends. Effective
stewardship will ensure we have the financial capital necessary to drive forward our objectives, as well as a bench of
knowledgeable, talented professionals capable of providing content, management and execution expertise. We have
crafted two additional goals that outline our aspirations for both our financial and human capital models.
GOAL 5: FINANCIAL MODEL
Create a financial model that diversifies sources of income while also providing flexible and/or risk capital to fund the
innovations that define our mission and role in the marketplace.
CFED’s current financial model relies primarily on philanthropic grants which provide funds tied to “restricted
uses.” Historically, CFED has benefited from strong philanthropic partnerships, which have combined both financial
and intellectual resources, and have provided seed and operating capital for our community practice and policy
work. We plan to sustain and expand these partnerships as a central and effective component of our financial
structure. Yet changes in CFED’s activities and business operations require that we simultaneously work to diversify
our revenue streams, increasing the percentage of revenue coming from unrestricted sources. Our three-year goal
will increase the share of revenue generated through earned income activities while also seeking donors with the
capacity to provide unrestricted contributions.
Specific objectives to achieve this goal include:
n Increase earned income to 40-50% of total revenue.
n Reduce programs supported through temporarily restricted income to 40-50% of total revenue while producing
a gross margin of at least 12%.
n Increase unrestricted support to 10% of total revenue.
GOAL 6: HUMAN CAPITAL MODEL
Plan and implement a new human capital model, aligned with the needs of our strategic plan, that positions CFED for
organizational sustainability.
Achieving our ambitious strategic plan will simply not be possible without significant investments in the people
who actually do the work to realize our vision. We must create a new human capital model aligned with this plan
to ensure we recruit, develop and nurture our priority skills and competencies. Additionally, given the changing
demographics of the United States and expanding disparities in wealth accumulation, CFED is also deeply
committed to bringing young talent from underserved households into this field.
Specific objectives to achieve this goal include:
n Define and transition to a staffing model that deploys the optimal ratios of various staff classifications
necessary to implement our strategic plan while contributing to organizational sustainability.
n Implement formal talent management strategies that will provide for continued access to the skills and
competencies necessary to further our work.
n Identify opportunities to leverage our human capital strategies across other organizations in the financial
inclusion and asset-building space, to strengthen the quality and diversity of young professionals entering the
field.
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2012-2014 Strategic Plan: Creating Pathways to Financial Security and Opportunity
Impact & Accountability
The ultimate test of any strategic plan is the impact it produces. CFED is committed to tracking and reporting our
successes and failures over the next three years with a high degree of rigor and transparency. Doing so is in the
interests of our institutional partners and individual stakeholders, as it holds us accountable for following through
on our stated goals, and can highlight the need for timely mid-course adjustments.
Our reporting will combine both qualitative and quantitative measures. Many aspects of our work, particularly our
place-based innovations and integration initiatives, translate well to quantitative measurement. Employing such
measures as the number of households participating in an intervention or the number of incentivized accounts
opened in a given time period is necessarily a central part of the evaluation process of our work. Other interventions
will be measured qualitatively, their outcomes serving as indicators of impact. For example, our efforts around
positioning and influence or catalyzing policy change is work where numeric measures are not nearly as insightful
as descriptive assessments of outcomes and the resulting impact. In some cases, our objectives can best be assessed
through a mix of qualitative and quantitative measures.
CFED will create an Impact Dashboard, tracking outcomes and impacts as we implement our strategic plan. The
Dashboard will be a prominent feature on our website and will be updated on a quarterly basis. We invite our
partners, funders and the general public to periodically visit the site and review our progress.
Conclusion
While no single strategy will help families regain their financial footing and save for a more promising future, it is clear that
without adequate policies and supports, millions of Americans will be unable to move themselves and their children forward.
Smart policies and programs can help us write a different ending to the story of downward mobility and despair: … a story of a
nation in which all citizens have the opportunity to improve their circumstances by working hard and investing in the future.
CFED’s 2012 Asset & Opportunity Scorecard
CFED aspires to build an opportunity economy by developing the incentives and pathways that individuals,
families and communities need to create financial security and build wealth at meaningful levels of scale. Our plan
recognizes that homeownership is just one but still an essential route into the opportunity economy. Yet, if there is
anything the current financial crisis has taught us, it is that the value of financial diversification does not just apply
to a stock portfolio, but is just as critical at the household level. This plan builds upon the broad and productive
shoulders of the countless innovators, investors, policymakers and researchers who have been our mentors and
partners in the asset-building field over the past two decades, and who we will continue to collaborate with as we
implement this strategy. Despite the cloud of pessimism that colors too many of our dreams today, we know that the
American Dream still endures, and we are optimistic about the efforts underway to help millions more Americans
reshape it to prosper in today’s changing economy.
2012-2014 Strategic Plan: Creating Pathways to Financial Security and Opportunity
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Acknowledgements and Methodology
CFED launched its strategic planning process at the May 17, 2011 Board of Directors meeting with the goal of
preparing a three year plan to guide its operations from 2012-2014. The process was designed and supported
by the ongoing guidance and engagement of Adina Abramowitz, strategic planning consultant and principal of
Consulting for Change. We are deeply grateful to Adina for sharing her wisdom, humor and organizing skills
with us throughout the planning process. We also thank all the partners, funders, policymakers and practitioners
who contributed during the planning process through interviews, participation in strategic planning salons and as
special advisors. Finally, we want to recognize the philanthropic support of the Northwest Area Foundation and Citi
Foundation who made this planning process possible.
The strategic planning process was organized into three phases:
PHASE ONE: FRAMING THE PROCESS, MAY-JUNE 2011
The purpose of this phase was to define the parameters and issues that would guide the strategic planning process.
The phase began with the May 17th Board meeting at which the Board considered three primary questions:
1. What are the big opportunities for breakthrough to scale?
2. Which of our core competencies should we focus on to seize these opportunities?
3. How should we change our revenue/financial intermediary business model to generate revenue streams to
support growth?
The Board meeting was followed by a Staff Summit on June 20-21 at which the staff identified four topics that
merited further research and analysis: financial inclusion, CSAs, financial model and business model. In addition,
the current project teams for I’M HOME and Entrepreneurship committed to build upon the significant strategic
planning and analysis already conducted in these areas to generate goals and objectives.
PHASE TWO: DATA COLLECTION AND ANALYSIS, JULY-OCTOBER 2011
Phase Two included four research and planning processes:
1. Staff-led Committee Research and Planning: Staff teams did internal and external background research
and interviews to prepare proposed goals and objectives for the Board on I’M HOME, SETI, CSAs, financial
inclusion, and CFED’s financial model and business model.
2. Strategic Planning Salons: CFED organized and conducted four “salons” which engaged over 90 stakeholders
in discussions on strategic issues including:
n Future of Economic and Asset Development: North Carolina, August 1st
n Financial Inclusion and Financial Markets: New York, September 21st, co-hosted with NYC Department of
Consumer Affairs
n Taking Children’s Savings Accounts to Scale: San Francisco, September 26th, co-hosted with Office of the
Treasurer, City and County of San Francisco
n Social Enterprise and Impact Investing in the Asset Building Field: Hewlett Foundation, September 27th, cohosted with the Stanford Center on Social Innovation.
In addition, Bob conducted 16 interviews to assess the policy opportunities related to “deficit-reduction tax
reform” opportunity, as part of a “Virtual Salon on the Asset Policy Moment.”
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2012-2014 Strategic Plan: Creating Pathways to Financial Security and Opportunity
3. Board Interviews: Adina interviewed Board members on trends, SWOT, Board role and strategic planning
expectations.
4. Stakeholder Interviews: Adina conducted 18 interviews with funders, partners, competitors and policymakers
on market trends and SWOT for CFED.
PHASE THREE: BOARD/STAFF RETREAT AND OPERATIONAL PLANNING,
OCTOBER 2011-JANUARY 2012
Staff and the consultant organized the data collected through the first two phases to frame out initial goals and
objectives for consideration at a Board/staff retreat in late October. This meeting was followed by two-day staff
meeting where all the strategic priorities were translated into operating plans and priorities, and evaluated for
feasibility and funding. The outcomes of these two final meetings shaped the final version of the plan.
2012-2014 Strategic Plan: Creating Pathways to Financial Security and Opportunity
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CFED BOARD OF DIRECTORS
Robert E. Friedman, Chair
CFED General Counsel
San Francisco, CA
Brandee McHale, Vice Chair
Citi Foundation
New York, NY
Ronald Grzywinski, Secretary
Chicago, IL
Dan Letendre, Treasurer
Bank of America
New York/San Francisco, CA
Andrea Levere, President
CFED
Washington, DC
Asheesh Advani
Covestor
Boston, MA
Janie Barrera
ACCION Texas-Louisiana
San Antonio, TX
Don E. Baylor, Jr.
Center for Public Policy Priorities
Dallas, TX
Melissa L. Bradley
TIDES
San Francisco/Washington, DC
Tanya Fiddler
Four Bands Community Fund
Eagle Butte, SD
Michelle Greene
NYSE/Euronext
New York, NY/Washington, DC
Torod B. Neptune
Verizon Communications
Basking Ridge, NJ
Bill Purcell
Jones Hawkins & Farmer, PLC
Nashville, TN
Sarah Rosen Wartell
Urban Institute
Washington, DC
ABOUT CFED
CFED empowers low- and moderate-income households to build and preserve assets by advancing policies and
programs that help them achieve the American Dream, including buying a home, pursuing higher education,
starting a business and saving for the future. As a leading source for data about household financial security and
policy solutions, CFED understands what families need to succeed. We promote programs on the ground and invest
in social enterprises that create pathways to financial security and opportunity for millions of people. www.cfed.org
Established in 1979 as the Corporation for Enterprise Development, CFED works nationally and internationally
through its offices in Washington, DC; Durham, North Carolina; and San Francisco, California.
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2012-2014 Strategic Plan: Creating Pathways to Financial Security and Opportunity
Copyright © 2012 by the Corporation for Enterprise Development (CFED)
The use and duplication of these materials requires permission from CFED, the original owner, unless otherwise
identified.
CFED
1200 G Street, NW
Suite 400
Washington, DC 20005
202.408.9788
www.cfed.org