Tax-Free Employer-Provided Health Coverage Now Available for Children under Age 27
WASHINGTON — As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee's children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010.
The Internal Revenue Service announced today that these changes immediately allow employers with cafeteria plans –– plans that allow employees to choose from a menu of tax-free benefit options and cash or taxable benefits –– to permit employees to begin making pre-tax contributions to pay for this expanded benefit.
IRS Notice 2010-38, posted today on the IRS Web site, IRS.gov, explains these changes and provides further guidance to employers, employees, health insurers and other interested taxpayers.
“These changes give employers a unique opportunity to offer a worthwhile benefit to their employees,” IRS Commissioner Doug Shulman said. “We want to make it as easy as possible for employers to quickly implement this change and extend health coverage on a tax-favored basis to older children of their employees.”
This expanded health care tax benefit applies to various workplace and retiree health plans. It also applies to self-employed individuals who qualify for the self-employed health insurance deduction on their federal income tax return.
Employees who have children who will not have reached age 27 by the end of the year are eligible for the new tax benefit from March 30, 2010, forward, if the children are already covered under the employer’s plan or are added to the employer’s plan at any time. For this purpose, a child includes a son, daughter, stepchild, adopted child or eligible foster child. This new age 27 standard replaces the lower age limits that applied under prior tax law, as well as the requirement that a child generally qualify as a dependent for tax purposes.
The notice says that employers with cafeteria plans may permit employees to immediately make pre-tax salary reduction contributions to provide coverage for children under age 27, even if the cafeteria plan has not yet been amended to cover these individuals. Plan sponsors then have until the end of 2010 to amend their cafeteria plan language to incorporate this change.
In addition to changing the tax rules as described above, the Affordable Care Act also requires plans that provide dependent coverage of children to continue to make the coverage available for an adult child until the child turns age 26. The extended coverage must be provided not later than plan years beginning on or after Sept. 23, 2010. The favorable tax treatment described in the notice applies to that extended coverage.
Further information on this and other health care provisions can be found on IRS.gov.
Gloria Nilson Lists European-Style Estate In Skillman
Luxurious home features old-world craftsmanship, eight-baths, and marble fireplaces throughout
Lisa Weil, Sales Associate with Gloria Nilson, REALTORS(r), Real Living in Princeton, is currently marketing 'Rivendale,' a one-of-a kind European-style manor home in Skillman, NJ. This four- to five-bedroom, eight-bath home was exquisitely designed for the most selective of homebuyers.
"When walking through this house, you cannot help but be amazed by the amount of intricate detail that was put into the architectural design," says Weil. "Each room has something unique to offer the owner, whether it be the billiard and exercise rooms, custom-built doors and staircases, or multiple marble fireplaces. Elegance and old-world craftsmanship are evident in every room of the home."
The first floor of the home features an art gallery entry foyer with custom built, curved staircase, a billiard room and spacious library both with mahogany walls, fireplaces and coffered ceilings. The living and family rooms have marble fireplaces. The gem of the first floor, though, is the Clive Christian state-of-the-art gourmet kitchen, which includes two Sub Zero refrigerators, Wolf oven, marble countertops and French provincial cabinets.
The second floor features a luxurious master bedroom suite, which includes another marble fireplace, a "morning kitchen," separate "his and hers" dressing wings each with it's own master bath complete with marble counters and separate vanities, one with an air-bubble jetted tub, and spacious walk-in closets. Each room in this gracious home is crafted with rich mahogany floors that bring a warm atmosphere to the entire house. French doors on the main floor open onto a gorgeous terrace with views of the formal gardens and the adjacent Bedens Brook Club and Golf Course.
Located in Somerset County, picturesque Skillman is named for the Skillman family, which came to the area in the early 18th century. Its close proximity to the culture and shopping of downtown Princeton and prestigious Princeton University make this a sought after destination to call home.
This truly unique home is being marketed at $3,500,000. Additional information is available at http://tinyurl.com/33hakp4 or by contacting Lisa Weil at Gloria Nilson, REALTORS(r), Real Living's Princeton Office, 33 Witherspoon Street, at 609-921-2600 or at lweil@glorianilson.com.
The Martin-Rizzo Group Joins Morgan Stanley Smith Barney's Lawrenceville Office
Morgan Stanley Smith Barney announced today that The Martin-Rizzo Group has joined the firm's Wealth Management office in Lawrenceville at 100 Franklin Corner Road. The group includes veteran financial advisors Arthur I. Martin, Wade R. Martin, and John C. Rizzo as well as investment associates Allison L. DeLay, Nathaniel E. Johnson and client service associate Vinessa G. Russoniello.
Formerly with UBS Financial Services, Inc., The Martin-Rizzo Group is now positioned to offer a powerful combination of resources, advice and services while maintaining their signature approach to personal relationships that have distinguished them in this area for more than 30 years.
"We are very excited to blend our unique holistic approach to financial planning and management with the strength of Morgan Stanley Smith Barney," says Wade Martin. "We will continue to advise our clients in a very personal manner including specialized areas such as Land Preservation, Special Needs Trusts and Structured Settlements."
Morgan Stanley Smith Barney, a global leader in wealth management, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, credit and lending, cash management, annuities and insurance, retirement and trust services in more than 1,200 offices in 42 countries. For more information, call 609-620-7146.
THE BANK OF PRINCETON APPOINTED NEW PRESIDENT
The Board of Directors of the Bank of Princeton today announced the appointment of Steven C. Ackmann as President, effective immediately. Mr. Ackmann comes to The Bank of Princeton with nearly 40 years experience in the banking industry.
Mr. Ackmann is a financial services executive with an extensive depth of knowledge and a wide range of experience in all aspects of bank management. Mr. Ackmann was most recently President and Chief Executive Officer at The Fidelity Deposit & Discount Bank.
Prior to The Fidelity Deposit & Discount Bank, Mr. Ackmann was the Senior Executive Vice-President and Chief Operating Officer at FNB of Pennsylvania. Before that, he served as President and Chief Operating Officer of Promistar Financial Corporation and the President of Promistar Bank.
At The Bank of Princeton, Mr. Ackmann will be responsible for continuing the growth of the bank according to Mr. Andrew M. Chon, Chairman of the Board. He said “with the bank on its solid footing it is the right time to bring necessary business management skills to enter next phase of growth and Steve’s depth and breadth of bank management experiences will lead the bank to next stage”.
Mr. Ackmann earned his MBA from the University of Pittsburgh – Katz School. He also holds degrees from Oklahoma University – National School of Commercial Lending, and did undergraduate work at Robert Morris College, Washington and Jefferson College, and the University of Washington. Mr. Ackmann was born in Everett, Washington and currently resides in Hopewell Township, New Jersey.
SBDC AT RVCC HAS MOVED TO BRIDGEWATER LOCATION
The Small Business Development Center (SBDC) at Raritan Valley Community College (RVCC) has moved to Bridgewater. SBDC is now based at the College’s Bridgewater site, RVCC @ Bridgewater, located at 14 Vogt Drive (formerly home of the Somerset County Technology Institute).
The SBDC at RVCC provides free and confidential business counseling for all areas of business operations. A variety of business-related certificate programs and courses are also available for a modest fee. Topics include driving traffic to your website, QuickBooks, obtaining financing, accounting, sales, networking, branding, record keeping, email marketing and creating a marketing or business plan.
For additional information or to schedule an appointment, visit www.sbdcrvcc.com, call 908-526-1200, ext. 8516 or email aoneil@raritanval.edu.
RVCC, located at 118 Lamington Road in Branchburg, NJ, and serving Somerset and Hunterdon County residents for over 40 years, offers more than 90 associate degrees and certificates. In addition, customized training programs and non-credit courses are available for those seeking personal and professional development.
The College is committed to offering a quality and affordable education through effective teaching, liaisons with the community’s businesses and state-of-the-art technology. For further information, visit www.raritanval.edu.
Starting a Home Business in Montgomery
By Lea Florentine
In these tough economic times, people are seeking creative ways to generate income. For some, a home business may be the answer. Possibilities include telemarketer, author, therapist, small mail order business owner, craft maker, tutor, music teacher, travel agent, real estate agent, appraiser, or contractor. What are Montgomery Township's regulations regarding such ventures? When is a zoning permit or site plan required? What are the constraints on the amount of space a home business can use?
Following are regulations for all home businesses, whether big or small. They are allowed in single family detached houses in residential neighborhoods. They can operate from 7 am to 7 pm Monday through Friday and 8 am and 4 pm Saturday, but not on Sundays. The owner of business must also be the owner of the house. Only one other nonresident employee at any given time is permitted to come to the site to work. Additionally, no more than two client or customer vehicles can be parked at the home at any time, and only during daylight hours. These vehicles must be passenger, not commercial, vehicles.
Traffic, noise, fumes, dust, glare and odors are considered potential nuisances by the Planning Board, and must be controlled and minimized by home businesses. The residential appearance and character of the neighborhood must be maintained. Any equipment used cannot interfere with radio or television reception in neighboring residences. If you want to get your name out there, a sign for a home business can consist of an unlighted nameplate two square feet or less in area attached to a postal box, but no business-related exterior lighting can be added.
So when do you need a zoning permit or site plan?
With the simplest home business, where a member of the household is the only employee; no part of the home or accessory buildings are used solely for the business; no business-related deliveries are made to or from the site (except in the resident employee's own vehicle); and no clients or customers come to the site, a zoning permit or site plan is not required.
If no more than two members of the household are employed by the business, 200 square feet or less of net habitable floor area within the house - and none of the accessory buildings - are used strictly for the business, and business-related deliveries to or from the site (except in the resident employees' own vehicle) are made by vehicles with no more than four wheels and two axles, then a zoning permit must be obtained from the Township's Zoning Department.
Businesses larger or more complex than the above two scenarios require that a minor site plan be submitted to and approved by the Planning Board. If a vehicle/equipment permit is applied for with the site plan submission, and then granted by the Planning Board, up to two commercial vehicles (with a capacity of one ton or less each) and/or pieces of equipment (weighing four tons or less each) are allowed at a home business. These should be garaged when not in use.
So what are the square footage limitations for home businesses?
No more than 25% of the home's net habitable floor area or 1,000 square feet - whichever is less - can be used for the business. Also, no more than 1,000 square feet of gross floor area can be used, including any accessory buildings or structures on the property. Lastly, the total gross square footage used by the business (including accessory buildings or structures) must not exceed 50% of the gross floor area of the home itself.
If you are considering erecting a new accessory building or structure for use by a business, you must submit a minor site plan to the Planning Board for approval. Any business-related structure or building must not cover more than 1,000 square feet of the lot and must be no more than 25 feet tall, with garage door openings twelve feet or less in height. The usual lot coverage limits (from 10 to 25%, depending on how the lot is zoned) and setback requirements apply. In some cases, additional screening may be needed for accessory buildings or parking areas, or if there is not sufficient setback.
For information on the regulations, see the Home Occupations section of Montgomery Township's zoning code via the Montgomery Township website (www.montgomery.nj.us). Select 'Code, Municipal & Health' from the list on the left margin; then 'Montgomery Township Code and Board of Health'. From the list on the left margin, select 'Revised General Ordinances'; then Chapter XVI - Land Development; then section 6.7 - Home Occupations.
To apply for a zoning permit or submit a minor site plan, contact Joe Palmer, Montgomery Township's Zoning Officer in the Zoning Department at the Municipal Building.
Job Seekers Meets on Tuesdays
JobSeekers is an instruction, networking and support group that meets every Tuesday evening from 7:30 to 9:30 pm in the George Thomas Room of the Trinity Episcopal Church Parish Hall at 33 Mercer Street, Princeton, NJ 08540. It is open to everyone and and is free and non-denominational. The format alternates between workshops led by experts and open discussion of topics raised by participants. The group is run by volunteers. Please try to arrive by 7:30. For more information see http://www.trinityprinceton.org/jobseekers.cfm
and http://finance.groups.yahoo.com/group/NJJOBSEEKERS
First-Time Homebuyer Credit Closing Deadline Extended to September 30, 2010
The deadline for the completion of qualifying First-Time Homebuyer Credit purchases has been extended. Taxpayers who entered into a binding contract before the end of April now have until September 30, 2010 to close on the home.
The Homebuyer Assistance and Improvement Act of 2010, enacted on July 2, 2010, extended the closing deadline from June 30 to Sept. 30 for eligible homebuyers who entered into a binding purchase contract on or before April 30 to close on the purchase of the home on or before June 30, 2010.
Here are five facts from the IRS about the First-Time Homebuyer Credit and how to claim it.
If you entered into a binding contract on or before April 30, 2010 to buy a principal residence located in the United States you must close on the home on or before September 30, 2010.
2. To be considered a first-time homebuyer, you and your spouse – if you are married – must not have jointly or separately owned another principal residence during the three years prior to the date of purchase.
3. To be considered a long-time resident homebuyer, your settlement date must be after November 6, 2009 and you and your spouse – if you are married – must have lived in the same principal residence for any consecutive five-year period during the eight-year period that ended on the date the new home is purchased.
4. The maximum credit for a first-time homebuyer is $8,000. The maximum credit for a long-time resident homebuyer is $6,500.
5. To claim the credit you must file a paper return and attach Form 5405, First Time Homebuyer Credit, along with all required documentation, including a copy of the binding contract. New homebuyers must attach a copy of the properly executed settlement statement used to complete the purchase. Long-time residents are encouraged to attach documentation covering the five-consecutive-year period such as Form 1098, Mortgage Interest Statements, property tax records or homeowner’s insurance records.
For more information about the First-Time Homebuyer Tax Credit and the documentation requirements, visit IRS.gov/recovery.
Summertime Child Care Expenses May Qualify for a Tax Credit
IRS Summertime Tax Tip 2010-01
Did you know that your summer day care expenses may qualify for an income tax credit? Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Those expenses may help you get a credit on next year’s tax return.
Here are five facts the IRS wants you to know about a tax credit available for child care expenses. The Child and Dependent Care Credit is available for expenses incurred during the lazy hazy days of summer and throughout the rest of the year.
1. The cost of day camp may count as an expense towards the child and dependent care credit.
2. Expenses for overnight camps do not qualify.
3. If your childcare provider is a sitter at your home or a daycare facility outside the home, you'll get some tax benefit if you qualify for the credit.
4. The actual credit can be up to 35 percent of your qualifying expenses, depending upon your income.
5. You may use up to $3,000 of the unreimbursed expenses paid in a year for one qualifying individual or $6,000 for two or more qualifying individuals to figure the credit.
For more information check out IRS Publication 503, Child and Dependent Care Expenses. This publication is available on the IRS Web site, IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Somerset County Population Still Growing - Housing, Jobs Have Slowed
Somerset County’s population remains one of the fastest-growing in New Jersey, with a 1.1-percent net gain from 2008 to 2009. New Jersey as a whole had an annual growth rate of only four-tenths of a percent from 2000 to 2008 and one-half percent from 2008 to 2009.
Population projections indicate Somerset County population will grow slightly – 2.5 percent – by 2018 and then grow faster – by almost 6.5 percent – from 2018 to 2028. Somerset County’s population grew 9.1 percent from 2000 to 2008. Its 2010 population estimate was 324,563.
The statistics are part of a report on “Housing, Population and Economic Trends: A Driving Force” presented at the July 20 meeting of the Somerset County Planning Board. Click here to view the presentation.
“Although Somerset County has sustained job losses and diminished population and housing growth during the economic downturn, we are poised to take advantage of the inevitable recovery thanks to our well-educated workforce and strong infrastructure,” said Freeholder Patrick Scaglione, planning liaison.
The number of jobs in Somerset County grew 40 percent from 1990 to 2000, but has declined along with the state and the nation in the face of the current recession. Somerset County’s June 2010 unemployment rate was 7.8 percent, compared to the state’s 9.5 percent. The statewide unemployment rate is predicted to fall to 9.1 percent by the end of 2010.
Since 2000, the growth in the number of housing units in Somerset County has slowed compared to the 21-percent growth the county experienced from 1990 to 2000. Growth in the number of housing units is projected to begin to grow in 2018 on through to 2028.
Somerset County has experienced a large decrease in the number of proposed residential lots and nonresidential space from 2000 to 2009. A surplus of large, single-family and already-built housing types currently exists that will have to be exhausted before large numbers of new homes are constructed.
The “new normal” calls for slow growth with a shift in housing preferences for smaller, more affordable, compact development within walking distance of shopping, restaurants, health care, education and public transit. Redevelopment and reuse will dominate the commercial-development market.
The report also addressed the Access to the Region’s Core (ARC) project that will result in 62 rail stations gaining a one-seat ride into Manhattan with stations on the Raritan Valley line becoming magnets for transit-oriented development. Ridership on NJ Transit’s rail network has quadrupled since 1984 and is forecast to double again over the next 20 years. The ARC project is projected to attract public investment and economic development to New Jersey
Five Tax Scams to Avoid this Summer - IRS Summertime Tax Tip 2010-08
The Internal Revenue Service issues a list of the top 12 tax scams each year – known as the Dirty Dozen. The scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. These scams don’t just happen during the tax filing season, they can happen anytime during the year. Here are five scams from the 2010 Dirty Dozen list every taxpayer should be aware of this summer.
1. Phishing: Phishing is a tactic used by scam artists to trick unsuspecting victims into revealing personal or financial information in an electronic communication. Scams can take the form of e-mails, tweets or phony websites and they try to mislead consumers by telling them they are entitled to a tax refund from the IRS and they must reveal personal information to claim it. Regardless of how official this e-mail may look and sound, the IRS never initiates unsolicited e-mail contact with taxpayers about their tax issues. Phishers use the personal information obtained to steal the victim’s identity, access bank accounts, run up credit card charges or apply for loans in the victim’s name. If you receive an e-mail that you suspect is a phishing attempt or directs you to an imitation IRS website, please forward it to the IRS at phishing@irs.gov. You can also visit IRS.gov and enter the keyword phishing for additional information.
2. Return Preparer Fraud: Dishonest tax return preparers can cause trouble for taxpayers who fall victim to their ploys. Such preparers are skimming a portion of their clients’ refunds, charging inflated fees for tax preparation or are attracting new clients by promising refunds that are too good to be true. To increase confidence in the tax system, the IRS is requiring all paid return preparers to register with the IRS, pass competency tests and attend continuing education.
3. Hiding Income Offshore: Taxpayers have tried to avoid or evade U.S. income tax by hiding income in offshore banks and brokerage accounts. IRS agents continue to develop their investigations of these offshore tax avoidance transactions using information gained from more than 14,700 voluntary disclosures received last year. Taxpayers also evade taxes by using offshore debit cards, credit cards, wire transfers, foreign trusts, employee-leasing schemes, private annuities or life insurance plans.
4. Abuse of Charitable Organizations and Deductions: The IRS continues to observe the misuse of tax-exempt organizations. This includes arrangements to improperly shield income or assets from taxation and attempts by donors to maintain control over donated assets. The IRS also continues to investigate various schemes where donations are highly overvalued or the organization receiving the donation promises that the donor can purchase the items back at a later date at a price the donor sets.
5. Frivolous Arguments: Promoters of frivolous schemes encourage people to make unreasonable and outlandish claims to avoid paying the taxes they owe. If a scheme seems too good to be true, it probably is. The IRS has a list of frivolous legal positions that taxpayers should avoid on IRS.gov. These arguments are false and have been thrown out of court.
For the full list of 2010 Dirty Dozen tax scams or to find out how to report suspected tax fraud, visit IRS.gov.
Six Tax Tips for New Business Owners
IRS Summertime Tax Tip 2010-05
Are you opening a new business this summer? The IRS has many resources available for individuals that are opening a new business. Here are six tax tips the IRS wants new business owners to know.
First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation and S corporation.
The type of business you operate determines what taxes you must pay and how you pay them. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax.
An Employer Identification Number is used to identify a business entity. Generally, businesses need an EIN. Visit IRS.gov for more information about whether you will need an EIN. You can also apply for an EIN online at IRS.gov.
Good records will help you ensure successful operation of your new business. You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.
Every business taxpayer must figure taxable income on an annual accounting period called a tax year. The calendar year and the fiscal year are the most common tax years used.
Each taxpayer must also use a consistent accounting method, which is a set of rules for determining when to report income and expenses. The most commonly used accounting methods are the cash method and an accrual method. Under the cash method, you generally report income in the tax year you receive it and deduct expenses in the tax year you pay them. Under an accrual method, you generally report income in the tax year you earn it and deduct expenses in the tax year you incur them.
IRS Publication 583, Starting a Business and Keeping Records, provides basic federal tax information for people who are starting a business. This publication is available on IRS.gov or by calling 800-TAX-FORM (800-829-3676). Visit the Business section of IRS.gov for resources to assist entrepreneurs with starting and operating a new business.
Harlingen Veterinary Clinic – Business Profile
It sits just off Rte. 206 at the corner of Sunset Road, looking very much like a one-room schoolhouse. But metal animal sculptures nestled among the flowers, a statue of St. Francis of Assisi (the patron Saint of animals) at the edge of a small courtyard and whimsical cat and dog weathervanes reveal the structure’s real purpose and are a testament to the Harlingen Veterinary Clinic’s commitment to its clients and their pets.
Harlingen Veterinary Clinic started in a nearby strip mall as a satellite clinic for the Hillsborough Animal Hospital. In 1991, Dr. Christine Newman bought the clinic, where she had worked since high school, and had the current structure built in 2000.
The inside of the building reflects the family atmosphere and love of animals just as much as the outside. Two old wooden church benches flank a fireplace with animal photos lined up on the mantle. A patchwork quilt hangs high on one the wall. But it is the bulletin board of the Harlingen Veterinary Clinic “family” that catches the eye; it is filled with pictures of the doctors and staff with their own cats and dogs.
“We have a great staff of very compassionate people,” says Dr Newman. “We are a family and we treat our clients like family.”
Many of the staff have been there a long time. Dr. Newman says it’s comforting for clients to see a familiar face when they walk in the door and are recognized. She is proud of the way clients keep coming back.
“We’ve seen people come in as children with their parents and family pets,” she says, “and then later as adults with their own pets. We’ve watched pets grow from puppy hood to old dogs.”
The list of services available is lengthy and ranges from routine to advanced care: checkups, vaccinations, surgery, radiology, ultrasounds, micro chipping, grooming, dental procedures, laser surgery and even acupuncture. There is an on-site lab and in-house pharmacy. They work closely and have a good relationship with area specialists so they can guide clients to further care, if necessary.
“Acupuncture can help animals with a variety of problems from arthritis to skin issues to pancreatitis,” explains Dr. Newman. She has been working with a dog that before acupuncture was paralyzed and now is starting to be able to use its legs.
Harlingen Veterinary Clinic is proud of its association with a number of rescue groups and often has cats and dogs available for adoption. Dr. Newman lives in the area and has conducted tours of the facility for the local Girl Scouts, Boy Scouts and will do so for anyone else who asks, she says.
“We think of everyone as family,” says Dr. Newman. “Every member of our staff will go out of his or her way to help you in any way that we can. We make house calls, we help with special needs of your pet, we’ve helped when people go away and need someone to watch their pets.”
Harlingen Veterinary Clinic, 10 Sunset Road, Belle Mead. For more information or hours of operation, call 908-359-2000 or visit www.harlingenvet.com.
Free Financial Education Course & Matching Grant Funds
Somerset County Coalition on Affordable Housing (SCCOAH)
Presents Free Financial Education Course & Matching Grant Funds
The Somerset County Coalition on Affordable Housing (SCCOAH) will offer an award winning national financial education program, entitled “Money in Motion©”, is being offered at no charge, on September 14, 2010 from 5:30 pm to 9:00pm. The program will be held at Sun National Bank, 286 Route 206 South in Hillsborough NJ and will include a dinner and dessert.
An unsettled economy continues to leave millions of people struggling with their finances and looking for ways to get out of debt. An estimated 1.5 million people in the U.S. will file for bankruptcy in 2010. Many are turning to organizations like SCCOAH for help. By offering Money in Motion, participants can receive sound, practical money-management skills.
Consumers who complete the “Money in Motion©” program gain a number of distinct advantages that include a solid background in understanding how credit works. All program materials, including a course workbook, will be provided. Executive Director, Sharon Clark states, “financial education has been a foundation of our programs for over ten years. Anyone who wants to improve their credit, reduce debt, increase their credit knowledge and change their money management habits will benefit from this program”.
This program is also a pre-requisite for the Savings Match Program. This special match program assists low income households save for a specific short term goal. Approved applicants must open a dedicated savings account and be able to save $25 a month for a minimum of 6 months or a maximum of 12 months starting on or before October 1, 2010. SCCOAH will provide matching funds to those approved for the program at a rate of 4:1 up to a maximum of $1,200.
For more details about the match program and match application or to attend the class please call (908) 704-9649 (mailbox 6) or email sccoah@verizon.net by September 10, 2010. You can also visit our website at www.sccoah.org for information.
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