Ladder Up Client Wins $10,000 for Commitment to Financial Savings
CHICAGO, June 20, 2019 /PRNewswire-PRWeb/ -- Ladder Up, a nonprofit organization providing free financial programs including tax return preparation for eligible individuals and families, has announced that a client served by the organization has won a $10,000 Grand Prize Winner of SaveYourRefund, a program that gives Americans big incentives to save part of their tax refund. The promotion, now in its seventh year, is offered by America Saves and Commonwealth.
Ladder Up engages hundreds of IRS-certified volunteers each year to help thousands of eligible taxpayers secure critical tax credits and refunds. More than 1,100 volunteers help low-income Illinois taxpayers prepare their tax returns, while also providing financial resources and opportunities to help them become more financially resilient and move up the economic ladder.
With the help of a volunteer tax preparer, the client had her tax return completed at Ladder Up's Harold Washington Library tax site. The site is one of 28 community tax sites operated by Ladder Up as a part of the IRS Volunteer Income Tax Assistance (VITA) program.
The SaveYourRefund campaign encourages savings at tax time by offering chances at cash prizes for filers who save at least $50 of their tax refund in a qualified savings product, such as a savings account or savings bond. The possibility of winning adds an element of excitement and anticipation that Commonwealth's research has shown encourages people to make the decision to save. This year, about 3,000 tax filers entered SaveYourRefund and saved nearly $2.5 million. The client served by Ladder Up was one of two winners selected among nearly 650 submissions to the $10,000 Grand Prize Contest, which asked entrants to share their motivation for saving through a captioned photograph.
"For the past three years, Ladder Up has given me the resources I've needed for financial flexibility," said the winner. "I pride myself in being able to achieve self-sufficiency amidst tremendous adversity and Ladder Up's tools have allowed me to turn my independent and environmentally conscious life into a reality."
"Ladder Up engages over 1,100 highly skilled volunteers each year to help thousands of taxpayers secure critical tax credits and refunds," said Christine Cheng, executive director of Ladder Up. "In 2019, our volunteers prepared more than 24,000 returns to help clients secure more than $39 million and additionally, we engaged many tax clients with asset-building resources at tax time, which we offer to help equip individuals and families with the resources they need to move up the economic ladder."
About Ladder Up
Ladder Up provides hardworking people with the financial resources and opportunities they need to move up the economic ladder. Founded in 1994, Ladder Up provides free financial programs to help clients secure the tax refunds they deserve, gain the knowledge to navigate today's complex financial systems, and obtain financial aid to make college dreams a reality.
In the fall of 2018, Ladder Up acquired Center for Economic Progress, enabling the organization to provide expanded tax, financial education, and asset-building services and add legal aid to the organization's program portfolio.
About Commonwealth
Since Center for Economic Progress' founding in 1990 and Ladder Up's founding in 1994, the two organizations have generated a combined total economic impact of $1.15 billion.
Commonwealth strengthens the financial opportunity and security of financially vulnerable people by discovering ideas, piloting solutions and driving innovations to scale. We collaborate with consumers, the financial services industry, policy makers and mission-driven organizations to build solutions that make people financially secure. Learn more at http://www.buildcommonwealth.org.
About America Saves
America Saves is a national campaign of the non-profit Consumer Federation of America to motivate people to set a goal, make a plan, and save automatically. Using the research-based principles of social marketing and behavioral economics, the campaign supports lifelong saving habits that begin with taking the America Saves pledge. Learn more at http://www.americasaves.org.
SOURCE Ladder Up
