This month, and every month, Compass Working Capital celebrates the innumerable contributions of Black people to our communities, country, and world, as we remain steadfast in our commitment to be a more inclusive and equitable organization in pursuit of our mission.
As part of our observance of Black History Month, we are asking our staff, Board members, clients, and broader community to share with us how you are celebrating this month:
To the Compass Community,
I am writing to acknowledge and share the outrage and pain many of us are feeling in the wake of the horrific killings of George Floyd, Ahmaud Arbery, and Breonna Taylor. These tragedies, in the midst of COVID-19 and its disparate impact on Black and Latinx communities, have only further laid bare the systems of racism, oppression, and inequality in our nation.
We have seen the heartbreaking anger, despair, and anguish about the continued disregard for Black lives in full view in communities across the country, including Boston and Philadelphia where our work is centered. I have connected one-on-one with many members of our staff in the last few days, and I have heard the exhaustion, resignation, anger, and agonizing fear for the safety of loved ones among our colleagues of color.
As a nonprofit financial services organization, we have a role to play in speaking out against systemic racism and working to dismantle it. The broader forces that have led to the deaths of George Floyd, Ahmaud Arbery, Breonna Taylor, and the loss of countless other Black lives, are the same forces that have stripped wealth and opportunities from communities of color over time and perpetuated the racial wealth divide. The average net worth of white households in the Greater Boston region is $247,500, compared to just $8 for U.S. born Black households. We view our work within this context, and so we will continue to believe in, invest in, and support families of color in the pursuit of their goals and dreams. And, we will conduct our work in ways that help to dismantle the systems, policies, and practices that prevent people of color from building wealth.
At the same time, we will remain steadfast in our organizational commitment to diversity, equity, and inclusion. We believe that our ability to achieve our mission is strengthened when our team and leadership are reflective of and responsive to the families and communities we serve. We also believe that it is vital to center the voices and lived experiences of our clients – primarily Black and Latina mothers – in everything we do, including our efforts to shift practice and policy to close the racial and gender wealth divides.
As I shared in a message to our staff, I stand with boundless respect and gratitude, much love and humility, and in solidarity with all of you for the work and journey ahead.
Sherry Riva, Founder & CEO
A recent video on the news website Axios, presented by JPMorgan Chase, takes a look at the firm’s investments in financial health through the story of Mariluz, a graduate of the Compass Family Self-Sufficiency (FSS) program operated in partnership with Metro Housing|Boston.
During her time in the FSS program, Mariluz worked toward her goals of launching her own business and buying a home. She now runs a business with 14 employees and owns her own home in Braintree, MA.
A resident at Bay Meadow Apartments shows off the vision board she made at a community gathering hosted by the Compass FSS program earlier this year
For clients in a Compass FSS program, the work of becoming more financially secure and making progress toward your financial goals can sometimes feel like something you’re doing all on your own. While a financial coach is there to be a consistent voice of encouragement, clarity, and support, it can also make a real difference when clients have the opportunity to support and learn from one another.
Over the past several months, Christine Torres, a financial coach at Bay Meadow Apartments in Springfield, MA, has been trying out a new idea to build community among her clients in the FSS program. At the property – which is owned and managed by our partners at Preservation of Affordable Housing (POAH) – Christine has hosted quarterly “gatherings” as a space where clients can connect with one another, celebrate their progress, share what they are learning, and explore a specific financial topic together.
For Christine, the gatherings are all about finding new ways to connect clients with the information they’re looking for to guide their financial decisions, and finding ways to help clients more deeply engage with the program. At the first gathering last fall, clients talked about their plans to navigate the holidays. While the holidays can be a special time, they also can bring stress and wreak havoc on even the best laid financial plans – for any family, but particularly for families with low incomes. At this gathering, clients talked about strategies for getting ahead and avoiding the stress and the pressure to spend, and played an online simulation game called “Spent” to see how spending decisions can impact long-term goals.
Residents, including Luz Ramos at left, working on their vision boards
At the second gathering, in January, clients talked about goal-setting for the new year. Clients created “vision boards” using cut-outs from magazines, as a tool to be able to visualize their goals until they are able to make them a reality. Children and other family members even joined in the fun! While building their boards, clients also began to share with and learn from one another – about their goals and visions for the future, and some of the strategies and techniques that have been most helpful to them in getting to where they are so far in the program.
We spoke with four FSS clients at Bay Meadow who attended one or both of these gatherings. Here is some of what each of them had to say about the experience:
Luz Ramos, who is working toward her goal of owning her own home: “I am so blessed to have Christine on my side. Every time she has a gathering I make sure to go. Not only do we have a good time, but I also get to meet all the residents that are trying to do what I’m doing. This FSS program is the best thing I’ve ever done.”
Roslyn Drummer, who is working on improving her credit, saving money, and being able to buy her own home: “Christine throws these gatherings to further us along. Everyone shares about their experience and talks about the goals they’ve been working on. She knows that some people are shy and maybe don’t want to talk about money, but Christine has a lovely personality that brings out things in people. The program really works. I’ve been in it for three years, and evidently it’s working because the majority of us that are there at these gatherings started out together with the FSS program and we’re trying to complete our goals.”
A young resident joins in on the fun!
Laconia Fennell, who is working to improve her credit and saving for a house, and who also recently reached her goal of purchasing a car after the transmission went on her old one: “I heard about the gatherings in a meeting with Christine. It was a vision-board workshop. I’m a single mom and I don’t have a babysitter, but I was able to bring my son and he did his vision board while I did mine. It’s good to be around people who are like-minded and want to strive for better and reaching their goals. Putting things on paper, making it visual, really helps get things done.”
Jennifer Alleyne, whose big goal is to buy a house: “Not only do these gatherings bring our community together, but they encouraged all of us even more to make it to the next meeting and our next coaching appointment. Christine’s vision board idea was awesome. I had so many visions on my vision board that I had to get another board. I couldn’t finish everything in one session! Now it’s something I can look at and look forward to on a daily basis, and work toward to reach them.”
HUD’s Family Self-Sufficiency (FSS) program is a powerful program, but can be difficult to explain. An interdepartmental team at Compass recently worked with a design studio to develop a short video to better explain to prospective Compass FSS clients and other stakeholders how the program works. The video is also available free to members of Compass FSS Link, our new online learning platform for FSS practitioners. Check out these versions in both English and Spanish:
Last month, Lucia Reed, Compass’ Financial Services Manager and Program Manager, and George Reuter, Compass’ Director of Learning and Knowledge Management, were recognized with the award for “Outstanding Symposium Practitioners’ Forum Award” as part of the Association of Financial Counseling & Planning Education® (AFCPE®) annual national symposium, held in Norfolk, Virginia. Lucia and George had the opportunity to present during the symposium on Compass’ financial coaching and asset building model for the Family Self-Sufficiency program.
Here’s what Lucia had to say about the experience: “We were excited to be able to share what we’ve learned about running our model for the FSS program with folks in the AFCPE community who may not be aware of it. A lot of our coaching staff have the AFC certification, so it meant a lot to be involved with AFCPE in this way.”
Read more about the award here: https://www.prnewswire.com/news-releases/afcpe-professionals-raise-their-voices-for-innovation-and-impact-300756662.html?tc=eml_cleartime
Toinette Rivas is a founding member of Compass’ Advisory Board. She currently works in institutional equity sales at Bernstein, following several years in research and sales at Credit Suisse. Toinette is a native of Miami, Florida and a graduate of Colby College. She lives in Cambridge, Massachusetts with her family.
We recently sat down with Toinette to learn more about what drew her to get involved with Compass and what she wants others to know about the organization.
Compass: You’ve been involved with Compass in several different capacities for more than six years. What was it that initially attracted you to the organization?
Toinette: I first learned about Compass through a friend who was on the Board. I’m a big believer in nonprofits that focus on giving people the tools they need to succeed. Also, I grew up in Miami with a mother who is a social worker for the elderly. I’ve seen how much time she spends with her clients on finances and what they can afford. Through my mom’s work I have seen the gap that exists for people in terms of having the financial information they need to move forward. Solving this gap is at the heart of Compass’ mission.
I also really connect to Compass because of its focus on serving women and the Hispanic community. My grandparents came to this country from Cuba, and were able to get the tools and help they needed to succeed. Today in Massachusetts, that’s not the case for a lot of others, and I feel like Compass is helping to change that.
Compass: Can you tell us a little bit about the different ways you’ve supported Compass over the years?
Toinette: I’ve always been involved with the Annual Breakfast Benefit – inviting people in my network to attend, and giving Compass a chance to share its work with more people. Over the last couple years, I’ve been involved with the Advisory Board and the Board Program Committee. That’s given me the chance to really understand the work Compass does and its impact, such as the recent study by Abt Associates on the Compass model, or the opt-out pilot in Cambridge.
Compass: You mentioned having done a lot of work to introduce other people you know to Compass. What do you usually tell people about Compass to get them interested?
Toinette: It’s an easy story to sell. Everyone has their own personal experience of not understanding a credit card statement or mortgage statement and so on. And there’s the recognition that all of us have gotten help to get to where we are, so it’s important for us to provide that same support to others. I talk about how the program is really focused on supporting people and giving them the tools to reach their own goals. I also talk about the American Dream – Compass is helping people to build savings, to create a better life for themselves and their families.
Compass: Do you have any favorite memories from your involvement with Compass?
Toinette: My favorite part has been seeing Compass grow. When I met the Founder, Sherry, for coffee six years ago, Compass didn’t even have its own office in Boston. It’s incredible to have watched the organization grow from Cambridge and Lynn to across New England and the nation. The model is so scalable and there is truly such a big opportunity for Compass to change so many peoples’ lives. I also love seeing the individual client’s stories – Rosa’s video is my favorite.
Compass: Do you have any big goals or ideas that you'd like to bring to your work with Compass in the future?
Toinette: I know Compass is really focused on serving families, but I feel like there’s an opportunity to help more young people figure out a financial road map. Some of the basic financial education that Compass provides can help young people, too. My sister is a volunteer with a mentoring program and I was able to connect her mentee with a coach at Compass for some advice. It was great to see how that kind of connection was such a help to her, too.
In late October, Compass celebrated our new FSS partnership in Philadelphia at an event hosted by GreenLight Fund - Philadelphia. The event included Philadelphia’s top leaders across the nonprofit sector, corporate executives, entrepreneurs and investors, and city and state government leadership, as well as our partners Philadelphia Housing Authority and Clarifi.
Akirah Pressley, who is one of the very first people to enroll in this new program, shared the following words at the launch event:
Good evening. My name is Akirah Pressley, and I am one of the first people to enroll in the Compass FSS program run by Clarifi.
I was born and raised in Philadelphia. I am 26 years old, and have moved over 20 times in my lifetime. That is one reason why my main goal in this program is to become a homeowner. I want a place called my own, and the stability that owning a home can give.
The other reason I want to own a home is my son. He will be 9 years old next month. I don’t want him to go through the same things that I had to go through. I want him to have a place that he can point to and say “this is where I grew up.”
I had my son young, when I was 17. I’ve learned a lot of things since then, but I’ve had to learn them on my own. I want better than what I had and where I came from. I want better for my son.
If it wasn’t for PHA, I wouldn’t be able to pay my rent. I know a lot of people are embarrassed of being on PHA. They won’t go in to ask for help or resources. And there’s a lot of people with negative things to say about people on PHA, like you’re walking around with all this extra money because PHA helps with your rent. You have to understand that the money you earn is broken down into a percentage. And I still have to pay my own gas and electric, get to work, take care of my child. What I want is to not have to wonder where I’m going to get the money to take care of things in my life, to have to choose between paying a bill or something else. I’ve been working at it, and every year I become better.
But I feel like if I had had someone to guide me, that there’s a lot of things I went through that I wouldn’t have had to go through.
Clarifi is one place that has already really helped me. I’ve been working with Clarifi since 2015. I feel appreciated at Clarifi. I feel like you all care that I am a person who wants to do better. You want to help me because I want to help myself. With Clarifi’s help, I’ve worked on bringing down my debt and have started to build some savings. I have saved what I could, but I would like to have been able to save more.
I know I need to save more in order to reach my goals, and this FSS program means I don’t have to do that alone, on my own. I started off in my first job making $5,000 a year, working part-time as a retail associate at Macy’s. Now I work as a one-to-one assistant in Philadelphia Public Schools, and have another job as well.
I know with this program that the more I make, the more I save. The program rewards me for hard work. That’s a motivation for me. Right now, I’m in school part-time for early childhood education. I plan to eventually open my own daycare business. And when I do, I want it to be a place where other parents can learn about programs and resources that can help, because I am the type of person who will share what I learn, when I find something that’s beneficial to me.
I also share what I learn with my son. At 8 years old, he already knows things like the difference between a credit and a debit card. He has also started his own savings, and we are planning to open a savings account for him soon.
To close, I just want to say that I believe that everyone deserves a chance and an opportunity to do better, and that there a lot of people in Philadelphia who are looking for a program like this. Thank you.
