The City & County of San Francisco and Citi Community Development Receive
2013 Excellence Award in Public-Private Partnerships from U.S. Conference of
Honor recognizes public-private collaboration on Kindergarten to College, the
country’s first universal college savings account program
NEW YORK -- January 19, 2013
The City and County of San Francisco and Citi Community Development today
received the 2013 Excellence Award for Public-Private Partnerships at the U.S.
Conference of Mayors 81st Winter Meeting in Washington, DC. The award, which
honors the outstanding achievements made possible through the combined effort
of cities and members of the Mayors Business Council, recognizes the
cross-sector collaboration on Kindergarten to College, the nation’s first
universal college savings program for children.
First launched in 2010, Kindergarten to College automatically establishes
savings accounts in Citibank branches for children entering kindergarten in
all 75 of the San Francisco Unified School District’s elementary schools. All
accounts are seeded with an initial $50 deposit by the City of San Francisco,
and children receiving free and reduced price lunches receive an additional
“I thank Citi Community Development, San Francisco Unified School District,
Mayor Lee, and all our partners who have worked to make K2C a success,” said
Treasurer José Cisneros. “Research tells us that a child with a college
savings account in their name is several times more likely to go to college,
and we are cultivating expectations for academic success for our students.”
Kindergarten to College is designed to embed a savings culture among San
Francisco’s children and their parents as a way to expand college access and
increase college completion rates while decreasing debt. Since its inception,
nearly 8,000 accounts have been opened, with the City of San Francisco
matching additional contributions dollar-for-dollar up to $100 in the first
year. Thereafter, families may make yearly contributions of up to $2,500. To
facilitate the program, Citibank created a platform through which accounts are
opened and managed electronically.
“Kindergarten to College is an integrated approach to building assets and
making higher education attainable through a universal student savings account
program,” said Bob Annibale, Citi’s Global Director of Microfinance and
Community Development. “Citi is proud that other cities are recognizing our
work with the City and County of San Francisco as a national model for
expanding financial inclusion and access to higher education, both of which
are key drivers for economic opportunity.”
Children with savings accounts are seven times more likely to attend college,
according to research. Even modest savings have been shown to not only provide
children with a foundation to begin paying for their educations, but childhood
exposure to basic money management helps to build the financial skills they
will need throughout their lives. Over the course of a lifetime, individuals
with college degrees earn up to 75 percent more than those with just high
school diplomas – nearly $1 million more in total.
Kindergarten to College began as a two-year pilot launched by the Office of
the Mayor and the Office of the Treasurer in San Francisco along with the
Department of Children, Youth and their Families, the San Francisco Unified
School District and a number of non-profit organizations, including CFED,
EARN, the San Francisco Foundation and the New America Foundation. In 2012,
Mayor Edwin M. Lee and the Board of Supervisors approved funding to expand the
pilot into a permanent universal savings program.
About Citi Community Development
Citi Community Development is leading Citi’s commitment to achieve economic
empowerment and growth for underserved individuals, families and communities
by expanding access to financial products and services, and building
sustainable business solutions and innovative partnerships. Our focus areas
include: commercial and philanthropic funding; innovative financial products
and services; and collaborations with institutions that expand access to
financial products and services for low-income and underserved communities.
For more information, please visitwww.citicommunitydevelopment.com.
For Citi Community Development
David Roskin 212-559-4767
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