The Prudential Foundation Awards $500,000 Grant to The Financial Clinic to Support Change Machine

 
 
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NEW YORK - Dec. 18, 2014 - PRLog -- New York, NY,  December 18, 2014 -- The Financial Clinic (Clinic) today announced it has been awarded a $500,000 grant from The Prudential Foundation to support Change Machine, a cloud-based platform that enables nonprofit organizations and public agencies to incorporate powerful financial coaching strategies into their programs.

The grant is part of The Prudential Foundation’s strategic, outcomes-driven grantmaking efforts in economic development. Specifically, this grant will allow the Clinic to build the technology and personnel infrastructure necessary to release Change Machine (www.change‐machine.org) to the public in 2015 and employ it as a central component to its “financial security ecosystem model” (see below).

“We are committed to promoting strong communities and improving social outcomes for residents in the neighborhoods where we live and work,” said Lata Reddy, vice president of Corporate Social Responsibility at Prudential and president of The Prudential Foundation. “Building financial security is one of the best ways to promote strong communities, and Change Machine provides a sustainable and wide reaching model for building that financial security.”

Change Machine is a cloud-based support platform that provides direct service staff at nonprofits and public agencies with dynamic financial coaching tools and strategies to use in their work with program participants. On Change Machine, nonprofit staff join a professional network where they can share and learn from one another’s experiences. The platform’s versatility and comprehensiveness make it an excellent and sustainable tool for a wide range of social service organizations.

“This grant from the Prudential Foundation will make it possible for the Clinic to fully implement its financial security ecosystem model with thousands of partners across the U.S. and achieve its mission at scale for millions of working poor Americans using Change Machine,” says Mae Watson Grote, Founder and Executive Director of The Financial Clinic.

ABOUT THE FINANCIAL SECURITY ECOSYSTEM MODEL

Financial insecurity is pervasive and often stymies many nonprofit organizations from fully and effectively serving their communities. Few organizations have the expertise, support, or resources to fully address their customer’s financial insecurity. The Clinic creates “financial security ecosystems” for each of its partner organizations by providing direct, capacity building, and advocacy services to meet the specific needs of the organizations and systems; as well as the people they serve. The Clinic’s holistic model delivers the highest-quality financial development services to social service organizations around the country.

ABOUT THE FINANCIAL CLINIC

The Clinic’s mission is to build working poor peoples' financial security. The Clinic fulfills its mission through an ecosystem of services that include: tax preparation and financial education workshops; “on-ramp” services including budgeting and accessing mainstream banking services; legal assistance with bankruptcy and consumer law; and financial coaching aimed at identifying goals and creating the financial habits necessary to achieve them. The Clinic works toward its vision of a nation where everyone is financially secure by transforming lessons learned on the ground into large-scale, systems-level solutions and social innovations like Change Machine that impact working poor people nationwide. www.thefinancialclinic.org

ABOUT THE PRUDENTIAL FOUNDATION

The Prudential Foundation
is a nonprofit corporation supported by The Prudential Insurance Company of America, an insurance subsidiary of Prudential Financial Inc. of the U.S.  The Prudential Foundation advocates for systemic change focused on eliminating barriers to financial and social mobility in the areas of meeting basic needs, connecting people to quality jobs, building personal assets and transforming communities.  As a strategic investor, the Foundation makes long-term commitments that yield tangible results through both grants and program related investments.

Contact
Aubrie Fennecken, Director of Development
***@thefinancialclinic.org
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Tags:Technology, Finance, Nonprofit, Philanthropy, Social Innovation
Industry:Finance, Non-profit
Location:New York City - New York - United States
Subject:Awards
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