Utah’s Bright Future Fund is a child savings account project serving families participating in the Next Generation Kids and/or Head Start programs in Ogden/Weber and Salt Lake area. Families in these programs will have an opportunity to open a 529 college savings account for each child and earn up to $250 per account by achieving a series of financial milestones within one year. Participants earn their first $50 simply by enrolling in the program. Referring agencies will match each dollar deposited to an independent student 529 college student account, up to $150. By preparing and filing taxes for free at a Volunteer Income Tax Assistance (VITA) site participants will earn $25 for the account. Completing an approved financial literacy course or budget development activity earns an additional $25.
- Initial Deposit = $50
- Automatic Paycheck Deduction = $50
- Taxes Prepared for FREE = $25
- Approved Financial Literacy Component = $25
- Dollar for Dollar Match = Up to $150
- Total Savings: $300
The intent of this project is to encourage families to save by providing opportunities and incentives. Research has shown families participating in child savings account programs, whether through traditional banks, credit unions or college savings accounts are 2.5 times more likely to enroll in and graduate from college.
This project utilizes Utah Educational Savings Plan (UESP) 529 college savings accounts and Utah Community Action Partnership Utah (CAP Utah) is the program sponsor for each account that is opened. The Department of Workforce Services Next Generation Kids, Ogden-Weber Community Action Partnership and Salt Lake Community Action Partnership are cohort partner agencies that will refer families and fund the accounts.
Utah’s Bright Future Fund is brought to you by CAP Utah and these community partners.
Frequently Asked Questions
Q: What are the specifics of the Utah’s Bright Future Fund?
A: You have the opportunity to earn $250 to be deposited into a my529 college savings account. You will earn an initial deposit of $50 simply by enrolling in the program. By having your taxes prepared for free at a Volunteer Income Tax Assistance (VITA) site or online you can earn an additional $25. Go to UtahTaxHelp.org for more information. You can earn another $25 by completing an approved financial literacy activity. Contact the agency that referred you for details. Finally, the agency that referred you will match each dollar you donate to your family owned 529 college student account, up to $150.