New York City Financial Network Action Consortium Inc

Programs: Since 2004 nycfnac has been a sponsor of the volunteer income tax assistance (vita) program, which provides low-income taxpayers with free, high quality tax preparation. The program serves as an alternative to the high fees and often predatory services of commercial tax preparation firms. By locating vita sites within the low-income communities served by community development credit unions, the vita program can offer taxpayers the opportunity to safely and quickly receive their tax refund at a credit union through direct deposit. This connection to a financial institution that offers affordable financial services promotes the opportunity for low-income households to save, build financial assets, get access to high-quality credit, gain money management skills, and move into the financial services mainstream. Vita ensures that these households receive all of their eligible tax credits, including the earned income tax credit, which elevates families above the federal poverty line. During the year, the program prepared 12,376 returns for 11,264 individual filers and returned $18. 9 million in total refunds on their behalf. The program also provides such ancillary services as screening for public benefits, such as snap (food stamps) and medicaid. Those households found preliminarily eligible for benefits receive follow up intensive screening and enrollment assistance by nycfnac's benefit enrollers.

nycfnac provided several of the city's leading community development credit unions with accounting, internal auditing and regulatory compliance assistance to promote their financial soundness. These services ensure the accuracy of their financial recordkeeping and reporting. In addition, nycfnac works closely with the credit unions' supervisory committees, which are charged with maintaining the fiscal integrity of the credit unions through a process of internal checks and balances.