Center on Business and Poverty receives Bader grant

The Center on Business and Poverty, a University of Wisconsin–Madison research and information dissemination organization that works with companies to assist their low-income employees, has received a $35,000, two-year grant from the Helen Bader Foundation Inc.

The grant from the foundation, which has offices in Milwaukee and Jerusalem, will fund an outreach program to teach financial literacy to low-income employees of Milwaukee businesses.

John Hoffmire, director of the Center on Business and Poverty, says, “Tax time for low-income people is often the biggest financial day of the year. Refunds and credits often are picked up during tax season. If low-income employees get good advice from the volunteers we bring in to do taxes at the employees’ workplace, it can make all of the difference for low-income families.”

Many employees do not take advantage of programs such as the Earned Income Tax Credit, direct deposit accounts, checking and savings accounts, and retirement plans, which can help improve their financial stability and ensure success for their children’s future.

“Low-income workers are better poised to gain an economic foothold when they understand the options available to them,” says Bader Foundation president Daniel Bader. “The center’s educational outreach will not only aid them when they are struggling, but the knowledge will be valuable as they move up the ladder and begin to build wealth.”

Some employees can miss out on collecting up to 36 percent of their yearly take-home pay if they do not take advantage of the earned income tax credit. The Center on Business and Poverty, an initiative of the Institute for Research on Poverty, arranges for qualified volunteers to work through companies to assist employees in filling out tax forms at work during breaks or other times. In addition, employees learn more about their benefits and about ways to deposit their paychecks directly to avoid check-cashing fees and negative experiences with payday loans.

The Helen Bader Foundation Inc. supports innovative projects and programs that advance the well-being of people and that promote successful relationships with their families and communities.