Covenant's Responsibilities

• Provide personal finance and money management workshop series and at least one asset-specific class for the participant's benefit
• Account Statements - to provide the participant with a timely and accurate bi-monthly account statement, listing accumulated savings, earned matches and account activity
• Confidentiality - to protect the participant's privacy by securing personal and financial records and keeping all such information confidential within Covenant
• Individual Assistance - to create opportunities for the participant to meet individually with Covenant staff about financial, savings, and asset-goal-related matters
• Match Funds - to match the participant's Smart-Savings savings, after at least six consecutive monthly deposits and up to $1,500 of participant's IDA savings over the lifetime of the program, with at least a 2:1 savings match at the time he or she is ready, by mutual agreement of the participant and program staff, to purchase his or her chosen asset goal (home, education, small business)

Participant Responsibilities

• Smart-Savings Account Opening - to open a Smart-Savings account at Wells Fargo Bank and make an initial $25 deposit before beginning the financial education classes
• Monthly Deposits - to deposit a minimum of $25 every calendar month from his or her earned income (income received as a wage or through self-employment), at least nine months out of the year
• Financial Education Classes - to attend a minimum of five personal finance and money management workshops, actively participate in all workshop discussions and exercises, and complete all homework activities
• Asset Specific Training - to attend additional educational and training workshops appropriate to his or her selected asset goal, as determined by program staff
• Peer Support - to participate in and attend meetings of on-going participant peer support groups throughout the life of his or her involvement in the program
• Confidentiality - to respect the right to privacy of all program participants by keeping confidential any personal or financial information divulged in the course of the program
• Change of Address - to provide program staff with updated personal information in the event of a change of address, phone number or emergency contact information

Mutual Understandings

• Qualified Withdrawals - are only available for the program's stated permissible uses (home purchase, small business start up or expansion, post secondary tuition and/or expenses) and after completion of all program preparatory requirements
• Emergency Withdrawals - are discouraged and only available to the participant in accordance with the program's emergency withdrawal policy and procedure
• Participation Requirements / Terminations - participant may be asked to leave the program for missed monthly savings deposits, poor workshop attendance, unauthorized savings withdrawals, or for other violations of this agreement
• Account Ownership - program savings accounts will be owned by the participant, with Covenant co-signing the account. Both parties will have access to all account activity information and neither party can withdraw funds without the other's written consent.