HOPE06-23 - Financial Education and Money Management Program Consultant

The California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account Program is seeking proposals from qualified consultants experienced in designing financial education and money management training programs. The selected consultant will work with program staff, consultants, the board of directors, and youth with lived experience to develop the policy, criteria, and process for providing these services through partnerships. The contract term is five months from July 1, 2024, through December 1, 2024, with a maximum amount of $35,000, and the HOPE Program has an option to extend the contract by two months and an additional $10,000. The financial education and money management training services will be offered free of charge to eligible participants from age 13 until age 30, with the goal of helping them develop individualized plans to use, match, or leverage their HOPE funds for wealth-building opportunities.

This is a new contract, and there is no current incumbent. The HOPE Program has $145 million available to fund the accounts when the program is expected to be operational in 2025, and it is projected that approximately 58,500 children will be eligible for automatic enrollment at launch, with each receiving about $4,500 in 2025 dollars. There are no details provided regarding set asides, funding requirements and sources, or contract term and renewal options.