Common use of Household Budget Clause in Contracts

Household Budget. Prior to opening a Prosperity Savings Account, the applicant must provide an accurate annual household budget which includes their savings goal amount. A blank budget with built in formulas is sent as an attachment with the email confirmation an applicant receives upon completing the application. It is important this information is complete and accurate. An application review will take place once the application is complete and all the required documentation has been received from the applicant. The purpose of the application review is to: • Verify and review documentation and eligibility • Review completed monthly household budget • Identify any potential barriers to successfully completing the program and make appropriate recommendations Once the application packet has been reviewed an approval/denial decision will be made. A United Way representative will communicate the final decision to the applicant. If denied, the applicant will receive a letter detailing the reason(s) why, along with any suggestions which may offer additional and alternative financial stability resources. If approved, the applicant will sign the approval paperwork needed to open their savings account. The saver must open up their Prosperity Savings Account at the community bank location within 2 weeks of approval. The initial deposit to open an account is $200. The following procedures will be used if the saver fails to open the account within 2 weeks: • 3rd week after approval: Phone call to saver reminding them to open the account. • 4th week after approval: Phone call to remind saver to open the account. • 6th week after approval: Termination of application. Saver will have to reapply for the Prosperity Savings Account Program. Each saver is required to complete all 12 sessions of the Budget Coach Program; and must complete a minimum of 6 sessions of Budget Coach Program to access the match funds. All savers must attend the following a First Time Homebuyer workshop and submit a copy of their certificate of completion:

Household Budget. Prior to opening a Prosperity Savings Account, the applicant must provide an accurate annual household budget which includes their savings goal amount. A blank budget with built in formulas is sent as an attachment with the email confirmation an applicant receives upon completing the application. It is important this information is complete and accurate. An application review will take place once the application is complete complete, and all the required documentation has been received from the applicant. The purpose of the application review is to: • Verify and review documentation and eligibility eligibility. • Review completed monthly household budget budget. • Identify any potential barriers to successfully completing the program and make appropriate recommendations recommendations. Once the application packet has been reviewed an approval/denial decision will be made. A United Way of Frederick County representative will communicate the final decision to the applicant. If denied, the applicant will receive a letter an email detailing the reason(s) why, along with any suggestions which may offer additional and alternative financial stability resources. If approved, the applicant will sign the approval paperwork needed to open their savings account. The saver must open up their Prosperity Savings Account at the community bank location within 2 weeks of approval. The initial deposit to open an account is $200. Saver is required to make monthly deposits until the total amount of $3,000 is saved. The following procedures will be used if the saver fails to open the account within 2 weeks: • 3rd week after approval: Phone call to saver reminding them to open the account. • 4th week after approval: Phone call to remind saver to open the account. • 6th week after approval: Termination of application. Saver The saver will have to reapply for the Prosperity Savings Account Program. Each saver is required to complete all 12 6 sessions of the Budget Coach Program; and must complete a minimum of 6 sessions of Budget Coach Program to access the match funds. All savers must attend the following a First Time Homebuyer workshop and submit a copy of their certificate of completion: Department of Housing and Human Services As a general rule, savers should request qualified withdrawals a minimum of two weeks in advance of the date on which the funds are needed. Several steps are required prior to all qualified withdrawal requests:

Household Budget. Prior to opening a Prosperity Savings Account, the applicant must provide an accurate annual household budget which includes their savings goal amount. A blank budget with built in formulas is sent as an attachment with the email confirmation that an applicant receives upon completing the application. It is important this information is complete and accurate. An application review will take place once the application is complete and all the required documentation has been received from the applicant. The purpose of the application review is to: • Verify and review documentation and eligibility • Review completed monthly household budget • Identify any potential barriers to successfully completing the program and make appropriate recommendations Once the application packet has been reviewed an approval/denial decision will be made. A United Way representative will communicate the final decision to the applicant. If denied, the applicant will receive a letter detailing the reason(s) why, along with any suggestions which may offer additional and alternative financial stability resources. If approved, the applicant will sign the approval paperwork needed to open their savings account. The saver must open up their Prosperity Savings Account at the community bank location within 2 weeks of approval. The initial deposit to open an account is $200. The following procedures will be used if the saver fails to open the account within 2 weeks: • 3rd week after approval: Phone call to saver reminding them to open the account. • 4th week after approval: Phone call to remind saver to open the account. • 6th week after approval: Termination of application. Saver will have to reapply for the Prosperity Savings Account Program. Each saver is required to complete all 12 sessions of the Budget Coach Program; and must complete a minimum of 6 sessions of Budget Coach Program to access the match funds. All savers must attend the following a First Time Homebuyer workshop and submit a copy of their certificate of completion:

Household Budget. Prior to opening a Prosperity Savings Account, the applicant must provide an accurate annual household budget which includes their savings goal amount. A blank budget with built in formulas is sent as an attachment with the email confirmation an applicant receives upon completing the application. It is important this information is complete and accurate. An application review will take place once the application is complete complete, and all the required documentation has been received from the applicant. The purpose of the application review is to: • Verify and review documentation and eligibility eligibility. • Review completed monthly household budget budget. • Identify any potential barriers to successfully completing the program and make appropriate recommendations recommendations. Once the application packet has been reviewed an approval/denial decision will be made. A United Way of Frederick County representative will communicate the final decision to the applicant. If denied, the applicant will receive a letter detailing the reason(s) why, along with any suggestions which may offer additional and alternative financial stability resources. If approved, the applicant will sign the approval paperwork needed to open their savings account. The saver must open up their Prosperity Savings Account at the community bank location within 2 weeks of approval. The initial deposit to open an account is $200. Saver is required to make monthly deposits until the total amount of $3,000 is saved. The following procedures will be used if the saver fails to open the account within 2 weeks: • 3rd week after approval: Phone call to saver reminding them to open the account. • 4th week after approval: Phone call to remind saver to open the account. • 6th week after approval: Termination of application. Saver The saver will have to reapply for the Prosperity Savings Account Program. Each saver is required to complete all 12 6 sessions of the Budget Coach Program; and must complete a minimum of 6 sessions of Budget Coach Program to access the match funds. All savers must attend the following a First Time Homebuyer workshop and submit a copy of their certificate of completion: Department of Housing and Human Services As a general rule, savers should request qualified withdrawals a minimum of two weeks in advance of the date on which the funds are needed. Several steps are required prior to all qualified withdrawal requests: