PASADENA, Calif. -
Renee Mackanin, the LA Financial CU's vice president of marketing, told Credit Union Journal the CU has had financial literacy programs in the past, although on a much smaller scale than the opportunity presented by partnering with a high-profile professional basketball team.
"We worked with the children's author who wrote 'Sammy the Rabbit.' Sammy teaches children how to save," she said. "But we were limited in how many schools we could visit. We wanted to reach more children, so with the Clippers' record of reaching 40,000 children, we were happy to work with them."
The Clippers have had a "Read to Achieve" program for the past five years, Mackanin said. The team works with 19 school districts in LA County. For every number of minutes children read books, they earn "Read to Achieve Dollars."
The amount of reading necessary to earn these dollars varies by school and age. The Clippers have a representative at each participating school. The representative, who might be a teacher, a librarian or another school employee, monitors reading progress and gives out the award dollars.
"By adding the financial literacy piece, which we bring to the table, the children get age-appropriate material that teaches them how to save or manage their money," said Mackanin. "When the children read the financial literacy books, as opposed to any book, they get bonus dollars."
The children have to make a decision: save the dollars and try to have more than anyone, or spend them on Clippers merchandise. At the end of the program, 10 students (five from elementary and five from middle school) with the most "Read to Achieve Dollars" will become members of the Clippers Financial Bank Shot Board and receive a $200 scholarship courtesy of LA Financial CU.
The members of the Bank Shot Board will serve as a focus group to assist LA Financial CU in developing products and services for members under 18 years of age.
High school students will participate in an essay contest to express their knowledge of how earning, saving, spending and borrowing can affect their financial future. Students with the five winning essays will round out the Bank Shot Board and receive a $200 scholarship.
The credit union said the program has many additional benefits for the children, including classroom visits by Clipper players, game tickets and Clipper merchandise.
Mackanin said LA Financial CU last year offered mentoring programs at Salesian High School, a Catholic boys school in a low-income, underserved neighborhood in Los Angeles.
This year, not only will Salesian participate in the Clippers financial literacy program, students will form a credit union on campus with advisors from LA Financial Credit Union.
"The textbook we have been using with students at Salesian will be used in the Clippers program this year," she said. "We are doing some things the same as in previous years and some new things."
The partnership began when the Clippers approached LA Financial and asked the CU to be one of its sponsors, Mackanin explained. She said LA Financial is the credit union of the team and can advertise to its season ticket holders.
The Clippers asked LA Financial to join its literacy program when the team's representatives saw the CU's focus on child education and financial literacy on its website, she added.
"I've met [Clippers owner] Donald Sterling, and the Clippers have a very friendly, family-like organization," said Mackanin. "Their tickets are less expensive than the Lakers, and their market is the 'Average Joe.' That's why I saw a real fit for us."
