FinancialOverview

According to Collaborative Support Programs of New Jersey Inc. (CSP) Institute for Wellness and Recovery Director, Margaret Swarbrick, PhD, OTR, CPRP, “mental illness is a package plan that too often includes a life of poverty, being disenfranchised, unemployed, and stigmatized, as well as being thought of as a second-class citizen. Mental illness often has devastating human and financial costs to the individual, his or her family, and society. For people with mental illness, poverty is one of the most pervasive, significant, and debilitating barriers to achieving recovery and full participation in the community”. People with mental illness often live in substandard housing, lack opportunities for meaningful activities and daily structure, have limited social and recreational resources, have difficulty gaining access to quality health care, usually cannot access mainstream banking and financial services because of the lack of financial assets and an unfavorable credit history, and overall experience alienation and loneliness. 

Mission and Philosophy

Our economic development mission is to promote self-sufficiency, community inclusion, community participation and personal responsibility by offering products and services that increase a person’s financial literacy, build personal assets, and increase income through employment. We believe that poverty is one of the key barriers to recovery and we seek to promote systems change that promotes asset building and economic well-being. 

Our financial services mission is to promote financial health and increasing individual wellness though delivery of financial and educational products and services to the CSP-CEC community. In support of the CSP and CEC’s mission, we specifically deliver financial literacy training and education in budgeting, saving, debt and credit and offer money management accounts, savings accounts, Individual Development accounts and micro loans.

CEC Financial Services philosophy endorses the belief that individuals, including people living with mental illness and special needs, have a right to housing and economic opportunities to maintain and improve their quality of life. CEC Financial Services further believes that with these rights come responsibilities to learn, to grow, and to fulfill a valued role in society through being a good steward in managing money, building assets with savings, maintaining a good credit rating, and becoming financially fit and independent. CEC Financial Services believes that quality products and services provided to its clients will contribute to financial stability, security, independence and overall financial fitness and well-being, community integration, personal wellness and recovery. 

The Program

CEC’s Asset-Building, Financial Self-Management Fitness Practices and Services Program are designed to provide people with serious, persistent mental illness and special needs, opportunities to: live successfully in the community in a home where support services are provided; have opportunities to connect, grow, and reach self-sufficiency through financial literacy and asset specific training; and to have access to supported asset building and money management products. While individuals and their choices are respected, we foster change and growth together through interdependence, responsibility for choices and by challenging the status quo. CEC is a statewide not-for-profit, consumer of mental health services operated organization. CEC was incorporated in 1992 by Collaborative Support Programs of New Jersey, (CSP-NJ), a statewide nonprofit consumer operated mental health organization, as a partner entity to assist with the development and management of affordable housing.
In 2002, CEC broadened its’ mission to address the issues of poverty and resulting disempowerment faced by many very low income persons, especially those with special needs. CEC developed and now offers many financial products and services aimed at promoting financial literacy, responsibility for money management, development of long-term savings skills and habits and acquisition of assets. CEC’s financial services and products that promote financial literacy and fitness, wellness, savings and asset building opportunities are: 

1. Financial Management Bill Pay Account- providing client support in budgeting and payment of bills increasing tenancy, housing stability and savings. 
2. Savings Club Accounts offers clients up to a 1:1 match towards savings and asset building typically not allowable through an Individual Development Account. 
3. An Individualized Development Account (IDA) supporting clients in savings towards home ownership, education and work/small business development through a 3:1 match (federal, state and agency match), without jeopardizing existing government benefits or public assistance; 
4. Emergency Micro-Loan Program, a service for unexpected expenses with individualized payback agreements and 0% interest. 

The Objectives of the Program

CEC’s goals in providing economic opportunities for each individual participant include: 

1. Incentives for savings toward the purchase of a specific asset such as a home or a business or to further education for a degree of certificate leading to gainful employment and an improved quality of life; 
2. Financial Literacy training and education to improve budgeting and money management skills and to avoid predatory financial institution practices; 
3. Access to products and services which support re-entry to the mainstream financial community; 
4. Individual accumulation of assets helping to alleviate poverty, empowering the individual and leading to a significantly improved lifestyle; 
5. Securing and maintaining a safe, long term community living environment for each individual preventing unnecessary psychiatric hospitalizations and homelessness for each individual; 
6. Promoting community integration maximizing independence for each individual; 
7. Promoting individual awareness and involvement in one’s financial fitness, wellness and community life.