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Key Components of MYOI

Key Components of MYOI

Youth Boards
  • Identifies the needs of foster youth.
  • Advocates for the thousands of foster youths in the state.
  • Informs, educates & inspires key stakeholders.
  • Effects real system reform.
  • Recruits and mentors other foster youths.
  • Youth-designed, youth-run and youth-driven.
Board of Community Partners committed to improving outcomes for these youth
  • Key local decision makers in child welfare, public policy and practice, education, housing, employment, banking, and other social structures.
  • Stakeholders in the business community, service clubs, faith community, community agencies, individual volunteers and others.
  • Active Youth Board member(s).
  • Partners with the Youth Board to meet the needs identified by youth.
  • Recruits mentors and "door openers" in the community.
Opportunity Passports™
  • Individual Development Account (matched savings account) to be used for designated purposes.
  • Personal Savings account with ATM card.
  • "Door openers" designed by the community.
Individual Development Account (IDA)
  • To help youths earn and save money for short-term and long-term asset building.
  • Matched by the grant 1:1.
  • Requires 8 hours of financial literacy training and completion of regular surveys to track outcomes.
Allowable Uses for IDA Match
  • Housing down payment or 1st month rent & security deposit.
  • Medical, dental or other health costs.
  • Insurance (renter's-at time of deposit, health, auto)].
  • Education or training costs.
  • Car purchase and licensing (at time of purchase).
  • Microenterprise.
  • Investments (401(k) or IRAs.)