Individual Development Accounts (IDA)
IDA participants combine Personal Financial Skills and asset specific training with group meetings and a savings plan that earns them two dollars for each dollar saved. The Lakota Fund started the Lakota Tiwahe (family savings) IDA program in 2001. The First Native IDA program in the State of South Dakota. The Lakota Tiwahe IDA savings program is a collaborative effort between Lakota Funds and Security First Bank. It demonstrates the effective combination of economic education and personal efficiency training to realize a significant change towards spending and savings. Participation is usually limited to twenty on a first come, first serve basis. To check on availability, sign up or get on the waiting list contact the Success Coaches at 455-2500 or email: Doug Patton or Kateri Montileaux.
If you are interested in becoming a Lakota Tiwahe IDA Savings Program participant there are a few things that we would have to do:
- Step 1: Check out the income guidelines (.doc) to see if you qualify. Find the number of people in your household and follow the row over to the 200% column and if your total annual income is below the figure that it shows, than you can be a possible client for the IDA program. For example, a family with four household members will have to have a total household income of under $40,000. If you qualify than proceed to Step 2.
- Step 2: Complete the pre-questionnaire form(.doc)
- Step 3: Complete the pre-application form(.doc)
- Step 4: Complete the monthly obligation form(.doc)
- Step 5: Call 455-2500 and schedule an interview appointment with Doug Patton or Kateri Montileaux of the Lakota Funds Success Coaching staff and bring the completed documents along with you.
Youth IDA Program
To take advantage of this unique plan that TRIPLES your savings, check out the guidelines below:
- Must be 16-19 years old
- A Junior or Senior in High School
- Parent or guardian consent
- Income verification
- Complete Application
Save for 24 months and turn your $25 monthly deposits into $1800 total to be used for college or starting your own business!
Fill out the downloadable forms and contact Doug Patton or David White Bull to complete process: