Youth IDA Program
Lakota Funds offers a matched savings, or Individual Development Account (IDA), program to teach our Lakota youth the value and benefits of saving money. Youth IDA Program participants combine personal financial skills and asset-specific training with group meetings and a savings plan.
How it Works
Once enrolled in the IDA Program, a participant opens their savings account and makes minimum monthly deposits of $25.00 for at least six months and up to two years. Lakota Funds deposits $2.00 for every $1.00 a participant deposits. Participants can deposit up to $1,440, and Lakota Funds deposits up to $2,880, for a grand total of $4,320 to be used towards asset-specific purchases. Upon completion of the program, participants can withdraw their savings to attain post-secondary education or start or expand a business. All participants attend monthly support meetings and complete asset-specific training.
- Participant must be 14-17 years old.
- Participant must be at least a Freshman in high school on the Pine Ridge Reservation.
- Participant must have parent or guardian consent.
- To qualify for the Youth IDA Program, your gross household income must fit within the income guidelines below.
Maximum Gross Household Income
- Complete the Financial Literacy class prior to opening account.
- Make minimum monthly deposit of $25.
- Attend monthly IDA support meeting.
- Complete asset-specific training.
- Save for at least 6 months and up to 24 months.
- Savings goal must be for college, a business, or buying a home.
Steps to Enroll
If you meet the eligibility guidelines, you may take the following steps to enroll in the Lakota Tiwahe Family Asset Building Project.
1. Complete the application form.
2. Call 605-455-2500 and schedule an interview appointment with Douglas Patton, Lakota Funds Success Coach.