Pace Board of Director’s voted to Adminster Knox County IDA Accounts

Pace Community Action Agency's Board of Directors meeting was held at 7:00 p.m. on Thursday, November 18th at Holiday Inn Express with President Jim Jones presiding.  Bertha Proctor informed the Board of an opportunity to administer Knox County IDA accounts.  An IDA, or individual development account, is a special savings account for people with low incomes and minimal assets.  Money saved in an IDA account is matched with state dollars when requirements have been met.  Savings can only be used for specific asset-building purchases or investment, such as to buy a home, rehabilitate a home, pay for education, and/or to start a small business.  Candidates must save at least $400 of earned income per year.  This program is designed to assist individuals in achieving self-sufficiency through financial literacy and asset generation which fits our mission to "encourage self-reliance."

The Board also approved 2011 Work Plans with projected agency outcomes.  Grant submission and other programming were reviewed and approved.  Other reports were presented by President Jim Jones; Joel Smith, VP of Finance; and Lori Williams, Chief Operating Officer.

Pace's next Board of Directors' meeting will be their annual stakeholder's  meeting on Thursday, January 20, 2011.