Oklahoma Native Assets Coalition, Inc.

The Oklahoma Native Assets Coalition (ONAC) is committed to increasing the number of sustainable Native asset building programs and to support those administering such programs.

To accomplish our mission of building and supporting a network of Native people who are dedicated to increasing self-sufficiency and prosperity in their communities through the establishment of comprehensive financial education initiatives, Individual Development Accounts, and other asset-building strategies, our goals have been to:

1) Engage tribal leaders and state and federal policy makers in expanding asset-building opportunities for Native people through policy changes;
2) Create an information conduit for tribes on financial education, IDAs, EITC, CDFIs, and other asset-building strategies and opportunities; and
3) Develop local leadership, expand membership, and work to make the coalition self-sustaining.

To meet our coalition's goals, ONAC has been providing: free technical assistance to our constituents as they design and implement various asset building programs that have a good cultural fit; networking opportunities through our conferences and roundtables; offering financial education train-the-trainers; grant funding for constituents (tribes and Native nonprofits) that need flexible sources of funding to launch or sustain their asset building programs; administrative policy guidance advocacy to try to clear barriers so that constituents can use federal sources of funds for their asset building programs; administration of Children's Savings Account and emergency savings account programs; emergency cash assistance; financial coaching, down payment assistance, administering a national Native VITA network; promoting Bank On certified accounts; and promotion of what is working well with these programs at a state and national level, etc.

ONAC is a Native-led nonprofit. The consultant, Christy Finsel, who is a citizen of the Osage Nation of Oklahoma and our Executive Director, has expertise in providing Native asset building training, technical assistance, and asset building program design and administration. Together, we have dynamic leadership that helps us provide the needed skill set to administer and grow a Native asset building coalition.

ONAC has been working to build the coalition since 2001. Now, we are positioned to administer larger-scale pilot projects; more grants with our engaged grantmaking system (we offer technical assistance, opportunities for grantees to speak about their work, networking opportunities, and monitoring of grantee progress); enhanced trainings and technical assistance; administrative policy advocacy work; larger Children's Savings Account and emergency savings account programs; emergency cash assistance, financial coaching, down payment assistance, etc.

ONAC has been working to build relationships with a variety of constituents and supporters as we know that for Native asset building projects to be successful we need a number of partnerships in place. Thus, we engage with Tribal leaders, Tribal program directors, Native nonprofits, Native asset building practitioners and researchers, state representatives, students, cultural advisors, policy organizations, funders, financial institutions and financial institution regulatory bodies, national asset building organizations, inter-tribal organizations, tribal colleges, and representatives from the Office of the Special Trustee for American Indians, FDIC, FTC, IRS, HUD, SBA, and Administration for Children and Families, etc. Over the years, we have built our distribution list to 2.500 constituents and friends of our coalition. Our communication strategy includes regular emails to those on our distribution list about various asset building opportunities and resources as well as a dynamic website.

ONAC has strategic, fundraising, communications, and succession plans in place.

In addition to the information provided earlier in this section, ONAC has information to share about the following progress of our coalition:

ONAC recognizes that there is need for flexible funding for Native asset-building projects in the state. Since 2014, ONAC has granted 98 grants totaling $798,900. There is more interest in funding for grants than ONAC can currently fulfill.

Specifically related to CSAs, since 2012, ONAC has been working with twenty-four significant partners (tribes and Native nonprofits) to open accounts. We have opened 1,203 accounts to date, with more account opening events scheduled. ONAC is currently administering the largest Native CSA program in the country. Each account will be opened with $100.00 in seed funding and held either through a 529 college savings plan or at a financial institution of the ONAC constituents/program administrator partner's choice. Our interim CSA report is available on our website, under the Our Work section, and then under the ONAC's Programs page.

ONAC has funded 1,100 emergency savings accounts and will fund 334 more by 2025, with support from the Wells Fargo Foundation and Verizon.

ONAC has restarted the national Native VITA network to provide resources and networking opportunities to Native VITA site coordinators.

ONAC is promoting Bank On certified accounts and has launched several tribal integrations to help tribal citizens get banked.

ONAC has provided 1,153 families with emergency cash assistance since May 2020. We are also offering free financial coaching to AI/AN families.

With support from various funders (with larger grants and donations from an anonymous donor, the Wells Fargo Foundation, Target Foundation, Kresge Foundation, Bank of America Foundation, Verizon, FHLBank of Topeka, Ford Foundation, W.K. Kellogg Foundation, Cities for Financial Empowerment Fund, Decolonizing Wealth Project, JPMorgan Chase, the Osage Nation Foundation, 1:1 Fund, and the Chickasaw Nation), as well as generous support from individual donors and various conference and training sponsors, ONAC has raised $7,536,882.51 in funding since 2014 to support our programs. ONAC is working to continue to expand our programs so that we may reach more Native families to help them build their assets.