Running head: DELAWARE FINANCIAL

Delaware Financial Literacy Institute

Edith L Clayton
Wilmington University

Mission and Demographics

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Delaware Financial Literacy Institute (DFLI) is an established nonprofit 501(c) (3)

organization. DFLIs mission is to equip low to moderate income individuals with tools to get
their financial lives in order so that they can become self-sufficient and enjoy financial wellbeing over time.
Annually, The Money School, DFLIs signature program sponsors more than 600 classes
across the state. These classes cover a myriad of topics from basic money management and
budgeting to saving for retirement and business startup. Additionally, more than one hundred
classes are presented upon special request for groups around the state. Classes are presented to
populations in need. For example, DFLI provides outreach services to prisoners at Baylor and
Young prior to their release. In addition, DFLI provides financial education to students in
schools with high at risk populations and residents living in local shelters. Afterschool programs
in inner city schools are also a part of the agencys offerings. Chasing the dream is one of those
programs.
Chasing the Dream Camp gives at-risk youth the opportunity to start their own
businesses. This program is taught in both after school and summer camp formats. The camp
offers students relevant, and real-life learning experiences. Entrepreneurship is often
overlooked as a post high school career option. Developing skills to be a successful
entrepreneur is very beneficial. Individuals with such skills are often valuable employees who
can offer their employers insight for their businesses.
Chasing the Dream utilizes classroom activities, guest speakers, and job shadowing to
introduce venture creativity. Students also participate in an innovation lab. Furthermore
participants tour local businesses to learn the craft of creating and making businesses work.
Subsequently they develop business plans which are culminated when they present their ideas in

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the marketplace. These young entrepreneurs take the risks associated with running businesses in
hopes of making a profit.
In addition to The Money School and Chasing the Dream, Delaware Financial Literacy
Institute hosts the Purses to Portfolios Annual Conference. This venue showcases small
businesses and offers seminars to propel women and some economically challenged men into
their financial destinies.
Over the course of the last few years the nation has had some major downfalls in the
economy. Many big businesses in Delaware as well as across the nation have closed their doors.
General Motors and Chrysler are to name a few. The unemployment rate in Wilmington alone is
13.30%; and a rate of 8.7% in New Castle County. With downsizing and unemployment, there is
a critical need for access to economic training. It is imperative that Delawareans are provided
with effective, easy to understand tools and resources to survive in this present economy.
Delaware Financial Literacy Institute (DFLI) offers multi-faceted entrepreneur programs that
provide these resources to adults and youth alike.
In fact many of the students who participate in the Chasing the Dream program come
from economically challenged situations. Generally, household incomes in the serviced areas are
16-44% below the national poverty line. In the largest area more than 60% of those individuals
live on a combined income of less than $15,000 per annum. Almost half the adult population did
not complete high school.
According to recent Non-Employer Statistics published by the U.S. Census Bureau, more
than two thousand people go into business for themselves each day. Research suggests that
venture creation is a significant asset to the underemployed and unemployed populations.
Venture creation empowers individuals to take charge of their lives. Individuals who are
engaged in business startup impact the overall economy. Studies show that as a result

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entrepreneurs learn success-oriented attitudes. These attitudes include motivation, riskassessment, and opportunity recognition.
Policy and Procedures
DFLI currently does not have any policies or procedures that are clearly expressed by
way of office functionality or employee guidelines. This proves to be frustrating for some of the
employees and interns, yet convenient for the executive director. Apparently, there is some
unwritten universally accepted policy in the office as it has operated in this manner for over
fifteen years. Perhaps this is because most of the staff has been employed at DFLI since
conception and thus it functions more like a family than a business in this aspect.
Structure and Governance
The organization stemmed from an event 1999 hosted by Jack Markell. Delaware
Financial Literacy Institute was officially established in 2001. More than 15 years later, it is a
successful non-profit agency. There are twenty-two members on the current board of directors.
Ronni Cohen serves as the executive director and has done so since the inception of the
organization. Serving under Ms. Cohen is four program directors, one administrator and one
part-time administrative assistant.
Delaware Financial Literacy Institutes organizational chart is shown on the following
page. The different programs offered at the agency are listed under the appropriate umbrellas.
The year these programs were founded is also indicated on the flow chart.

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Relationship with Other Agencies

Historically, DFLI has collaborated with many organizations to provide outcome-based
asset building for economic development and financial education in many communities
throughout Delaware. By building upon proven strategies, DFLI has become one of Delaware's
most accessible and effective resources for economic development and asset building statewide.
The process of starting a business can be intimidating. Often times it is perceived as
difficult to complete and individuals often feel discouraged in the process. For those needing
assistance, DFLI offers free and/or low-cost resources that help build solid businesses. Chasing
the Dream along with the Center for Business Growth, DFLIs business incubator are two of
those resources. By reaching people in the community, these resources introduce
entrepreneurship as a viable career option coupling it with an in-place support system.
Funding
DFLI sends donation requests to residents of New Castle, Kent and Sussex County.
Nearly 90% of DFLIs funding comes from individual donors. Local businesses also sponsor
and offer in-kind support donations to the agency. Grants from Chase Bank, Capital One, and
United Way help to fund DFLIs programs. Moreover, Delaware Economic Development Office
(DEDO) and the University of Delaware offer financial support.
Strengths, Trends, and Challenges
DFLI is a small non-profit with a large impact. With only five full-time employees, this
organizations handles more than 600 classes annually. Another strength is DFLIs ability to
generate funding. Their donor reach is phenomenal many of whom are benefactors.
While there is both a need and demand for economic intelligence, DFLI faces challenges
with participant attendance. People often sign up for classes, but do not bother showing up.
Another challenge DFLI faces is burnout and employee fatigue. Employees boast about loving
their jobs, but the unending demands are both physically and emotionally taxing.
As far as trends, like many other business, it is important for DFLI to be connected with
social media. Seeking a younger following, DFLI must adapt in ways to gain the attention of

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technically savvy youth. This places a demand on the agency to update its website to include
more interactive applications.
Interns Role
Over the course of its existence, DFLI has had its share of interns. However, it has yet to
clearly determine how to take full advantage of the help. Some of the interns are content with
this lack of engagement, while others truly wish to maximize their opportunity. It seems as if the
employees hoard ownership of their projects and are unable or unwilling to delegate interns a
share of meaningful assignments.
Many times what is left for the intern is grunt work or meaningless projects that are often
not associated with anything of true importance. There is also a striving for the intern to prove
their ability to handle substantial tasks under close scrutiny. There is also a high level of nonconstructive criticism that could be detrimental if the intern is unsure of his/her ability and selfworth.
Furthermore, interns are better off seen than heard at DFLI. Interns typically do not have
a voice. Often one is asked to submit ideas or opinions, however if they are not in line with the
organizations status quo, they are quickly shot down. For any intern serving at this location, it is
important to be a quick study. Listen intently to what is asked, and quickly agree with the
organizations suggestions.