Unsure which grant your client is enrolled in? Locate the “Intended Use” field on the FAIM account statement you pull from VistaShare and send to clients each month. The four digits listed after their chosen asset is the grant they are enrolled in.
State Grant 2005 – enrollment reopened 2/1/2023 for 25 slots across the network.
- Screen potential FAIM clients for program readiness BEFORE completing an application. Must have ability to reach saving goal within 24 months and purchase their chosen asset within 30 months. If not program ready, place them on your wait list for a future grant.
- Slots will be filled on a first come first served basis by complete application packets submitted to and approved by FAIM Admin. Submitting an incomplete application packet will NOT hold a spot for your client, coach will be contacted for follow up needed and the application will go to the bottom of the pile.
- Coaching dollars are available to agencies for new enrollments that complete the required 12 hours of Financial Management training. Complete the training early in client enrollment to access coaching dollars which will be paid out quarterly.
- Client must complete required trainings. Twelve hours of Financial Management training (course plus 1:1 financial coaching to establish/repair/build credit by reviewing credit report, creating a budget, addressing debt, etc.). AND ten additional hours of asset-specific training.
- Minimum enrollment period for this grant is 6 months + 1-day before full payout may be requested. Saving/match period is 24 months from first deposit date – interest earned on savings is not matched. Maximum enrollment to obtain asset and exit the program is 30 months from first deposit date.
- Asset tracks include First-time Home Purchase, Post-secondary Education, Personal Vehicle Purchase, Business Development (start or expansion).
State Grant 2085 – at capacity.
- Minimum enrollment period for this grant is 1 year + 1-day before full payout may be requested. Saving/match period is 24 months from first deposit date. Maximum enrollment to obtain asset and exit the program is 30 months from first deposit date.
- Coaching dollars will be paid to agencies on a quarterly basis for the first 65 clients that complete the required 12-hour Financial Wellness training. Local coach must submit a copy of the client’s training completion certificate to FAIM Admin to receive coaching funds.
State Grant 2083 – at capacity.
- Enrollment began in March 2021 – clients are reaching their 2-year mark and should be in final stage to spend and exit the program
- Minimum enrollment period for this grant is 6 months + 1-day before full payout may be requested. Saving/match period is 24 months from first deposit date. Maximum enrollment to obtain asset and exit the program is 30 months from first deposit date.
- Coaching dollars were paid to agencies in 2021.
FAIM forms shown in green were updated in 2023. Forms shown in purple were updated in 2022 and will be reviewed along with forms shown in blue – you may use these forms until they are updated. Dispose of electronic or paper copies of old forms and use current forms posted below. If you are unsure if you are using an old form, the date it was last updated is listed in the bottom right corner of most forms – check the date on your form against the form below.
Budget / Pre-Post Enrollment Assessment Tools / Training Forms
Please note Bremer Bank does NOT accept electronic signatures on any forms sent to them, client and coach must physically sign where indicated on forms.
Payout Request Forms
Business Asset Forms and Templates
Education Asset Forms
Home Purchase Asset Forms
- Loan Estimate – send with payout request forms
- Closing Disclosure (CD) – send final, signed copy after closing date. Also required for principal reduction payout – if home was purchased after enrolling in FAIM but before meeting the minimum enrollment requirement.
- Current Mortgage Statement – send with copy of final CD if doing a principal reduction payout. Another copy is required within 30 days of the payout to document that the FAIM payment was applied to principal only.
- Household Budget Estimate Form – located in Financial Training/Assessment Tools section
- FAIM – Asset-Specific Training Hours Tracking Form – keep in local file
- Mortgage Qualifier Form
Vehicle Purchase Asset
Cornerstone Advocacy Service – Forms for CAS Private Match Enrollees