Financial stability is the key to thriving communities and the Newark Asset Building Coalition (NABC) is leading the charge in empowering residents of Newark to forge their pathways to financial independence.

As a collaborative effort spearheaded by the United Way of Greater Newark (UWGN), the NABC is dedicated to streamlining a variety of financial empowerment programs and services that equip community members with the tools they need to achieve self-sustaining financial stability.

Let’s delve into the impactful work of this five-year-old organization and showcase how they are transforming lives in the City of Newark.

Key Goals and Objectives

The NABC set ambitious goals to provide high-quality tax preparation assistance to a large number of Newark residents. With plans to expand to new community-based locations, the NABC aims to reach individuals who may have never had access to such resources in the past.

Additionally, the organization is committed to increasing the number of financial workshops available through its extensive network of community-based organizations such as:

  • Clinton Hill Community A.C.T.I.O.N
  • Ironbound Community Corporation
  • New Community Corporation
  • New Jersey Citizen Action
  • Newark Movement for Economic Equity
  • Urban League of Essex County
  • United Way of Greater Newark

By expanding its reach and impact, the NABC aims to transform even more lives in Newark.

NABC’s Comprehensive Financial Empowerment Programs

At the heart of the NABC’s mission is a commitment to empower Newark residents on their journey to financial stability. Through the Financial Literacy Coaching/Counseling program, individuals receive personalized guidance and education to navigate the intricacies of personal finance. Whether it’s opening a savings account, alleviating debt, building wealth, or developing a monthly budget, the NABC offers a range of services tailored to meet the unique needs of each resident.

The NABC has a direct line to the community because of its Volunteer Income Tax Assistance (VITA) Program, sponsored by the IRS. Each winter and spring, United Way of Greater Newark provides free tax preparation and tax credit analysis to the community through this program.

During the 2021 tax season, over 5,000 individuals received tax assistance preparation, which returned $11.5 million to the community. NABC’s services are delivered by qualified non-profit partners and are directly integrated into existing asset-building strategies such as:

  • Opening a savings account;
  • Debt relief;
  • Wealth building;
  • Financial growth; and
  • Developing a monthly budget.

Community Engagement and Impact

The NABC’s power lies in its collaborative approach, working hand in hand with the City of Newark and an array of cross-sector partner organizations. By forging these alliances, the NABC can reach all corners of the city, with a particular focus on areas that are often harder to access, such as Newark’s south ward.

The NABC believes in the power of education to transform lives. That’s why it partners with community-based organizations to host a variety of workshops and fairs aimed at promoting financial stability. Recently, in collaboration with Science Park High School, the NABC organized a Personal Financial Fair that reached over 50 individuals.

This immersive event featured eight engaging sessions covering a wide range of topics, including Paying for Secondary Education, Student Loan Debt, Life Insurance, Home Energy Assistance Programs, Investing, Budgeting, Savings, Credit, Home Ownership, Setting up a Bank Account, the ANCHOR program, and Foreclosure Assistance. By equipping residents with the knowledge they need, the NABC is empowering them to make informed financial decisions.

Addressing Challenges and Raising Awareness

One of the NABC’s ongoing challenges is raising awareness about the benefits of its services, particularly free tax preparation. Some individuals mistakenly assume that free services lack quality. However, it’s essential to recognize that the NABC’s VITA program goes above and beyond to ensure accuracy and compliance.

All VITA tax preparers undergo annual re-certification through the IRS, guaranteeing that they are up to date with the latest tax laws. Moreover, each tax return undergoes a meticulous quality review to ensure the utmost precision. By participating in the VITA program, individuals not only receive free tax preparation but also maximize their refunds through targeted credits aimed at low-to-moderate income families.

VITA beneficiaries save valuable time and money, while increasing their refund amounts that are used toward immediate needs. Of the 2021 beneficiaries, 43% planned to use their refund for groceries, 42% planned to pay bills such as rent, and 30% indicated that their refund would be used to reduce credit card debt.

The Newark Asset Building Coalition is a driving force in empowering Newark residents on their path to financial stability. Through its comprehensive programs, collaborative partnerships, and commitment to community engagement, their team is transforming lives and fostering economic equity in Newark, something we are passionate about!

To learn more about the NABC, visit their website at You can also check out these recent articles about their valuable financial empowerment work:

If you haven’t yet, we encourage you to take advantage of their services, workshops, and resources to enhance your financial well-being. Together, we can build a stronger, more prosperous future for all residents of Newark.

Partner with NABC today!