Capital Good Fund, partners mark successful tax season

PROVIDENCE – Capital Good Fund and its three local banking partners initiated 12 checking accounts and 14 savings accounts during its 2014 tax season project to encourage unbanked residents to establish banking relationships, according to an April 28 announcement.
A pilot program allowed Capital Good Fund clients to have state and federal tax returns prepared for free, while at the same time open a bank account with their choice of one of three local financial institutions. Capital Good Fund partnered with Citizens Bank, Navigant Credit Union and People’s Credit Union for the pilot project.
“For low-income families, tax-time results in the greatest inflow of money during the year,” said Andy Posner, founder and executive director of Capital Good Fund, a nonprofit with a mission to provide equitable financial services that create pathways out of poverty.
Capital Good Fund completed a record 700 income tax returns as a site for the Internal Revenue Service’s Volunteer Income Tax Assistance program. Those tax returns resulted in $912,000 in refunds and credits to Rhode Islanders. That represents 30 percent growth over the 2013 tax season, according to Capital Good Fund.
“Tax season represents a tremendous opportunity to empower families to open checking and savings accounts and put money into savings,” said Posner. “That is why we are a proud IRS Volunteer Income Tax Assistance site and why our collaboration with local financial institutions is so essential to those we serve.”