FARMERS BRANCH, Texas (4/16/14)--Beacon FCU, La Porte, Texas, and its partnering school, Hamshire-Fannett Middle School are the winners of the Cornerstone Credit Union Foundation's "BizKid$" Entrepreneur Contest.
"Biz Kid$" is the Emmy Award-winning and credit union-funded public television series that teaches young people about money management and entrepreneurship.
In January, the foundation, in partnership with the Consumer Credit Counseling Services of Greater Dallas (CCCS), conducted a training session with classroom teachers, principals, superintendents and counselors (Leaguer April 15). The one-day training was broken down into two parts: personal financial education training conducted by CCCS, and "BizKid$ Train the Trainer" conducted by the foundation.
Each school then selected a team who would work with their partner credit union to come up with a business plan, and then present those plans to an impartial panel of judges. Beacon FCU, with $129 million in assets, and Hamshire-Fannett Middle School, Beaumont, won for their "Yum Yum Shop" school-sponsored concession stand.
Beacon FCU was one of three credit unions to participate in the pilot program, which was funded by a grant from the National Credit Union Foundation.
Other credit unions that participated in the pilot included $444 million-asset FivePoint CU, Nederland, Texas, and $47 million-asset Dallas CU. FivePoint CU collaborated with Horace Mann Junior High, Baytown, and Dallas CU with Francisco "Pancho" Medrano Middle School, Dallas. All three credit unions selected up to three teachers each to work with for the pilot program.
"Drawing on each other's strengths, all three schools came up with creative and detailed business plans," said Courtney Moran, foundation executive director. "I'm confident that this experience made an impression on students, and having gone through this exercise, they have a better sense of what it takes to be a successful entrepreneur. And perhaps more importantly, they understand how important it is as a consumer, and small business owner, to have that credit union relationship."
As the winner, the Hamshire-Fannett Middle School class will receive:
Educator Tammie Terrell was to receive a $500 gift card to Office Depot, but she will share with her students by either opening a Beacon FCU savings account or certificate of deposit with $100 for each student. Beacon FCU will receive a $1,500 grant to purchase "BizKid$" box set DVDs, which it will donate to libraries, schools and after-school programs.
In May, participants will come together at the Cornerstone Credit Union League's headquarters in Farmers Branch, Texas, to discuss the pilot program, take part in a retirement fair and play Money Habitudes, a game that helps people talk about money, understand financial psychology and explain their money personality type.