How $20K became $760K in Lynn

Last night, I attended an event at The Blue Ox restaurant in Lynn recognizing 40 individuals who stepped up and volunteered their time to help provide local working families with free tax filing services at the United Way Financial Stability Center, powered by SPIN in Lynn MA.

Because of a significant grant from Bank of America targeted at building financial stability throughout our region, United Way was able to expand our EITC awareness efforts to Lynn this year. In addition to a $1 million commitment over the next five years to support the Financial Stability Center, United Way invested an additional $20,000 earlier this year targeted specifically at funding free tax filing services through the Center. Mark DeJoie, executive director of SPIN, remarked last night, that at the beginning of tax season, the Center was shooting to file returns for about 150 people.  But the volunteers blew that figure out of the water.  In the Financial Stability Center's very first year of providing free tax filing, volunteers: 

• Filed 532 tax returns for low-to-moderate income, working families
• Secured refunds of more than $760,000
• More than $313,000 of those refunds which were in Earned Income Tax Credits

It's amazing, when you think about it, that $20,000 and 40 volunteers can translate to an infusion of more than $760,000 into the Lynn economy.

Here are photos from the event, taken by volunteer Dan Engberg (with the exception of the cake one, that was yours truly.)

United Way  Mike Durkin thanking the volunteers