Specifications include, but are not limited to: The purpose of the Request for Proposal (RFP) is to gather information on organizations which have the primary functions, desired features, and cost structure necessary to hold and administer accounts for future use to offset the costs of postsecondary education or career-ready vocational programs. The FEC will launch Aurora’s Promise CSA Program at the kindergarten level. Every child entering public school kindergarten residing in Aurora is eligible to be enrolled in a CSA. Each individual’s CSA account should be open/active for at least thirteen (13) years or until he or she is ready to pursue post-secondary education or career-ready vocational programs, so long as the funds are utilized within sixteen (16) years (or other designated time for use of funds) after the individual account is opened. At 100% participation, the FEC will provide a CSA account to an estimated 2,000 kindergarteners each year for an estimated total of 40,000 accounts in the program’s twentieth year. Each student will receive a seed deposit for their CSA. Public dollars will be used to fund accounts during the initial program. When a student with Children’s Savings Account graduates from high school or acquired their GED and is ready to utilize their funds, the contracted program owner and administrator will process distributions and to ensure the funds are utilized to help offset the costs of postsecondary or career-ready vocational programs.
