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Reflecting on 2024: A Year of Impact
As we step into 2025, we take a moment to reflect on the incredible progress made at the Aurora Financial Empowerment Center (FEC) throughout 2024. This past year, we have expanded our reach, strengthened partnerships, and provided valuable financial services to our community. Here's a recap of our major accomplishments:
 New Community Partnerships: In 2024, we established 10 partnerships! From local community organizations, food pantries, higher education institutions, and more, financial literacy is for everyone. These partnerships have helped us extend our impact, ensuring more individuals and families have access to the FEC services.
New Financial Partnerships: The FEC is grateful for the support received by our partners in 2024, which helped us carry our mission and continue to empower individuals and families with their personal financial goals. They are: Huntington, Earthmover, First American Bank, and Old National Bank.
By the Numbers: The Aurora Financial Empowerment Center served over 500 clients with almost 1,700 sessions and achieved over 700 outcomes, empowering our community toward greater financial stability.
Workshops & Events: A total of 24 workshops were held at the FEC office, in Spanish and English. We covered essential financial topics, from Credit 101, Loan and Debt Management, to Homeownership Education and FAFSA Application, equipping participants with knowledge and practical skills.
4th Santa Event: Our 4th Pictures with Santa Event brought in over 1,000 people at the Prisco Center and over 1,000 toys were distributed. More than 50 community resources were present, providing support and information to attendees in a festive setting.
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A new year presents the perfect opportunity to reassess financial goals. Whether you want to build savings, reduce debt, or improve budgeting, setting clear and realistic objectives is key. Meeting with an FEC financial counselor can help tailor a plan that aligns with your aspirations for financial wellness in 2025.
Tax Season is Here!
Make sure to check the IRS website for FREE tax return preparation for qualifying taxpayers, or ask your financial coach about more resources.
As tax season approaches, staying informed about available credits and deductions can maximize your return. One critical benefit to explore is the Earned Income Tax Credit (EITC), a federal tax benefit designed to assist low-moderate income working individuals and families by reducing the amount of taxes owed--and potentially providing a refund.
The credit is based on income, filing status, and the number of qualifying children, though some workers without children may also qualify.
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Income eligibility varies based on the number of qualifying children. Below are the estimated income limits for the 2025 tax year:
No Children: Maximum income up to approximately $17,000 (single) or $23,000 (married filing jointly)
One Child: Maximum income up to approximately $46,000 (single) or $52,000 (married filing jointly)
Two Children: Maximum income up to approximately $52,000 (single) or $58,000 (married filing jointly)
Three or More Children: Maximum income up to approximately $57,000 (single) or $63,000 (married filing jointly)
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Key Takeaways:
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Double-check your eligibility! Many people miss out on EITC simply because they don't know they may qualify for it. Ask your employer or tax specialist about it.
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File early!
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Work with a trusted tax preparer to maximize your credit and avoid errors.
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If you're receiving a tax refund, consider these options to make the most out of it:
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Start an Emergency Fund: Set aside savings for unexpected expenses
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Pay Off High-Interest Debt: Reduce credit card or loan balances to save on interest
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Invest in Your Future: Contribute to a retirement account or education savings plan
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Save for a Big Goal: Whether it's a home, car, or vacation, use your refund to make progress
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Boos your Financial Security: Fund life or health insurance to protect your family's future
The FEC remains committed to offering tools and resources that empower individuals to make sound financial decisions. From one-on-one counseling to educational workshops, we are here to support you every step of the way.
February 15, 10AM-2PM Prisco Center - The Neighbor Project
Black Empowerment Expo - The Spirit of Entrepreneurship
Mark your calendars for the annual Black Wealth Empowerment Expo, happening on February 15, 2025.
This year, The Neighbor Project is proud to celebrate the "Spirit of Entrepreneurship" by offering invaluable tools and resources designed to support and uplift small businesses in underserved communities.
Throughout February, we will host a series of empowering workshops, with topics varying from: personal money management, City of Aurora programs for small businesses, leveraging your credit for personal and business growth, and more. You won't want to miss it!
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FEC Office Hours:
9AM-5PM Monday-Friday
Appointments in person, Zoom, or over the phone!
Every 2nd Saturday of the month: 9AM-1PM
Walk-ins welcome!
Stay tuned for more updates! Let's make 2025 a year of financial growth and success!
Visit www.cityofaurorafec.org/
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