By enabling local stakeholders to support NYC Kids RISE's NYC Scholarship Accounts in the ways and amounts that make sense for them, Community Scholarships are a tool for demonstrating community-wide support for every child’s future, encouraging families to continue planning and saving for higher education, while strengthening social capital and building generational wealth in neighborhoods.
NYC Kids RISE
Revenue Stream Analysis
Evaluation Rubric Development
NYC Kids RISE is a nonprofit organization that manages the Save for College Program which is designed to make attending and graduating from college possible for public school students in Western Queens by providing 529 savings accounts for eligible students. They asked Urbane to analyze passive income mechanisms that could be utilized by borough residents, businesses, and community-based organizations to fund Community Scholarships.
Urbane began with a scan of existing passive income mechanisms to understand current trends and successful tools used by a range of nonprofit, social impact, philanthropic, and marketplace entities to fund programs and initiatives. The start of the project coincided with the onset of the COVID pandemic; Urbane expanded the scan to include the impact that the lockdown and subsequent economic recession would have on potential passive income mechanisms.
In the next phase, Urbane ideated 20+ passive income mechanisms that NYC Kids RISE can leverage to fund the Community Scholarships, including leveraging hidden fees imposed by utility and telecommunication companies; redistribution of fees and fines imposed on major sports leagues; credit card processing fees; and partnerships with local cultural institutions. In addition, Urbane developed a set of 12+ criteria to help NYC Kids RISE determine which passive income mechanisms are best suited for success.
In the final phase, NYC Kids RISE selected 4 passive income mechanism for further, in-depth analysis by Urbane. In the resulting memos, Urbane operationalized the mechanisms, identified strengths and weaknesses of implementation, and identified a case study to guide NYC Kids RISE’s work.