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<p class="MsoNormal">Colleagues: The legislature passed Senate Bill 5100 in its most recent session, with an effective date of July 23<sup>rd</sup>. I’ve attached the final version. The section that applies to colleges and universities, including all of our
community and technical colleges, is sub-section 4, which states in part that “each institution…must take reasonable steps to ensure that [it] presents, and each incoming student participates in, a financial education workshop. ….The institutions are encouraged
to present these workshops during student orientation or as early as possible in the academic year.”<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">WSAC has a financial education tool (Ready, Set, Grad) that – if updated per the bill’s requirements -- might help colleges meet their institutional requirements. Ruben Flores in our office is checking with Becky Thompson at WSAC on that.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">The Legislature actually funded our fiscal note on this bill, which means that we will be able to distribute ongoing funds to each college for purposes of meeting the requirement. Funds will be distributed this summer based on student enrollment
(DEAB). Allocations will range from $10,995 (high end) to $2,076 (low end). Funds can be used to offset your expenses for programs like SALT or other personal finance tools. If you already have an onboarding component that meets this requirement, funds could
be used to support that.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Although there is no reporting requirement in the enacted bill, please be prepared to update us before the next legislative session in case it schedules a work session for this in December or January.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I will ask Ruben Flores to distribute this info to ARC and FAC. Please let me know if there are other councils or groups you want me to send it to (for example, ACC).<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Stay tuned for more details and let me know if you have any questions at this point. Thanks.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><img width="71" height="41" style="width:.7395in;height:.427in" id="Picture_x0020_1" src="cid:image003.jpg@01D3078E.C7520CB0" alt="Joe"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Joe Holliday<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Director of Student Services<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><img width="112" height="122" style="width:1.1666in;height:1.2708in" id="Picture_x0020_2" src="cid:image005.jpg@01D3078E.C7520CB0" alt="SBCTC_Anniversary Logo_WhtGold_Round3OUT_v1_MC"></span><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Washington State Board for Community and Technical Colleges<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">1300 Quince Street SE, PO Box 42495<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Olympia, Washington 98504-2495<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">360-704-4334</span><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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