Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Baby Bonds topic
No spam. Unsubscribe anytime.
District signs on to baby-bonds pilot; 59 Ferguson-Florissant seventh-graders targeted for $5,000 accounts
Summary
District leaders heard a presentation on a pilot that would seed Edward Jones-managed $5,000 accounts for eligible seventh graders; applications open the week of May 12, selection is by lottery and accounts are funded via a James S. McDonnell Foundation grant managed by Mobility Capital Finance (Mokofi).
District staff and a partner from Mobility Capital Finance (Mokofi) outlined a baby-bonds pilot that will seed investment accounts for eligible seventh graders in six St. Louis-area districts.
Mokofi representative Eddie Mungai described the on‑going pilot, saying participating seventh graders will be guaranteed a $5,000 Edward Jones–managed investment account. “This is a baby bonds program to give youth access to assets at an early age,” Mungai said. The pilot covers 300 seventh graders across six districts; Ferguson-Florissant was allotted 59 slots.
Mungai said the pilot is funded by a grant from the James S. McDonnell Foundation. Eligibility includes (1) enrollment as a seventh grader in the 2024–25 school year in a participating district and (2) household income at or below 80 percent of area median income (AM I). Selection will be by lottery when applications close; Mokofi said students must complete financial-literacy coursework tied to eligible uses of funds.
The program is an accelerated model: participating seventh graders will vest after about six years and may access funds when they turn 18, with approximately four years to decide on permitted uses (higher education, entrepreneurship, home purchase or retirement savings). Mokofi said Edward Jones will manage investments and Washington University in St. Louis will serve as the research partner; Moneybird will deliver financial-literacy content.
Board members sought implementation detail. A board member asked whether the application would be difficult for families; Mokofi estimated applicants would need roughly 15–20 minutes to complete the form and said in-person application-assistance events will be hosted. Required documentation may include a 2024 tax return or proof of means-tested public benefits (SNAP, TANF), Mungai said.
Board members and staff stressed outreach to vulnerable families and offered to host community events; district staff said communications and middle‑school counselors are already notifying families. One board member asked whether distributions would be taxable; Mokofi said it would confirm the tax treatment and report back. The district does not select recipients; Mokofi will finalize selections after the application and lottery process.
Applications are scheduled to open the week of May 12, and Mokofi expects final selections before the next school year. The board received the presentation for information only.
