California HOPE Trust Account Program Inaugural Advisory Workgroup Meeting

The California HOPE Trust Account Program's Inaugural Advisory Workgroup Meeting, chaired by State Treasurer Fiona Ma, focused on introductory comments from key figures like Senator Nancy Skinner and Shimica Gaskins. The Executive Director provided an overview of the HOPE Act, outlining its purpose, eligibility criteria, and reporting requirements to the Legislature. The meeting also addressed the upcoming report due date to the Department of Finance and Legislature. Consultants' roles and scope of work were discussed to implement the program effectively.

• California
• HOPE Trust
• Advisory Workgroup
• Treasurer Fiona Ma
• Legislative Report

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1. California Hope, Opportunity, Perseverance, and Empowerment (HOPE) Trust Account Program Inaugural Advisory Workgroup Meeting Chaired by: State Treasurer Fiona Ma, CPA 2023 Jan 31

2. Item 1. Call to Order and Roll Call Treasurer Fiona Ma Chair 2

3. Item 2. Introductory Comments Treasurer Fiona Ma Chair, HOPE Advisory Workgroup 3

4. Item 3. Introductory Comments Senator Nancy Skinner Chair, Senate Budget Committee Author of the HOPE Act (AB 156,chapter 569, Statutes of 2022) 4

5. Item 4. Introductory Comments Shimica Gaskins, J.D. California HOPE for Children Trust Account Program Board Member Cody Van Felden Foster Youth Advocate of John Burton Advocates for Youth) 5

6. Item 5. Executive Director's Report Kasey O'Connor Executive Director, California HOPE for Children Trust Account Program 6

7. Item 5. Executive Director's Report Overview of enabling statute for the HOPE for Children Trust Account Program (Chapter 569, Statues of 2022) (Chapter 16.1, Welf. & Inst. Code)(the HOPE Act): Purpose Type of financial program Eligibility criteria Fund administration intent Workgroup/Board structure Report to the Legislature 7

8. Item 5. Executive Director's Report Report to Department of Finance and Legislature (Welfare and Institutions Code section 18997.55) DUE DATE: February 1, 2024 The report must include: An implementation plan Details re: account management The anticipated number accounts Further statutory budget allocations Future philanthropy 8

9. Item 5. Executive Director's Report D. HOPE Program Consultant Update - Scope of Work The Role of the Consultant: Under general direction of the California HOPE Program staff Development of a Framework to Implement the Program The Consultant s Scope of Work: Determining best practices synthesize information draft report for the Workgroup and Board s review The Consultant Contract : 1 year term Status of RFP 9

10. Item 5. Executive Director's Report D. HOPE Program Consultant update - Key Action Dates **Prospective proposers are hereby advised of the following estimated schedule. Dates are subject to change due to administrative processing. Proposers must adhere to the RFP response submission due date and time.** January 11, 2023 RFP Available to Prospective Proposers January 24, 2023 at 4:00 p.m. PT Deadline for Submission of Written Questions January 26, 2023 Distribution of Answers to Written Questions February 03, 2023 at 4:00 p.m. PT Deadline for Submission of Proposals February 08, 2023 Evaluation of Proposals February 13, 2023 Notice of Intent to Award March 01, 2023 Anticipated Commencement of Agreement 10

11. Item 6. Discussion of proposed issue areas for potential Workgroup member assignments Welfare and Institutions Code section 18997.54(c) Kasey O'Connor Executive Director, California HOPE for Children Trust Account Program 11

12. Item 6. Discussion of proposed issue areas for potential Workgroup member assignments The Advisory Workgroup, per statute, must include but IS NOT LIMITED TO - on the following: define eligible child or youth responsible agency for determining this eligibility Necessary data/data sharing agreements Appropriate privacy protections Best investment practices Actuarial estimates re: the program 12 (continue on next slide )

13. Item 6. Discussion of proposed issue areas for potential Workgroup member assignments. Continued . The Advisory Workgroup, continuation of deliverables: recommendations for effective outreach Determine necessary administrative components Establish the timeline to implement this program Any other additional areas?? (The Advisory Workgroup may consult with additional experts to help inform their recommendations, etc.) 13

14. Item 7. Discussion of proposed meeting schedule Kasey O'Connor Executive Director, California HOPE for Children Trust Account Program 14

15. Item 7. Discussion of proposed meeting schedule TENTATIVE Dates for Workgroup and Board: Inaugural Advisory Workgroup Meeting: 1/31/23 Inaugural Board Meeting to ratify RFP choice by ED (not mandated for Workgroup): 2/28/23 Second Advisory Workgroup Meeting: 3/14/2023 Further scheduling TBD Kasey O'Connor Executive Director, California HOPE for Children Trust Account Program 15

16. Item 8. General Public Comment Please turn to the phone lines for any public comment Any public comment from members of the public attending in person 16

17. Item 9. Closing Comments and Adjournment Thank you for attending today s meeting! 17