Access to savings opportunities from an early age can play a transformative role in helping children build long-term financial security. Recognizing this, Prosperity Now, with support from the Citi Foundation, has launched the ABC Initiative (Asset Building for Children) and is now accepting applications for its first round of Implementation Grants. Through this initiative, eligible nonprofit organizations operating IRS-sponsored Volunteer Income Tax Assistance (VITA) programs can receive grants ranging from $25,000 to $150,000 to help families access child savings opportunities during tax season.

Backed by $5 million in funding from Citi Foundation, the ABC Initiative seeks to strengthen financial inclusion by integrating child savings education, referrals, and support into tax-time services. The initiative focuses on helping families understand emerging child savings opportunities, including Section 530A Accounts, while equipping nonprofit organizations with the tools, training, and financial resources needed to expand their impact.

If your nonprofit organization operates a VITA program and serves low- and moderate-income families, this grant opportunity provides significant funding and technical support to strengthen your services while contributing to a national effort to improve children’s financial futures.

About the ABC Initiative

The Asset Building for Children (ABC) Initiative is a national program led by Prosperity Now to help more families access child savings opportunities across the United States.

The initiative was created to ensure that families receive clear information, practical guidance, and personalized support in understanding and accessing child savings accounts. Through this effort, Prosperity Now aims to increase participation in existing and emerging child savings programs while reducing barriers that prevent many families from taking advantage of these opportunities.

Supported by a $5 million investment from the Citi Foundation, the first phase of the initiative focuses on helping nonprofit organizations integrate child savings guidance into IRS-sponsored Volunteer Income Tax Assistance (VITA) services.

Why the ABC Initiative Matters

Tax season is often one of the most important financial periods for many families. During this time, households make key decisions regarding:

• Tax refunds
• Tax credits
• Household budgets
• Savings
• Future financial planning

Because VITA programs already provide trusted tax preparation services to millions of families, Prosperity Now believes these organizations are ideally positioned to educate parents about child savings opportunities while helping them make informed financial decisions.

The initiative seeks to ensure that more children begin adulthood with stronger financial foundations by connecting families with savings opportunities during one of their most financially significant moments of the year.

Grant Funding Available

Eligible organizations selected for the first implementation cohort will receive grants ranging from:

• Minimum Award: $25,000
• Maximum Award: $150,000

Final grant amounts will depend on several factors, including:

• Anticipated number of families served.
• Scope of the proposed implementation.
• Organizational capacity.
• Proposed project activities.
• Budget quality.
• Overall funding availability.

What the Grant Will Support

Funding can be used to strengthen tax-time services by incorporating child savings education and support into existing VITA operations.

Examples of eligible activities include:

• Integrating child savings information into VITA intake and tax preparation workflows.
• Providing child savings education during tax preparation appointments.
• Offering referrals and navigation support for child savings opportunities.
• Conducting community outreach before and during tax season.
• Training staff and volunteers on child savings programs.
• Developing partnerships with financial institutions and community organizations.
• Hosting tax-season outreach and activation events.
• Improving internal systems and workflows.
• Collecting implementation data and participating in evaluation activities.
• Supporting continuous improvement of service delivery.

Additional Support Beyond Grant Funding

Successful applicants will receive much more than financial support.

Awardees will benefit from:

• Comprehensive onboarding.
• Professional training.
• Ongoing technical assistance.
• Implementation guidance.
• Digital financial coaching resources where applicable.
• Practical implementation tools.
• Peer learning opportunities.
• Participation in a national learning community.
• Evaluation support.
• Standardized reporting guidance.
• Opportunities to contribute to national best practices.

Who Can Apply?

Applications are invited from eligible nonprofit organizations that operate IRS-sponsored Volunteer Income Tax Assistance (VITA) programs.

To qualify, organizations must:

• Be a nonprofit organization.
• Operate an IRS-sponsored VITA program.
• Serve as the lead applicant and fiscal agent.
• Be responsible for grant management and reporting.
• Demonstrate readiness to integrate child savings support into tax-time services.
• Serve low- and moderate-income households.
• Have strong community relationships.
• Participate fully in training, evaluation, and peer learning.

Community organizations, schools, financial institutions, and public agencies may participate as partners, but the lead applicant must be an eligible VITA provider.

Geographic Eligibility

Priority will be given to organizations serving the following locations:

California

• Alameda
• Contra Costa
• Fresno
• Kern
• Kings
• Los Angeles
• Marin
• Merced
• Orange
• Riverside
• Sacramento
• San Bernardino
• San Diego
• San Francisco
• San Joaquin
• San Mateo
• Santa Clara
• Stanislaus
• Ventura

Connecticut

• Greater Bridgeport Planning Region
• Western Connecticut Planning Region

Florida

• Broward
• Miami-Dade
• Palm Beach

Illinois

• Cook
• DuPage
• Kane
• Lake
• McHenry
• Will

Maryland

• Montgomery
• Prince George’s

Nevada

• Clark County

New Jersey

• Bergen
• Essex
• Hudson
• Passaic

New York

• Bronx
• Kings
• Nassau
• New York
• Queens
• Richmond
• Rockland
• Suffolk
• Westchester

Puerto Rico

• Territory-wide

South Dakota

• State-wide

Virginia

• Alexandria City
• Arlington
• Fairfax
• Fairfax City
• Falls Church City

Washington, D.C.

• Entire District of Columbia

APPLY HERE

Preferred Applicant Experience

Organizations are encouraged to have experience in areas such as:

• Children’s Savings Accounts
• Section 530A Accounts
• Baby Bonds
• 529 Savings Plans
• Financial coaching
• Tax-time savings initiatives
• Family financial capability

However, prior child savings experience is not required.

Organizations operating only Tax Counseling for the Elderly (TCE) programs are not eligible.

Selection Criteria

Applications will be evaluated based on:

1. Quality of the implementation approach.
2. Organizational capacity and readiness.
3. Family and community reach.
4. Strength of partnerships.
5. Evaluation and learning capacity.
6. Budget quality and feasibility.

Applicants should clearly demonstrate how they will integrate child savings education into their existing VITA services.

Participation Requirements

Successful organizations will be expected to:

• Implement the approved project.
• Attend onboarding sessions.
• Participate in required training.
• Join technical assistance activities.
• Engage in peer learning.
• Train staff and volunteers.
• Build strategic partnerships.
• Collect and report project data.
• Participate in programme evaluation.
• Share lessons learned with the national cohort.

Reporting Requirements

Awardees will submit both quantitative and qualitative reports covering:

• Staff and volunteer training completion.
• Families reached.
• Child savings interactions.
• Referrals made.
• Account enrollments where applicable.
• Partnerships established.
• Organizational capacity improvements.
• Lessons learned.
• Implementation challenges.
• Best practices.

Reporting guidance and standardized tools will be provided during onboarding.

Important Dates

Applicants should carefully note the following timeline:

How to Apply

Interested organizations should:

1. Review all eligibility requirements.
2. Download and study the 2026 Request for Proposals (RFP).
3. Review the Application Planning Guide.
4. Gather all required documentation.
5. Submit their application through Prosperity Now’s online application portal no later than August 7, 2026.

Applicants with questions may contact Prosperity Now through the email address provided in the official call for proposals.

Why Organizations Should Apply

Participating organizations will benefit from:

• Grant funding of up to $150,000.
• National recognition through participation in the ABC Initiative.
• Capacity-building support.
• Staff and volunteer training.
• Technical assistance.
• Access to implementation resources.
• Peer networking opportunities.
• Evaluation support.
• Opportunities to strengthen services for low-income families.
• The ability to contribute to improving financial security for children across the United States.

Visit HERE to learn more about the ABC Initiative Implementation Grants 2026

Deadline

Application Deadline: August 7, 2026

Late applications are unlikely to be considered. Eligible organizations are encouraged to begin preparing their applications as early as possible.

Conclusion

The ABC Initiative Implementation Grants 2026 represent an outstanding funding opportunity for nonprofit organizations committed to expanding financial opportunity for children and families. Through generous grants of up to $150,000, extensive technical assistance, professional training, and participation in a national learning community, Prosperity Now is equipping VITA providers to become trusted pathways for child savings education and access.

Organizations serving low- and moderate-income families have a unique opportunity to strengthen their tax-time services while helping families build long-term financial security for future generations. If your organization operates an eligible IRS-sponsored VITA program and serves one of the target communities, this initiative offers both the financial resources and strategic support needed to make a lasting impact.

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