Money Magnets Club - 2022 Impact Report

LETTER from the

EXECUTIVE DIRECTOR

Dear #MoneyMagnetsClub (MMC) Supporter,

2022 represented an exciting year of growth and development for our organization...even being able to say that is a product of our 2022 labor! We became an officially recognized organization that is tax-exempt under section 501(c)(3) of the Internal Revenue Code in December. That is a giant leap from an idea that turned into a workshop that a children's librarian, named Teresa Cain, helped to iron out at the West Boulevard branch of the Charlotte Mecklenburg Library four years ago now.

We are going full steam ahead in 2023, having a stronger and fueled vision for the possibilities in helping elementary aged kids learn about entrepreneurship as a path to financial well-being. I am grateful for this journey; for the communities in West Charlotte that have embraced and helped guide our work; for the amazing local entrepreneurs that have spent time sharing their stories, products, and expertise; for each individual/organization that has shared time, talent, or treasure in support of our work and to our kidpreneursin-training for sharing their ingenuity, light, and trust.

Thank you for your partnership in our goal of ending intergenerational poverty and its connection to certain zip codes in our city, as well as laying foundations in building wealth in the West Charlotte communities where we serve.

Sincerely, Dr. Alexandra Arrington

Image:

Alexandra and kidpreneurs-in-training at a summer MMC session

BACKGROUND ABOUT US

Charlotte community member, Alexandra Arrington, co-founder of Money Magnets Club (MMC) became an entrepreneur at 14 As a young hairstylist, in a single parent home, having attended Title 1 schools the majority of her K-12 experience, she had a a passion that was encouraged, and one that made her money, This experience produced invaluable skills and resources that had immediate material benefit and that would support her future plans and aspirations. Having a chance to create a more intentional approach for younger children to experience entrepreneurship and be encouraged and supported in it early on is a direct result of Alexandra's experience and why MMC was developed. MMC seeks to bring a similar experience as Alexandra’s to kids, lovingly referred to as "kidpreneurs-in-training" much earlier, with a direct tie to their developmental learning, and to provide them with material resources to encourage their practice.

MMC seeks to learn from and cater to kids in underinvested areas like Charlotte's West side, where this is so much vitality Co-Founder, Teresa Cain, children's librarian in West Charlotte noted that there were not many entrepreneurship programs for kids. The identified need and the passion and practice aligned to bring together the co-founders to launch this asset-based work, focused on entrepreneurship as a means of economic enfranchisement, character-building, and communitymindedness.

MISSION

To serve as a community that encourages entrepreneurship among elementary school kids and their responsible adults through education, exposure, and resources.

VISION

To see all kids fully empowered...to explore and realize all that they can be through principles of character, community, and business.

MEET THE TEAM

STAFF

Dr. Alexandra Arrington, Executive Director (right)

Mackenzie Wilkins, Programming Coordinator (left)

Steven L. Stack, Board of Directors, President

LaToya Lowery, Board of Directors, Treasurer

Free Nixon, Board of Directors, Vice-President

Teresa Cain, Board of Directors, Secretary

Did you know...

16.8%*

OF MECKLENBURG COUNTY CHILDREN ARE LIVING IN POVERTY, AND ARE DISPROPORTIONATELY BLACK, AND LATINO?

According to NC Child, a reasearch, policy and advocacy nonprofit for issues affecting children, "Ultimately, children thrive when their families are financially secure. Children’s lifelong economics are deeply tied to those of their families and communities. To ensure opportunity for every child, North Carolina should make family financial health a top policy priority." We couldn't agree more and #MoneyMagnetsClub endeavors to encourage intergenerational wealth and financial well-being in Charlotte, NC's West side with a data driven approach.

*According to the 2019 Kids Count Data Book report by the Annie E. Casey Foundation

Logic Model

Developed in conjunction with data and evaluation expertise through generous funding from the United Way of Greater Charlotte, we were able to articulate how we will measure our work and expect it to intersect and be informed by our theory of change, which is to build foundational pathways to intergenerational wealth through entrepreneurship education and asset generation in the West Charlotte communities in which we serve.

DevelopedbyDTGCommunityServicesforMoneyMagnetsClub