How libraries can work with community organizations

The steps below explain what to do as you build and strengthen community partnerships that help people make decisions for their money.

Start by thinking about what financial education programs to offer

Take into consideration:

• The needs of your community
• The resources and services available within your community
• Seasonal or special events that can be tied to financial education
• Programs that have been successful in the past or when offered by other organizations or libraries

Consider how to structure agreements with local organizations 

Instructors, programming, funding, or additional help for patrons can be offered when your library works with outside organizations. Programs can be set up informally, with a handshake or verbal agreement. Or, they can be more formal, established through a written agreement such as a memorandum of understanding (MOU).

When you start thinking about working with organizations in your community, it helps to have a firm foundation. Consider the following:

• Laws, policies, or requirements that could be set by your library’s general counsel or governing body
• Rules and guidelines that apply to the program or the partnership, including those that are not formally documented
• Grants that could be affected by partnerships with specified organizations or businesses
• Activities other libraries are doing, or guidance put forth by associations and state library agencies

Help improve the financial skill that leads to financial well-being

Financial skill means knowing how to find, process, and act on information when it’s needed. Your library can help people in your community recognize when to research financial topics, where to start the research, and where to find reliable financial information.

Build in principles to make financial education effective

The CFPB has described five principles from educators, coaches, and counselors that make financial education effective. Try to incorporate as many of these as you can into your programs.

• Know the individuals, families, and communities being served
• Provide timely, relevant, and actionable information
• Develop and build on financial skill
• Build on motivation
• Make it easier for people to take actions that align with their financial goals

More details about the five principles of effective financial education can be found in our research report and toolkit .

Vet the organizations you want to work with

Make sure your programs and collaborations support the library’s mission and strategic goals, as well as meet the needs of the community and requirements of the library’s governing body.

To get started, consider:

• The partnerships you have established in the past
• The partnership requests you have received
• The partnerships you might want to pursue

Going through the questions below can help you cover all the information about the program. You can use the answers to get an attorney started on a contract or memorandum of understanding, if needed or requested.

• What is the purpose of the program?
• What are your goals for the program?
• How would patrons benefit from the program?
• Who is the ideal audience for the program? Be as specific as possible.
• Would the program require patrons to provide information, such as parental consent forms or other personal information? How would that information be used, or protected?
• How might the library benefit from offering the program through a partnership?
• What can city, county, state, or federal agencies, nonprofit organizations, community service groups, or businesses contribute to the program?
• How long would the collaboration last? Is it intended to be a single program or event, or ongoing?
• How might the potential partner benefit from working with the library on the program?
• What is known about the credibility and reputation of the potential partner, its mission, and the quality of its services in the area considered for the program?
• What is known about the conduct and reliability of the potential partner’s staff?
• How might the collaboration reflect on the library or impact the reputation of the library?
• What are the library’s roles and responsibilities in developing and delivering the program? Be specific.
• What are the potential partner’s roles and responsibilities in developing and delivering the program? Be specific.
• What potential issues might come up when working with the potential partner? How can the program or relationship be structured to address them?
• What laws, rules, or regulations apply to the program or partnership?
• What terms need to be established in a written or formal agreement?

Design programs to protect privacy and avoid pitfalls

Take special care when you offer programs with outside organizations to advise patrons about money decisions. Not only do partners have to have appropriate expertise, but patron privacy also must be maintained.

Reputation

Make sure the organization is in good standing within your community. Check the Better Business Bureau, your state’s Attorney General’s office, and organizations that certify or provide background information on financial organizations (like FINRA BrokerCheck®, Certified Financial Planner Board of Standards, or your state insurance regulator).

Sales pitches 

Educational presentations should not promote a product, company, or brand. The library should review and approve presentation materials and handouts to make sure the presentation is not a sales pitch.

Data collection

Make sure the presenter understands that they should not collect contact information for people who attend the event. The presenter should not hand out business cards or marketing materials.

Enlist help from partners in other ways

Partners can help libraries fulfill different needs. For instance, they can help libraries promote and advertise their programs or services. They can act as sponsors, providing direct funding or in-kind support such as offering prizes or refreshments.