For every $1 donated to Arkansas Asset Builders, we return $30 in fee-free tax refunds to a hard-working household in our community through our volunteer income tax assistance program. Since 2016, we have helped our clients claim more than $850,000 in federal refunds and avoid nearly $300,000 in tax prep fees.
The COVID-19 pandemic has caused significant harm to the financial well-being of low-income households and small businesses in our community. Even before the pandemic, a quarter of our clients said that they would not have any way of paying a $400 emergency expense. But now, more than 38% say that they have no resources to pay a $400 expense.
Free tax preparation will remain a key service that enables those households hardest hit by the pandemic to access the resources they need to rebuild their financial well-being. Tax refunds also have a ripple effect through our entire community, generating economic activity up to 10x the value of the refunds themselves. In this way, our programs have an annual impact of nearly $3 million on the economy of central Arkansas.
Your donation will empower Arkansans hit hard by the COVID pandemic to access the free tax prep services and financial tools critical to building financial well-being.
With your help, we will continue to serve our hard-working neighbors well in these uncertain times. Please join us.