Kelly Gordon Rogers champions the concept of community investing as a subset of socially responsible investing, which allows for investment directly into community based organizations. Community investing institutions use investor capital to finance or guarantee loans to individuals and organizations that have historically been denied access to capital by traditional financial institutions. These loans are used for housing, small business creation, and education or personal development in the US, or are made available to local financial institutions abroad to finance international community development. The community investing institution typically provides training and other types of support and expertise to ensure the success of the loan and its returns for investors.
Community investing grew more than 60% from 2007 to 2010. Assets held and invested locally by community development financial institutions (CDFIs) based in the US totaled $41.7 billion at the start of 2010, up from $25 billion in 2007.
Texas Tomorrow Fund Program
Students on exchange programs or programs where they are paying UT tuition rates do not have to go through any special processing as they are paying regular UT tuition and fees and all application of the Texas Tomorrow Funds will be handled by the Student Accounts Receivable office.
The International Office handles Texas Tomorrow Funds/Texas Guaranteed Tuition Plan requests only for students attending study abroad programs where they are not paying UT tuition rates.
- In this instance the Texas Tomorrow Funds apply the same way as when classes are being taken on campus in Austin.
- Students on affiliated programs (registered at UT but not paying UT tuition rates) will have their Texas Tomorrow Funds requests processed by the International Office.
- When applying the Texas Tomorrow Funds to non-UT tuition rates (through the International Office) there are two big differences as opposed to applying the Texas Tomorrow Funds to UT tuition rates (through the Student Accounts Receivable office):
- The Texas Tomorrow Funds will be disbursed as a reimbursement later in the semester so any applicable program provider fee/deposit, $400 affiliated studies fee, and tuition fees must be paid up front by the student. A predetermined amount per credit hour will be reimbursed to the student approximately four to six weeks after the Study Abroad Accountant has sent the student request to the Texas Tomorrow Funds.
- The reimbursement rate is determined by the Texas Tomorrow Funds at a set amount per credit hour (per Texas Guaranteed Tuition Plan) for each academic year and will actually pay out a lesser amount than when the student is attending classes at UT (in Austin). This is an important consideration for the student to make when determining whether to apply his/her Texas Tomorrow Funds for an affiliated study abroad program or save hours in the Texas Tomorrow Funds for future classes taken in Austin (paying UT tuition rates).
For UT faculty-led programs the Texas Tomorrow Funds does not reimburse the cost of the program fee or the $400 affiliated studies fee but can apply towards the tuition portion only. For affiliated (non-UT tuition) programs, the Texas Tomorrow Funds will only apply towards the tuition portion of the program fee.