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West Philly program teaches kids financial development

To continue funding the the WesGold Fellows Internship Program, WPFSI will be holding its 3rd Annual Founders’ Reception at the Philadelphia Business & Technology Center (5070 Parkside Ave) on Thursday, Oct. 23 from 5:30 p.m. until 8 p.m.

In 2007 when the West Philadelphia Financial Services Institute was working on the ParkWest Town Center — the nonprofit's most impactful initiative to date — they realized they'd done nothing to affect area high school students. That, said WPFSI Executive Director Jim Burnett, is when the organization decided to hire about 13 kids to come in and shadow day-to-day happenings within the project.

"We went to Overbrook, West Philadelphia High, Parkway West, and started doing roundtables and case studies with parents and students and realized they didn't know what it took to build a shopping center this scale," Burnett said.

The students observed and, at the end, re-created the entire business negotiation in front of an audience of professionals. Thus the WesGold Fellows Internship Program was born. The program aims to teach students in underserved Philadelphia high schools about financial literacy, college planning, and personal and career development through an eight-week paid internship that includes career-oriented field trips, mentorships, in-class learning and weekly presentations. To continue funding the WesGold Fellows Internship Program, WPFSI will be holding its 3rd Annual Founders' Reception at the Philadelphia Business & Technology Center (5070 Parkside Ave) on Thursday, Oct. 23 from 5:30 p.m. until 8 p.m with special guest, NBC10's Brittney Shipp.

"The first year was exciting," Burnett said of the internship program that initially focused on large-scale real estate development and its community impacts. But, as the program has expanded and evolved, the students' responses have grown and improved as well. This year's group of students, said Burnett, was probably the strongest, hardest-working group to date.

In addition to the salary each of the 15 or so fellows receives, WPFSI matches the students' required savings after they save $500 up to $2,000. Students are only required to save about 10 percent of their pay into a bank account established by WPFSI. Those savings go toward future college expenses.

Besides high school kids, WesGold Fellows hires college students from local schools — this year two sophomores from Drexel University — to serve as co-program directors, organizing everything from the field trips and budget reports to the program curriculum.

"They get an opportunity to kind of run their own little business for six months," Burnett said.

The impact is evident, with program alum returning years after graduation to show their gratitude. "We let them know," said Burnett, "that even though you're only here for eight weeks, you're part of the WPFSI family." A family that continues to grow year after year, especially with help from contributing Philadelphians.

This year, guests who purchase tickets to attend the Founders' Reception will enjoy entertainment from STRETCH, food, and a silent auction in which attendees will bid on a pair of Sixers tickets, a Capital Grille steak knives set and gift card for four, and Franklin Institute passes. All proceeds will go the WesGold Fellows Internship Program. Featured art from the Art Sanctuary will also be on exhibit with pieces for sale with a portion of the proceeds going to the program. Tickets can be purchased through Oct. 23 and at the door.

Interested parties who are unable to attend the banquet can visit the WPFSI website and donate by clicking here.

"We're really excited about this weeks program," said Burnett, "but more importantly, whatever we raise helps us to pay and get up to 15 students next year in the [WesGold Fellows Internship Program].