ClassWallet is a digital wallet with an integrated eCommerce marketplace, automated ACH direct deposit, and reloadable debit card with pre-approval workflows and audit-ready transaction reporting. ClassWallet reduces overhead costs, saves valuable time, and better visibility and control for decentralized purchases.
ClassWallet, started in 2014 by AdoptaClassroom.org founder Jamie Rosenberg, has emerged as a technological leader helping shape a new paradigm in government funds’ distribution to educational entities.
One of the more extensive programs managed by ClassWallet is the Emergency Assistance to Non-Public Schools (EANS) grant, part of the company’s SchoolWallet solution. This multi-billion-dollar CARES & ARP grant provides services and assistance to eligible private schools to address educational disruptions caused by COVID-19.
We hope to share our learnings from the past year to demonstrate why partnering with ClassWallet can positively transform manual tasks into major efficiency.
Today, we manage EANS programs for 10 states totaling 790 million in funding. In less than 1 year, we have processed more than 40,000 transactions distributing 200 million in funds as reimbursements to schools or direct payments to vendors.
State DOE’s have saved hundreds of thousands of person-hours utilizing the ClassWallet technology. While our technology provides stability and saves time, it’s our white-glove service that turns a complex process into a simple way of doing business. Here are a few highlights you can expect ClassWallet to manage:
- 100% of state EANS funds immediately obligated
- Bi-Weekly reporting meeting with state administrator(s)
- Monthly joint State User Group sessions to discuss best-demonstrated practices
- EANS vendor management
- e-Commerce Marketplace to seamlessly shop online
- Dedicated state EANS website
- EANS Breakout Session webinars
- Federal Reporting Requirements
- Dedicated Account Executive & EANS customer service representative
Let’s take a deeper dive into how these strategic solutions are helping guide finance officers, state admins, and fiscal agents through a complex process.
Every state recognizes that sending unused funds back to the government is frowned upon in the political world. Many lobbyists worked hard to earn these funding dollars for the much-needed non-public school system.
The government expects 100% of all funds to be obligated, meaning they must commit the funds received to a specific activity.
While many states are still struggling to obligate the funding, with states utilizing ClassWallet, 100% of funds are immediately obligated upon the program start date.
States utilizing ClassWallet run the program like a well-oiled machine. Meaning not only are funds obligated, but non-public schools immediately begin to allocate them for specific purchases. In the first 8 months of launching EANS in 7 states, over 200 million in EANS funds have been allocated to schools and vendors.
For the state of Michigan, schools began to purchase goods and services utilizing our digital wallet technology less than 1 week after the contract was signed.
Bi-Weekly Reporting Sessions
Data is king, and partnering with ClassWallet means, you are the king of EANS data. Bi-weekly meetings with ClassWallet occur where states are provided detailed reporting upon allocated funds.
These meetings are strategic in nature as we discuss how to move the dial towards 100% allocated funds. Our data allows us to dig deep into the numbers, understanding where each school is at during its EANS journey.
Monthly State User Group Session
The most benefit from the program is the EANS community we have built at ClassWallet. Every month, states utilizing ClassWallet join a 1-hour webinar where we share our learnings and ask questions. So many problems have been solved by simply sharing what works.
The power of the collective mind is far greater than the individual. Below are a few instances of how our User Group session impacted change to state programs.
EANS Vendor Management
We have launched thousands of vendors participating in the EANS grant since the program’s inception. Each state has a unique way to identify approved suppliers, which can feel overwhelming for vendors attempting to participate in the EANS Program.
States work with ClassWallet to understand the approval process to add suppliers to the program.
We provide vendor Zoom consultations at no cost throughout the process to ensure the states do not have to manage hundreds of vendor relationships. Vendors working with SchoolWallet are provided a template with state registration links, step-by-step instructions, and no-cost consultations throughout the process to ensure the states do not have to manage hundreds of vendor relationships. Vendors have a single account to manage multiple state relationships.
e-Commerce Marketplace to Shop Online
Schools have a variety of ways to use funds for EANS, including online purchasing via our Marketplace. ClassWallet has 83 vendors and counting connected to our network that allows schools to purchase products seamlessly as if shopping on the vendor’s website.
Upon completion of the order and approval by state DOE, the vendor is immediately notified to fulfill the order. Any local vendor is welcome to participate in the program if they are willing and have the necessary technology to complete the punchout integration process with the ClassWallet platform. Becoming a Marketplace vendor also provides visibility to customers utilizing our FamilyWallet & TeachWallet solutions.
Our Marketplace is perfect for product consumables and decentralized purchases when real time inventory and shipping is critical to meet the school’s demand in the moment.
Dedicated State EANS website
Every state receives a dedicated ClassWallet landing page to help guide the fiscal agents through the EANS journey.
Fiscal agents can peruse a list of all approved vendors and approved spending categories.
In addition, the fiscal agent can connect with our team for a live 1-on-1 support session or submit a question directly to our customer support team.
EANS Breakout Session webinars
As the program matures and schools finalize allocation of funds, many learnings have occurred at this point. ClassWallet facilitates an hour-long EANS Breakout Session with the support of the state admin & one or two “power” fiscal agents who can articulate best-demonstrated practices on how to allocate funds.
Many schools struggle with how to spend the money correctly and by definition of federal regulations. This session targets these schools to provide them with the knowledge to spend the funds appropriately to address educational disruptions caused by COVID-19.
Schools use this webinar hosted by ClassWallet as an open forum to discuss anything EANS-related that can provide the most significant impact on the usage of funds.
Support in Federal Reporting Requirements
ClassWallet supports the reporting requirements necessary for states to provide back to the federal government.
We attend the reporting webinars and provide feedback to the states around the requirements. While some internal data is required for the audit, anything specific to allocated funds by category by the school is an easy win for the ClassWallet database.
Dedicated Account Executive & EANS customer service representatives
Matt Marsiglia, is our dedicated Account Executive. He enjoys working day-to-day with state admins, fiscal agents, and vendor executives. Matt says it’s been amazing to see the transformation of these schools.
Matt’s heard many stories of schools with furniture that is decades old that is now able to be replaced using EANS to provide a more COVID-friendly environment for the students. New computer technology is being utilized for social distancing and support for learning loss.
This program means a lot for so many schools, kids & parents; it’s an honor, pleasure, and responsibility to quarterback the EANS program on behalf of ClassWallet. Our youth hold the keys to our future, and it’s essential we invest in them.