Discover how ClassWallet revolutionizes public fund management, maximizing impact and minimizing waste.
Explore a real-life case study from the Virginia Department of Education, showcasing the power of ClassWallet’s digital wallet technology.
Unlocking the full potential of public funds is a top priority for government agencies. ClassWallet, the game-changing digital wallet platform, is revolutionizing how public funds are managed, maximizing their impact. In this dynamic exploration, we delve into a recent example from the Virginia Department of Education (VDOE) to showcase how ClassWallet ignites the potential of public funds.
Supporting Your Purpose
ClassWallet understands the importance of ensuring that public funds are used effectively and efficiently. By streamlining administrative processes, our digital wallet technology helps federal, state, and local government agencies administer programs more efficiently. With ClassWallet, you can rest assured that funds reach the right people and are used for their intended purpose.
How It Works
ClassWallet provides secure and flexible ways to track, pay, and report, making it easier for government agencies to manage public funds.
Here’s a breakdown of how ClassWallet works:
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Establish Budget & Controls:
With ClassWallet, you can set spending rules and controls to allocate funds appropriately. This feature gives you complete control over how the funds are used, minimizing the chances of misuse.
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Choose Custom Payment Options:
Users have the flexibility to make payments using various methods, including debit, ACH, ecommerce, and reimbursement. This versatility ensures that recipients can access funds conveniently, making the process more efficient for everyone involved.
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Allow Recipients to Efficiently Spend their Dollars:
ClassWallet offers a customizable Marketplace with over 100 merchants and partners. This extensive network allows recipients to choose from a wide range of products and services, making it easier for them to utilize the funds effectively. Additionally, the seamless digital approval process saves time and eliminates delays in payment processing.
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Audit Ready Real-Time Reports:
ClassWallet’s real-time reporting feature boosts accountability and transparency. By providing instant access to data, agencies can easily track and monitor fund usage, shortening the time required for audit preparation. This not only saves valuable resources but also ensures compliance with auditing requirements.
ClassWallet in Action: Virginia Department of Education
The Virginia Department of Education (VDOE) serves over 1.2 million students and 124,000 educators in 131 school divisions. In response to the significant learning loss caused by the COVID-19 pandemic, VDOE partnered with ClassWallet to address the impact on students’ educational progress and well-being.
Virginia’s National Assessment of Educational Progress (NAEP) data showed a decline in student achievement even before the pandemic. VDOE was concerned about the long-term impact, particularly on students from low-income families who were disproportionately affected by school closures and disruptions.
To tackle this challenge, VDOE collaborated with ClassWallet to distribute $68 million in Learning Acceleration Grants for qualifying education services. This program, the largest tutoring microgrant initiative in the nation, provided grants to all families in Virginia, regardless of income or school type. The funds could be used for core subject tutoring, special education therapies, and assistive technology for students with disabilities.
The Learning Acceleration Program, made possible through the partnership between VDOE and ClassWallet, has been a tremendous success. Over 30,000 students have benefited from more than 300,000 hours of tutoring and educational therapies. The program has particularly supported students from low-income families, enabling them to access high-quality tutoring and services that would have otherwise been financially out of reach.
The partnership between VDOE and ClassWallet exemplifies how ClassWallet maximizes the impact of public funds. By leveraging ClassWallet’s digital wallet technology, VDOE was able to distribute grants, ensuring that dollars reached the right students in a timely and efficient manner. The success of the Learning Acceleration Program in Virginia serves as a model for other states, demonstrating the power of targeted financial assistance in supporting students’ educational progress. With ClassWallet, government agencies can stretch every dollar and make a lasting impact on their communities, just as VDOE did in Virginia.