First-ever Academic Excellence Award recognizes organization for focus on CalKIDS program leading to more than $26 million dollars in college savings accounts for students in Riverside County

RIVERSIDE – The Riverside County Office of Education’s focused efforts on developing financial literacy skills and eliminating fiscal barriers to higher education for the 430,000 students in Riverside County were recognized by the California State Treasurer’s Office with the first Academic Excellence Award on Thursday, April 10, 2025, in Sacramento.

The award was presented to Riverside County Superintendent of Schools, Dr. Edwin Gomez, by California State Treasurer, Fiona Ma, at the conclusion of the first California Early Wealth Education System Summit: Pathways to Promise. Organized by State Treasurer, Fiona Ma, the inaugural event gathered policymakers, educators, financial experts, and community leaders, from across the state with the goal of igniting change and fostering prosperity for California’s youth. The event also featured an appearance by Tiffany Haddish, acclaimed comedian, actress, and advocate for foster youth who founded the She Ready Foundation to empower children in the foster system with essential resources and opportunities.

“We are honored to receive this award in recognition of our work to open the doors of opportunity that financial freedom can bring to the 430,000 students in Riverside County,” said Riverside County Superintendent of Schools, Dr. Edwin Gomez. “We launched the Financial Literacy Initiative in 2020 on the premise that knowing how to manage money can be the great equalizer in our society, and we believe that the CalKIDS program is a powerful tool for shaping the future of students, families, and local economies. With more than $137 million dollars in CalKIDS savings accounts waiting for 275,000 eligible scholars, we want every student and family to take advantage of this life-changing opportunity.”

“Riverside County Office of Education has seamlessly integrated CalKIDS into their financial literacy lessons,” said California State Treasurer Fiona Ma. “From classroom lessons to after-school workshops, Riverside County is engaged in helping families claim the CalKIDS Scholarship, which is why Riverside County students lead the state in benefiting the most from the CalKIDS Program. I thank Superintendent Gomez for his commitment to this initiative which should be a model for all California education leaders.”

The California Kids Investment and Development Savings Program (CalKIDS) was created to help provide greater access to higher education for California’s children. Accounts for eligible school-age children start with a $500 automatic deposit. An additional $500 for foster youth and an additional $500 for students identified as homeless are available. Eligible participants are identified by data received from the California Department of Public Health and the California Department of Education. There is no need to apply, and no requirement that families make any kind of financial commitment. All students and parents have to do is claim their CalKIDS savings accounts at www.CalKIDS.org.

Other highlights and accomplishments from the Riverside County Financial Literacy Initiative include:

• Launch of a dedicated website (www.rcoe.us/financial-literacy) that provides resources for educators and students to grow their financial knowledge base (2020)
  
  
• RCOE has created a grade-level financial literacy curriculum and Cash Course lesson plans that led to a performance task activity of claiming their CalKIDS account and/or opening a Scholarshare 529 account.
  
  
• RCOE advocated for the passage of language in the Education Code which amended state law to provide data access to individual counties in order to better track and promote participation in the CalKIDS program. As a result, RCOE has launched the Riverside County CalKIDS Scorecard that tracks the participation rates of every school in Riverside County. The scorecard lists the number of eligible students at each school and their current registration rate. (2023)
  
  
• 100% claimed schools are awarded a school banner and school day celebration. RCOE will recognize all schools who reach 100% claimed accounts annually. Lasselle Elementary School in the Val Verde Unified School District became the first of several schools in Riverside County to achieve 100% of eligible students claiming CalKIDS accounts. (2025)
  
  
• Financial Literacy Education Program (FLEP) partnership with local banks and businesses to support localized financial literacy programs and activities in Riverside County. Pacific Western Bank sponsored sites in the desert region (2023)
  
  
• Development of Brighter Future Funds that provided additional savings account funding through a partnership with Bank of America. (2023)
  
  
• Hundreds of workshops and professional development sessions for students, parents, counselors, and educators to bolster financial literacy. (ongoing since 2021)
  
  
• Video productions that highlight financial literacy programs in districts like Pineapple Bucks at Victoriano Elementary School in Val Verde Unified School District (2024) and Financial Literacy and CalKIDS at Freedom Crest Elementary School in Menifee Union School District (2025)

To learn more about the RCOE Financial Literacy Initiative, or to contribute to the financial future of scholars in Riverside County, please contact Catalina Cifuentes, Executive Director, College and Career Readiness, Riverside County Office of Education at ccifuentes@rcoe.us or call (951) 826-6323.

RCOE is a service agency supporting the county’s 23 school districts and 500+ schools that serve nearly 430,000 students—more than the student population of 17 states. RCOE services include administrative support to districts and charter schools, programs for preschool, special education, pregnant minor, correctional, migrant, and vocational students. In addition, the organization provides professional training, support, and resources for more than 18,000 teachers, administrators, and staff, throughout the 7,000 square miles of Riverside County.

About CalKIDS

The California Kids Investment and Development Savings Program (CalKIDS) was created to help provide greater access to higher education for California’s children. Research shows that children with $500 or less designated for college savings are three times more likely to enroll in college and nearly four times more likely to graduate than children with no savings. CalKIDS is a program designed to provide parents/caregivers with a starting point to save for their children’s education and career development. The program consists of two awardee groups—newborn and school-aged students in California. In its first year, CalKIDS funded 3.4 million of California’s school-age children—including approximately 450,000 newborns. Eligible newborns receive an initial deposit of $25, and an additional $25 when the parent or guardian registers at www.CalKIDS.org. An additional $50 deposit is made to the CalKIDS account when a participant links an existing or new ScholarShare529 college savings account.