Danversbank Charitable Foundation
Effective 2013 - The Danversbank Charitable Foundation will be accepting grant applications on a trimester basis.
Grant requests for Malden Community Fund and Danversbank Grant Program must be submitted by February 1st, June 1st and October 1st.
About Danversbank Charitable Foundation
Danversbank Charitable Foundation Inc. was established in 2008 to further support Danversbank, which was acquired by People's United Bank in 2011. The Danversbank Charitable Foundation will continue to operate and provide funding to eligible non-profit organizations within the former Danversbank geographic area..
The mission of the Danversbank Charitable Foundation Inc. is to strengthen its communities and the residents who reside in them by providing funding to eligible non-profit organizations serving them. The vision is to find opportunities to make valuable investments in these communities, in charitable, scientific, literary or educational areas where this funding will yield significant results within the community.
The Foundation operates the following community-based programs:
- Neighborhood Fund
- Malden Community Fund Program
- Danversbank Grant Program
Eligibility for these programs will only be granted to organizations who have received 501 (c) (3) tax-exempt status from the IRS. Danversbank Charitable Foundation will not fund organizations which discriminate based on age, race, color, sex, religion, national origin, disability, family status, receipt of public assistance or sexual orientation.
Grant Making Process
The Danversbank Charitable Foundation Inc.'s grant-making process is conducted by its Board of Directors in an impartial manner based upon an evaluation of each project request. Therefore, solicitation to individual members of the Danversbank Charitable Foundation Inc. Board of Directors for specific grant requests is discouraged.
The Board of Directors will meet on a quarterly basis (or more frequently, if necessary) to review the outstanding grant proposals.
The Danversbank Charitable Foundation Inc. will accept written requests for the Neighborhood Fund on a monthly basis. Donations range in size up to $2,500, however, most donations within this program are $1,000 or less. Requests must be submitted using the Charitable Request Application. Additionally, a cover letter on the organization's letterhead outlining any additional information not included in the application and an IRS determination letter of tax-exempt status is required.
Organizations may submit only one request for support of any kind during a calendar year. Organizations must not submit separate requests during a year for fundraising events, or other special events. Any organization that has been denied funding can resubmit their request after 12 months. The Danversbank Charitable Foundation Inc. does not provide funding to individuals, religious organizations, labor organizations, political organizations or projects, operating deficits, conference and seminars, governmental agencies, trips and tours – including transportation costs, foundations and annual appeals.
Malden Community Fund Program
The Malden Community Fund is funded through the Danversbank Charitable Foundation Inc. The Malden Community Fund was established as part of the Danversbank merger agreement with BankMalden, and was designed to acknowledge the charitable giving of BankMalden and their staff. The Malden Community Fund will generally make contributions to non-profit organizations based in Malden that provide programs and services or are focused on social, health and youth services, affordable housing, education, cultural events, and low and moderate income individuals. Funds are granted for capital needs and/or one-time special project expenses, with a maximum grant amount of $10,000. The grants may range widely in size; multiyear grants may be paid over up to a three year period and are generally for capital campaigns. No more than 50% of the grants provided will be for multiyear grants.
Requests for the Malden Community Fund must be submitted using the Charitable Request Application. Requests for Malden Community Fund Grants must be submitted by February 1st, June 1st and October 1st; they will be evaluated quarterly in March, June, and November. The Foundation will send a letter notifying of the committee’s decision within 30 days of its review.
Danversbank Grant Program
The Danversbank Grant Program is funded through the Danversbank Charitable Foundation Inc. This program was designed to extend the philanthropic efforts of the former Danversbank. The Danversbank Grant Program will award grants to non-profit organizations that provide programs and services or are focused on social, health and youth services, affordable housing, education, cultural events, and low and moderate income individuals. The grants may range widely in size, and may be allocated over a multiyear period of up to five years. Grants up to $50,000 will be considered for annual gifts, and no more than $100,000 on multiyear grants. Funding commitments, however, are generally on a year-to-year basis. The multiyear grants are generally for capital campaigns. No more than 50% of the grants provided will be for multiyear grants.
Requests for the Danversbank Grant Program must be submitted using the Charitable Request Application. Requests for Danversbank Grant Program Grants must be submitted by February 1st, June 1st and October 1st; they will be evaluated quarterly in March, June, and November. The Foundation will send a letter notifying of the committee’s decision within 30 days of its review.