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Charitable Foundation
The Danversbank Charitable Foundation is pleased to announce that during the first half of 2008, we've donated nearly $180,000 to the community! Read the related news story for more information.
Contact: Kevin Noyes
Danversbank Charitable Foundation Organizational Budget Form (XLS)
1 Conant Street, Danvers, MA 01923 Charitable Request Application (XLS)
Ph: 978-739-0253; Fax: 978-777-3952
The Danversbank Charitable Foundation Inc. is designed to further the bank’s philanthropic and community-based mission. The foundation was established in 2008 as a means to continue the funding of eligible organizations within the bank’s branch communities. Danversbank initially provided $350,000 and 650,000 shares of stock to the foundation on an endowment basis.
The mission of the Danversbank Charitable Foundation Inc. is to strengthen our communities and the residents who reside in them by providing funding to eligible non-profit organizations serving them. Our 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: Eligibility for these programs will only be granted to organizations who have received 501(c) (3) tax-exempt status from the IRS. Danversbank 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.
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.
Danversbank Charitable Foundation Inc.’s Board of Directors Geographic focus Neighborhood Fund 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. The Danversbank Charitable Foundation Inc. will distribute no more than 25% of its annual budget to the Neighborhood Fund. Funding requests must be received no later than one month prior to the requesting organization's funding deadline. Within 60 days of receiving your request, Danversbank's Charitable Foundation will respond to your request by mail and provide notification of the Board's decision. Malden Community Fund Program The Malden Advisory Committee will review grant applications and make recommendations for funding from the Malden Community Fund. The Danversbank Foundation Board of Directors will ratify the recommendations as presented by the Malden Advisory Committee. The Malden Advisory Committee will meet on a quarterly basis to discuss the outstanding grant proposals and will make recommendations for donations to benefit the greater Malden community under the Neighborhood Fund.
Requests for the Malden Community Fund must be submitted using the Charitable Request Application and Project and Organizational Budget Summary Form above. Additionally, a cover letter on the organization’s letterhead giving a description of the project or program; reason for the project/program; population served by the project/program; impact the project/program will have on the beneficiaries and community; goals and objectives of the program/project; timetable; sources of financial support on an ongoing basis once the Malden Community Funding is exhausted; and how the Foundation’s support will be recognized. The following forms must additionally be enclosed with the application documents: copy of current organizational budget including sources of funding; copy of most recent financial audit or internal year-end financial report; copy of IRA 501 (c) (3) tax exemption determination letter; and list of Board of Directors.
Requests for Malden Community Fund Grants must be submitted by February 1st, May 1st, August 1st, and November 1st; they will be evaluated quarterly in March, June, September and December. The Foundation will send a letter notifying of the committee’s decision within 30 days of its review.
Danversbank Grant Program Requests for the Danversbank Grant Program must be submitted using the Charitable Request Application and Project and Organizational Budget Summary Form above. Additionally, a cover letter on the organization’s letterhead giving a description of the project or program; reason for the project/program; population served by the project/program; impact the project/program will have on the beneficiaries and community; goals and objectives of the program/project; timetable; sources of financial support on an ongoing basis once the Danversbank Grant Program is exhausted; and how the Foundation’s support will be recognized. The following forms must additionally be enclosed with the application documents: copy of current organizational budget including sources of funding; copy of most recent financial audit or internal year-end financial report; copy of IRA 501 (c) (3) tax exemption determination letter; and list of Board of Directors.
Requests for Danversbank Grant Program Grants must be submitted by February 15th, May 15th, August 15th, and November 15th; requests are evaluated quarterly in March, June, September and December. The Foundation will send a letter notifying of the committee’s decision within 30 days of its review.
• Neighborhood Fund
• Malden Community Fund Program
• Danversbank Grant Program
The Danversbank Charitable Foundation Inc.’s Board of Directors is comprised of 11 directors that are elected to hold office until the next annual meeting of Danvers Bancorp Inc., at which time they may be elected or a successor chosen and qualified. The Board of Directors will meet on a quarterly basis (or more frequently, if necessary) to review the outstanding grant proposals.
The Danversbank Community Foundation has a geographic focus relevant to the bank and its office locations. The Foundation will award grants to the communities in which our branches reside, or those locations contiguous to our branch and office locations as of June 30, 2007. The cities and towns comprising this area are: Andover, Beverly, Boston, Boxford, Burlington, Chelsea, Danvers, Hamilton, Ipswich, Lynnfield, Malden, Middleton, Newbury, Newburyport, North Andover, North Reading, Peabody, Reading, Revere, Rowley, Salem, Saugus, Topsfield, Wakefield, Wenham, Wilmington and Woburn.
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 above. 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.
The Malden Community Fund is funded through the Danversbank Charitable Foundation Inc. The Malden Community Fund was established as part of the 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 youth and youth services, affordable housing, education, cultural events, low and moderate income individuals, or any other worthy cause the board feels so compelled to grant as aligned with our vision. 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.
The Danversbank Grant Program is funded through the Danversbank Charitable Foundation Inc. The Danversbank Grant Program is designed to extend the philanthropic efforts of Danversbank. The Danversbank Grant Program will award grants to non-profit organizations that provide programs and services or are focused on social and health services, education, affordable housing, cultural events, low and moderate income individuals, or any other worthy cause the board feels so compelled to grant as aligned with our vision. 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.
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