On May 24th, 2018, the Coastal Credit Union Foundation hosted The Power of Sharing Gala. This awards celebration showcased amazing non-profits working to make our community stronger.
Here's how the Coastal Credit Union Foundation makes life better for our neighbors:
The Coastal Credit Union Foundation is a separate entity from the credit union, with its own board of directors. It is structured as a donor-advised fund within the Carolinas Credit Union Foundation. The mission of the Foundation is to enrich the lives of our members and their communities by providing financial support to 501(c)(3) organizations, particularly in the 16 county market of central North Carolina.
The Foundation's top priorities for community focus are non-profit projects that work to:
- Support Financial Education
- Increase Affordable Housing
- Promote Financial Well Being
Requirements for Grant Submissions
We support worthy causes in our North Carolina communities, focusing on the greater Triangle. As a grant-awarding group, we identify submissions of the highest quality when supporting specific causes.
Interested applicants can send their completed requests to firstname.lastname@example.org. Successful applicants will follow our application process to the letter. Valid, complete submissions will be forwarded to the Coastal Credit Union Foundation's board of directors, which meets quarterly, and reviews each request and makes decisions based on a set of criteria. We like submissions that include easy-to-grasp descriptions of programs or projects and realistic analysis of the potential impact in the community. Proposals that match our priorities - financial education, affordable housing, or financial well being – always have the best chance of receiving grants.
Here are the details about Coastal Credit Union Foundation's Grants:
- To be eligible, groups must be tax-exempt organizations under Internal Revenue Service Code Section 501(c)(3) and must be requesting funding for a special project or program
- Grants will not be made to cover a nonprofit group’s administrative or operating expenses, or to support individuals, political activities or private foundations
- The grant proposal should be no more than two pages, including a description of the program or project; the amount requested; total project cost; impact the project will have on the community; who and how many people will benefit; a timetable for completion; a list of similar projects in the same market; and a methodology for measuring success
- The proposal should be accompanied by proof of 501(c)(3) tax status, a list of the organization’s board members and contact information for the representative making the request
- The submission should also be accompanied by the following supporting materials:
- The organization’s mission statement and a description of the client base and markets it serves
- List of board members
- Administrative expenses for the organization as a percentage of total expenses and fundraising expenses as a percentage of dollars raised (Data should be based on the past two years)
- Number of paid staff and volunteers
- Any past history of funding from Coastal Credit Union and/or Coastal Credit Union Foundation. If funding has been provided in the past, please provide a detailed report of outcomes, results and the success of the previously funded program.
When your materials are together, submit your grant request.
Coastal Credit Union Foundation Contribution Highlights
Since inception in 2011, the Coastal Credit Union Foundation has provided more than $1 million in community grants. In 2011, we awarded $18,000 in grants to just two nonprofits. By 2016, our annual contributions had grown to over $300,000. In 2018, we distributed our one millionth overall dollar in community grants. For a list of past recipients, contact our company spokesperson
Power of Sharing
The annual Power of Sharing Gala was created in 2016 as a way to bring together area nonprofit organizations to showcase the work they do. The Foundation and Coastal's business partners team up to award individual and collaborative grants to deserving organizations in our community. The event is about so much more than just the money that’s contributed. Its purpose is to give the spotlight to the hardworking nonprofits in our community and allow them to showcase their high impact projects.
Coastal Credit Union Foundation FAQs
How does the Coastal Credit Union Foundation decide which grants to fund?
All grant requests are initially reviewed to ensure that the request meets all of our submission requirements. Complete grant requests are then sent to the board of directors for consideration. The board reviews each request and makes a decision based on a set of criteria that includes how well it matches our mission and focus, and what impact it will have in the community.
How is the Coastal Credit Union Foundation funded?
Each time members use their Coastal Debit or Credit Card, Coastal takes a penny from the fee we receive from the merchant, and donates it to the Foundation. It may seem like a small amount, but all those pennies add up to more than $300,000 a year to help our community.
Is the Coastal Credit Union Foundation the only way that Coastal supports the community?
NoNo. Coastal also provides some direct contributions to organizations in the community. These are typically smaller requests, or sponsorships that don't fit the Foundation's mission. Additionally, Coastal employees reported generously contributing more than $235,000 and 2,400 hours of their own time last year.
How often does the Coastal Credit Union Foundation make grants?
Grant requests are accepted at any time, and are reviewed at quarterly meetings of the Foundation's board of directors. However, there is no guarantee that a grant will be made at every meeting.
I submitted a request but haven't heard anything yet. How long does it take?
GranGrant requests are reviewed at quarterly meetings of the Coastal Credit Union Foundation's board of directors. Please allow at least 90 days for consideration.