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 Coastal Credit Union Foundation's top priorities for community focus are:
- Helping the financially vulnerable
- Increasing financial literacy
- Alleviating food insecurity
Requirements for Grant Submissions
We support worthy causes in our North Carolina communities, focusing on the greater Triangle. As 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, 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 - helping the financially vulnerable, increasing financial literacy and alleviating food insecurity – 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 successof the previously funded program.
When your materials are together, submit your grant request.
Coastal Credit Union Foundation Contribution Highlights
It takes a village to raise a child. And a whole bunch of good charities as well. Our mission statement is clear. The Coastal Credit Union Foundation supports charities that fight hunger, assist the financially challenged and promote financial literacy. But how does this play out in the real world? In 2011, we awarded grants to two nonprofits – the Inter-Faith Food Shuttle and YMCA of the Triangle. By 2016, the number had skyrocketed to 17.
Yes, there are some well-known groups there, including the Boys and Girls Club and the North Carolina Council on Economic Education. But there are also some lower profile organizations on the list. The Green Chair Project distributes donated household furnishings to families dealing with homelessness, crisis or disaster. StepUp Ministry provides job training and employment placement help to people in need. Already in 2017, we’ve supported PTA Thrift shops and a nonprofit group that focuses on computer access and literacy. When it comes to giving out grants, our philosophy is that it’s not how well known you are, but how much good you can do.
Organizations We Support
Since inception in 2011, the Coastal Credit Union Foundation has provided more than $802,000 in community grants. For a list of past recipients, contact a 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.
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 $275,000 a year to help our community.
Is the Coastal Credit Union Foundation the only way that Coastal supports the community?
No. 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 generously contribute to the United Way campaign each 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?
Grant requests are reviewed at quarterly meetings of the Coastal Credit Union Foundation's board of directors. Please provide at least 90 days for consideration.