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Foundation FAQ

What is the Coastal Credit Union Foundation?
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:

  • Helping the financially vulnerable
  • Increasing financial literacy
  • Alleviating food insecurity

What organizations does the Foundation support?
For a list of 501(c)(3) organizations that have recently received grants, please visit the Contribution Highlights page.

How often does the 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.

How can an organization make a grant request?
Please visit our Requirements for Grant Submissions page.

I submitted a request but haven't heard anything yet. How long does it take?
Grant requests are reviewed at quarterly meetings of the Foundation's board of directors. Please provide at least 90 days for consideration.

How does the 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 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 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.

 

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