Boiling Springs Savings Bank Experiences Notable Fourth Quarter Donations for Community Alliance Program - February 1, 2019
In the last quarter of 2018, the total payout was $116,447 among 153 organizations. In total, more than $3.7 million has been donated through CAP since the initiative's launch in 2006.
Boiling Springs Savings Bank, one of northern New Jersey’s largest savings banks and provider of financial services to individuals and businesses for nearly 80 years, announced fourth quarter 2018 results for its philanthropic Community Alliance Program (CAP). In the last quarter of 2018, the total payout was $116,447 among 153 organizations. In total, more than $3.7 million has been donated through CAP since the initiative’s launch in 2006.
Offering customers an innovative, cost-free way to support their favorite regional non-profits, the Community Alliance Program yielded total payouts of $513,062 in 2018. Organizations receiving first time payouts included the Florham Park Memorial First Aid Squad, Inc., Rockaway Neck First Aid Squad of Lake Hiawatha, North Arlington Community Emergency Response Team, Bergen County Horse Rescue, Inc., Senior Source of Hackensack, Holy Cross Early Learning Center, Inc. of Mahwah and the Woman’s Club of Lyndhurst, Inc. In all, 474 organizations have enrolled in CAP during the program’s 12-year tenure.
The Community Alliance Program supports New Jersey non-profit organizations, including schools, libraries, animal shelters, and other civic-minded recreational and entertainment organizations.
“We are thrilled that the Community Alliance Program has further expanded in scope as it continues to benefit local non-profit organizations,” said Debra Cannariato, Senior Vice President of Boiling Springs Savings Bank. “Such strong quarterly results position CAP for continued growth and success in the new year.”
To enroll in the program, non-profit organizations with 501(c) IRS status that maintain an address in Bergen, Passaic, Morris, Essex, or Hudson counties simply need to open an account (or have an existing one). Then, individuals or businesses can support these organizations by designating their eligible accounts at Boiling Springs.
The program’s qualifying terms are straightforward: Once an enrolled non-profit has at least 20 designated supporters, Boiling Springs makes quarterly donations based on a percentage of the average daily balances of its supporters' accounts. All donations come directly from the bank and no associated fees are charged to customers or the non-profit organizations.
To help non-profits accrue supporting accounts, the bank supplies marketing materials such as flyers, website copy, social media shares and e-newsletter generation. Boiling Springs also hosts on-site sign-ups on a regular basis.
Aligning with its strong community focus throughout northern New Jersey, the 17-branch bank hopes to encourage more non-profits to join the Community Alliance Program, as it offers opportunities to earn money and build a support base among both local residents and businesses.