Each week, Neighborhood Networks provides potential funding sources
to help centers develop and improve programs and services. Featured
this week is Sovereign
Bank is the 19th largest banking institution in the United States,
with 750 branches in eight states. Sovereign Bancorp, Inc., the
parent company of Sovereign Bank, is an $85 billion financial institution
with principal markets in the Northeast United States. Sovereign
offers a broad array of financial services and products, including
retail banking, business and corporate banking, cash management,
capital markets, wealth management, and insurance.
Areas: The Sovereign Bank Foundation seeks to enhance the quality
of life for individuals by supporting local nonprofit organizations
in communities in Connecticut, Maryland, Massachusetts, New Hampshire,
New Jersey, New York, Pennsylvania, and Rhode Island. The "Spirit
of Your Neighborhood Campaign" focuses on four major funding priorities:
||Community Investment and Economic Development
||Programs supporting affordable housing for
low- and moderate-income individuals and communities. |
||Economic development projects that improve
the quality of life, sustain economic development, and support
job skills for low- and moderate-income individuals and
||Programs promoting job skills. |
||Facilities that promote community development
||Not-for-profit organizations providing credit
counseling, homeownership counseling, home maintenance,
and other financial service education. |
||Youth and Education (15%-25%) |
||Programs that enrich a child's educational
opportunities, such as school programming and curricula.
||Programs developed by outside organizations,
including school, early childhood development, and special
education programs, with preferences given to those programs
targeting low- and moderate-income communities. |
||Health and Human Service (15%-25%) |
||Programs that revitalize or stabilize low-
and moderate-income areas and/or community services targeted
to low- and moderate-income individuals.|
||Arts and Culture (5%-10%) |
||Programs supporting visual and performing
arts opportunities, including museums, libraries, cultural
centers, and public radio and television stations, with
preference given to those targeting low- and moderate-income
Areas: Northeast, Mid-Atlantic.
Through the "Spirit of Your Neighborhood Campaign," the foundation
makes charitable contributions to 501(c)(3) nonprofit organizations.
The foundation does not make grants to:
||Programs with political, sectarian, and religious
||Team sponsorships or sporting events. |
||Organizations traditionally supported by parents
(e.g., Little League, PTO, Scouting). |
||Advertising in programs, bulletins, schedules,
maps, yearbooks, book covers, or brochures. |
||Trips and tours, including transportation costs.
||Capital campaigns. |
Amount: Award amounts vary.
Process: To be considered for funding, the following financial information
must be submitted:
||A cover letter identifying the proposed request
and objective of the organization. |
||A proposal of no more than three to five pages
explaining the project and/or program. |
||A copy of the organization's specific project and
operating budgets. |
||A list of funders that provide support to the organization
or plan to support the specific project.|
||The names and contact information of the organization's
board of directors. |
||A copy of the organization's Internal Revenue Service
(IRS) 501(c)(3) tax determination letter and Taxpayer Identification
||A copy of the organization's most recent audit.
||Information regarding any prior funding from Sovereign
Bank, including the amount, purpose of grant, and year of grant.
||Information regarding any banking relationship
with Sovereign Bank. |
Foundation deadlines for 2008:
Applications must be postmarked by August 15th.
Organizations will be notified by September 30th.
Applications must be postmarked by October 10th.
Organizations will be notified by November 28th.
All proposal materials should be sent to the appropriate Sovereign
Bank Foundation Manager.
in Maryland, New Jersey, New York, and Pennsylvania
601 Penn Street
Reading, PA 19601
in Connecticut, Massachusetts, New Hampshire, and Rhode Island
75 State Street
Boston, MA 02109