Weekly Funding Opportunity: Sovereign Bank Foundation

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Each week, Neighborhood Networks provides potential funding sources to help centers develop and improve programs and services. Featured this week is Sovereign Bank Foundation.

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.

Program 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 (35%-45%)   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 communities.   Programs promoting job skills.   Facilities that promote community development programs.   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 communities.

Targeted Areas: Northeast, Mid-Atlantic.

Eligibility: 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:

	Individuals.
	Programs with political, sectarian, and religious purposes.
	Pageants.
	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.

Award Amount: Award amounts vary.

Application 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 Number.
	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.

Deadlines: Foundation deadlines for 2008:

July—September
Applications must be postmarked by August 15th.
Organizations will be notified by September 30th.

October—December
Applications must be postmarked by October 10th.
Organizations will be notified by November 28th.

Contact: All proposal materials should be sent to the appropriate Sovereign Bank Foundation Manager.

Organizations in Maryland, New Jersey, New York, and Pennsylvania

Foundation Manager
Sovereign Bank
10-6438-CD2
601 Penn Street
Reading, PA 19601

Organizations in Connecticut, Massachusetts, New Hampshire, and Rhode Island

Foundation Manager
Sovereign Bank
MA1-SST-0407
75 State Street
Boston, MA 02109