Donation guidelines and application
As a mutual bank, Northfield Savings Bank does not pay a dividend to shareholders. Instead, we elect to pay a "community dividend" through our commitment to donate 10% of annual earnings to local non-profit organizations. In 2020, Northfield Savings Bank's contributions exceeded $600,000 to more than 200 community organizations in Vermont. Thank you for banking with us and helping make this community dividend possible.
As a community financial institution, Northfield Savings Bank has a responsibility to support organizations and activities contributing to the economic and social well-being of the Vermont communities we serve.
Our Charitable Giving Policy is designed as a guide for the selection of recipients, and to establish the breadth and scope of contributions. It also provides a framework to assure the fair and objective evaluation of funding candidates.
Northfield Savings Bank will:
- Contribute to charitable or non-profit organizations with a 501(c)3 designation, not to individuals.
- Contribute to Vermont-based non-profit organizations serving the needs of and benefiting people living within its service area of Central Vermont and Chittenden County.
- Give priority to programs meeting the human service and housing needs of low to moderate income individuals, and programs supporting job development.
- Consider the severity of need, the level of funding available from other sources, and the likelihood the requested donation will help accomplish desired outcomes.
Northfield Savings Bank generally will not contribute to:
- Multi-year, capital facility or endowment campaigns
- National charities
- Municipalities or subdivisions thereof, such as school districts and recreation departments
- Private schools (pre-school, primary, and secondary)
- Special interest groups such as political, labor, religious, fraternal, or veterans lobbying organizations
- Multiple requests within the same calendar year
Generally, organizations and activities meeting the established criteria will fall into the following categories:
- Human services
- Job development
- Programs for at-risk or low to moderate income individuals and families
- Performing arts and cultural activities
- Environmental and preservation efforts
Northfield Savings Bank donates to non-profit community organizations in many ways:
- Branch donations: These tend to be in the $25 to $250 range, and are specific to a particular branch's community. Request these from your local Community Banking Officer.
- Community gift donations: These tend to be in the $500 to $1,500 range, with a handful ranging up to $2,000. These are distributed during a quarterly review process and are intended to serve the broader community we serve—Central Vermont and Chittenden County. To apply, please complete our online Donation Application Form.*
- Employee matching program: We support employees in their community service efforts by offering a 100% matching donation of up to $1,000 per employee, per year to eligible non-profit organizations.
The NSB Foundation conducts research to assess community need and to identify potential non-profit partners. In particular, the Foundation supports efforts focused around issues such as poverty relief, workforce development, the environment, aging in place, literacy, financial literacy, housing, homelessness, food, fuel, transportation, and more. When considering a particular area of need or partnership, the Foundation is deliberate, focused, and thorough in its assessment to ensure significant results can be achieved given the amount of time and money to be invested.
There is no public application process for the NSB Foundation; however, organizations may apply for a donation from Northfield Savings Bank using our online Donation Application Form.*
- Northfield Savings Bank donates used computer equipment, office equipment, and furniture to Vermont community organizations.
- Northfield Savings Bank Founders Award: Established in 1993 in honor of the Reverend Edward J. Bourns, Ph.D., 5th president of Norwich University from 1850-1865 and founder of the Northfield Savings Bank in 1867. The scholarship is awarded to a Norwich University student with demonstrated financial need who lives within the service communities of the Bank. For more information about this award, contact Kristin Dodge, Norwich University 485-2282.
- Northfield Savings Bank/Norwich University Scholarship: Established in 1994 by Northfield Savings Bank, the Norwich University alumni, and Vermont business leaders, the scholarship is awarded to two Norwich University students who live in the service area of Northfield Savings Bank. For more information about this award, contact Kristin Dodge, Norwich University 485-2282.
Donation Application and Review Calendar
Complete applications will be reviewed on a quarterly basis according to the schedule below.
Applicants will be notified in writing of approval or denial, according to the schedule below. Due to the volume of requests we receive, we kindly ask for your patience. Follow-up phone calls only cause further delay in the process because it may result in your application being pulled out of the file to review with you, and then re-filed at the bottom of the queue.
To apply, please complete our online Donation Application Form.*
|Applications Received||Approval or Denial Letters Mailed to Applicants|
|October 1 - December 31||January 31|
|January 1 - March 31||April 30|
|April 1 - June 30||July 31|
|July 1 - September 30||October 31|
* Applicants may also apply by mail by downloading our Donation Application Kit, which includes the Application Form.