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.
Simply by banking with us, you help make Vermont a better place to live and work. Thank you for helping make this community dividend possible.
In 2014, Northfield Savings Bank contributed $481,000 to 200 non-profit organizations in Vermont.
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 Branch Manager.
- Community Gift donations: These tend to be in the $500 to $1500 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 download our Donations Application Kit.
- 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.
NSB Foundation: There is no public application process for the NSB Foundation. Following an in-depth study of other philanthropic models around the country, the NSB Foundation initiated a multi-year, single-issue funding focus in an effort to create long-term results. The Foundation's first partner was Hunger Free Vermont (formerly known as Vermont Campaign to End Childhood Hunger), and the focus was to expand access to healthy meals in Central Vermont and Chittenden County.
In preparation for selecting next partner, the NSB Foundation conducted research to assess community need and identify potential non-profit partners. Community issues considered by the NSB Foundation included poverty relief, workforce development, environment, aging in place, literacy, financial literacy, housing, homelessness, food, fuel, transportation, and more. Thorough and deliberate contemplation was a priority for the NSB Foundation when selecting an issue and partner to ensure significant results could be achieved given the amount of time and money to be invested.
In early 2012, the NSB Foundation announced ReSOURCE had been selected as its new community partner for the next multi-year grant, with initiatives to take place at both the Burlington and Barre sites. There is no public application process for the NSB Foundation, however, organizations may apply for a donation from Northfield Savings Bank using our Donation Application Kit.
- 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. Contact Kristin Dodge, Norwich University 485-2282.
- Northfield Savings Bank/Norwich University Scholarship: Established in 1994 by Northfield Savings Bank and the Norwich University alumni and Vermont business leaders, the scholarship is awarded to two Norwich University students who live in the service area of the Northfield Savings Bank. Contact Kristin Dodge, Norwich University 485-2282.
- Seaver Fund: Created in honor of former Bank President Leslie G. Seaver and his work in helping develop Northfield's community auditorium, the fund supports artistic, cultural, educational and scientific events within the Northfield community. Contact Megan Cicio at The Seaver Fund, c/o Northfield Savings Bank, P.O. Box 347 Northfield, VT 05663.
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 nonprofit 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, 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
Donation Application and Review Calendar
Northfield Savings Bank will accept written requests only. 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.
Click here to download the Donation Application Kit which includes the Application Form.
|Applications Received||Approval or Denial Letters Mailed to Applicants
|October 1 - December 31||January 31|
|January 1 - March 31||April 31|
|April 1 - June 31||July 31|
|July 1 - September 31||October 31|