Grants will be made only to nonprofit organizations as described under Section 501(c) (3) of the Internal Revenue Code. Grants will not be made to cover past deficits or lobbying. Grants may be made by the Rockville Bank Foundation acting on its own initiative or as a response to a completed Grant Application filed by a potential recipient.
The Rockville Bank Foundation will make grants that further its purposes as set forth in its Certificate of Incorporation, as follows:
- To make awards, grants or other distributions designed to meet the social and economic needs of the communities in which Rockville Bank operates, and to support community organizations that contribute to the quality of life in such communities;
- To provide assistance to governmental and not for profit organizations with purposes similar to or with activities in furtherance of, the purposes set forth herein above.
The Rockville Bank Foundation expects to award grants on a one-time basis with no future funding commitment, or for a one-year or shorter period. Where a planned undertaking may require more time to become established or to achieve its objectives, the Foundation will consider requests for renewal, extension, or extended term grants.
Community Development and the Community Reinvestment Act (CRA)
Rockville Bank Foundation is committed to funding grants to promote Community Development and the Community Reinvestment Act (CRA), benefiting low or moderate income individuals and small businesses. Special consideration will be given to those organizations/events that promote CRA including the following:
- Organizations that promote or provide affordable housing primarily for low or moderate income people including first time home buyers.
- Organizations or events that provide community services primarily targeted to low or moderate income beneficiaries (such as health care, educational, job training, child care, or credit or financial services).
- Organizations or events that promote economic development by financing small businesses to create jobs.
- Organizations or events that revitalize or stabilize low or moderate income, distressed, or underserved tracts or disaster areas.
In deciding whether to award a grant, the Foundation will consider the following:
- Does the organization fit the Foundation’s focus of promoting health, education, and providing opportunities?
- Does the organization operate in the service area developed by Rockville Bank?
- Will this contribution be used for general operating funds?
- Has the applicant been sufficiently responsive to specific grant criteria? (The Foundation may offer grants intended to meet specific goals, and applications for grants from funds dedicated to those goals will depend upon the applicant's demonstrated ability to achieve the goals specified.)
- Has the applicant clearly defined its project, its intended goals, and the need(s) that its project seeks to achieve?
- What benefit will the request or project provide?
- Does the organization have appropriate safeguards in place to ensure that donated funds are used for their intended purpose and/or are the responsible individuals worthy of trust? Has the organization demonstrated the responsibility, organizational skills, and pragmatism necessary to achieve its goals?
- For new projects and organizations, what plans have been developed for long-term financial viability?
- Does the organization fit the Foundation’s focus on the Community Reinvestment Act (CRA)?