Can Philanthropy Bring $50 Million to Community-Based Finance?
Make a Pledge! Follow these 8 simple steps to move your cash.
1. Find other internal champions.
2. Make your case to the board by explaining how you can double your philanthropic impact with cash that is already on hand. Determine who will be responsible for making the final banking choices.
3. Assess mission-related cash options: operating cash and cash deposits. Using Insured Certificates of Deposit, that are FDIC insured, you can make multiple deposits of $250,000 dollars in one bank or multiple banks you have identified.
4. Determine impact areas inline with mission and geographic goals, as well as which types of banks you would like to invest in. What is most in alignment with your mission?
5. Weigh importance of location and communities served versus banking services offered. Evaluate the banking options each selected bank is offering. Compare that with the social and environmental impact you would be making by investing in that particular bank.
6. Make sure you do due diligence on your selected banks before you make your investment. Due-diligence and process tools available to foundation mission investors: (will be added soon)
7. Send a Request for Proposal (RFP) to the banking institutions that may fit your mission.
8. Review the proposals and determine where to Carry Your Cash!