How to Apply for a Smart Money Grant
(Changes and clarifications to the guidelines are underlined below)
The New York Credit Union Foundation provides support to credit unions offering programs and services that promote financial literacy and independence. The primary focus of this grantmaking program is to reach individuals and families of low and/or modest means.
Application Process
The online application form can be completed and submitted online if you have Adobe Acrobat Reader version 6 or higher installed. Please note that you will not be able to save the document electronically. Be sure to print a copy for your files before hitting the “Submit” button. If you are unable to submit the application via e-mail, please print the application and mail it to us.
Grant Range
$500-$1,500
Eligibility Requirements
All federal- and state-chartered credit unions located in New York State are eligible to apply. Applicants must be able to demonstrate financial need as a requirement for any program. In addition, Smart Money applicants must be able to define anticipated program outcomes. The total amount of a grant award will vary for members and non-members of the Credit Union Association of New York.
Use of Grant Funds
Smart Money grants may be used for a variety of projects including, but not limited to, youth or adult financial education programs, homeownership programs or services, financial counseling, savings and wealth building initiatives, providing the “unbanked” with access to financial services and EITC tax preparation.
Deadlines
Smart Money grant applications are due by June 30, 2010. Although you may submit your application anytime before June 30, all applications will be reviewed at the same time in early July, with notification by July 30.
Review Criteria
NYCUF will evaluate the grant application based on your credit union’s financial need and performance.
Grant Award Limits
For Smart Money grants, the award limit is $1,500 per credit union. This does not mean that your credit union is guaranteed $1,500 from the Foundation. This is a competitive grantmaking process; applications are reviewed based on specific criteria for each program.
IMPORTANT TIMING ISSUES FOR SMART MONEY GRANTS
Unlike allowable uses of funds for the Financial Fitness grantmaking program, applicants are encouraged to plan ahead when applying in this category. Grant periods can begin anytime on or after September 1, 2010 and run into the following calendar year. For example, if you’re planning to host or work collaboratively on a 2011 VITA site, your application for funding should be submitted in June 2010. NYCUF will not allow you to use grant funds as a reimbursement for 2010 VITA expenses.
Questions? Contact Diane LaVigna-Wixted or by phone at (800) 342-9835, ext.8186.
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Funding Source Funding is made possible thanks to New York credit unions that participate in the Community Investment Fund (CIF). |
