The Massachusetts Bankers Association's Charitable Foundation was established to fund local charities and enhance the impact of the impressive $106+ million in direct contributions made annually by member banks across the State. As a dedicated resource, Mass Bankers’ Charitable Foundation plays a valuable role in supporting communities, families, and individuals in need.
For almost three decades, Mass Bankers has been a stalwart advocate for nonprofit agencies throughout the Commonwealth. Each year, the Foundation proudly awards community grants, typically ranging from $2,500 to $5,000, to dozens of deserving organizations. Throughout the years, hundreds of nonprofits have received grants from the Association. These grants have been instrumental in assisting nonprofits that focus on a variety of critical issues, including alleviating hunger and homelessness, promoting academic, social, and emotional growth, championing diversity and equality, advancing skill development to bridge the opportunity divide, addressing domestic violence, and much more.
Over the past twelve months, as part of the Association’s Strategic Plan, numerous discussions have taken place regarding the future of the Charitable Foundation. A Foundation Task Force was convened late last year to gain broader perspectives on the Foundation's purpose. A hackathon dedicated to this topic was held during the 2024 CEO/Senior Management Workshop in February. Additionally, informal discussions occurred with colleagues from other state bankers' associations about their charitable initiatives. Finally, our own Foundation Board of Trustees has been contemplating the Foundation’s future in each of its meetings over the past year.
Based on the insights gathered over the past year, one area of consensus focus has been financial literacy. It is something that would align our Foundation goals with existing bank efforts and reinforce our advocacy on Beacon Hill to achieve a high school graduation requirement in financial education. This approach also aligns with the Association’s Strategic Plan by addressing a shared priority among our members. Given this, the Foundation will begin shifting its focus toward a unified mission centered on financial literacy.
For the current year, we will follow the traditional bank nomination process. Bank leadership and relevant staff were informed of the new focus and process the week of August 19, and have been asked to nominate deserving non-profit organizations within the Commonwealth or Greater New England region that are dedicated to financial literacy. Banks may submit more than one nomination, but only the bank CEO, President, or their designated proxy, is authorized to submit a nomination. Nominations could include initiatives, programs, or activities aimed at educating individuals on managing finances, improving their understanding of financial concepts, and equipping them with the knowledge and skills necessary to make informed financial decisions and achieve long-term financial stability.
Mid-August: Members informed of 2024 focus and process; nomination period opens. Mid-September: Nomination period closes. Late September: Ballots sent to bank leadership; voting period opens. Early October: Voting period closes. Mid-October: Trustees convene, vote, and certify the results. November: Winners announced; checks processed and sent to nominating banks to distribute to the nonprofit awardees.
If you have any questions, please contact Mr. Jess Huber, Mass Bankers’ Director of Executive Operations, at jhuber@massbankers.org or (617) 502-3815.
We thank you for supporting Mass Bankers’ charitable-giving activities and look forward to receiving your nominations and awarding grants to deserving organizations focused on financial literacy.