OVERVIEW: The Cathay Bank Foundation seeks to “create opportunities” for the geographic areas its banks serve, with those opportunities touching upon many different sectors of need and community development.
IP TAKE: While education is a stated priority of this foundation, recent giving suggests that K-12 receives less emphasis than might be assumed. Within Cathay Bank Foundation’s geographic regions of interest (based on where its banks are), the foundation emphasizes Asian American and Asian immigrant populations. This funder also prefers fairly established organizations that can show several previous years of programmatic, organizational and financial successes.
Cathay Bank opened in 1962, “with the mission of providing financial services to the growing but underserved Chinese-American community,” starting in Los Angeles as the first Chinese-American bank in Southern California, and expanding from there with a “rapid expansion...fueled by successive waves of immigration, burgeoning trade between America and Asia, and the economic development of the surrounding community.”
By extension, the Cathay Bank Foundation's mission is “to enhance the growth and success of communities in which the Bank serves.” The foundation lists affordable housing, community and economic development, and education as its three largest priorities, with additional consideration given to arts and culture, health and welfare, environmental issues, human services needs, and “programs that benefit the communities at large.”
That is, so long as those “communities at large” are in the states of California, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Texas and Washington, which are currently where its banks are located.
While the Cathay Bank Foundation explicitly lists education as a top priority, in reality its K-12 education giving is rather limited, with more emphasis placed on youth development and entrepreneurship. When it comes to more traditional K-12 education giving, the foundation states an interest in preparation for higher education, as well as for literacy—including English language, STEM and financial literacy.
Education programs should focus on at-risk and low/middle income (LMI) youth. And while the foundation does give beyond its connections to Chinese and Asian Americans, there’s no question those racial, ethnic, and immigrant groups are priorities. Grants are given to 501(c)(3)s more than directly to schools.
Most grants fall in the $1,000 - $10,000 range. Recent K-12 education grantees include:
- $13,000 to the Irvine Chinese School (Irvine, CA)
- $10,000 to the Network for Teaching Entrepreneurship (New York, NY)
- $7,500 to the New Jersey Citizen Action Education Fund (Newark, NJ)
- $5,000 to City Scholars (Los Angeles, CA)
- $2,000 to the Catholic Schools Consortium (Annapolis, MD).
The Cathay Bank Foundation has an LOI open to all, inviting anyone who fits the bill to submit traditional LOI letters on a rolling basis. From there, its invite-only grant application has an August deadline; plan your LOI submission accordingly.
Peter Wu, Chairman of the Board, President, and Chief Executive Officer
Deborah F. Ching, Co-Chairman of the Board