NSB Foundation and Northfield Savings Bank

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OVERVIEW: The NSB Foundation is a corporate bank foundation that supports Vermont organizations in the area of financial literacy. Meanwhile, the bank’s giving program supports human services, at-risk youth, low/moderate income families, education, arts and culture, environment, economic and job development, and animal welfare.

IP TAKE:  NSB is an enthusiastic supporter of organizations providing human services in the communities in which it operates. It gives priority to groups serving the needs of low/moderate income people, as well as programs that support job development.

NSB is somewhat lacking in transparency, as it does not offer a comprehensive grants database on its website, but it does publicize certain recent grants in the form of press releases. It is a fairly accessible funder with clear guidelines and contact information for grantseekers. However, this is a not a good place to look for multi-year funding, as the foundation prefers to provide small, needs-based grants to local groups. NSB also offers an employee matching program, so cultivating a relationship with NSB employees may be a way to boost fundraising.

PROFILE: The NSB Foundation is the charitable arm of Northfield Saving Bank, which was founded in 1867 and is the largest bank headquartered in Vermont. It has 13 branches serving approximately 30,000 commercial and consumer customers. The bank has committed to donating 10 percent of its earnings to Vermont nonprofits and established the NSB Foundation in 2000 with the aim of “improving residents’ well-being and self-sufficiency in areas such as financial literacy, education and at-risk youth.” The foundation is based in Barre, Vermont. Areas of interest include housing, homelessness, aging in place, literacy, financial literacy, food, fuel, and transportation.

Grants for Community Development

Financial literacy drives this funder’s mission. NSB made a three-year, $450,000 investment in Central Vermont and Chittenden County awarding the Champlain Valley Office of Economic Opportunity and Capstone Community Action. Within the realm of financial literacy, the NSB Foundation supports everything from credit coaching to personal financial counseling, budgeting education, and financial literacy workshops.

Although the NSB Foundation does not accept unsolicited requests for donations, NSB’s community giving program accepts requests for donations and covers broader subject fields. Its community giving program invests in human services, at-risk youth, low/moderate income families, education, arts and culture, environment, economic and job development, and animal welfare. This funding derives from its donation of 10 percent of the bank’s annual earnings to support local nonprofits in Vermont.

Grants for Education and Youth

Education is a major component of NSB’s giving, primarily focusing on university education. In recent years, it has given substantially to Community College of Vermont to expand its online course offerings, and to the Center for Financial Literacy at Champlain College. It also supports organizations providing opportunities to younger school-age students, such as Vermont Afterschool.

In addition to its grantmaking, NSB also manages several scholarships for students who attend Norwich University and live within NSB’s service community. The Northfield Savings Bank Founders Award is awarded to one student every year with “demonstrated financial need,” while the Norwich University Scholarship is awarded to two students, but does not have any further stated requirements.

Important Grant Details:

Branch donations tend to be between $25 and $250, while community gift donations are usually between $500 and $2,000. Individual foundation grants tend to be around $75,000 and go towards general operating support. Grant seekers can learn more about how and where this funder gives through its tax records. Additionally, the bank awards scholarships to local Norwich University students.

  • NSB does not support “multi-year, capital facility or endowment campaigns” and will not accept requests from national charities, private schools, or special interest groups.

  • Grant seekers can request funding from the Northfield Savings Bank community giving program online. These funds are set aside for Vermont-based nonprofits that benefit people living in Central Vermont and Chittenden County.

  • There are four grant rounds per year, with deadlines on December 31, March 31, June 30, and September 30.

  • For information on scholarships, contact the Norwich University Office of Financial Aid at nufinaid@norwich.edu.

Grant seeker questions can be directed to Donations@nsbvt.com.

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