In its continuing efforts to modernize and enhance its ability to effectively support the communities it serves, Cape Cod 5 has converted its foundation trust to a 501(c)3 corporation.
The Cape Cod 5 Foundation was a non-profit trust and is now a non-profit corporation, a more common format for charitable foundations.
The foundation will continue to make contributions primarily to or for one or more charitable organizations or purposes dedicated to the health, the education, the welfare, and/or any other charitable purposes for individuals or institutions within the geographic areas in which the Bank operates.
Since its creation in 1998, the foundation trust has given out more than $12.4 million in grants to local nonprofit organizations, scholarships to local college students and graduating high school students and Educational Mini-Grants to public school teachers in the region.
“These efforts to modernize the structure of our foundation according to industry best practices allow us to respond quickly to the rapidly changing needs of our community,” said Dorothy Savarese, chair and CEO of Cape Cod 5 and chair of the Cape Cod 5 Foundation. “Both the bank, as a mutual institution without shareholders, and the foundation share a commitment to utilizing our resources – whether talent, time, or financial – to support the areas where we’re uniquely suited to make the biggest impact. The foundation giving complements the philanthropic donations of Cape Cod 5, which on a combined basis for the last six years have exceeded $1 million annually.”
The Cape Cod 5 Foundation will continue to share the bank’s commitment to five areas of focus: accessible housing; economic sustainability; education and enrichment; environmental stewardship; and community health, human need and active service members’ and veterans’ needs.
To find out more about Cape Cod 5’s community engagement efforts, or to submit a request for support, go to www.capecodfive.com/community.