RUTHERFORD (Nov. 18, 2010) — Boiling Springs Savings Bank’s award-winning Community Alliance Program is continuing to grow as more and more nonprofit organizations in the bank’s marketplace are taking advantage of a very easy way to bring in donations. For the third quarter of 2010, 58 organizations shared donations in excess of $56,000. Since the program’s inception in 2006, donations have totaled more than $469,000.
This quarter, three more organizations were able to receive donations for the first time. Ridgewood Singers, Habitat for Humanity of Bergen County and Congregation Shomrei Torah of Fair Lawn joined the organizations that had earned payments in the previous quarter.
The amount of donations that an organization can earn is endless. The diverse group of recipients was led by 55 Kip Center in Rutherford, which earned more than $7,400 for the quarter. Since becoming the first organization to join the program, 55 Kip Center has been earning well over $20,000 a year.
Other third quarter recipients included the Woman’s Club of Rutherford, Rutherford Community Pantry, Hillsdale Volunteer Fire Department, Rutherford Education Foundation, Church of St. John the Baptist of Hillsdale, Ho-Ho-Kus PTO, Meadowlands Museum, Rutherford First Aid Volunteer Ambulance Corp, Rutherford Little League, Rutherford Rotary Club, Community Chest of Rutherford, Upper Saddle River After School Program, Humane Society of Bergen County/Lost Pet, Inc., Rutherford Congregational Church, First Presbyterian Church of Rutherford, Rebuilding Together Bergen County, Knights of Pythias–Cardozo, Woman’s Club of Paramus, Mahwah Museum Society, Inc., Lincoln Park Lions Club, Grace Episcopal Church of Rutherford, Church of St. Mary of Rutherford, St. John’s Evangelical Lutheran Church of Rutherford, Starfish of Rutherford, Glen Rock Women in Community Service, Kate’s Way Inc., Mahwah Fire and Rescue Co., Rutherford Cooperative Day Nursery, Rutherford Bible Chapel, Glen Ridge Community Fund, Sacred Heart Roman Catholic Church of Rochelle Park, BPO Rutherford Elks #547, Ridgewood Symphony Orchestra, St. Michael’s Catholic Church in Lyndhurst, League of Women Voters of the Montclair Area, CantaLyrica, Guardsmen of Rutherford, Abundant Grace Christian Church of Rutherford, Saddle Brook UNICO Foundation, Lincoln Park Seniors Club, Montville Township Senior Citizen’s Club, College Club of Ridgewood, American Legion Post #279, Rochelle Park Senior Citizen’s Club, Sacred Heart Parish of Lyndhurst, Park Ridge Rotary Charity Foundation, Inc., Rutherford Lions Club, St. Joseph’s Church of Lincoln Park, Montville Pet Parents, Inc., Halos for Angels, Inc., Girl Scout Troop of Northern NJ #1307, United Presbyterian Church of Lyndhurst and New Bridge Services, Inc.
To participate in the program is easy. A nonprofit organization merely needs to have or open a checking or savings account with Boiling Springs to receive donations, sign up to be part of the program and start soliciting donors. Donors are those supporters who have designated new or existing accounts at Boiling Springs to be used to calculate quarterly donations.
The more accounts that are designated, the greater the donation. Donations from Boiling Springs to the nonprofit organization are based on the average daily balance maintained by those supporters who have become members at an annual rate of ¼ percent on certificates of deposit, including IRAs, premium and money market checking and all business accounts or ½ percent on checking, savings and money market savings accounts. The interest rate paid to the organization does not effect on the interest paid to the depositor in any way.
All information is kept confidential. When members sign up at a branch, the account(s) designated are marked internally, but the organization does not receive any information other than a member has signed up. The organization never knows who the members are or what accounts are used to determine the donation. The only requirement that must be met is a minimum of 20 members must have designated an organization before quarterly donations will be paid. Those members may designate as many accounts as they wish to be counted toward the organization’s quarterly calculation.
So far, 191 organizations have signed up for the program. A complete list of organizations can be found at www.bssbank.com. To be eligible for the Community Alliance Program, the recipient must be a nonprofit organization maintaining an address in Bergen, Passaic, Morris, Essex, or Hudson counties.
About Boiling Springs Savings Bank
Boiling Springs Savings Bank is a New Jersey chartered savings bank with $1.3 billion in assets. The bank is headquartered in Rutherford, and has 17 branch locations in Bergen, Essex, Morris and Passaic counties.
Boiling Springs offers a full suite of loan and deposit products, plus many services, including free online banking, Debit MasterCard and free bill pay services.
For more information, visit www.bssbank.com or call 201-939-5000.
— Submitted press release