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Nonprofit Partner Donation Program
At Summit State Bank, we take serving our community very seriously and are committed to making a difference, just as you are. As a local community bank, our employees care deeply about the work you do, and we will work tirelessly to help you achieve your goals.
Our Nonprofit Partner Donation Program is designed for 501(c)(3) not-for-profit organizations to enhance your fundraising efforts and to maximize your organization’s money.
There are several ways in which to engage our team and leverage the program attributes:
- Volunteers - As part of our Summit Day of Service, our employees are granted a day to give back to the community and volunteer their time with any nonprofit organization in Sonoma County. You can make us aware of your volunteer needs, and we will share your request with
- Board Members - Over 41% of our employees serve as Board Members for local nonprofits. If you are seeking to add a Board Member to your organization, let us know, and we will see if we can assist you.
- Donations - For 501(c)(3) charitable organizations who have a deposit account with Summit State Bank, we will make an annual donation of 15 to 75 basis points, based on your average annual account balance prorated for the portion of the year the account is open. Donations are distributed in the first quarter for the previous year’s balances, with any donation payout of $100 or less directly deposited to your account the first quarter. Donations are calculated based on annual average balances, with a maximum aggregated balance up to and including
$5 million per 501(c)(3) entity.*
We will pay your nonprofit based on the type of account you select. Here’s how it works:Non-interest bearing operating accounts
You will earn 75 basis points on your non-interest bearing operating accounts.** Analyzed business accounts are included. For example, a $100,000 average Summit account balance would receive a $750 annual donation.Interest-bearing accounts
You will earn 25 basis points on your interest-bearing Summit savings, money market and demand deposit accounts. For example, a $100,000 average Summit account balance would receive a $250 annual donation.Insured Cash Sweep (ICS)
For nonprofits who are interested or required to maintain insured funds, we offer an ICS account and pay 65 basis points if your account is a non-interest bearing operating account or 15 basis points for an interest-bearing operating account.
Recognition at annual events – We look forward to supporting our Nonprofit Partners by attending your fundraisers and events. In an effort to maximize co-branding opportunities, we will work with your Executive Director in the fall of each year to determine how we can best leverage these funds and support your events and fundraising opportunities for the following year.
Together, we can help make Sonoma County a better place to live for all members of our community.
This is not a full disclosure of services and charges. You will be provided a full-disclosure upon opening an account.
*Donations are calculated based on annual average balances, with a maximum aggregated balance up to and including $5 million per 501(c)(3) entity. Balances in excess of the annual average balance of $5 million per 501(c)(3) entity will be ineligible for the donation payout.
**Summit State Bank reserves the right to determine that an operating account’s activity is reflective of true operational use and qualified based upon the aforementioned annual donation parameters. An operating account is typically used to record every day administrative and general income/expenses including payroll, employee benefits and pension contributions, travel and transportation, amortization and depreciation, rent, repairs, taxes; income/expenses from programs and services, e.g. grants, informational services/training programs for community; fundraising event income/expenses.
In order to receive the annual donation, the benefiting account must be in an open status at the time of the donation payout.