Customers Participating in CMMA Program Fuel Donations
Submitted to OnFocus – In 2020 many charitable organizations struggled as donations decreased and demand for their services increased amid a pandemic. Forward Bank is hopeful donations delivered through their Charitable Money Market Account program will help.
“We saw many fundraising events altered or cancelled last year leaving a financial gap for local non-profits to maintain their services,” said Dave Clark, President at Forward Bank. “But thanks to the unique structure of our CMMA we’re able to provide a consistent donation stream to participating organizations.”
This month, over $244,000 was donated to organizations participating in the program and bringing the grand total to over $1.2 million since the program launched in 2006. Over 300 different non-profits, churches, and schools received donations from Forward Bank thanks to customers who designated them as their charity of choice.
Forward presented the Marshfield Area Community Foundation with a check for $8,637.57 on behalf of customers participating in the CMMA program.
“This year the Foundation has decided that all of this money will go back into the community. We will give the funds to programs that need a boost to address some of the community’s biggest needs,” said Stacey Schultz, Executive Director at Marshfield Area Community Foundation.
To open and maintain a CMMA, a customer needs to open the account, designate a participating non-profit organization, school, or church, and keep a balance in their account throughout the year. At the end of the calendar year, the bank will make a donation on behalf of the customer to that organization based on the customer’s average balance. A CMMA can be opened at any Forward Bank location or online.
Forward Bank is a customer-owned, independent community bank that operates to benefit its depositors while offering no fee deposit options, lower lending fees and rates. Forward Bank currently has offices in Colby, Greenwood, Marshfield, Medford, Park Falls, Phillips, Stanley, Thorp, Withee. For more information, please visit www.forward.bank.
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