NEW HAVEN — The Community Foundation for Greater New Haven and its "I Give It Forward" promotion generated more than $205,000 for area nonprofits from local donors November 7-8.
The charitable foundation introduced "giveGreater cards" at its annual meeting November 7. The cards are similar to gift cards in that they can be used to make a donation to any of the local nonprofits the community foundation features on giveGreater.org, an online resource for finding, learning about and giving to nonprofits serving greater New Haven.
"We're anxious to see how donors are using new technology to support their community and delighted that new faces are joining the ranks of experienced philanthropists," says William W. Ginsberg, the foundation’s president and CEO.
Available in denominations of $50, $100, $250, $500 and $,1,000, giveGreater cards can be ordered on the community foundation's website through December 31. They must be redeemed on giveGreater.org by March 31, 2012. For more information phone 203-777-2386.
Low- to moderate-income companies, individuals targeted
NEW HAVEN — First Niagara Bank has pledged $7 million in loans and programming assistance to NAACP New Haven to support low- to moderate-income individuals and businesses in greater New Haven in the form of home-ownership assistance, small business/micro-loans, educational grants and administrative support.
The initiative was announced at a December 8 press conference at the NAACP New Haven headquarters on Whalley Avenue.
In order to make home ownership achievable for a greater number of individuals and families in greater New Haven, the NAACP and First Niagara have developed a home ownership assistance program that provides low- to moderate-income homebuyers up to $10,000 in down payment and closing-costs assistance. First Niagara is also establishing a special affordable home mortgage loan pool with special rates and more flexible underwriting for qualified homebuyers.
To help New Haven-area small businesses, First Niagara, in conjunction with the New Haven branch NAACP, will establish both a targeted small-business loan pool and a microloan pool for companies that are either located in low- to moderate-income areas, or that create jobs for low- to moderate-income workers. Special focus will be placed on woman- and minority-owned businesses. Loans will be made from the small-business loan pool to a maximum of $150,000, Microloans will range from $1,000 to $25,000.
As part of First Niagara’s overall Community Reinvestment Act (CRA) commitment for the New Haven region, First Niagara has pledged a total of $6.85 million over five years in loans and down-payment assistance through this newly formed partnership with the NAACP. The specific lending parameters and eligibility requirements for each program are still under development but are slated to be implemented in the first quarter of 2012. The New Haven branch NAACP will serve as the referral agency for both the home-ownership assistance and small-business loan programs to ensure that applicants meet established criteria.
In addition to the above programs, First Niagara will make a grant to the NAACP in the amount of $150,000 over three years for administrative support. The bank has also pledged a total of $38,000 to the NAACP’s educational scholarship fund.
The Connecticut Association of Nonprofits (CT Nonprofits), in partnership with the Connecticut Business & Industry Association (CBIA), has released the second edition of The Connecticut Nonprofit Compensation Study. The document summarizes information submitted by 266 nonprofit companies on pay administration and the wages and salaries paid for 96 positions within the nonprofit sector.
The study debunks some myths about nonprofit compensation, especially regarding executive director pay, said CT Nonprofits COO Karen Maciorowski. In county-by-county comparisons, the study reveals salaries for executive directors statewide were reported as the lowest weighted average in Hartford County ($88,368) and highest in Litchfield County ($122,181).
The study also reveals that the economic climate is continuing to impact nonprofits statewide, with 76.5 percent of responding nonprofits not offering cost-of-living adjustments last year and 52.1 percent not planning to offer one this year to their employees.
Additionally, 57.9 percent of nonprofit respondents did not offer merit increases or bonuses in 2010 and about 30 percent not planning to offer them in 2011.
"It is important for nonprofits to have a guide against which to benchmark their own compensation practices," said Maciorowski. "This statewide snapshot is a great tool for helping nonprofits to outline how they determine and document compensation levels, in compliance with IRS regulations. In addition, nonprofits that have seen the need and value in utilizing market comparison studies and other resources to establish compensation levels for their key employees are in the best position to recruit and retain talented staff."
A copy of the report is available to CBIA and CT Nonprofits members for $100 and to nonmembers for $150. The report is available at CT Nonprofits (ctnonprofits.org/resources/publications, 860-525-5080) and CBIA (cbia.com, 860-244-1977).
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