N.J. bank experiences strong philanthropic donations

By Carmen Triola
Rutherford | Jan 26, 2018 at 10:20 am

Rutherford-based Boiling Spring Savings Bank announced fourth-quarter results for its Community Alliance Program have totaled $128,722 — the program’s highest annual donation to date.

In total, last year saw $500,000 donated to various charitable organizations in New Jersey, and $3.2 million since the program began in 2006.

The program helps support around 440 nonprofits in the state, including schools, libraries, animal shelters and other civic-minded recreational and entertainment organizations. First-time recipients this year included Freeman Gardens and SDK Foundation for Human Dignity Inc.

“True to its name, the Community Alliance Program forges a three-way, mutually beneficial alliance between our bank, our valued customers and regional nonprofit organizations,” said Debra Cannariato of Boiling Springs Savings Bank. “CAP further drives our deep, 80-year community commitment by directly supporting institutions that are the heart and soul of the neighborhoods we serve.”

To participate in the program, nonprofit organizations must maintain an address in Bergen, Passaic, Morris, Essex or Hudson counties and open an account or have an existing one. Then, individuals or businesses elect support for these organizations by designating their checking and savings accounts, CDs, IRAs or new loans at Boiling Springs. Once an enrolled nonprofit has at least 20 designated supporters, Boiling Springs makes quarterly donations based on a percentage of the average daily balances of its supporters’ accounts.

Carmen Triola | ctriola@roi-nj.com | @carmentriola