Mutually Sharing the Love with Local Organizations
February 13, 2023
Forward Bank presents donations to local non-profits at the beginning of every calendar year based on customer participation in the Charitable Money Market Account. In 2023, Forward reached a milestone of $1.98 million in CMMA donations since product inception in 2006.
The CMMA allows individuals to setup a full-functioning bank account through Forward Bank. At year end, Forward tallies the average balance and donates a percentage of that value to local charities. It is a collaborative approach. No money is taken out of customers’ accounts. In 2022, Forward provided over 4,000 account holders the ability to designate a participating non-profit organization.
“CMMA Season is my favorite time of the year because it involves everyone in the communities we serve,” stated Lindsey Safford, Non-Profit Banker at Forward Bank. “We have employees taking trips out to non-profits for celebratory pictures and learning how the funds will be used. It’s all because of our customers’ participation in the program.”
Forward can contribute these funds annually because of being a mutual bank. Instead of giving out dividends, excess funds are distributed to local stakeholders. This means providing local donations, sponsoring community events, and supporting our employees’ philanthropic endeavors. The company’s success is always shared with community stakeholders.
In 2022, Forward donated a total of $831,000 to over 400 local non-profits. Giving was to large projects, small events, and everything in between. The nearly 180 employees of Forward have volunteered over 9,200 hours to the groups and projects that matter most to them.