Why do you ask for all this information?
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First of all, because we are a foundation, we are required by the Internal Revenue Service to maintain files on all nonprofits we fund. Secondly, in order to conduct a review, we need to be informed about your agency.
Why do you need both 990 Form and an audit?
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Because the reports provide different information. By the way, we need complete reports. That means including all statements of the 990, and not a capsulated version of your audit.
Isn't a New York State Tax Form just as good as a 501(c)3?
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No, a New York State Tax Form is used by the nonprofit to be relieved of paying Sales Tax. The 501(3)c is a federal form indicating to us you have applied to the Federal Government and been reviewed and given a 501(c)3 approval.
Can you fund other 501 (C) agencies?
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No, only 501(c) 3's.
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If I should receive a grant from the New York Community Bank Foundation, and wish to apply in the future, will I need to submit another request that includes all the same data?
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Yes, because this information should be updated each year.
Could you clarify how you want to be kept up-to-date?
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After we mail off a check, we like to know how things went. For example, if you asked us to fund a new computer, let us know when it's in place. Take a picture and let us know how it helped you. Bottom line, it's more than mailing a newsletter to our office.
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Send us a one page letter at six months, letting us know that things are moving along - especially if there are glitches.
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A full report is required at year end.
When writing a proposal, is it better to submit a lot of information or keep it brief?
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We want to know your mission and needs, but in the most concise way you can. Time doesn't allow for us to read through tomes of data. Also, if you have a history of receiving grants from us, there is no need to submit the history of your agency every time you request funding.
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How long will I have to wait to hear if my agency has been approved or disapproved for funding?
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Under normal circumstances, once we have your complete proposal, the review process takes about three months. You will be informed via letter as to the decision.
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Also, considering the time required for our reviews, we cannot act upon a request that would involve a near-term scheduled event.
If I'm turned down for a grant, can I reapply?
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It depends as to why you were turned down. If you are clearly outside our guidelines, then chances are we would not fund you.
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If, however, it was due to, immediate budget restrictions, then there might be an opportunity the following year.
Is there a standard level of support you provide?
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No, many factors are considered during a review, and it depends a lot on the organizations request and information submitted.
How should I submit my request?
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We know it's old fashioned, but we accept only hard copies, snail mailed to our postal address. PLEASE DON"T send overnight mail! We hate to see money wasted.
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