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American Savings Foundation

Profile

Last Updated: 2016-07-27

At A Glance

American Savings Foundation

(formerly American Savings Foundation of Connecticut, Inc.)

185 Main St.

New Britain, CT United States 06051-2296

Telephone: (860) 827-2556

URL: www.asfdn.org

Type of Grantmaker

Independent foundation

Financial Data

(yr. ended 2014-12-31)

Assets: $85,764,593

Total giving: $3,390,245

EIN

300308972

Bridge Number

6368728516

Additional Contact Information

Contact for Capital Grants: Maria Sanchez, Sr. Prog. Off., e-mail: msanchez@asfdn.org

Background

Established in 1995 in CT - In 1995, America Saving Foundation was established by the board of directors of American Savings to give back to the towns and communities served by the bank for 140 years. In 1999, the bank converted to a publicly held corporation and contributed approximately $2 million of the newly created stock to the foundation. In 2003, American Savings Bank was sold and the foundation become a fully independent private foundation. Since its formation, American Savings Foundation has awarded over $26 million in total grants and scholarships to the community.

Purpose and Activities

The foundation is dedicated to strengthening the community by supporting education, human services, and the arts, with a special emphasis on the needs of children, youth, and families, through grants to community organizations and college scholarships.

Program Area(s)

The grantmaker has identified the following area(s) of interest:

American Savings Foundation Scholars Program

The scholarship is primarily based on financial need, with consideration given to the applicant's academic potential and community involvement, and other indications of a strong desire to achieve goals through education. Applicants should have a minimum 2.5 GPA on an unweighted 4.0 scale or be in the top third of their class. Students entering any year of a 2- or 4-year undergraduate program or technical/vocational program at an accredited institution may apply. Current college students and nontraditional adult students working on their undergraduate degree are welcome to apply. Applicants must be residents of one of the 64 Connecticut towns served by the foundation. Any applicants who are unable to access the web application may use a printed copy of the application which is available by calling the foundation. Scholarship awards range from $500 - $3000 for the academic year, and applicants may reapply for up to four academic years. Recipients will be notified in mid-June and awards will be sent directly to the school in September. Students will need their Student Aid Report (SAR) to apply. The FAFSA can be filed at URL: http://www.fafsa.ed.gov. A copy of the SAR, two letters of recommendation, and transcripts must be mailed to the foundation after the online application is submitted. Contact Maria Falvo, Sr. Prog. Off., for more information .

Capital Grants

The foundation considers select proposals for capital grants. Past grants have provided funding for one-time capital expenses as well as for large capital campaigns. The review process consists of two steps. First, organizations must submit a letter of intent to the foundation. Second, selected projects are invited to submit a full proposal. Organizations that are considering applying to the foundation for a capital grant should contact Maria Sanchez, Sr. Prog. Off., at tel.: (860) 827-2556 or by E-mail: msanchez@asfdn.org, well in advance of their proposed project date.

Grants to Individuals Program

Scholarships to undergraduate students who are full-time residents of one of the sixty-four CT towns served by the foundation, for study at a two-or four-year college, university or technical/vocational school. Current college students and nontraditional adult students working on no higher than a first bachelor's degree are welcome to apply. Scholarship awards range from $500 - $3000 for the academic year, and applicants may reapply for up to four academic years.

Program Grants

Organizations may apply for funding for a specific program. The foundation supports organizations and programs that improve the quality of life for residents of the communities served by the foundation, with a special emphasis on the needs of children, youth and families. The foundation is interested in funding collaborative programs, and also in providing matching funds to leverage new dollars into the community. Grants are not typically made for general operating support. Program grant proposals may be submitted at any time during the year.

Program-Related Investment

Historically, the foundation has made PRIs to a human service agency to establish a loan fund program.

The Robert T. Kenney Scholarship

High school seniors who are residents of New Britain or Waterbury, CT, and are applying for the ASF Scholarship may also apply for the Robert T. Kenney Scholarship. These scholars are selected based on an exceptional commitment to community service. Recipients should have made a significant impact in their communities, going far beyond the community service requirements for graduation. Recipients will receive up to $5,000 (depending on need) for freshman year. Robert T. Kenney Scholars may continue to apply for the American Savings Foundation scholarship for the remaining years of college (up to a total of 4 academic years). See foundation web site for scholarship nomination form .

Fields of Interest

Subjects
  • Arts and culture
  • Crime prevention
  • Education
  • Employment
  • Health
  • Housing development
  • Human services
  • Mental health care
  • Youth development
Population Groups
  • Adolescents
  • Children and youth
  • Economically disadvantaged people
  • Low-income and poor people

Financial Data

Year ended 2014-12-31

Assets: $85,764,593 (market value)

Gifts received: $12,463

Expenditures: $4,597,631

Total giving: $3,390,245

Qualifying distributions: $4,131,539