The Utah Financial Services Foundation, established by the Utah Association of Financial Services (UAFS), provides funding through its Charitable Foundation Grants program. This initiative supports community development projects aligned with the Community Reinvestment Act (CRA), a federal law enacted in 1977 to ensure that banks meet the credit needs of low-to-moderate-income (LMI) individuals and communities. The foundation has distributed $1.2 million in CRA funding from industrial banks to nonprofit organizations in Salt Lake County and surrounding areas since its inception. The funding aims to enhance economic development, affordable housing, and other community-driven services.

Grants from the foundation must serve a community development purpose, which includes affordable housing projects, community services for LMI individuals, economic development activities for small businesses and farms, and revitalization or stabilization of LMI communities and underserved areas. The foundation committee, consisting of CRA officers from UAFS member banks, meets quarterly to review grant proposals and set funding priorities for the year. The funding priorities for 2024 include mental health, affordable child care and after-school care, LMI education and learning opportunities, affordable housing, and technical assistance for small businesses.

Nonprofit organizations interested in applying must ensure that their projects align with CRA qualifications and the foundation’s priorities. To assist applicants, the foundation provides an online application and an online grant impact form. The foundation also offers guidance to ensure that any financial award meets Federal Deposit Insurance Corporation (FDIC) criteria. Organizations with questions can contact Managing Director Holly Meagher at holly@uafs.net.

Beyond grant funding, the Utah Financial Services Foundation conducts community needs assessments to understand the evolving challenges of LMI communities. In 2019, a study was conducted in partnership with the Sorenson Impact Center and the University of Utah’s David Eccles School of Business to evaluate needs in areas such as poverty, employment, education, healthcare, housing, refugee support, transportation, service provider infrastructure, and small business lending. The foundation is currently working on an updated assessment expected in 2023.

Additionally, UAFS supports CRA goals by offering financial literacy training programs for member banks. These programs educate bank employees on teaching financial literacy and participating in community initiatives that benefit LMI populations. This effort helps ensure that banks not only meet CRA obligations but also contribute meaningfully to the financial well-being of their communities.

The Utah Financial Services Foundation and its member banks remain committed to strengthening community development efforts through strategic grant funding and financial education initiatives. The foundation’s grant cycle operates on a quarterly basis, with funding priorities reviewed regularly to ensure responsiveness to community needs.
Since its inception, the Utah Financial Services Foundation has allocated $1.2 million in CRA funding from industrial banks to organizations within Salt Lake County and adjacent areas. The Foundation is actively involved in numerous successful CRA initiatives across Utah. Funding priorities are determined at quarterly meetings by the Foundation Committee, which consists of CRA officers from UAFS member banks. These priorities guide the review and approval of grant proposals submitted by eligible charitable and community organizations.

Grants must serve a community development purpose, which includes affordable housing for low-to-moderate income individuals, community services targeted at this demographic, economic development activities such as support for small businesses or farms, and efforts to revitalize or stabilize low-to-moderate income communities, disaster areas, or underserved regions. For 2024, the Foundation's funding priorities focus on mental health, affordable child care and after-school care, LMI education and learning, affordable housing, and technical assistance for small businesses.

The Foundation ensures that awarded grants meet Federal Deposit Insurance Corporation (FDIC) criteria. Non-profit applicants are encouraged to apply by downloading the necessary documents, including the Online Application and Online Grant Impact Form. Specific qualifications related to CRA are detailed in the application. Interested parties can direct their inquiries to Holly Meagher at holly@uafs.net.

The Utah Financial Services Foundation also conducts regular community needs assessments to better understand the needs of low- and middle-income populations served by member banks. In 2019, a study funded by the Utah Center for Financial Services, in collaboration with the Sorenson Impact Center and the University of Utah David Eccles School of Business, provided valuable insights into community needs in areas such as poverty, employment, education, health, housing, and small business lending. An updated assessment is anticipated in 2023.

For additional information or assistance, applicants can contact the UAFS office at 801-355-2821 or visit the office located at 445 East 200 South, Suite 100, Salt Lake City, UT 84111. The Executive Director is Frank Pignanelli, and the Managing Director is Holly Meagher.