Do I have to be a 501(c)(3) to get support under the CRA?

The short answer is it depends.

In most cases, if you are seeking a financial donation or grant from a bank, they will require that you have a 501(c)(3) or similar nonprofit designation.  They may also ask for documentation to ensure that their contribution will be tax deductible.

However, CRA is much more than financial donations and grants.

While many of the community organizations that banks work with are 501(c)(3)-designated nonprofits, any organization that is seeking support for a qualified community development CRA purpose may be eligible for bank support under the CRA.

This could include for-profit companies, small businesses or farms, developers, investment firms, government entities or other charities. The key is ensuring that the primary purpose of the activity a bank can support meets the CRA requirements for community development.

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