Thread Options
#2200645 - 12/13/18 07:24 PM Christmas Party Donations - CD?
Mel in WA Offline
Diamond Poster
Joined: Mar 2013
Posts: 1,120
At our company Christmas party, employees donated funds towards the local food bank. Can this somehow be presented as community development? It was a bank wide function that definitely benefits low-to-moderate income.

Return to Top
CRA
#2200653 - 12/13/18 07:41 PM Re: Christmas Party Donations - CD? Mel in WA
Norman Paperman Offline
Diamond Poster
Norman Paperman
Joined: Aug 2012
Posts: 1,636
48.934476, -114.343735
I don't think you'll get credit for employee donations. If the bank made a corporate contribution, sure.
_________________________
Maybe you just wanna fly the plane yourself. Well good luck pressing take off, then auto pilot, then land.


CRCM

Return to Top
#2200676 - 12/13/18 08:46 PM Re: Christmas Party Donations - CD? Mel in WA
CompliantOkie Offline
Gold Star
CompliantOkie
Joined: Dec 2013
Posts: 420
OOOOOOklahoma
I can confirm examiners will not give you credit for employee donations.

Return to Top
#2201340 - 12/21/18 06:14 PM Re: Christmas Party Donations - CD? Mel in WA
mrogersfib Offline
100 Club
Joined: Aug 2018
Posts: 116
This does not qualify for CRA as employee donations are not at the behest of the bank. If your bank has a foundation, or a philanthropic department, and you are able to convince them to match the employee donation to the food bank then the banks contribution could be considered under the investment test.

Return to Top