Conditions & Eligibility
Conditions of the Award
Applicants should note that recipients of the $25,000 Wachovia Wells Fargo NEXT Awards will be required to submit an audit and a narrative progress report one year after the award is made. If the applicant is a credit union and does not have an audited financial statement, the applicant may submit their most recent NCUA Statement of Financial Condition (5300 report).
Eligibility Requirements
To be eligible for a $25,000 Wachovia Wells Fargo NEXT Award, organizations must satisfy each of the six conditions specified in the chart below.
| 1. Charitable Purpose | Is a US tax-exempt organization with a current 501(c)(3) determination letter from the Internal Revenue Service. If your organization does not have this tax status, it may be eligible if it is a U.S. Treasury CDFI Fund certified CDFI. (NOTE: CDFI Fund certification does not automatically guarantee eligibility. If the organization is not a 501(c)(3), OFN may request additional information during the application review process to determine whether the activities that would be supported by the Wachovia Wells Fargo NEXT Award comply with relevant government rules and regulations for charitable giving.) |
| 2. Community Development Mission & Impact | Has a primary mission of community development and strives to have a positive impact on low-income, low-wealth, and other disadvantaged people and communities. If the institution is part of, or controlled by, another corporation(s), the other corporation(s) must also have a primary mission of community development. |
| 3. Finance-based Strategy | Is a private non-governmental financial intermediary that uses financing as an integral part of its community development strategy. |
| 4. Discipline and Performance | Is currently in compliance with all financial covenants, reporting requirements and performance obligations stipulated by public, private and philanthropic providers of capital and grant support. |
| 5. OFN’s Goals | Affirms Opportunity Finance Network’s goal to ensure that low-income, low-wealth, and other disadvantaged people and communities have access to affordable, responsible financial products and services. |
| 6. OFN Conference | Attends the 2011 Opportunity Finance Network conference in Minneapolis, Minnesota. If an applicant is notified that it is a finalist, a representative from the applicant organization must be registered for the conference within two business days of notification in order to be considered for the award. |
IMPORTANT NOTE: An organization does not have to be a member of the Opportunity Finance Network to be eligible to apply.
Process
To apply, follow this simple, two-step process:
- Submit a 1,000 word statement outlining why you are NEXT in the category in which you’re applying
- Submit an annual audit and other organizational information; Credit unions without an audited financial statement may use your most recent NCUA Statement of Financial Condition (5300 report).