PROVIDENCE – RBS Citizens Bank Chairman and CEO Bruce Van Saun purchased 10 Social Innovation Shares to support the Capital Good Fund’s nonprofit IPO, or Immediate Public Opportunity, the bank announced.
Capital Good Fund’s unique IPO is a fundraising project with a $100,000 goal. Under this IPO model, for every $25 donated the donor receives one Social Innovation Share. Each tax-deductible share entitles the donor to a vote to fill a seat on the Capital Good Fund’s board of directors at its annual meeting in June. Shareholders also get access to the Capital Good Fund’s quarterly financial and impact reports and shareholder conference calls.
RBS Citizens made a $15,000 grant to the Capital Good Fund’s Rhode Island projects in 2013, as well as a $15,000 grant to assist in the expansion to New London County, Conn. to provide tax preparation assistance to Eastern Connecticut residents.
The Capital Good Fund is a social change organization whose mission is to provide equitable financial services to create pathways out of poverty. It is a Providence-based Community Development Financial Institution that offers financial coaching, free tax preparation and personal loans of up to $2,000.
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