The nonprofit world is traditionally viewed as the antithesis of the decidedly for-profit world of banking. But the Westerly-based Washington Trust Company, the nation’s oldest community bank, has launched a new program dedicated to supporting local nonprofit organizations.
The bank’s new Office of Nonprofit Resources offers nonprofits advice on legal issues, accounting, employee benefit programs, fund raising and development, recruiting, purchasing of supplies, strategic planning, and board development – free of charge.
Washington Trust’s push to support local nonprofits could drum up extra business for the bank, by increasing its business loan portfolio and other business services. But that’s not the main point of the new office of nonprofit resources, said Harvey C. Perry, managing director of Washington Trust’s new department.
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“The concept behind the program is that the health and vitality of the Washington Trust Company depends on the health and vitality of its market area, and that depends significantly on the health and vitality of our nonprofits,” said Perry. “It’s designed simply to assist nonprofit organizations to be as effective as they can be in achieving their missions.”
Perry, who previously worked in the bank’s trust and asset management division, developed the office of nonprofit resources after requesting to launch the program. Perry said he wanted to apply the expertise he acquired in the areas of trusts and asset management to the nonprofit world. The approach is a new concept in banking, so far as he knows, said Perry.
“I didn’t really have any kind of model to work from, so I’ve just worked from experience,” said Perry. “I get with the people at a nonprofit and explore their mission. I ask what kinds of obstacles they are experiencing. Then I act as a catalyst. I help connect the dots, connect people with the resources they may need but may not know of, may not even have the time to look for.”
The nonprofits he’s already worked with range from large health organizations to an organization dedicated to preserving Scottish heritage, and include Bradley Hospital, the Providence Athenaeum, the Rhode Island Microenterprise Association, Goodwill Industries, the Sargent Rehabilitation Center and Habitat for Humanity.
Perry said he anticipated, when launching the department six months ago, that most of his work with nonprofits would deal with endowment management, and that hunch has been correct. A number of nonprofits have also requested help refinancing existing debt. In several cases, the nonprofits wanted to refinance to help pay for a physical expansion of their facilities.
Perry said the Office of Nonprofit Resources has also brought not-for-profit business customers to the bank for new deposit relationships, and particularly for credit card transaction processing services.
The new nonprofit program has already brought several million dollars of business to Washington Trust, said Perry.
“It’s an opportunity for a win-win with bank services,” he said.
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