The Member Impact Fund is a matching grant program that provides funding to strengthen communities in targeted areas. The program encourages partnerships between eligible organizations and member financial institutions to support affordable housing or community development.
Up to $11 Million in Matching Funds Available
Through the Member Impact Fund, FHLB Des Moines will match up to $3 for every $1 a member contributes to an eligible not-for-profit or government entity.
Eligibility
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Application Period
FHLB Des Moines will accept applications for the Member Impact Fund beginning August 26, 2024 through October 11, 2024. Only an FHLB Des Moines member financial institution may submit an application.
how to apply
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Award Disbursement
Member Impact Fund awards will be announced on or around October 17, 2024. Match funds will be distributed directly to the member to provide alongside their contribution for their partner organization.
How it Works
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Get Started with an Eligible Partner Organization
- Identify a not-for-profit organization or government entity (grantee) that your institution would like to provide with a grant donation.
- Grantees must be located in Washington.
- Members must contribute $1 for every $3 of the requested Member Impact Funds; members must donate at least $2,500 of their own funds
- The member’s grant must be a new contribution. FHLB Des Moines will not match a member’s grant made on or before August 26, 2024
- Member Impact Fund awards must be used to support a grantee's capacity building or working capital. Examples include:
- Hiring and/or training staff
- Rehabilitation or expansion of existing facilities
- Software upgrades and/or installation
- Strategic planning
- Predevelopment assistance
- Working capital, such as a revolving loan fund, down payment funds, or programmatic overhead costs
- Member Impact Fund awards cannot be used for:
- A member's foundation, member trade organization's foundations, or similar
- Political purposes
- Tuition assistance or educator salaries
Questions about eligibility or use of funds? Reach out to: MemberImpactFund@fhlbdm.com.
Application Process1 & Member Requirements
- Applications will only be accepted from members of FHLB Des Moines.
- Member Impact Fund awards must be provided to the grantee within one month of funds posting to the member’s Demand Deposit Account (DDA).
- A Verification of Funds and Use Form must be completed by grantee and submitted to FHLB Des Moines within two months of funds posting to member’s DDA. It is the responsibility of the member to ensure the grantee completes this form.
- FHLB Des Moines reserves the right to award Member Impact Funds on a prorated basis. Regardless of proration, the member will be required to donate the full member contribution, which shall not be less than $2,500.
- Members must acknowledge the FHLB Des Moines award and provide an opportunity for FHLB Des Moines to participate in promotions of the Member Impact Fund. FHLB Des Moines may publicly communicate information about the Member Impact Fund awards.
- FHLB Des Moines, at its sole discretion, may decline a Member Impact Fund application.
Submit an Application
Application deadline extended to Friday, October 11, 2024.
Applications will be accepted August 26 - October 11, 2024
apply now
FHLB Des Moines member institutions submit completed applications online to FHLB Des Moines. Applications must include documentation of partner organization's not-for-profit or government status (e.g., IRS determination letter).
Award Disbursement Process
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Awards announced on or around October 17, 2024 - all members who submit a Member Impact Fund application will be notified of their award status and match amount.
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Member Impact Fund match amounts are posted to the member's Demand Deposit Account (DDA).
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Member provides the full amount of the Member Impact Fund match and their matching contribution to the grantee.
- Grantees will verify receipt of the Member Impact Fund match and the FHLB Des Moines member contribution.
Member Impact Fund FAQ
- What required information will I need to complete an application?
- Contact information for the not-for-profit or government entity grantee
- Documentation verifying grantee’s not-for-profit or government entity status (e.g., IRS determination letter)
- Signature from an authorized individual at the member’s institution. An authorized signer is one that can authorize advances from FHLB Des Moines
- Brief description of the grantee and the member’s relationship with them and detailed/concise explanation about the services or activities that the Member Impact Fund award will support - see examples below
Application Example 1
Description and Use of Funds
| Provide a brief description of the grantee's organization and describe the relationship you have with them |
| "Food Bank Organization" feeds people who are experiencing hunger today and solves the issue of hunger for tomorrow. They collect and distribute food to their network of food programs that feed hungry people throughout Washington. Our institution has partnered with this organization in the past and we would like to re-establish our relationship with them to further support hunger in our local communities. |
Please check what grant funds will be used for and describe how the organization's affordable housing or community development work will be impacted. Be specific in your response. (Only select one option - examples given for both)
| √ Capacity Building |
| By receiving Member Impact Fund award, "Food Bank Organization" will be able to purchase new accounting software, which will allow "Food Bank Organization" to handle more transactions and provide greater transparency for its financial statements to its Board of Directors and the public. |
| √ Working Capital |
| By receiving Member Impact Fund award, "Food Bank Organization" will be able to fully stock with food and purchase additional vehicles to deliver food, resulting in increase in families served of approximately XX% or XX. |
Application Example 2
Description and Use of Funds
| Provide a brief description of the grantee's organization and describe the relationship you have with them |
| "Housing Organization" was established in YYYY to assist homeowners in Washington State. "Housing Organization" is a nonprofit organization that works both to eliminate poverty housing around the world and to make adequate housing a matter of conscience and action. Our institution has an executive member serving on the Board of this organization. |
Please check what grant funds will be used for and describe how the organization's affordable housing or community development work will be impacted. Be specific in your response. (Only select one option - examples given for both)
| √ Capacity Building |
| By receiving Member Impact Fund award, "Housing Organization" will be able to hire and train additional staff to lead new home construction and repairs, allowing "Housing Organization" to serve an additional XX homes. |
| √ Working Capital |
| By receiving Member Impact Fund award, "Housing Organization" will be able to fund predevelopment expenses, including feasibility studies and design/engineering fees, to support a housing project that will serve people with intellectual disabilities and allow them to have affordable long-term housing. |
Open in new page - Can I submit multiple Member Impact Fund applications for different grantees?
Yes. There is no limit to how many applications a member submits.
Open in new page - Can a grantee receive multiple Member Impact Fund awards from one or more members?
Yes. There is no limit to how many awards a grantee may receive.
Open in new page - Is there a minimum amount I must contribute to a grantee?
- Is there a maximum amount the FHLB Des Moines will award to one member?
Yes. A member cannot receive more than $1.8 million in matching grants from FHLB Des Moines across all application requests.
Open in new page - How quickly will the Member Impact Funds be deposited in my Demand Deposit Account (DDA) with FHLB Des Moines?
The Member Impact Fund award will be placed in your DDA on or around October 22, 2024. Please ensure the individuals who manage your DDA are notified immediately.
Open in new page - Do Member Impact Fund awards have ongoing monitoring requirements?
Yes, and they are simple:
1. Grantees must complete and submit a Verification of Funds and Use Form within two months of the Member Impact Fund award posting to a member’s DDA. It is the responsibility of the member to ensure the grantee completes this form.
2. The full amount of the Member Impact Fund match and member’s contribution must be used to support the grantee’s affordable housing or community development activities.
Open in new page - How can I partner with FHLB Des Moines to promote my Member Impact Fund award(s)?
FHLB Des Moines wants to help amplify your promotion of Member Impact Fund awards! This includes, but is not limited to, social media, news releases, website announcements and check presentation events. Connect with our Communications Department at communicationsdepartment@fhlbdm.com to coordinate press releases, social media and pitching stories to media outlets.
Open in new page
1At the end of the application period, FHLB Des Moines will review all applications for eligibility. If the total amount requested by eligible applications exceeds the amount available for the Member Impact Fund, FHLB Des Moines may allocate the Member Impact Fund on a prorated basis. Members will be required to donate the full member contribution, which shall be no less than $2,500.