Denton Mayor joins DATCU Credit Union, FHLB Dallas in awarding $17k grant to serve Denton
Local nonprofit will use the funds to lower overhead costs for partner agencies
DENTON, TX (September 6, 2016) — Serve Denton today received a $17,000 Partnership Grant Program (PGP) award from DATCU Credit Union (DATCU) and the Federal Home Loan Bank (FHLB Dallas). Denton Mayor Chris Watts and DATCU CEO Dale Kimble were joined by representatives of FHLB Dallas and Serve Denton for the ceremonial award, given at Serve Denton’s Wheeler House location.
This year’s grant, which will be used for operational expenses, follows a similar $17,000 PGP grant in 2015 from the same institutions. The 2015 award helped Serve Denton open its Assistance and Events Center last fall.
“Serve Denton is a wonderful organization that does tremendous work for the Denton community,” Mayor Watts said. “This grant will benefit many people here in Denton who are in need of social services.”
DATCU CEO Kimble also acknowledged Serve Denton’s contributions to the community.
“We applaud the wonderful work being done by Serve Denton as they collaborate with area nonprofits to make people’s lives better,” he said. “It is an honor to be a partner of the Federal Home Loan Bank of Dallas because, like credit unions, they believe in strong communities and are committed to supporting positive changes in our own backyard.”
Serve Denton, a 501(c)(3) nonprofit, brings together 15 nonprofit organizations at two locations in Denton: the Assistance and Events Center and The Wheeler House. By leveraging these economies of scale, Serve Denton is able to provide each nonprofit with furnished office and meeting space for $100 a month. The savings allows the organizations to put more of the donations they receive toward serving the community.
“Serve Denton is humbled, honored, and very grateful to receive this generous grant from the Federal Home Loan Bank of Dallas and DATCU Credit Union,” said Serve Denton Executive Director Pat Smith. “These funds will allow us to what we do best — being a force multiplier for our tenants and community partners using our talents and abilities and serving as a catalyst for capacity-building.”
Through the PGP, member institutions contribute $500 up to $4,000 to a community-based organization (CBO). FHLB Dallas matches the contributions at a 3:1 ratio, which provide up to $12,000 in grant money to a CBO. In 2016, FHLB Dallas awarded $225,000 in PGP funds to assist 23 CBOs. Combined with the $96,200 from member institutions, a total of $321,200 was awarded this year.
“DATCU and Serve Denton demonstrate the exemplary possibilities of community partnerships,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “We value this opportunity to serve Denton by multiplying DATCU’s contribution for the benefit of those in need.”
PGP grants are offered annually through FHLB Dallas’ member institutions via a lottery system. Funds may be used for research, organizational capacity-building, grant- and funding-application assistance, or contractual services.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank system created by Congress in 1932. FHLB Dallas, with total assets of $54.4 billion as of June 30, 2016, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Visit fhlb.com for more information.
About DATCU Credit Union
DATCU Credit Union, founded in 1936, is a full-service financial institution celebrating over eighty-five years of service in North Texas. With a long-standing tradition of exemplary service, twelve North Texas locations, and approximately 100,000 members, membership is open to anyone living or working in Denton, Cooke, Wise, Clay, Montague, Collin, Grayson, Jack, Tarrant, Dallas and Parker Counties. All are invited to take advantage of the products and services the credit union offers. These include free checking with interest, a cash back credit card, loan products, investment products, and insurance.
To learn more about DATCU Credit Union, visit www.datcu.org or call 940-387-8585.