Conditions & Eligibility
Conditions of the Award
Applicants should note that recipients of the Wachovia NEXT Awards will be required to submit an annual audit, use of funds schedule, and a narrative progress report.
Eligibility to Apply
To apply for the 2008 Wachovia NEXT Awards, organizations must satisfy each of the eight conditions specified in the chart below.
Interested applicants should carefully review all of the eligibility requirements for the Wachovia NEXT Awards, listed below. For more information on the CDFI Fund or Opportunity Finance Network, please visit www.cdfifund.gov or www.opportunityfinance.net.
The standard for definitions and measures used to determine eligibility are drawn from the CDFI Assessment and Ratings System™ (CARS™). Click here for detailed information on CARS™.
2008 Eligibility Requirements
| 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 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 economically 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. Five Years of Experience | Has been providing loans or making investments to achieve a community development mission for at least five years. |
| 5. 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. |
| 6. Current Plan | Is operating under a business plan or strategic plan that was written or updated within the last five years. Has demonstrated financial and programmatic performance in line with that plan. |
| 7. Capital Dedicated to Lending/ Investing for the $2.75 Million Wachovia NEXT Award | Between $10–50 million in debt and/or equity dedicated to lending and/or investing. See Glossary of Financial Terms for more information on Capital Dedicated to Lending/Investing. |
| 8. Capital Dedicated to Lending/ Investing for the $5.5 Million Wachovia NEXT Award | At least $50 million in debt and/or equity dedicated to lending and/or investing. See Glossary of Financial Terms for more information on Capital Dedicated to Lending/Investing. |
IMPORTANT NOTES: An organization does not have to be an Opportunity Finance Network Member to be eligible.
The Wachovia NEXT Awards selection process will incorporate CARS™ Ratings, if available. Starting in 2009, CDFIs that want to apply must be CARS™ rated or formally enrolled in CARS™. If CARS™ does not have the capacity to rate your organizational type, this requirement will not apply.