While nonprofits should operate like a business, there are many complexities that set them apart from other enterprises such as inconsistent cash flow, governance by a board of directors and special requirements related to being tax-exempt. Pacific Continental has years of extensive experience providing banking services to nonprofit organizations. Many of our nonprofit banking team members have held positions within the sector and have a deep appreciation for the opportunities and challenges nonprofits face. What’s more, we proudly offer numerous business resources and events designed to empower and educate nonprofit executives and boards.
At Pacific Continental, we walk the talk. Not only do we provide banking services to numerous nonprofits, but we have also built a robust giving program. Through our Giving with Heart program, we provide charitable contributions and volunteer hours to help support these organizations as they carry out their missions.
Small Nonprofit Accelerated Program (SNAP) Bonds: Pacific Continental Bank works with Oregon Facilities Authority to secure financing for nonprofits looking to remodel, expand, construct or purchase real estate through the use of tax-exempt conduit revenue bonds. The bank benefits from earning tax-exempt income from the bond and passes this benefit on to the nonprofit in the form of a lower interest rate.
Streamlined Tax-Exempt Placement (STEP) Bonds: Through the Washington State Housing Finance Commission and Washington Higher Education Finance Authority STEP Bond program, Pacific Continental has been able to help many nonprofits finance the purchase or construction of facilities. STEP Bond financing allows nonprofits to fix their costs of administration rather than paying escalating leases over the life of the asset. Since these Bonds are tax-exempt, the interest earned by the bank is not taxed allowing the savings to be passed on to the nonprofit through lower interest rates.
We are honored to have been recognized with the Proud Partner Award by the Washington State Housing Finance Commission for enabling nonprofits to build and equip facilities through the use of tax-exempt STEP bonds.
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