2025 Mid-Year Letter to the Community

June 30, 2025

Through nearly three decades, American Savings Foundation has invested in the 64 Connecticut cities and towns we serve, with a special emphasis on New Britain and Waterbury. Over that time, our community has faced periods of major disruption, including the economic downturn in 2008 and the COVID pandemic in 2020. Throughout these times, our goal has always been to remain a steady, broad-based funder, staying true to our mission and steadfast in our purpose.

Today, nonprofits are facing significant disruption, uncertainty and change, including the loss of major funding streams. We recognize the tremendous strain this is placing on frontline staff, fundraising efforts, committed volunteers and donors, and the individuals and families served. We also recognize the strength of the sector, and the extraordinary resilience that our communities have displayed throughout past periods of crises and change.

Learning from the past, the Foundation has established practices for how we respond during times of exceptional need and/or unusual constraints on resources. As a local funder, we recognize that we are not able to replace federal, state, or municipal grants without jeopardizing our support for our existing funding priorities. Therefore, it has long been our policy that we do not accept requests to replace lost funding or provide bridge or emergency grants. As always, we will continue to accept applications for direct service programs that meet our grantmaking guidelines and align with our mission during our open application periods.

As the nonprofit community continues to navigate the changing environment, we will continue to evaluate areas of need and how we can best support the programs and services that are most closely aligned with our mission. This may include one-time funding requests from agencies to support new strategic partnerships, mergers, or “out-of-the-box” ideas that would allow essential services to continue, perhaps under a new host agency. We recognize that there may be new challenges and new opportunities in the years ahead, and our board will continue to listen, learn, and adapt as needed.

At this time, our projected 2025 giving budget of $3.35 million is approximately 4% higher than in 2024. We will continue to prioritize our two signature funding areas - - after-school programs for middle school youth, and our scholarship program. We will also continue to invest in basic needs and direct service programs within our priority areas of Education, Human Services, and Arts & Culture, through both program grants and community grants.

We recognize the truly essential and life-changing work of the programs and services provided by local nonprofit organizations. Throughout times of uncertainty and change, the American Savings Foundation remains committed to supporting programs that serve children, youth, and families – now, and for generations to come.

This is our lasting commitment.

Charles J. Boulier III Maria Falvo

Chairman of the Board President & CEO

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