As a non-profit organization, managing funds is essential for achieving and serving your mission. When depositing large sums of money, Hingham's Insured Cash Sweep (ICS) program ensures your funds are protected.
Offered through our partnership with IntraFi, ICS is a solution provided by Hingham Institution for Savings that allows non-profit organizations to safeguard large deposits, ensuring access to up to $150 million of FDIC deposit insurance. ICS helps address the Federal Deposit Insurance Corporation (FDIC) insurance limits by automatically spreading funds across multiple banks within the ICS network, ensuring maximum coverage.
One of the primary concerns for non-profit organizations is the security of their funds. By utilizing the ICS program, your organization can mitigate risk by having funds placed in FDIC insured accounts across multiple banks. This diversification helps protect against potential losses and provides the peace of mind that comes with knowing your funds are secure.
Maintaining adequate liquidity is crucial for non-profit organizations, as it allows you to fulfill financial obligations promptly. The ICS program ensures that funds are available when needed by consolidating your deposits into demand deposit accounts or money market deposit accounts. This structure allows for quick and easy access to funds while maximizing FDIC insurance coverage.
Return on Funds Deposited
While security and liquidity are vital, non-profit organizations also strive to optimize their financial resources. The ICS program provides an opportunity to earn competitive returns on funds deposited while keeping them fully insured. By utilizing the network of participating banks within the ICS program, you can access competitive interest rates and enhance the overall return on your deposits.
Capital campaigns often play a significant role in non-profit organizations' financial planning. These campaigns require substantial funding to support projects, acquisitions, or facility expansions. When executing a capital campaign, it's important to carefully manage and protect the funds raised. The ICS program offers a robust solution by allowing you to distribute these funds across multiple banks, maximizing FDIC insurance coverage while maintaining security, liquidity, and potential returns.