With major matching gifts, hundreds of S.D. nonprofits benefit from significant donations

April 9, 2026

Hundreds of South Dakota nonprofits are enjoying an unexpected boost in funding thanks to a major donation partnership between banks and other financial institutions.

The Federal Home Loan Bank of Des Moines chose South Dakota this year as one of the states to participate in its annual Member Impact Fund.

In all, more than $18 million was awarded to support community development and affordable housing in South Dakota, as well as Alaska, Guam and the Commonwealth of the Northern Mariana Islands. Of that, $13.3 million was awarded in South Dakota, totaling 356 grants.

The effort was led by the Federal Home Loan Bank of Des Moines, which partners with more than 1,200 financial institutions in a 13-state region to support mortgage lending, economic development and affordable housing.

“The Member Impact Fund is designed to help our members champion the organizations that make a real difference in their communities,” Kris Williams, president and CEO of FHLB Des Moines, said in a statement. “By partnering with our members, we’re able to multiply resources and support their vital work as they continue to strengthen opportunities for the people they serve.”

Banks and credit unions are members of FHLB, owning stock in the bank and borrowing funds from it. The charter of FHLB of Des Moines and other similar federal home loan banks is regulated by the Federal Housing Finance Agency.

“Ten to 20 percent of our profits has to go back to the community, and we’re always trying to develop ways for that to happen,” said James Lee, a Sioux Falls-based representative of the bank who covers South Dakota, North Dakota and parts of Minnesota and Iowa.

In 2023, the bank launched its Member Impact Fund, not just matching but multiplying members’ gifts. In South Dakota, it was 1-to-2.5 match. So if a financial institution gave $100,000 to a nonprofit, FHLB would add $250,000 for a total of $350,000. There are 56 member institutions in the state.

“So much interest came in,” Lee said. “I spoke to our bank president and told her South Dakota just really loved the program.”

In the weeks since grants were awarded, he has found himself at almost-daily check presentations at member institutions and the more than 200 unique nonprofits they have supported.

“I think a lot of them were already going to give, but when this happened, some of them gave more because of it,” Lee said.

The Sioux Falls-based Veterans Community Project received $245,000 from partnerships with five financial institutions.

“The donations from our local banks, along with the match from the Federal Home Loan Bank, could not have come at a better time,” director of development Kaelyn Giefer said.

“We are at a critical point in our project, transitioning from the build phase into the sustain phase, and these funds will play a key role in that progress.”

The funds will directly support making 10 additional tiny homes operational this year, covering everything from furnishings to utilities and support services. Construction of those final homes is underway, and the plan is to start construction on a volunteer center where the public can drop off donations and volunteers can gather.

The Village Center is a space only for veterans where they can spend time together and have case management meetings without public traffic.

“Our goal is to have a fully completed village with all 25 homes complete by early fall,” Giefer said. “So far this year, 13 veterans have already called VCP home, a number that will grow significantly in the coming months. None of this would be possible without the support of partners like the Federal Home Loan Bank of Des Moines, which we are forever grateful for.”

Black Hills Federal Credit Union was one of the institutions that donated to VCP, a total donation of $87,500 once matching funds were included.

“The Veterans Community Project plays a vital role in strengthening the Sioux Falls community by addressing the long-term needs of veterans through housing stability and comprehensive support services,” said Joey Rotert, vice president of the credit union’s eastern market. “Their work delivers meaningful, measurable impact for those who have served and for the community as a whole.”

Boys & Girls Clubs of the Sioux Empire received a total of $348,250 from six financial institutions plus the FHLB match.

“We are grateful to FHLB Des Moines for their generous investment through the Member Impact Fund and their continued commitment to strengthening communities across South Dakota,” said Stacy Jones, the organization’s CEO.

“We also thank the many local financial institutions that made this support possible. This collective generosity will help fund education, skill development and safe spaces for children and teens, creating lasting social and economic benefits for our region and brighter futures for our local youth.”

The First National Bank in Sioux Falls was one of those donors, granting $32,000, which then became a total of $112,000. It was one of 12 organizations supported by the bank.

“Some of the donations were gifts that we were already making to these organizations for this year, and we took the opportunity to more than double that impact where we could,” said Bob Baker, executive vice president and director of corporate affairs at the bank, where a committee helped decide which nonprofits to fund.

“In a few cases, we even prepaid commitments through the next two or three years so those organizations could receive the additional FHLB funds. And then a few of them were one-time donations.”

While there was detailed criteria to meet, no requests from partner institutions were turned down, Lee said.

“There were strict guidelines that we had to meet for the matching funds, most notably focusing on the areas of affordable housing or community development,” Baker added. “Since our organization has a long, long history of giving back — and to so many different organizations — the first place to look was at those organizations with which we have established relationships and a giving history.”

At CorTrust Bank, $183,750 was the combined total between both CorTrust and FHLB Des Moines. The bank chose causes that met the criteria and drew on its history of giving while supporting communities where a bank branch exists.

“This was not part of our planned annual giving — this was in addition,” said Hillary McQuade, vice president and director of marketing, adding that banks learned about the opportunity about a month before the applications went live.

Organizations benefiting were Habitat for Humanity of Greater Sioux Falls, McCrossan Boys Ranch, Sioux Empire Housing Partnership and the St. Francis House.

“CorTrust was proud to partner with FHLB Des Moines to contribute funds towards causes that are a driving force of positive change in our local communities,” McQuade said.

First Bank & Trust awarded a combined $700,000 through its partnership to 15 organizations, including DakotAbilities, McCrossan Boys Ranch, St. Francis House, Bread Break Food Recovery, Habitat for Humanity of Greater Sioux Falls and Sioux Falls Hope Coalition.

“Sioux Falls is stronger because of these organizations and the work they do every day, and that matters deeply to us,” said Kevin Tetzlaff, president and CEO of First Bank & Trust. “We’re grateful to partner with FHLB Des Moines to support programs that make a real difference in our community.”

Metro-area communities benefited as well.

The Hartford Area Development Foundation was awarded a $35,000 grant through Reliabank Dakota’s partnership that will directly support ongoing community and economic development initiatives in Hartford. The plan is to help advance projects that strengthen infrastructure, support housing and workforce, and enhance opportunities for business development.

“We are incredibly grateful to Reliabank Dakota and the Federal Home Loan Bank for their investment in Hartford’s future,” said Eric Bartmann, president of the foundation’s board of directors. “This $35,000 award allows us to continue working alongside area developers, businesses and local partners to ensure Hartford remains a vibrant, forward-thinking community for residents and businesses alike.”

Sioux Metro Growth Alliance received $8,750 to support its economic development efforts in the region as one of several grants awarded through a partnership with Sunrise Banks.

“The impact made possible through the FHLB Member Impact Fund is incredible,” said Damon Sehr, South Dakota market president for Sunrise Banks.

“As a Community Development Financial Institution, we understand the importance of forging strong partnerships and having access to funding that aligns with an organization’s mission and values. We’re proud that Sunrise Banks supports organizations, including several fellow CDFIs, doing deeply meaningful work in our communities. And we’re grateful to FHLB Des Moines for making this possible.”

The Member Impact Fund grant program will rotate among states in the bank’s region, so it won’t be an annual opportunity.

“I know a lot of bankers wish it would be back sooner,” Lee said. “I can’t tell you for sure, but it’ll probably be three years before it’s back.”

For a full look at contributing financial institutions and nonprofits that were awarded funding, click here.

Since its launch in 2023, the Member Impact Fund has provided more than $83 million in grants from FHLB Des Moines, generating over $113 million in combined support for affordable housing and community development.

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