COAST Receives Grant from Kennebunk Saving Bank Foundation

FOR IMMEDIATE RELEASE
March 25, 2024
Contact: Rad Nichols   
COAST Executive Director
603-743-5777
rnichols@coastbus.org
 
COAST Bus Receives $1,000 Grant from Kennebunk Savings Bank Foundation: Funding will support upgrade to next generation financial management software

DOVER, NH: Cooperative Alliance for Seacoast Transportation, more commonly known as COAST, was recently awarded a $1,000 grant from the Kennebunk Savings Bank Foundation. The grant funds will help support the purchase of next generation Multiview Financial Software.

“We are so grateful to Kennebunk Savings Bank Foundation for investing in COAST’s financial infrastructure,” said Margot Doering, Director of Finance for COAST. “It’s not always glamorous, but the behind-the-scenes accounting work is a critical piece of our ability as an organization to make strategic decisions that will bring the most benefit to our riders and the communities we serve. This next generation software represents an important next step for COAST.”
 
Multiview Financial Software will allow COAST to record operating statistics and financial data in one system to improve decision making tools; provide real-time financial data to senior management; connect various data sources across the organization; automate standard accounting entries; calculate complex cost distributions within the accounting system; and streamline the payment system.
 
“As the philanthropic arm of Kennebunk Savings, which serves southern York County in Maine as well as Rockingham and Strafford Counties in New Hampshire, we know that when communities thrive, we all thrive,” said Doug Smith, Senior Social Responsibility Administrator of Kennebunk Savings. “COAST is the common thread that runs through the region. We are pleased to be able to support this important capacity building initiative.”
 
For more than 40 years, COAST has been connecting people and communities in the Greater Seacoast region. In the last 15 years in particular, COAST has experienced its most significant growth. In order to better meet its current operational needs, be responsive to future demand and reduce its environmental impact, COAST plans to build a new facility on its current property in Dover. The project will be funded through a combination of federal, state (including CDFA tax credits), local, and private sources. To-date, 82% of the $17.3M projected cost have been raised.

“As our new facility project ramps up, the expanded financial tracking and analysis capabilities we’ll have as a result of this upgrade will be especially significant,” said Rad Nichols, Executive Director of COAST. “As a mission-driven nonprofit, our focus is always on how we can make the biggest impact with the financial investment that’s been made in us. With the added financial complexity that the facility project brings, it’s the perfect time to have a more sophisticated financial system at our disposal.”

More information about COAST and the plans for their new facility can be found at www.coastbus.org.

About COAST
The Cooperative Alliance for Seacoast Transportation, more commonly known as COAST, is a registered 501(c)3 nonprofit charitable organization and an innovative leader in providing a broad range of public transportation services, connecting and coordinating a robust network of options for everyone.

COAST’s mission is to champion and provide customer-focused public transportation with a commitment to excellence in safety and service.

COAST’s annual operating budget ranges between $7.5 and $8.0M. As a nonprofit, our budget is funded through a blend of sources including federal, state, and local sources. Federal funding is generally required to be matched with state or local funds, most of which COAST secures through the municipalities we provide service within, charitable contributions from businesses, individuals, and foundations as well as through specific service agreements, and advertising on the buses and in the bus shelters. To learn more visit www.coastbus.org.

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