# Charity to benefit if building society goes private - Link: https://fundraising.co.uk/2014/05/21/charity-benefit-building-society-goes-private/ - Published: 2014-05-21T11:14:46+01:00 - Author: Howard Lake Northern Ireland’s largest locally owned building society has set up a ‘charitable assignment scheme’ to deter investors who might become members in the hope of making a windfall if the organisation decided to give up its independent status. [Progressive Building Society](http://www.theprogressive.com) set up the charitable assignment for anyone who joins the society after 2000 and does not hold an account for at least five years. In effect this means that any benefits from a transfer to a bank or company would go to charity. Progressive says the Charities Aid Foundation would receive any benefits from a potential windfall. New account holders are not being given any choice in relation to the charitable assignment and the agreement is irrevocable. ## Advertisement [⌊Posthub advert. You create the campaign. We'll handle the postal journey. Get started at post-hub.co.uk.⌉](https://fundraising.co.uk/ads/posthub-20261007-300x250/) The building society says that it has no intention of surrendering its mutual status. In the last financial year Progressive made charitable donations of £43,000 including donating 20p for every postal vote and £1 for every online vote cast at its AGM. This scheme raised money for Northern Ireland Cancer Fund for Children.   _Photo: [Green model houses](http://www.shutterstock.com/pic.mhtml?id=11207860) by Sai Yeung Chan on Shutterstock.com_ * **[Belfast City Council offers a range of community grants](https://fundraising.co.uk/2014/06/28/belfast-city-council-offers-range-community-grants/)**( 28 June 2014) * **[Focus’ fundraising holds up in 2013](https://fundraising.co.uk/2014/07/24/focus-fundraising-holds-2013/)**( 24 July 2014) * **[N Ireland trust gave £1.2 million in 2013](https://fundraising.co.uk/2014/08/28/n-ireland-trust-gave-1-2-million-2013/)**( 28 August 2014)