Foundation

 

 

New Grants Approved for 18 Credit Unions and Support Groups

WASHINGTON, D.C. ñ The National Credit Union Foundation (NCUF) is completing a record grant cycle by making 18 grants that will generate a total of nearly $3.5 million to help credit unions reach underserved consumers.

NCUF is channeling nearly $910,000 from its Community Investment Fund (CIF) into grants to 11 credit unions and seven credit union support organizations.  Using these Foundation grant commitments as leverage, the 18 grantees so far have raised more than $2.56 million in additional funds from community groups and other partners.

ìThese funds will support innovative programs enabling credit unions to provide more underserved consumers with access to affordable financial services, financial education, and the opportunity to build assets,î explained NCUF Executive Director Steve Delfin.  ìIn approving these grants, the Foundationís Board and Grants Committee focused on programs that extend credit unionsí efforts to reach low-to-moderate-income populations in their communities.î

[Note to Editors: Highlights of all 18 new NCUF grants are presented in the attached table.]

NCUF received 54 grant proposals seeking $3 million in its most recent grant cycle.  This record number of applications, seeking a record total of grant dollars, received the most rigorous and thorough grant evaluations ever conducted by NCUF.

ìThese record grant dollars were made possible by nearly 600 credit unions who express
their social responsibility by investing in CIF,î acknowledged Delfin. 

The next NCUF grant cycle will be announced soon, with an application deadline in early summer.
 

Financial Health CU, Lansing, Mich.

$143,500

$270,713

Provide financial education to youth with disabilities and prepare bi-lingual materials for targeting Spanish population.  Engage many community partners and reach a difficult population to serve.
 

National Federation of Community Development CUs, New York City

$115,000

$115,000

Become the main sponsor of the 2006 CDCU Institute (August in Madison).  Enable professionals and volunteers from small CUs serving underserved communities to offer new services and reach more people of modest means.
 

Filene Research Institute, Madison, Wis.

$98,800

$262,800

Underwrite the Filene Research Instituteís efforts to introduce 250 new products at 125 CUs targeting low-income consumers.
 

SCE FCU, El Monte, Calif.

$77,000

$116,650

Provide financial education for underserved youth and families in two of Los Angeles' largest underserved Hispanic communities.
 

Prospera CU,
Appleton, Wis.

$75,000

$213,750

Pilot partnership with Goodwill Industries -- locating a branch with special services inside a Goodwill store for low-income employees and customers.  Promote a potential model program that could be adapted nationally with potential high visibility.
 

El Futuro FCU, Porterville, Calif.

$56,000

$500,000

Hire a community outreach worker to help migrant farm workers in the San Joaquin Valley with VITA, EITC, and financial education.
 

Georgia CU Affiliates

$50,000

$180,000

Advance an ìassociationî concept to serve low-income people who may not know they are eligible to join a CU.  Work with Consumer Credit Counseling Services to give a second chance to borrowers who are trying to repair their credit history.  Promote the ìGettingAheadî association as a model for other leagues to help CUs reach low-income consumers.
 

South Side Community FCU, Chicago, Ill.

$50,000

$228,333

Fund a mortgage lending program for this growing CDCU serving the South Side of Chicago.
 

Texas CU Foundation

$40,500

$21,000

Implement a state-legislated high school financial education program.
 

Maryland & DC CU Association

$35,000

$65,000

Provide small CUs with board training, risk management, investment assistance, new product support, marketing, and membership surveys.
 

Alternatives FCU, Ithaca, N.Y.

$35,000

$47,720

Work with community loan funds to provide lines of credit for members with small businesses.  Ensure that members borrow only what they need when they need it, rather than taking on too much debt at one time.
 

New York State CU League

$31,216

$375,000

Deter small CU mergers by helping them with strategic planning, marketing and budgeting.  Promote model program for small CUs threatened by mergers.
 

Syracuse Cooperative FCU, Syracuse, N.Y.

$30,000

$37,832

Fund a financial education program for disadvantaged youth, many of whom are from immigrant families.
 

North Side Community FCU, Chicago, Ill.

$25,000

$50,000

Provide financial education and free tax filing for low-income employees through their employers.  Promote model program for employer-based CUs as well as community CUs to reach low-income consumers through employers.
 

ELGA FCU, Burton, Mich.

$17,500

$5,000

Offer free tax filing and IDAs with matching funds for low-income filers.
 

Star CU, Madison, Wis.

$15,000

$2,000

Support a new CU (supported by Great Wisconsin CU) for underserved youth in the Madison Boys & Girls Club.
 

Lawrence CommunityWorks, Lawrence, Mass.

$10,000

$73,653

Support an expanded partnership with CUs for an IDA program.

HarborOne CU, Brockton, Mass.

$5,000

$4,000

Fund a creative and innovative credit fair for high school students.

TOTAL 2006

$909,516

$2,568,451

 

NCUF Helps Raise $3.5 Million for Credit Union

Programs to Reach Underserved Ö 3

More about the Community Investment Fund (CIF):

The Community Investment Fund received the Association of Fundraising Professionalsí Award for Fundraising Excellence in 2005.  In 2006, thanks to changes instituted by U.S. Central, CIF investments have even greater flexibility and earnings potential.  Any credit union can invest in CIF by contacting its corporate credit union.  CIF questions can be directed to Kris Hoffman, NCUFís Director of Donor Relations & Events, at (800) 356-9655, ext. 4397 or khoffman@ncuf.coop. 

All CIF investors are listed at www.ncuf.coop (click ìRaising Funds,î then ìCommunity Investment Fundî).  They will be recognized with ìCIF Investorî ribbons and special advertisements and events during CUNAís Governmental Affairs Conference (GAC).

Up to 2% of all CIF earnings are donated to NCUF, which grants half of those dollars on a pro-rata basis to the states where the investments originated.

State foundations and leagues then use the disbursements from NCUF to make grants to credit unions in their states.  CIF grants fund a wide range of programs to help consumers achieve life-changing goals, including:

  • Access to Affordable Financial Services ñ helping credit unions provide low-cost loans and services for consumers who have nowhere to turn but predatory lenders.
  • Financial Education ñ funding programs that teach people from all walks of life to become educated consumers and productive members of their communities.
  • Asset Accumulation ñ helping members open their first savings accounts, buy their first cars, and move into their first homes.

State-by-state highlights of CIF grants are posted at www.ncuf.coop (click ìState Programs,î then ìStates and the Community Investment Fundî).

More about NCUF (www.ncuf.coop):

NCUF is the U.S. credit union movementís primary national charitable and fundraising organization for credit union development.  In its first 25 years, NCUF has given more than $15 million in grants in support of its mission to promote consumer financial independence through credit unions.

NCUF is grateful to all CIF investors, as well as its 2006 Corporate Sponsors ñ led by the Credit Union National Association, CUNA Mutual Group, the Corporate Credit Union Network, Deluxe, Liberty Enterprises, WesCorp, the CO-OP Network, Card Services for Credit Unions, Fidelity National Information Services, and Visa ñ for providing the support that empowers the Foundation to make a real impact in the credit union community.

 

 

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