Corporates' Donations Push CIF Over $250M

Register now

The National CU Foundation's Community Investment Fund topped $250 million at the end of last month due in part to several large investments from corporates.

These deposits include $15 million from WesCorp, $10 million from First Carolina Corporate CU and Volunteer Corporate CU, $9.9 million from SunCorp, $9.5 million from Empire Corporate FCU, $5 million from Missouri Corporate CU and Southwest Croporate FCU, $1.5 million from Kansas Corporate CU, and $1.4 million from Northwest Corporate CU.

The CIF is a partnership of NCUF, U.S. Central, corporate credit unions and state credit union leagues and foundations. CIF funds distributed to states support state foundation programs that strengthen credit union leadership and support credit unions striving to serve unique needs in their marketplace.

Funds distributed to states are earmarked specifically for one or more of the following: education of CU and league employees and volunteers; public education initiatives related to consumer finance; projects and programs that support new, small or community development credit unions; programs or projects that extend credit union services to the full range of membership, with emphasis on the unserved or underserved; and/or international partnerships.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER