CUs Chosen for NYSCUL Pilot
The participants of the New York State Credit Union League's "Making the Strategic Connection" pilot program have been selected: Bethex FCU, Niagara Falls Memorial Medical Center FCU, Cheektowaga Central FCU, Oswego Heritage FCU, Gilman EFCU, P&C EFCU, GRS ECU, Sister's Hospital EFCU, Hi-Land Hospital FCU, St. John's Buffalo FCU, IRS Buffalo FCU, Tri-County FCU, NFTA EFCU, UHD FCU, WIT FCU.
The credit unions were chosen from a field of applicants that, as of year-end 2004, had assets less than $10 million, a net worth to total assets ratio greater than 10%, and return on average assets greater than 0.25%.
The program is funded in part by a $31,216 grant from the National Credit Union Foundation and represents a partnership with the New York Credit Union Foundation.
The credit unions will participate in each of the three-dimensional components of the program, starting with a group strategic planning workshop this month, followed by the development of a two-year marketing plan with corresponding budget, a comprehensive two-year financial forecast, and the completion of pre-identified CUNA certificate programs.
A league project manager will review the financial forecasts of each credit union to help them stay on track. NYSCUL forecasts it will work with 45 credit unions or 14% of the current population of small credit unions over the next 3 years.