The National Credit Union Foundation said that investments to its newly established International Development Fund (IDF) have reached $3.3 million. The IDF is a donor-designated "sub-fund" of the Foundation's Community Investment Fund (CIF), and supports international credit union development initiatives in partnership with the World Council of Credit Unions. Investing credit unions include: First Credit Union, Tempe, Arizona; Florida Central Credit Union, Tampa; Greater Nevada Credit Union, Carson City; Heritage Family Credit Union, Rutland, Vt.; Motorola Employees Credit Union, Schaumburg, Ill.; and Snohomish County PUD Credit Union, Everett, Wash.. Florida Central Credit Union, Greater Nevada Credit Union and First Credit Union join the NCUF's Chairman's Club with their investments of at least .25% of assets.
As with all CIF investments, interest generated by the IDF will be split between the investing credit union, NCUF and the credit union foundation or league in the state of investment origin; NCUF's portion of the return will be directed into the IDF for use by World Council of Credit Unions. Many states are also using their own returns from the CIF to support international credit union partnerships. For info: www.ncuf.coop or Kris Hoffman at 608-231-4397.
