National CU Foundation Reports Record $2.1M In 2005 Disbursments
The National Credit Union Foundation (NCUF) is reporting 2005 was a record year for grants to state credit union foundations and leagues, having disbursed $2.12 million.
Moreover, the NCUF said that based on record CIF earnings in the fourth quarter of 2005, NCUF's disbursements to the states in early 2006 reached a record $607,034.
"These record grant dollars were made possible by nearly 600 credit unions who donated a portion of their earnings in the Community Investment Fund," said NCUF Executive Director Steve Delfin. "In fact, six of the credit unions with multi-million-dollar CIF investments generated more than $100,000 each for grant-making over the past year."
The foundation said that the leading CIF earnings donors were: Southwest Corporate FCU, Plano, Texas; WesCorp, San Dimas, Calif.; BECU, Seattle, Wash.; Suncoast Schools FCU, Tampa, Fla.; Bellco CU, Greenwood Villa, Colo., and Coastal FCU, Raleigh, N.C.
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.
Grants have gone to programs expanding access to affordable financial services, financial education, asset accumulation and more.
* The CIF generated $33,075 in grants over the past year to the African-American Credit Union Coalition (AACUC). These grants, based on donated earnings from the CIF's "Pete Crear Fund," are designated for minority internships, small credit union assistance, and financial education.
* The CIF also generated $26,695 in grants over the past year to the World Council of Credit Unions (WOCCU). These grants, based on donated earnings from the CIF's "International Development Fund," are designated for worldwide credit union development, cultural exchanges, and the International Remittance Network (IRnet).
* In all, the 2005 CIF earnings generated nearly $4.38 million for NCUF, which distributed nearly $2.19 million to its development partners in the states, AACUC, and WOCCU.