NCUF Sets New Record For Disbursements To States
The National Credit Union Foundation has disbursed $482,494 in grants to state credit union foundations and leagues, up from first quarter 2005 of $435,662.
The distribution this quarter brings the total amount granted to states for local outreach to over $4.3 million since NCUF's award-winning Community Investment Fund's (CIF) conception. Earlier this year NCUF received the Association of Fundraising Professional's highest award for fundraising innovation in recognition of the Community Investment Fund.
Through CIF grant distributions, NCUF and state leagues and foundations work together to improve the financial well-being of consumers by funding and delivering programs that improve access to affordable financial services, increase asset accumulation and improve the financial literacy levels of the low-income and unbanked.
NCUF Executive Director Steve Delfin emphasized, "While the CIF does embody the kind of innovative, creative approach to fundraising that's needed in today's competitive environment, the fund's growth depends upon the partnership between NCUF and the leagues and state foundations. This is truly a partnership of fully embraced interdependence."
Funding for projects undertaken by the NCUF/SCUF partnership is derived in part from the CIF. As part of a win/win equation, credit unions in participating states place on deposit funds in the NCUF's CIF. A maximum of 2% of the return on a credit union's investment in CIF goes to the foundation. One half of this amount is returned, pro rata, back to the leagues and/or state credit union foundation in the state of investment origin.
NCUF's Community Investment Fund received the 2005 Award for Fundraising Excellence from the Association of Fundraising Professionals.
Funds returned to the states are specifically earmarked for state and local development activities including: projects that extend credit union services to the unserved and/or underserved; affordable home ownership, small credit union initiatives; community outreach; and, financial education.
For info: Kris Hoffman, 800-356-9655, ext. 4397 or e-mail at khoffman