The National CU Foundation (NCUF) and the World Council of CUs Inc. (WOCCU) have signed an agreement to establish an international development fund as part of the Community Investment Fund (CIF).
The new CIF is being designated specifically for funding of international credit union development and is for those interested in supporting the movement internationally. Interest generated by the fund will be divided among the investing credit union, the credit union foundation or league in the state of the investment origin, NCUF and the World Council. States may also use their own returns from the CIF to support international credit union partnerships.
Gary Officer, executive director of NCUF, called the fund a "a win-win for the foundation and World Council. International development wins because of the new funds generated to support worthwhile acts." It also helps propel the NCUF toward its $1 billion CIF goal, he added.
According to the NCUF and WOCCU, funds raised through the new fund will help educate credit union employees and volunteers; conduct internship programs and exchange visits of international credit union leaders; build international credit union partnerships; and provide public education initiatives related to consumer finance. It also will assist with IRnet (International Remittance Network) installations at member credit unions outside the U.S.
For info: Kris Hoffman at 608-231-4397 or khoffman
