NYCUF Discloses Formula For Distributing Sept. 11 Funds

Register now

Families of any credit union member-from any state or country-who was lost in the terrorist attacks on Sept. 11 will receive $1,000 each from the New York Credit Union Foundation Disaster Relief Fund, officials announced last week.

That includes family members of people in the airplanes that were flown into the World Trade Center towers, the Pentagon or the Pennsylvania field, said James Mack, Foundation chairman and manager of St. Clare's Hospital EFCU in Schenectady. "Donations came from all facets of the credit union community, from all 50 states, and a number of foreign countries," Mack said. "We felt it was only fair to try to help all of the credit union families-from any credit union around the world-whose lives were affected."

Applications for initial payments of $1,000 to each family must be received by April 30, 2002.

Mack said the Foundation help credit unions locate those who qualify. "Credit unions will apply in conjunction with family members of victims," he said. Foundation staff will review the applications.

Once the applications are approved, foundation officials will forward the funds to the appropriate credit union for distribution. Administrative expenses up to $10,000 will be covered by the board of Consolidated League Services, the New York State Credit Union League's wholly-owned subsidiary. This means 100% of the donations can and will be distributed, Mack said.

Applications can be downloaded from the league's website, www.nyscul.org. For more info: Frank Kerbein at (800) 342-9835, ext. 8107, or e-mail him at fkerbein nyscul.org.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER