UofW Facility To Bear CU's Name After $1M Pledge
The University of Wyoming got a boost in its fundraising drive from its employee credit union-a $1-million gift.
The four-year commitment from UniWyo FCU will help fund the state's UW Distinction Campaign, which has raised more than $200-million for the state's university from private donations and matching funds approved by the state legislature.
Of the credit union's $1-million pledge, $750,000 will go to the campaign's $20 million fundraising effort for athletic activities, according to Larry Knopp, president of the $127-million credit union. In return, the university will rename its multi-purpose gym the "UniWyo Sports Complex." The facility is home to the university's women's volleyball and men's wrestling teams and other events and activities through the year. The credit union gift is the second largest for the athletic facilities fundraising campaign.
The other $250,000 will support the university's scholarship and international programs.
Knopp said the credit union board worked on the contribution for eight months, discussed its permissibility and how to account for it with the NCUA examiner. "We didn't know of a way to poll the membership so the board took it on themselves to do it themselves," he said.
The contribution will be donated over the next four years in $250,000 annual installments, he said.
UniWyo FCU was chartered in 1953 by nine University employees who kicked in $5 each. Today it serves 13,000 members.