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Capital CU sets up 500000 endowment fund
KIMBERLY, Wis. (4/15/09)--Capital CU has created the Capital CU Charitable Giving Fund that is being financed through a $500,000 endowment. The $324.3 million asset, Kimberly, Wis.-based credit union received a $437,000 settlement as part of a class action lawsuit over a contaminated supply and used the money along with another $63,000 that it donated to establish the endowment (The Post-Crescent April 11). The fund is designed as a perpetual endowment fund--which means each year about 5% of the fund will be available for eligible 501(c)3 nonprofit organizations applying for funds, Alan Zierler, Capital president/CEO, told the newspaper. “With the state of the economy, more and more of our friends, neighbors and relatives are facing difficult times,” Zierler told the paper. “The main objective of this fund is to provide for basic needs [food, shelter, clothing and medical care] making a positive impact on many lives.”
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