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CU System
Economy will affect philanthropic activities
HARRISBURG, Pa. (11/24/08)--The Pennsylvania Credit Union Foundation (PCUF) approved its 2009 budget during its annual year-end meeting Wednesday and noted that the economy will impact philanthropic activities. "The uncertain economic climate will have negative repercussions for all philanthropic activities in the U.S. in 2009," Foundation Treasurer George West said (Life is a Highway Nov. 21). However, PCUF anticipates "far less fall off in revenue than the national average because of the foundation's continuing impressive grants track record," West said. Foundation Chairman Norb Kaczmarek said that despite the conservative projection of grant awards for 2009 that mirrors projected revenue decreases, "We may actually see an increase in project grants, given the uncertain economic position of small credit unions and the anticipated increase in demand for financial literacy projects. At the meeting, the PCUF board also:
* Approved 20 grants with a combined value of $68,476.85; * Welcomed new board member, Jeff DeBree, CEO of Penn East FCU, Scranton; * Heard a report from Matt Bergman, business teacher at Cocalico High School about foundation funds providing virtual business education to students and 30-second to one-minute business ads about financial education that are broadcast to the student body during home room period; * Reviewed fundraising results for its ongoing vendor campaign; and * Reviewed its 2007 audit report.
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