FRANKENMUTH, Mich. (1/6/14)--Frankenmuth (Mich.) CU invested its annual patronage dividend of $1 million back into its community by creating a new nonprofit called Foundation for Our Communities.
"This was something we have never done before, but when the board saw that the patronage dividend gave a big benefit to some and a small benefit to most, everyone around the table had a desire to make a much bigger impact for our membership," said Vickie Schmitzer, CEO of the $285 million-asset credit union (Frankenmuth News Jan. 3). "That's where the idea of the foundation came from."
The credit union determined at year-end that it had an additional patronage dividend that went beyond the normal dividends it calculates quarterly.
Foundation for Our Communities will support projects that are concentrated on improving the quality of life and will continue to support the credit union's mission to support community causes that its members care about.
Board Chairman Pete Bender said, "Frankenmuth CU has always been very active in the communities it serves by donating time, talents and treasures, but we feel the establishment and funding of a foundation will further enhance our support of those communities we serve."