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NCUF board approves DE Fund for CIF investors
WASHINGTON (3/15/10)--National Credit Union Foundation (NCUF) board members approved the creation of a new Development Education Fund during their January board meeting. The fund allows investors in the Community Investment Fund (CIF) to designate future investments to support the Credit Union Development Education (DE) Program. The new Development Education Fund within CIF joins three others: the African-American Credit Union Coalition (Pete Crear Fund); the World Council of Credit Unions (International Development Fund); and the NCUF and State Credit Union Foundations (General Fund). The DE program is recognized within the credit union movement as a training program that fosters credit union values and philosophy and applies these fundamentals in the DE training curriculum. More than 900 credit union professionals have participated and are now certified Credit Union Development Educators. “The value and success of the program is evident in what DEs have gone on to accomplish within their credit unions, state leagues and foundations,” said Tom Candell, NCUF interim executive director and managing administrative director. “The interest in attending training and the expense of running the program deem it crucial to establish this fund to help financially support the program.” An investment designation in the DE Fund supports:
* Annual training programs focusing on credit union philosophy, cooperative principles, and credit union development; * Aid to international credit union and small credit union staff so they may attend development education program; and * The strengthening of cooperative social responsibility within the credit union movement.
Celebrating its 11th year, the CIF enables credit unions to leverage their investments to support innovative credit union programs. Credit unions invest in a CIF account at their corporate credit union. Each corporate invests in corresponding CIF accounts at U.S. Central FCU. Then, each quarter, half of the CIF dividends is returned to investing credit unions. The other half is donated to NCUF. In turn, NCUF disburses its half of the CIF dividends accordingly. When credit unions designate NCUF and State Credit Union Foundations (General Fund), NCUF grants half of its NCUF dividend to the credit union’s state foundation or league. NCUF uses the remainder to support its national programs. When credit unions designate the Credit Union Development Education Fund, Pete Crear Fund, or the International Development Fund, half of the CIF dividend that goes to support the activities of these funds is disbursed as 42.5% directly to the particular fund, 42.5% to the credit union’s state foundation or league and 15% to NCUF as a maintenance fee. For more information, contact your corporate credit union, state credit union foundation, league or NCUF Resource Development and Donor Relations Director Josie Collins at jcollins@ncuf.coop or at 800-356-9655, ext. 4397.
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