COLUMBUS, Ohio (1/27/12)--The Ohio Credit Union Foundation (OCUF) awarded 67 grants in 2011, totaling more than $197,000, to assist credit unions, communities and individuals statewide.
The grants were made possible through the generosity of many credit unions, individuals, chapters and business partners, OCUF said.
The grants in 2011 included a grant for more than $97,000 for reality day events, classroom visits and two student-run credit unions that serve more than 6,000 high school students. Also, $35,000 in disaster relief was granted to help credit unions, their members and communities in the U.S. and worldwide in the wake of six catastrophes.
Roughly 43 professional development grants and three memorial scholarships totaling more than $50,000 were granted to strengthen leadership, credit union advocacy and job expertise, said the foundation.
"The need for grants last year was greater than ever," said Becky Hart, OCUF executive director. "The 2011 grant-making budget was nearly depleted by the end of September and the foundation Board of Trustees approved allocating money from its endowment fund to meet the increased demand, allowing OCUF to further help credit unions meet their training, outreach and financial education needs."
Also in 2011, OCUF partnered with the National Credit Union Foundation and Corporate One FCU to create a renewed Community Investment Fund (CIF) option. The CIF gives credit unions a vehicle to support financial education, professional development, community outreach, and disaster relief initiatives. With the Corporate One CIF option, credit unions can choose products such as callable and bullet U.S. government agency securities, and negotiable certificates of deposit, without a capital requirement.
"Corporate One took the initiative to examine the traditional CIF model, with the goal of creating a new option that benefits investors and helps sustain OCUF and the national foundation," Hart said.
Other successes for OCUF in 2011 include the debut of the William A. Herring Society, which raised more than $50,000 for the foundation, and a re-tooled golf outing, which netted more than $20,000.
For 2012, the Ohio Credit Union League Board of Trustees established a $200,000 fundraising goal, and the foundation has $234,000 to grant this calendar year.