COLUMBUS, Ohio (10/28/11)--The Ohio Credit Union Foundation Board of Trustees approved allocating money from reserves--its endowment fund--to meet rising demand for grants to continue its tradition of supporting educational and outreach initiatives that strengthen Ohio's credit unions and their communities.
Donations received by the foundation during a calendar year are used to create the ensuing year's grant-making budget. In 2010, $177,000 was donated by individuals, credit unions and business partners. However, the 2011 grant-making budget was nearly depleted by the end of September. Meanwhile, the grant assistance needs of Ohio's credit unions continue to grow, the foundation said (e-Lumination Newsletter Oct. 5).
"As a result, the foundation board proactively allocated grant dollars from its endowment fund," said Board Chair Tom Furrey. "The foundation will now be able to fund grants beyond its original 2011 grant-making budget, and further help credit unions meet their training, outreach, and financial education needs for the balance of 2011."
So far in 2011, grants awarded include: student-run credit unions, financial reality fairs, Biz Kid$ production, state and national professional development opportunities, scholarships for post-secondary education, and disaster relief.