HARRISBURG, Pa. (6/25/08)--The Pennsylvania Credit Union Association (PCUA) board approved an investment of $100,000 in the Community Investment Fund (CIF) in a three-year certificate, the association said yesterday (Life is a Highway
June 24). CIF is the National Credit Union Foundation’s (NCUF) primary funding mechanism for national, state and local programs that benefit credit unions and their members. Investors in CIF, through their corporate credit union donate up to 2% of the dividend to NCUF, which dedicates up to 1% to national programs including:
* REAL Solutions, which helps credit unions offer new services to serve consumers who are struggling to save or build assets; * Biz Kid$, the first PBS-TV series devoted to youth financial education and underwritten by America's Credit Unions; * Credit Union Development Education, which promotes cooperative principles and credit union philosophy to make a positive impact in communities around the world; * Social Impact Management Institute, which makes the business case for social responsibility initiatives that meet a “triple bottom line” benefiting credit unions, their members, and their communities; and * Innovation Grants, which encourage credit union innovations through creative grant-making.
NCUF then grants up to 1% to the state credit union foundation or league in the state where each investment originated. States can use these CIF grants to:
* Educate credit union employees and volunteers; * Educate credit union members and potential members; * Support new credit unions, small credit unions, or community development credit unions; * Extend credit union services to their full fields of membership; * Fund affordable housing projects; * Enhance league projects with similar missions; and * Build a statewide credit union disaster relief reserve.