HARRISBURG, Pa. (2/13/12)--The Pennsylvania Credit Union Foundation announced Friday it has--since its inception--topped the $2 million milestone for awarding grants.
During its nearly 16 years in operation, the foundation has regularly funded small credit union development grants. The most recent grant recipient--after approval of a $3,000 grant request-- Philadelphia Mint FCU, with less than $1 million dollars in assets, represents the 454th grant approved by the foundation board.
That also brings the total dollar value of grants awarded by the foundation since its inception to $2 million.
"Normally, such a grant would be used to purchase a computer for a credit union of this size," says foundation Executive Director Joe Wambach. "What is unusual is that the grant will enable the credit union to implement an automatic clearing house and a bill pay program to increase membership."
Foundation Chairman Ray Brunner lauded the board for its commitment to advancing the credit union motto of people helping people. "The ongoing support for small credit unions and community development projects is consistent with the foundation's mission to serve the underserved," Brunner said.
Jim McCormack, president/CEO of the Pennsylvania Credit Union Association, also hailed the achievement. "In its 16 years, the foundation has far surpassed its founders' expectations," he noted. "Its work not only strengthens the credit union movement by assisting our smallest credit unions, but also through its role in the areas of financial literacy and disaster relief projects."
Since 1996, the foundation has assisted more than a half million beneficiaries and has raised more than $3 million.
The foundation, a subsidiary of the association, was formed in 1996 to benefit consumers and credit unions. The foundation is a non-profit, tax-exempt organization with a main purpose of providing individuals, credit unions and their communities with the human and financial resources to stimulate socio-economic growth.