National CU Foundation Issues $76,301 In Second Quarter 2001 Community Investment Fund Disbursements

July 26, 2001

FOR IMMEDIATE RELEASE
Contact: Tom Dunn
(608) 231-7022
tdunn@cuna.com

NATIONAL CU FOUNDATION ISSUES $76,301 IN SECOND QUARTER 2001 COMMUNITY INVESTMENT FUND DISBURSEMENTS
Fund Assets Grow to $41.7 Million in First Quarter

MADISON, WI – The National Credit Union Foundation (NCUF) issued $76,301 in second quarter disbursements to 26 state credit union leagues/foundations participating in the Community Investment Fund (CIF). Each participating state receives a pro rata share of the disbursement. In addition, $80,000 is being added to NCUF's general funds in support of 2001 grant programming.

At the end of second quarter 2001, 275 credit unions and one state credit union foundation had invested $41.7 million in the fund. The NCUF has disbursed $159,731 so far this year.

“The Community Investment Fund has allowed us to engage more credit unions in funding development than ever before,” says RoxAnne Kruger- Monahan, senior vice president of the Washington Credit Union League. “We have some credit unions that were not financially able to make direct contributions, but really wanted to support community development and other development projects. CIF is an excellent opportunity for them to participate.”

The Washington Credit Union Foundation is the first non-credit union to invest in CIF. They recently invested $50,000 in the fund.

“CIF has enabled us, through our International Development Committee, to provide funding for our Philippines partnership project,” adds Kruger-Monahan. “We have also awarded a grant to our Youth Development Council to initiate consumer education in the high schools. We're really trying to promote the need for financial education in our schools and CIF is allowing us to fund these additional projects.”

The fund, which began accepting investments on January 1, 1999, is a partnership between the NCUF, the Association of Corporate Credit Unions (ACCU), and the American Association of Credit Union Leagues (AACUL). It provides funds for national and state level development initiatives and a stable source of funding for NCUF grantmaking and endowment growth. Distributions received by each state are used to promote credit union development.

Visit the NCUF website at www.cuna.org/ncuf.html for more information on the CIF, including details on invested credit unions and participating states, or contact Kris Hoffman, NCUF Development Associate at 1-800-356-9655, ext. 4397.

Established in 1980, NCUF is the U.S. credit union movement’s primary charitable and fundraising organization for worldwide credit union development. The foundation has given more than $8.4 million in grants, including $5 million to international development, $1.6 million for domestic credit union development, $2 million for disaster relief at home and abroad, national model programs and scholarships. Visit the Foundation’s web site at www.cuna.org/ncuf.html.

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