KANSAS CITY, Mo. (12/12/13)--This month's "Community Collaboration" column from Mazuma CU focuses on how in-kind contributions support credit unions and their commitment to corporate social responsibility (CSR).
Brandon Michaels, president/CEO of the Kansas City, Mo.-based credit union, has been addressing CSR and how it is an asset to credit union growth.
In-kind contributions are the largest segment of corporate philanthropy and include resources, services, product donations and education.
"The optimal in-kind contribution for a credit union is to use the knowledge and experience of its employees to teach members of the community valuable lessons in financial literacy," he wrote.
Specifically he used the example of teaching young adults to read their credit scores. A credit union can share how credit scores are used, what determines the score and ways to improve a less-than-desirable score.
"Using a credit union's inherent in-house expertise to educate on financial matters such as credit scores creates an auto-catalytic reaction," he said. By providing financial education and advice to the public, credit unions build their brands and create good will. It also increases the number of financially literate potential customers who are more likely to make use of a credit union's services, he noted.
The next article in the five-piece series is "Why Giving Your Employees Financial Education Makes Smart Business Sense."