National Credit Union Foundation

National Credit Union Foundation
National Credit Union Foundation

National Credit Union Foundation Logo
Abbreviation NCUF
Motto "People Helping People."
Formation 1980
Type 501(c)(3)
Purpose/focus "To Promote Consumer Financial Independence through Credit Unions."
Headquarters Madison, Wisconsin
Executive Director Bucky Sebastian
Budget $9,972,048
Website ncuf.coop

The National Credit Union Foundation (NCUF) is the United States credit union movement’s primary national charitable fundraising organization for credit union development. NCUF is an affiliate of the Credit Union National Association (CUNA) and is located in CUNA's offices in Madison, Wisconsin.

The National Credit Union Foundation engages in a variety of activities to help credit unions create greater access to affordable financial services, provide widespread financial education, and empower more consumers to save, build assets, and own homes. In its 30+ years, the Foundation has given more than $25 million in grants in support of its mission to promote and improve consumer financial independence through credit unions. In late 2010, NCUF announced that it was going to focus its programs and grants more on financial education [1].

In times of disaster, NCUF raises and distributes funds to aid credit unions, employees, volunteers and members in the affected region through its National Credit Union Foundation Disaster Relief Fund. The Foundation raised over $3.5 million in the aftermath of Hurricane Katrina, a record for the credit union system. For disaster relief fundraising for the credit union system, the Foundation developed CU Aid, the credit union movement's first online disaster relief fundraising system.

NCUF is a 501(c)(3) tax-exempt charitable organization governed by a volunteer Board of Directors composed of executives from the credit union movement as well as an at-large representative.

Contents

Community Investment Fund

The Community Investment Fund is a partnership between NCUF and state credit union leagues and foundations. The Community Investment Fund is NCUF's primary funding mechanism. Credit unions invest in a Community Investment Fund account with either the National Cooperative Bank, MEMBERS Trust Company, or a designated corporate credit union. The return on the investment is split between the credit union, NCUF, and the investing state's credit union league or foundation. Proceeds from the fund are then used to fund a variety of NCUF's national programs as well as state credit union league and foundation development initiatives.

REAL solutions

In 2007, REAL (Relevant, Effective, Asset-building, Loyalty-producing) Solutions, a project of the Filene Research Institute, became a program of the NCUF. REAL solutions works through state credit union leagues to provide services for people of low income and victims of predatory lending practices. The program provides alternatives to payday loans for credit union members.[2]

Biz Kid$

Biz Kid$ is a PBS television series devoted to financial education for children. The show explains basic economic concepts and features young entrepreneurs.

Charity rating

According to the BBB Wise Giving Alliance, the National Credit Union Foundation "meets the BBB Standards for Charity Accountability."[3]

References

  1. ^ Bucky Sebastian, "Educational Programs Support Financial Freedom", Credit Union Times, December 15, 2010
  2. ^ Kirchhoff, Sue. Breaking the cycle of payday loan 'trap'. USA Today. 19 September 2009. Web. 15 November 2009
  3. ^ NCUF's BBB Wise Giving Alliance Rating

External links


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