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NCUF teams with MEMBERS TRUST for CIF options
MADISON, Wis. (3/18/11)--The National Credit Union Foundation (NCUF) and MEMBERS Trust Co., FSB have entered into a strategic alliance to expand options so credit unions can make charitable contributions to the foundation through the Community Investment Fund (CIF). CIF is a way for credit unions to participate in and support the programs and services that NCUF and the state credit union foundations provide. The alliance will give credit unions new alternatives, including an insured CD Custodian Account and a Part 703 compliant Investment Trust. NCUF and MEMBERS Trust Co. are also finalizing details for another CIF option in the form of a Charitable Lead Trust. With this trust, NCUF will receive income payments for a fixed period of time after which the assets and any excess earnings over the annual income payments would be returned to the credit union unless the term is renewed. The investments, as with the standard Charitable Lead Trust created for U.S. foundations, would be allocated with bonds and equity securities. In its 12th year, CIF gives credit unions the ability to leverage their investments to support innovative credit union programs. Credit unions invest in a CIF account through a corporate credit union, MEMBERS Trust Co., or National Cooperative Bank. Each quarter, half of the CIF dividends are returned to investing credit unions. The other half is donated to NCUF, which grants half of its dividend to each investing credit union’s state foundation or league. NCUF uses the remaining portion of the CIF dividend to support its national programs including:
* REAL Solutions; * Credit Union Development Education; * Financial Education Grants; and * CUAid-- Disaster Relief;
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