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News Now

CU System
School board debates policy after VyStar names academy
JACKSONVILLE, Fla. (3/10/08)--VyStar CU’s proposal to fund a $100,000 mini-branch and obtain naming rights for an academy at Fleming High School in Orange, Park, Fla., has caused a debate among Clay County school board members. The $3.337 billion asset, Jacksonville, Fla.-based credit union’s financial assistance would result in the name, “VyStar Credit Union Academy of Business, Finance and Information Technology at Fleming Island High” (The Florida Times-Union March 6). Board members are worried about potential hassles of naming schools within schools after businesses that fund new programs or improvements at the school. VyStar Credit Union Academy of Business, Finance and Information Technology at Fleming Island High will open in August, Rich Alfirevic, Vystar executive vice president and chief operations officer, told News Now. “The school board is looking to approve our donation and help in setting up the student- run and -managed credit union branch at Fleming Island High on March 20,” Alfirevic said. “The board will be setting policy regarding donations, in terms of what amount of donation merits naming rights, and what to do if an entity’s support is not wanted.” Vystar staff also would train academy students as tellers, helping them learn about the full range of financial services. The branch would provide limited service to faculty students and school staff, but would not be open to the public. There would be no outside credit union signage. In August, VyStar opened a similar branch at Bartram Trail High School in St. Johns, Fla. Vystar will be opening a third credit union branch in a school in August 2008, which will be called the “Vystar Academy of Finance at Pedro Menendez High School,” in southern St. Johns County, Fla., Alfirevic said. The school board took no action, tabling the issue until March 20, while it gathers information about policies regarding academy naming that other Florida school districts use.


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