National CU Foundation Issues $50,708 in Third Quarter 2001 Community Investment Fund Disbursements

November 5, 2001

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

MADISON, WI – The National Credit Union Foundation (NCUF) issued $50,708 in third 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.

At the end of third quarter 2001, 325 credit unions, one state credit union foundation and one credit union league had invested over $44 million in the fund. The NCUF has disbursed $210,439 so far this year.

"In Texas, our foundation utilizes CIF as a fundraiser specifically for small credit union initiatives," says Elaine Laroa, CUDE, executive director, Texas Credit Union Foundation. "CIF funds enable us to award technical assistance grants for the growth and development of our credit unions."

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.

"The CIF program would not be possible without the participation and support of the corporate credit union system," adds Laroa. "The Texas Credit Union League and Foundation are extremely appreciative of our partners at Southwest Corporate FCU that provide the invaluable service of administering CIF funds without profiting from the investments. This is another example of our movement's 'people-helping-people' philosophy in action."

For more information on the CIF, including details on invested credit unions and participating states, visit the NCUF website at www.cuna.org/ncuf.html 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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