Virginia's Credit Unions to Launch New Charitable Foundation
On May 8, Virginia’s credit unions will celebrate the launch of the Credit Unions Care Foundation of Virginia, a non-profit organization dedicated to charitable, educational and community causes.
The Foundation will focus its work in five areas:
- Community micro-grants designed to aid worthwhile projects or organizations that contribute to the empowerment of individuals and the betterment of our communities.
- Financial education.
- Education scholarships.
- Disaster relief fund raising.
- Charitable giving.
The Foundation has already launched fund-raising initiatives and will accept corporate, private, credit union and individual contributions. It has filed for 501(c)(3) status with the IRS, which will allow individuals and other donors to take a tax deduction for their contributions. Consult your tax professional for details on eligible deductions.
Foundation Names Board
The Credit Unions Care Foundation of Virginia has named seven credit union leaders to serve as its Board of Directors.
The Board will be responsible for setting the policies and direction of the charitable foundation. They represent credit unions from all across the Commonwealth.
“Credit unions have always recognized the need to give back to our communities,” says Gerrianne Burks, CEO of Herndon-based Northwest Federal Credit Union and the recently elected chairman of the Credit Unions Care Foundation of Virginia. “Virginia’s credit unions can point proudly to the more than $1 million we raise collectively each year for charity and to the tens of thousands of students we reach through our financial education efforts. Our hope is that the Foundation will enable us to better channel the collective energy and fund-raising might of Virginia’s credit unions in service to our communities.”
Virginia's Credit Unions Nearing $1 Million Donation Milestone for Children's Miracle Network
April 23, 2009-Virginia's not-for-profit credit unions will reach a milestone in 2009 by raising their first $1 million for Children's Miracle Network. Virginia's credit unions have been partnered with CMN since 2003.
“We’re very proud of the partnership between credit unions and Children’s Miracle Network. Credit unions care deeply about their communities and they’re making a real impact at our hospitals, ensuring we can continue to provide the highest level of care to each and every child in our market who walks through our doors,” notes Patricia Jasper-Zellner, Assistant Director for Children’s Miracle Network and the foundation serving Children’s National Medical Center, a CMN-affiliated hospital in Washington, D.C.
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Virginia's Credit Unions Reached Almost 40,000 Students Through Financial Education Presentations During 2007-2008 School Year
Virginia's credit unions reported reaching 39,746 students during the 2007-2008 school year with lessons on personal finance basics. Seventy-three staff members from credit unions all across the state reported conducting 983 financial education programs during the school year. The programs ranged from the wise use of credit to budgeting to lessons from the National Endowment for Financial Education's High School Financial Planning Program.
"One of the most important ways of demonstrating the credit union difference is through financial literacy,” said Virginia Credit Union League President Rick Pillow. “Given the complexity of the financial services marketplace, it's vital that we work to teach young people basic financial skills that ensure they are prepared to make informed decisions regarding their finances."