Deposits in NCUF's New International Development Fund Top $3 Million

MADISON, WI — The National Credit Union Foundation recently announced investments in its newly established International Development Fund (IDF) have reached $3,315,000. The IDF is a donor- designated "sub-fund" of the Foundation's Community Investment Fund (CIF), and supports international credit union development initiatives in partnership with the World Council of Credit Unions.

Investing credit unions include: First Credit Union, Tempe, AZ; Florida Central Credit Union, Tampa, FL; Greater Nevada Credit Union, Carson City, NV; Heritage Family Credit Union, Rutland, VT; Motorola Employees Credit Union, Schaumburg, IL; and Snohomish County PUD Credit Union, Everett, WA. Florida Central Credit Union, Greater Nevada Credit Union and First Credit Union join the NCUF's Chairman's Club with their investments of at least .25% of assets.

"We saw an investment in the International Development Fund as a wonderful opportunity to help extend credit union services around the world," said Joyce Whitney, senior vice president/CFO at Greater Nevada Credit Union. "Our investment is in line with where our credit union is going – looking at ways we can serve our greater community."

The newly established fund is a unique investment option for those interested in supporting international credit union development. As with all CIF investments, interest generated by the IDF will be split between the investing credit union, NCUF and the credit union foundation or league in the state of investment origin; NCUF's portion of the return will be directed into the IDF for use by World Council of Credit Unions. Many states are also using their own returns from the CIF to support international credit union partnerships.

Funds raised by the IDF will help educate credit union employees and volunteers; conduct internship programs and exchange visits of international credit union leaders; build international credit union partnerships and provide public education initiatives related to consumer finance. Funding also will assist with IRnet (International Remittance Network) installations of member credit unions outside of the United States.

"The initial response to the Foundation's new International Development Funds is quite exciting," said Gary Officer, NCUF Executive Director. "These investing credit unions obviously see the importance of establishing and maintaining credit union development initiatives across the world. Their support of the work of the Foundation and World Council of Credit Unions will go a long way in helping fund projects that will bring financial literacy and security across the world."

Credit unions that wish to participate in this donor-designated fund within the Community Investment Fund should contact their corporate credit union to invest in CIF. Credit unions then must contact Kris Hoffman, NCUF manager of donor relations, to designate their investment in the IDF. For more information on the Community Investment Fund or International Development Fund, log on to www.ncuf.coop. Or, contact Kris Hoffman at 608-231-4397 or khoffman@ncuf.coop.

El Consejo Mundial de Cooperativas de Ahorro y Crédito es la asociación gremial y agencia de desarrollo para el sistema internacional de cooperativas de ahorro y crédito. El Consejo Mundial promueve el crecimiento sustentable de las cooperativas de ahorro y crédito y otras cooperativas financieras en todo el mundo a fin de facultar a las personas para que mejoren su calidad de vida a través del acceso a servicios financieros asequibles y de alta calidad. El Consejo Mundial realiza esfuerzos de defensa activa en representación del sistema global de las cooperativas de ahorro y crédito ante organizaciones internacionales y trabaja con gobiernos nacionales para mejorar la legislación y la regulación. Sus programas de asistencia técnica introducen nuevas herramientas y tecnologías para fortalecer el desempeño financiero de las cooperativas de ahorro y crédito y profundizar su alcance comunitario.

El Consejo Mundial ha implementado 290 programas de asistencia técnica en 71 países. A nivel mundial, 51,000 cooperativas de ahorro y crédito en 100 países atienden a 196 millones de personas. Obtenga más información sobre el impacto global del Consejo Mundial en www.woccu.org.