Deposits in NCUF's New International Development Fund Top $3 Million
April 05, 2004
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 firstname.lastname@example.org.
World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented 300+ technical assistance programs in 89 countries. Worldwide, 68,882 credit unions in 109 countries serve 235 million people. Learn more about World Council's impact around the world at www.woccu.org.