ALBANY, N.Y. -- The New York Credit Union Foundation has announce that Sidney Federal Credit Union has donated an additional $500,000 to the Community Investment Fund, bringing their total investment level to $2 million and NYCUF's CIF to a new high of $30.5 million.
"Sidney Federal Credit Union recognizes the terrific work that both the New York and National Foundations have been doing," said Jim Doig, president/CEO, Sidney FCU. "The many grants and programs that are funded by the CIF are wonderful indicators of what our industry is all about, and deserving of additional support. It's an effort we can truly stand behind, and we're very pleased to increase our investment."
The CIF also just received $28,000 from a new investor, St. Pius X Church Federal Credit Union.
As the primary source of revenue for the New York Credit Union Foundation, CIF is a unique opportunity for those seeking to support the work of the Foundation while investing responsibly on behalf of their own credit union. CIF earnings are split 50/50 between the investing credit union and the NCUF, with a maximum cap of 2% to NCUF. A portion of the return is shared by the NCUF with NYCUF through quarterly disbursements.
"The Community Investment Fund is a great representation of the credit union movement and worthy of their support," added James Mack, chairman of the NYCUF Board of Trustees.
Currently, 89 New York credit unions are invested in the CIF allowing the Foundation to support initiatives such as Biz Kid$, Kids Cash Kit & Caboodle and LifeSmarts. It also allows NYCUF to expand its grant making programs, which serve New York credit unions.