Launched in 2004 to help the African-American Credit Union Coalition with its mentoring, student internship and international training efforts, the Pete Crear Fund continues to make strides despite some recent hits.
The fund is a donor-designated fund through the National Credit Union Foundation's Community Investment Fund. Interest generated by the PCF is split between the investing CU, NCUF and the CU foundation or league in the state of investment origin. NCUF's portion of the return is directed into the PCF for use by the AACUC.
NCUF Executive Director Steve Delfin recently presented a check for $60,875, which represented 2008's donations, to AACUC Chairwoman Barbara Stephens. The fund was down $20,000 compared to 2007 because of a drop in interest rates, said Hubert Hoosman, AACUC treasurer and funding committee co-chair. A couple of CUs also withdrew from investing in the fund because of liquidity issues and concerns with U.S. Federal Credit Union's status, he added. Those CUs have opted to donate directly to AACUC or through their state leagues.
"It's been viable. [The Pete Crear] fund has been very important in providing assistance to execute our programs," Hoosman said.
The AACUC said it will continue to use the fund to provide $2,000 college scholarships, tuition to CUES' management schools, co-underwrite the World Council of Credit Union's African Congress and provide African natives with scholarships to WOCCU's management training school in Nairobi, Kenya.