NCUF Gained Power in 2002; Callahan Fund is Born

WASHINGTON – The National Credit Union Foundation gained power in 2002 as pledged investments from credit unions around the country tripled its Community Investment Fund from $50 million to $150 million. The credit unions responsible for the bulk of the growth took part in an investment drive of more than $100 million to honor, and continue the work, of credit union pioneer Ed Callahan. Callahan steps down as CEO of the $2.8 billion Patelco Credit Union at the end of December. “For sure, in the Foundation world we are still pretty small,” noted Gary Officer executive director of the Foundation, “but going from a $50 million investment endowment to a $150 million definitely moves us down the road. It’s a fundraising result which is almost unparalleled in the Foundation community,” he added. Since the Callahan Fund is a dedicated fund within the NCUF, the grants it makes will fund efforts that reflect Callahan’s twin themes of education and cooperation. The Callahan Fund will have an advisory committee, on which Callahan is expected to want to participate, the Foundation said. In 2002 the Foundation also continued to move into its new role as the institution serving as a liaison between credit unions and major sources of both public and private funds. The Foundation helped credit unions in 2002 prepare applications for, and obtain, grants from the U.S. Treasury and the Department of Housing and Urban Development.