MADISON, Wis. – The National Credit Union Foundation disbursed over $400,000 to 29 state credit union leagues with credit unions that have invested in the NCUF’s Community Investment Fund. The total for 2002 was $408,045. The NCUF disbursed the funds on a pro-rata basis depending on how many of a league’s credit unions invested in the fund. By the end of 2002, CIF had grown to $153 million in investments. Investors include 350 credit unions, as well as three state leagues, one state foundation, one chapter and 17 corporate credit unions, the NCUF said. Proceeds from $103 million of the CIF have been designated for the Callahan Fund, which was established by NCUF in October of 2002 in honor of Ed Callahan’s retirement from Patelco Credit Union. The Callahan Fund will support Foundation projects in the areas of financial literacy and cooperative development, two subjects of particular interest to Callahan. The Callahan Fund will be open to new investments until the end of March 2003, the Foundation said. Investments to the CIF that are not designated for the Callahan effort are welcome anytime, the Foundation added.

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