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WASHINGTON -The National Credit Union Foundation is hoping corporate credit unions can play a major role in helping it achieve its $1 billion goal. The NCUF has a goal of $1 billion invested in the Community Investment Fund by next year. NCUF Executive Director Gary Officer hopes $250 million of that will come from corporates. Corporates seem to be anteing up so far with $100 million raised. The latest to invest is SunCorp, which invested $10 million, that’s up from just $100,000 last year. Empire Corporate also increased its investment to $10 million recently. Officer said the NCUF was able to get in front of corporate leaders at the Association of Corporate Credit Union’s Annual meeting, which he thinks helped spur participation. The NCUF also sent out letters to corporates earlier this year showing current contributions corporates were making, and levels it hoped corporates could rise to. Investing in the CIF of course isn’t for the return. It’s more of a social investment, said Officer. Corporates receive about 2 to 3% back on their investment. “The true value of the fund is it provides income for the foundation to capitalize our national grants agenda. It’s an instrument that enables the credit union movement to reinvest back in the movement through the foundation by funding an array of credit union development initiatives,” said Officer. SunCorp will also have the satisfaction of knowing that its investment will go into making the states it serves stronger. State proceeds of the SunCorp contribution will benefit Colorado, Utah, Nebraska, Wyoming, and Idaho credit union organizations, all of SunCorp’s core states. “By helping build up organizations like the NCUF, we strengthen the credit union movement, and help more people reap the benefits of the credit union difference,” said SunCorp President/CEO Eric Kenealy. The CIF funds things such as start-up credit unions, finding ways to serve the underserved, financial literacy programs, and others. The NCUF taps not only corporates, but credit unions, leagues and others for investment. The Callahan Fund (named in honor of former Patelco CU President/CEO Ed Callahan) has been wildly successful with 10 credit unions accounting for $100 million. At last count CIF had about $254 million invested, so it still has a long way to go to $1 billion. “It’s an ambitious goal,” said Officer. [email protected]

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