NCUF Reaches A Milestone In Distributions

MADISON, Wis. – The National Credit Union Foundation has announced that, for the first time, it has distributed more than $1 million dollars to participating credit union leagues and foundations from its Community Investment Fund. “The growth we’ve seen in support and funding for the Community Investment Fund has been remarkable,” said Mary Cunningham, NCUF fundraising committee chair and president/CEO of USA Federal Credit Union, San Diego, California. “This consolidation of investments through the credit union system truly helps the foundation continue its mission of promoting consumer financial independence through credit unions.” NCUF credited deposits in its Community Investment Fund rising to $319 million at the end of 2003, up from $155 million at the beginning of the year for the distribution. The foundation describes the CIF as a `synthetic’ endowment fund. Participating organizations such as credit unions investing in a special fund at U.S. Central Credit Union in Lenexa, Kan. through their chosen corporate credit union. The income derived from these investments is shared between the depositor, the NCUF, and each participating state credit union foundation or league.