From Children's Miracle Network to benefit golf tournaments, credit union charities are feeling the effects of the NCUA assessment and the economic gloom.
The latest casualty announced last week was First Carolina Corp.'s annual June golf tournament in Carthage which in recent years has raised more than $120,000 for CU charities in North and South Carolina.
"While we've always enjoyed sponsoring the event, we have decided not to host a tournament this year," explained the Greensboro corporate in a letter to member CUs. "We feel like the sponsorship dollars may not be available due to budget cuts at our member credit unions and business partners alike."
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This year's tournament, which traditionally draws some 65 golfers from the two states supporting diverse charities including women's shelters and homeless groups, was to be held June 14 at the Little River Golf Club Resort.
Separately, Children's Miracle Network in Salt Lake City is forecasting a 10-12% drop in CU donations for 2009 after a record–and surprising–$9.3 million posted in 2008 with funds going to the 170 children's hospitals across the U.S. Officials said a factor in the drop this year is lower participation by CUs in West Coast events including the annual California/Nevada League wine auction and a similar fund raiser in Portland.
Despite the donation drop-off, Co-Op Financial Services in Rancho Cucamonga, Calif. said it had no plans to alter "and is more committed than ever" to its "Million Match" program announced last year in which the service firm expands CU donations. Already, 132 CUs have pledged $860,000, an increase from the 71 a year ago, said Co-Op.
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