In a move that it said will continue to strengthen and deepen the Development Education program, the National Credit Union Foundation has allowed credit unions making investments in its Community Investment Fund to designate some or all of those funds to support the development education program.
The new designation will be called the Development Education Fund. The new fund will join others where investing credit unions make specific designations for their funds. The others include the African-American Credit Union Coalition (Pete Crear Fund), the World Council of Credit Unions (International Development Fund), and the NCUF & State Credit Union Foundations (General Fund).
When investing credit unions designate the General Fund, the foundation grants half of its NCUF dividend to each investing credit union's state foundation or league. The foundation uses the remaining portion of the CIF dividend to support its national programs.
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