"Credit unions are realizing they can be part of the community strengthening process," Hyland explained. "It may be something that credit unions have done all along, but I think the trend part is that credit unions are realizing the power they bring to the table as the financial expert, and how that can be leveraged with the expertise of other nonprofits, schools and local governments to really make a difference in the communities they serve."

The phrase "economic fragility" stuck with Hyland after she read it in a May 2015 Federal Reserve Board study gauging the financial health of consumers. The report found while the economy continues to rebound from the Great Recession, financial challenges and hardships are lingering in many American households.

The study found 47% of Americans could not cover a $400 emergency expense and would need to either sell something or borrow money in order to do so. Thirty-one percent reported going without some form of medical care because they couldn't afford it, and less than 25% of respondents said they or a family member living with them had some form of financial hardship.

Although the poverty rate fell to 14.5% in 2013, down from 15% in 2012, the 2013 rate is still 2% higher than the rate reported in 2007 when the Great Recession began, according to the U.S. Census Bureau.

What's more, a 2014 Brookings Institute study discovered a troubling trend of more poor people living in suburbs than in big cities or rural communities – a significant shift compared to 2000, when the urban poor outnumbered suburbanites living in poverty.

According to the Brookings Institute, the steepest poverty rates of at least 20% were found in suburbs such as Colorado Springs, Colo.; Winston-Salem, N.C.; Augusta-Richmond County, Ga.; Boise, Idaho; Greenville, S.C.; Atlanta; Greensboro-High Point, N.C.; Grand Rapids, Mich.; Scranton, Pa. and Charlotte, N.C.

These lingering effects of the Great Recession perhaps explain why human services giving has increased over the last nine years, according to a report by the Giving USA Foundation in Chicago, Ill. In the foundation's latest report, released in June 2015, human services giving totaled $42.1 billion, which was 3.6% higher in 2014 than in 2013. The report also showed substantial increases in giving for health, education, environment, animals, arts, culture and the humanities.

Giving by the nation's foundations, an estimated $41.6 billion, also grew by nearly 2% from 2013 to 2014.

The Madison, Wis.-based Foundation, which receives about two inquiries a month from credit unions about foundations, is developing a toolkit to help cooperatives create their own. Expected to be available in early 2016, the toolkit will provide information about different foundation models, best practices, and revenue sources to support philanthropic projects.

Hyland said she believes the interest in foundations is rising because credit unions want to do more with the resources they have to support initiatives that will greatly benefit their communities.

In December 2014, the $2 billion Langley Federal Credit Union in Newport News, Va. formed the Langley for Families Foundation, which focuses on family needs in the areas of financial education, health care, housing, human services, safety and security. The foundation operates outside of the credit union's existing charitable giving programs.

"We wanted to help other 501(c)(3)s in the community," Marilyn Kuhn, the foundation's chair, said. "We felt that there were several organizations that needed financial help that really didn't have the tools or the ability to raise funds. Because of our good community image and because our members trust us as good stewards of their money, we thought of selecting some good causes to support and try to raise funds for other 501(c)(3)s."

Langley FCU held several fundraising events including a charity golf event with the March of Dimes that raked in more than $120,000 in donations and sponsorships. Credit union employees also raised funds by holding raffles, and the foundation has attracted donations from individuals and companies. The credit union also contributed $25,000 to support the foundation.

"We at Langley Federal Credit Union benefit from a healthy community and so does every other business here," Fred Hagerman, vice president of marketing for Langley FCU, said. "A lot of our contributions have come from businesses that recognize a healthy community is a healthy environment for them to do business, and it's something that everybody should be seriously considering."

By the end of the year, the Langley for Families Foundation expects to distribute about $65,000. Depending on the foundation's fundraising efforts, Kuhn estimated $100,000 or more will be distributed next year.

"I'm just proud that we formed this foundation and of the progress we have made," Kuhn said. "It's very rewarding to be able to help others and we're just starting to do that."

With two million members, the $31 billion SECU in Raleigh, N.C. had an immediate effect on its state after opening the SECU Foundation in 2004.

Over the last 10 years, the SECU Foundation has invested more than $100 million for dozens of projects across the state, which has provided nearly 5,000 college scholarships, affordable housing and healthcare, hospice centers, community e-learning libraries, renewable energy, museums, and community housing for recently released convicts, pregnant teens, homeless veterans and individuals recovering from addiction.

Plus, in just a decade, the SECU Foundation was ranked 25th on a Top 50 Foundations list in North Carolina by the New York-based Foundation Center.

The foundation's revenue source is generated from its members – SECU diverts its $1 monthly checking account maintenance fee to the foundation, generating more than a $1 million a month or $12 million a year.

"As a credit union employee, you listen to people's stories and you realize the needs that are out there," SECU Foundation Executive Director Jama C. Dagenhart said. "The foundation was our way to address these needs as a credit union. Certainly, we reach out and help our members by offering them products and services that are affordable and benefit their financial lives, but we knew we could go further than that and fund projects in the areas of housing and human services that are going to impact counties, regions and states."

This year, the SECU Foundation committed $10 million to Habitat for Humanity of North Carolina to build a new home or renovate a home in each of the state's 100 counties. Additionally, the foundation signed a $1.2 million agreement that will provide North Carolinians with six million additional meals over the next three years.