Also awards $24K in scholarships
NAPERVILLE, IL (May 8, 2014) -- The Illinois Credit Union Foundation (ICU Foundation) grants committee has awarded $27,900 in Small Credit Union Development (SCUD), Community Service, and Marketing and Business Development grants following the first quarter 2014 application deadline, as well as $24,075 in scholarships.
Small Credit Union Development (SCUD) grants this cycle totaled $22,250 and were awarded to 14 credit unions. They included: ADM Credit Union, Blaw Knox Credit Union, Champaign County Schools Employees Credit Union, Chicago Fireman's Association Credit Union, CTA C&M Federal Credit Union, Decatur Policemen Credit Union, Elgin Mental Health Center Employees Credit Union, Harvard Community Credit Union, Israel Methcomm Federal Credit Union, Peoria City Employees Credit Union, Peoria Fire Fighters Credit Union, Quincy Postal Employees Credit Union, Tazewell County Schools Employees Credit Union, and Urbana Municipal Employees Credit Union.
The Foundation also awarded five Community Service grants totaling $1,150 to four credit unions and one chapter. This program is designed to encourage and reward chapter or credit union participation in local community projects. Credit unions and chapters can qualify for grants by hosting an established event, creating an event, or volunteering at an established event. Recipients included: the Egyptian Chapter of Credit Unions, Altonized Community Federal Credit Union, Blackhawk Area Credit Union, Heights Auto Workers Credit Union, and RIA Federal Credit Union.
Rounding out this round of grants were four credit unions that received Marketing and Business Development grants that totaled $4,500. The recipients were: First Illinois Credit Union and Rockford Bell Credit Union. These grants were established in 2006 to help credit unions with assets of up to $30 million to start or expand outreach efforts. The maximum grant award is $5,000 per credit union per year.
There are two more grant request deadlines during 2014 - July 31 and October 31. In addition, scholarships are reviewed on an on-going basis while funds last. Online and downloadable grant request forms are available via the League's Web site. Eligibility is limited to Illinois credit unions and chapters.
Note 1: The Illinois Credit Union League (ICUL) is the primary trade association for credit unions in Illinois and provides its members with compliance and other pertinent operating information, legislative advocacy and educational development opportunities. Membership is open to any credit union operating in accordance with the Illinois Credit Union Act or the Federal Credit Union Act. There are 336 credit unions in Illinois serving almost 3 million members.
Note 2: Established in 1978 to foster credit union ideals and philosophy throughout Illinois, the Foundation has awarded more than $2.4 million in scholarships, community service grants, assistance for small credit union development, emergencies and natural disasters, limited income credit unions, and community involvement projects. In 2013 alone, the Foundation awarded $58,800 in SCUD grants, $6,700 in community service grants, $10,000 in Financial Independence and Revitalization Effort (FIRE) grants, $33,500 in marketing and business development grants, and $43,824 in scholarships. In addition, nearly $40,000 in scholarships was awarded in 2013.