Start the new year by sharing a “slice of the pie”
Looking for an easy way to support mission-driven philanthropy in your state and across the country? It’s possibly by simply sharing a “slice of the pie.”
First, some background. The Community Investment Fund (CIF) was started in 1999 to provide credit unions opportunities to donate a portion of dividends invested to the National Credit Union Foundation and state credit union foundations. Throughout the years, it has been a very successful fundraising mechanism for the Foundation.
The Community Investment Fund is a unique, social investment opportunity. Here is how it works: your credit union invests in a CIF account. Then your credit union will receive a portion of the CIF return as well as the National Credit Union Foundation and your state credit union foundation or league. Everyone wins – your investment makes an impact in your state and around the country.
The Foundation plans to reenergize CIF in 2016 by offering credit unions additional investment options besides the traditional 90 day account and CD offerings.
A new CIF option allows credit unions the ability to invest in either government-issued securities or negotiable CDs, while sharing a percentage of the interest earned as a donation to CIF. So charitable contributions are made from investment returns rather than operating income. Securities and CDs will be purchased through participating corporate credit unions and will be held in safekeeping at Alaska USA Trust Company.
Therefore, credit unions can easily share a “slice of the pie” by donating a portion of their interest earned on the securities in safekeeping. Like the traditional CIF, that “slice” will be split between the Foundation’s national programs and state credit union foundations for financial education and development initiatives.
Interested credit unions should contact their corporate credit union to ensure you are set up to purchase regulatory-compliant government issued securities and/or negotiable CDs that fit with your asset/liability strategy.
By giving a little, you are supporting a lot. Even a small “slice” allows the Foundation and its state colleagues the ability to leverage additional funding sources and help make sure consumers have the education, tools and resources needed to achieve financial freedom through credit unions.
