Contact:
Christopher Morris
National Credit Union Foundation
608-231-4374 | cmorris@ncuf.coop
Madison, Wis. – Credit unions investors in the Community Investment Fund (CIF) have another opportunity to support the National Credit Union Foundation (NCUF) while securing a full federal guarantee for the next two years thanks to a recent National Credit Union Administration (NCUA) extension.
NCUA will guarantee all principal and quarterly fixed-rate dividend payments on new two-year certificates of deposit (CDs) in CIF made before Dec. 31 this year under its Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP). The agency recently announced that it extended the expiration date of its TCCUSGP to Dec. 31, 2012 from Sept. 30, 2012.
Earn Dividends While Donating to Charity
“CIF allows members of corporate credit unions to earn dividends while donating to credit union charitable organizations – without creating an expense on the donors’ balance sheets,” said Bucky Sebastian, NCUF Executive Director. “Better yet, increasing deposits in CIF will provide critically needed programs and grants to more credit union members across America.”
How Does CIF Work?
Celebrating its 11th year, the Community Investment Fund gives credit unions the ability to leverage their investments to support innovative credit union programs. Credit Unions invest in a Community Investment Fund account at their corporate credit union. Each corporate credit union invests in corresponding CIF accounts at US Central. What happens then? Each quarter, half of the CIF dividends are returned to investing credit unions. Half of the CIF dividends are donated to NCUF. NCUF grants half of its NCUF dividend to each investing credit union’s state foundation or league. NCUF uses the remaining portion of the CIF dividend to support its national programs including:
2. Credit Union Development Education
Credit unions can also designate their investment in one of the following funds:
- Credit Union Development Education Fund
- Pete Crear Fund
- International Development Fund
- Callahan Legacy Fund.
Alternatively, earlier this year NCUF announced another way for credit unions to invest in CIF – CIF with NCB. NCB, FSB (NCB) is a federally charter thrift and a wholly owned subsidiary of the National Consumer Cooperative Bank. For more information on this option, visit www.CIFwithNCB.coop.
Credit unions interested in the latest rates or CIF investment options can contact a corporate credit union, their state credit union foundation, league or NCUF’s Resource Development & Donor Relations Director Josie Collins at jcollins@ncuf.coop or at 800-356-9655, ext. 4397.
> Download a Flyer with More Information on the NCUA-Guaranteed CIF CD
More information on CIF: http://www.ncuf.coop/home/community_investment/community_investment.aspx
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About the National Credit Union Foundation (ncuf.coop):
The National Credit Union Foundation is the US credit union movement’s primary national philanthropic program provider, fundraiser and grant-maker.
NCUF is funded primarily by investments in the award-winning Community Investment Fund (CIF) and by generous Supporters led by the Credit Union National Association, CUNA Mutual Group, Harland Clarke, CO-OP Financial Services, STAR, California & Nevada Credit Union Leagues, Card Services for Credit Unions, and Visa. All NCUF donors provide support that empowers NCUF and state credit union foundations to make a real impact in the credit union community.
NCUF continues to earn the Better Business Bureau seal of approval as an “Accredited Charity” for meeting all 20 BBB Wise Giving Alliance Standards for national charities.