Giving Back

Official Newsletter of the Illinois Credit Union Foundation

For a PDF version of this newsletter, click here.

Win $5,000 in CU Imagine Contest - Entry Deadline August 16

The ICU Foundation is offering a $5,000 prize to the credit union who presents a unique idea for making a meaningful impact on credit unions, credit union members, credit union employees, and/or their communities incorporating findings from their 2024 Multicultural Opportunity Report. Contest finalists will present their ideas at ICUL Annual Convention on October 3. Think of CU Imagine as our version on Shark Tank. Contest information and entry form are online. Applications are due by August 16, 2024.

ICUF Golf Classic August 28 - Register Today!

The Illinois Credit Union Foundation's annual Golf Classic is set for Wednesday, August 28 at Bliss Creek Golf Course in Sugar Grove. The event is a friendly scramble and open to all levels of golfers. The 10:00 a.m. shotgun start is followed by an awards dinner. A variety of sponsorships are available to help raise money for the ICU Foundation. Register Today!

NCUF Foster Youth Education Grants - Entry Deadline August 20

The National Credit Union Foundation is accepting applications from credit unions of any size to establish programs supporting foster youth with basic financial education in budgeting, credit, and banking solutions. There are more than 400,000 young people in foster care who face unique challenges including a higher risk of identity fraud. Studies indicated lower rates of higher education enrollment and limited access to support systems among foster youth. Credit unions applying for this grant must have the ability to open savings and checking accounts for this demographic while also providing timely financial education in preparation for those aging out of the foster care system. Applications are due August 20, 2024.

FHLB Chicago Diverse Developer Grants Available

The Federal Home Loan Bank of Chicago's Diverse Developer Initiative provides nonprofit and for-profit organizations grant funds to support career development for diverse developers of affordable housing in FHLBank Chicago's district of Illinois and Wisconsin. Their definition of "diverse" refers to any population experiencing inequitable, systemic barriers to entry or career development in the affordable housing industry. Through FHLBC's member institutions, they offer up to $2 million in grants to help qualifying organizations provide valuable professional opportunities to new talent and further their affordable housing mission. The target grant amount is $50,000 to $250,000 per beneficiary organization. Requests for other grant amounts are considered on a case-by-case basis. Click here for details.

Seeking Mentors/Mentees: 1to1Woman Mentoring Program - Cohort 2

We are sponsoring another cohort in the 1-to-1Woman Mentoring Program again this fall and we are looking for participants. The Illinois Sister Society celebrated International Women's Day by hosting a virtual meeting featuring the 1to1Woman Mentoring Program and its creator, Shellee Mitchell, CEO, Sapphire Dimensions. Click here to watch a recording of the session. More than 200 people have through the program since its inception.

We are looking for participants, specifically caucasian female executives as mentors and aspiring female African-Americans as mentees, to participate in a cohort which begins in October 2024 and is sponsored by the ICU Foundation and Envisant. Please complete the 1to1Woman Mentoring Program Interest Form to let us know you would like to be a part of this cohort. If you are interested in the program, but the dates for this cohort do not work for you, be sure to complete the form and let us know you would like to be considered for future cohorts. Feel free to share this information with the women you think would be interested in and benefit from participating!

ICUF Plan 6th Annual Financial Health Seminar - November 16

Save the Date! The ICU Foundation will conduct its 6th Annual Financial Health Seminar on Thursday, November 14. The free session will be virtual again this year to enable as many people as possible to participate. Speaker and agenda details to come.

ICUF Multicultural Opportunity Report Insight 

The population in Illinois decreased 1.72% between 2017-2022, yet "...departures may not necessarily be to distant locations: the U.S. Census recorded steady population increases for neighboring states such as Wisconsin and Missouri. A more recent report shows that people who have moved out of Illinois are younger, more likely to be Black, less likely to be Hispanic, and have lower incomes." The 2024 Multicultural Opportunity Report examines demographic trends in the state which credit unions can use for 2025 strategic planning. In addition, recordings of the 2-part webinar series to share the findings (Part 1) and review opportunities to put into action (Part 2) are also available in the secured area in our website. Click here to sign in to the secured area in our website, then use this link to access the report and support materials.

Foundation Questions?

Contact Melanie Murphy at 224-407-0440 or [email protected].

REMINDERS

ICUF Scholarships & Grants

The ICU Foundation offers Grants of up to $10,000 to cover a wide variety of projects to help credit unions grow and expand their services. ICU Foundation Scholarships can be used for a wide variety of education programs. All ICUL-affiliated CUs are eligible, and applications are accepted year-round. We encourage you to apply early in the year since funds are available and awarded on a first-come, first-served basis. Check out the scholarship & grant details online.

Bite of Reality App for Teen Reality Fairs

Bite of Reality App (BORA) is an updated approach to financial reality fairs where teens use smartphones or tablets to learn more about money and budgeting, printable materials are now available for situations when it is not feasible to use the app. The ICU Foundation underwrites the cost of the popular app so all ICUL-affiliated credit unions can use it for free. BORA is based on CUNA's Mad City Money (no longer being offered) and offers extra enhancements such as credit scores to provide a more powerful experience for participants. The printable BORA materials can be used as a substitute. Learn more about BORA.

CU Foundation Network Month Sessions 2024

Credit unions who have or are considering their own foundation, donor advised fund, and/or community involvement programs can join the Credit Union Foundation Network. They offer monthly discussion sessions on the 3rd Wednesday of each month at 1:00 central. You can register for 2024 sessions here. For an invite to join the Network's LinkedIn Group contact Melanie Murphy.

CU Philanthropy Toolkit

The National Credit Union Foundation's updated version of its Philanthropy Toolkit for credit unions, available for free here, is designed to help credit unions maximize their community impact and align philanthropic activities to strategic objectives. Learn about strategic philanthropy, public vs. private foundations, funding charitable initiatives, and more.

2024 Events & Important Dates

ICU Foundation Board of Directors

Chair - Michelle Balog, NuMark CU

Vice-Chair - Kerriann Mills, BCU

Secretary/Treasurer - Susan Toalson, U of I Community CU

Lou Bicanic, Midwest Members CU

Geraldine Burek, Burek Business Consulting

John Fiore, Consumers CU

John Hansen, Rockford Bell CU

Mike Lee, KCT CU

Tom Pierce, Access CU

Amber Scott, 1st MidAmerica CU

Sarah Vega, NCUA & IDFPR Executive (former)