Giving Back

Official Newsletter of the Illinois Credit Union Foundation

For a PDF version of this newsletter, click here.

ICUF Annual Support Campaign

The Illinois Credit Union Foundation is conducting its most important fundraiser, the Annual Support Campaign, until the end of the year. Since 1978, the ICU Foundation has provided nearly $5 million to assist credit unions as they improve financial well-being for their members, staff and local communities. Click here for an Annual Fund Contribution Form, or click here to make a gift via PayPal. Contact Melanie Murphy at 224-407-0440 or [email protected] with questions.

ICUF 6th Annual Financial Health Seminar

The ICU Foundation held its 6th Annual Financial Health Seminar earlier this month. Recordings of the amazing sessions are available. Email [email protected] to request the links.

CANCER AND CREDIT UNIONS - PILOTING BOLD NEW IDEAS

In 2020, Andy Janning created a documentary about the financial catastrophe of cancer to show how credit unions can better see and serve the members fighting the most expensive disease they'll ever face. Four years later, a small group of credit unions are piloting a series of bold new initiatives to significantly improve the financial, physical, and emotional wellbeing of members with cancer. This session will showcase the lessons learned from those initiatives, how to launch them at your credit union, and cast a vision for how our industry can continue to lead the way in this important endeavor.

CU IMAGINE CONTEST FINALISTS - IDEAS GENERATED BY CUs

Congratulations to the winner of the CU Imagine Contest: Chicago Post Office Employees Credit Union! Their project, Up Lift, is aimed at supporting young women aging out of foster care with financial education, life skills training, and a savings account. They received $10,000 - the original $5,000 prize from the ICU Foundation which was matched by an additional $5,000 from Envisant! Kudos to the other finalists - Education Personnel Federal Credit Union who presented, Tiny Homes of Hope, and Illinois Educators Credit Union who presented Deposit 'Til Diploma! See for yourself why it was so challenging for the judges to select only one winner from a field of worthy candidates. You will be inspired to support and adopt the ideas!

FINANCIAL HEALTH FRONTIERS - IDEAS FOR THE FUTURE

When the Financial Health Network launched in 2004 to help more people access affordable banking, as many as 20% of Americans didn't have a bank account. Thanks to the work of business, policy, and advocacy leaders across our movement, that figure has fallen to an all-time low of 4.5% today. But achieving financial inclusion is just one component of a national strategy to advance financial health for all. We must go even further to fix the financial health crisis in the U.S., uniting the visionary leadership of diverse stakeholders to spur innovative and collaborative solutions. Learn about what's next for financial health and well-being.

NCUF 2025 CUDE™ Program Registration Open

The National Credit Union Foundation announced dates for the 2025 DE Program. Since 1982, the Credit Union Development Education (CUDE™) program and its international alumni network has transformed the culture, strategy, outreach and impact of the credit union movement. Upon completion of the DE Program, individuals earn their CUDE designation and join over 3,000 credit union advocates from around the world. Registration is open. Classes fill quickly, so act fast. Scholarship funds from the ICU Foundation can be used for this program.

ICUF Multicultural Opportunity Report Insight

According to the 2024 Multicultural Opportunity Report, "the race and ethnicity demographics of the U.S. and Illinois show a parallel trend, as illustrated in the chart. However, of the Top 3 cities, Chicago and Aurora are more racially and ethnically diverse." Check out Appendix A - County Data to see the race and ethnicity populations in all 102 counties individually.

The report examines demographic trends in the state which credit unions can use for 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.

"The average credit union member in North America is 53 years old. This means that credit unions are contending with an older demographic who may have relied heavily on word of mouth to grow the membership base. As this population ages, they are likely to be fiscally conservative and past their prime borrowing years."

"In Illinois, residents aged 50 and older make up around 36% of the population. Credit unions must be poised to assist this older population with matters pertaining to retirement, caregiving and medical expenses, rising costs of living, and possibly supporting younger family members..."

"The state of Illinois shows nearly a quarter of its population (24.98%) as 19 years or younger; credit unions must proactively work at growing this demographic into long-term members."

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)