Scholarships
Scholarships from the ICU Foundation are available to credit union staff and volunteers for their professional development. The main scholarship application deadline is March 31. Remaining scholarship funds will be awarded throughout the rest of the year on a first-come, first-served basis. Only applications submitted using the online forms will be accepted.
Individual scholarships are for 1 – 2 people from a credit union attending an educational program (each person applies separately). Group scholarships are for situations when 3 or more people from a credit union are attending the same educational program (group completes one form for all participants).
IMPORTANT INFORMATION – CU CEO must approve all ICU Foundation scholarship applications or the requests will not be considered. Electronic applications will be forwarded for CEO approval.
- Only applications submitted using the online forms will be accepted.
- Applicant must be a director of, serving on a committee of, or employed by the same Illinois Credit Union League affiliated credit union listed on the application at the time the scholarship is used or the award will automatically be forfeited.
- Applicant must be an active participant in chapter activities.
- Application must be completed in full and received by March 31. After this date, applications may be considered if scholarship funds are available.
- Recipient’s credit union will be reimbursed after course is successfully completed.
- Recipient must use scholarship during the year it is awarded and for the purpose stated on the application.
- The ranges of scholarship awards by category are: All CUNA Schools/Conferences — up to $2,500; all other sessions, up to $1,000.
- Recipients of CUNA Management School Scholarships will have their scholarships renewed provided they are a director of, serving on a committee of, or employed by the same credit union listed on the application and continue attending the school for up to three consecutive years. Recipients who change credit unions or discontinue attendance at CUNA Management School must reapply for scholarship assistance.
- Special eligibility requirements may be separately set for certain discretionary fund scholarships.
- The maximum amount of scholarship funds allowed per credit union, per year is $3,000.
IMPORTANT INFORMATION – CU CEO must approve all ICU Foundation scholarship applications or the requests will not be considered. Electronic applications will be forwarded for CEO approval.
- Only applications submitted using the online forms will be accepted.
- Applicant must be an Illinois Credit Union League-affiliated credit union listed on the application at the time the scholarship is used or the award will automatically be forfeited. In the case of a chapter, the credit unions benefiting from the scholarship must be League affiliated.
- Credit unions may receive up to $3,000 in scholarship funds per year.
- Recipient credit union or chapter will be reimbursed after course is successfully completed.
- Recipient must use scholarship during the year it is awarded and for the purpose stated on the application.
- The range of group scholarship awards is up to $2,500.
Grants
The ICU Foundation is pleased to present its streamlined grant program and application form. Details below describe the program and information needed for the application form. Requests are accepted year-round. Please contact the ICU Foundation with questions.
ICUF Grant Program Information (PDF)
ICUF Grant Application Information (PDF)
The Illinois Credit Union Foundation offers a single grant program for credit unions. Grant applications are reviewed throughout the year on a rolling basis and applicants are notified of determination within 30 days of application receipt. Funding is available on a first-come, first-served basis, so credit unions are encouraged to apply as early in the year as possible.
The grants are limited to $10,000 maximum per credit union per year. Credit unions eligible to apply for grants must be members in good standing with the Illinois Credit Union League.
Suitable Requests:
The purpose of the grants program is to stimulate credit union growth. The chart below represents majority of the categories for the grants along with descriptions and examples.
| Category | Description/Examples |
| Communications | New/upgraded website, promotion of new products/services/FOM changes |
| Critical/Urgent Need | Replace/repair broken critical equipment/ platforms necessary for operations, includes unanticipated expenses related to natural disaster |
| Financial Education | Funds cover cost for CU to host educational programs for or provide educational platform to members /public |
| Financial Health | Create/expand programs to improve the financial health/wellbeing of CU staff and members |
| New Products/Services | Adding mobile banking, text messaging, lending options, savings vehicles, loan offerings, etc. |
| Obtaining CU designations | CDFI, MDI, Juntos Avanzamos, etc. / Securing funding from outside organizations such as NCUA, Inclusiv, foundations, etc. |
| Regulatory Compliance / Fraud Prevention | New enhancements/features to reduce fraud, ease compliance burden, etc. |
| Serving Marginalized Populations | Create/expand programs to meet needs of marginalized or un/underserved communities including lending & savings products/services |
| Technology | Purchase software, hardware, upgrades, new computers & related equipment to improve/expand service to members |
| Other | Requests for items not listed will be considered on a case-by-case basis |
Unsuitable Requests:
- Association dues
- Audits and assessments
- General operating expenses
- Regulatory fees
Credit unions must complete the online grant application form and submit it to the Foundation. Reports from the credit unions who are awarded grants will be filed with the Foundation before grant funds are released.
Contact the ICU Foundation for more information about scholarships and grants at [email protected].