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 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.
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.
- Application must be completed in full and received by March 31. After this date, applications may be considered if scholarship funds are available.
- 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 has four grant programs for Illinois credit unions and chapters. Application deadlines for the grants are March 31 and September 30. Grants are awarded on a first-come, first-served basis. Only applications submitted using the online forms will be accepted.
Grant seekers are encouraged to submit the Community Project Grant application form to the Foundation as early in the year as possible since grants are awarded on a first-come, first-served basis. Applications will be reviewed throughout the year as long as grant funds are available. Only applications submitted using the online forms will be accepted.
The Foundation is aware of all the wonderful community projects coordinated by credit unions and chapters throughout the state. The grants committee wants to recognize this involvement and encourage other credit union groups to launch similar activities. There are three types of projects that qualify for grants:
- Host an established event — Chapters and credit unions may apply for funding to cover the costs of hosting or sponsoring an event that benefits a local non-profit organization. For example, a Foundation grant can be used to sponsor rest stops at charity marathon events when credit unions are active participants or to sponsor a holiday wish tree to provide gifts to less-fortunate families.
- Create your own event — Sometimes chapters coordinate their own projects like a bicycle rodeo to teach children bike safety or a child ID day where credit unions distribute child identification kits to the community. In these cases, the Foundation grants are used to cover all or a portion of the costs of the projects.
- Volunteer at an established event — In some cases, the volunteer activity involves the time and effort of the credit union people and no funds are needed to cover the costs of the event, like when chapter members answer telephones for a local telethon or spend an afternoon cleaning up trash form a local park. The Foundation can make a grant to the organization on behalf of the credit union volunteers to recognize their efforts.
In the past, the Foundation’s grant program did not require any credit union involvement with the agencies or organizations to qualify for funding assistance. However, the current program is designed to facilitate credit union involvement.
Applications must be received by one of the review deadlines of March 31 or September 30 for consideration by the committee.
Credit unions must submit a SCUD grant application online form. These requests will be reviewed on a regular, timely basis. Reports from the credit unions that receive funding will be filed with the Foundation, and the credit unions will be asked to pledge to return at least 10% of the grant over a 3 year period to the Foundation to help maintain the fund. Only applications submitted using the online forms will be accepted.
The Foundation intends to sustain the fund and has made it part of the regular line of Foundation programs. Credit unions may request grants for things such as computer equipment, software, office needs, website development and planning sessions.
The grants will be limited to $2,500 maximum per credit union per year. Credit unions eligible to apply for grants must meet the following criteria:
- Under $50 million in assets
- League affiliated
- CAMEL rating of 1-3 (recommended)
- Capital-to-asset ratio of less than 15% (recommended)
Applications must be received by one of the grant review deadlines of March 31 or September 30 for consideration by the committee.
The following are four examples of programs that qualify for grants:
- Hire a dedicated marketing staff member or student intern — Credit unions may apply for funding to cover or offset the costs of hiring and/or retaining a staff member, including part-time employees and student interns, whose main function is marketing and business development. Be sure to include a basic job description for the position as part of your grant application.
- Work with an agency — Some credit unions prefer to work with an advertising or marketing agency rather than hiring a staff member to provide services on an on-going basis. In other instances, a credit union may have a new product or service to introduce to its members or recently received a charter expansion and needs assistance for a one-time project. In these cases, the Foundation grants are used to cover all or a portion of the costs of the agency. Be sure to include a copy of the project proposal and estimates from the agencies under consideration as part of the grant application.
- Partner with other CUs — Credit unions can leverage economies of scale by working together to hire a shared staff member, to work with an agency or in a capacity created by the participants. Each participating credit union must submit a grant application and is eligible to receive grant funds. Be sure to indicate the partnership on the grant application form and include details on how the partnership is designed to operate.
- Expand current efforts — Credit unions who already have marketing plans in place can use grant funds to expand and enhance their programs. Be sure to include detailed information regarding how funds will be used, including copies of estimates or proposals.
Application review deadlines are March 31 and September 30. Grant seekers are encouraged to complete the application form as early in the year as possible since grants are awarded on a first-come, first-served basis. Applications will be reviewed as long as grant funds are available. The maximum grant award is $5,000 per credit union per year. Credit unions who are awarded grants will be required to submit a report which details how funds were used and the impact marketing and business development assistance had for the credit union.
Purpose
The purpose of the Financial Independence & Revitalization Effort (FIRE) Program is to provide assistance to credit unions to expand their ability to build and maintain viable communities by providing credit and financial services to residents and businesses in low-income and underserved areas of Illinois. Financial assistance is available from the ICU Foundation to established credit unions that are interested in creating and implementing financial service programs in low-income and underserved areas of Illinois. The goal of the FIRE Program is to enhance membership services for credit unions located in economically disadvantage areas.
Grant Funds
Grants of up to $15,000 are available to credit unions to provide a variety of membership programs, including but not limited to: offering financial literacy programs, installing an ATM, establishing a branch or satellite office, expanding services in low-income and underserved areas, education programs, computer equipment and software, developing bilingual programs, implementing an IDA program, assisting with mortgage programs, etc. Funds provided for these grants are restricted to use in disadvantaged and underserved areas.
Application Process
To be considered for a FIRE Project grant, a credit union must complete an application form and submit supporting materials detailing how the funds will be used and the anticipated impact on the community. Grant recipients will be required to submit annual project updates. Only applications submitted using the online forms will be accepted.
Eligibility Requirements
Applicants must:
- Be a credit union chartered and headquartered in Illinois;
- Be at least five years old;
- Be an affiliate of the Illinois Credit Union League;
- Have a CAMEL 2 or better rating;
- Agree to develop and implement a financial service program for use by people living in low-income or underserved communities; and
- Use the funds to make an economic impact within the community where none or little currently exist.
Program Accountability
Grant recipients will be required to submit an annual progress report detailing the use of the funds. If funds are used for purchases, invoices and receipts must be submitted. Upon completion of the project, the credit union must submit a final report detailing the impact the project had on the community and the membership. Credit unions must agree to continue project for a minimum of two (2) years.
Application Deadlines
Applicants must be received by March 31 or September 30 for review.