Credit Unions Increase Community Giving

Canadian Credit Unions Increase Community Giving by More Than 10 Per Cent over Previous Year: National Credit Union Survey

October 18, 2012

Credit unions across Canada contributed more than $41.4 million to communities last year through financial contributions, in-kind donations and volunteerism – an increase of over 10 per cent from the previous year, according to a recent Credit Union Community Involvement Survey.

The 11th annual survey also shows that in 2011, Canadian credit unions: gave nearly $31.4 million through donations and sponsorships; donated $2.2 million to charitable foundations; provided $2.2 million in donations-in-kind; and awarded $1 million in scholarships and bursaries. In addition, largely by reducing or waiving service charges, Canadian credit unions contributed $4.6 million in financial services to community organizations.

“Social responsibility and community-based accountability has always been at the core of the credit union difference,” explains David Phillips, president and CEO, Credit Union Central of Canada. “This is reflected in the way we conduct business, invest in our communities and support our credit union employees’ desire to do more.”

According to the survey, 70 per cent of credit union survey respondents said that their employees volunteered during their unpaid time off, and almost half of the credit unions surveyed also said their employees participated in community activities as part of their paid work. Volunteerism is so important that it has become an integral part of employee performance evaluations for 32 per cent of responding credit unions.

Some of the initiatives Canadian credit unions support includes economic development and housing, environmental causes and disaster relief, health/long-term care, educational programs and facilities, art and culture, and sports. Across Canada, the majority of contributions were made locally, but credit unions also supported international causes.

“Releasing the annual survey results today – on International Credit Union Day – enables us to promote and highlight the positive impact credit unions have on our country, and on the communities in which we live and operate, and for this, we are proud,” added Phillips. “At the end of the day, our overall goal is to help build stronger communities through the spirit of co-operation.”


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