Credit unions across Canada contributed more than $37.5 million to communities last year through financial contributions, in-kind donations and volunteerism.
The 10th annual Credit Union Community Involvement Survey shows that in 2010, Canadian credit unions: gave more than $25.7 million through donations and sponsorships; donated more than $3.7 million to charitable foundations; provided more than $2.6 million in donations-in-kind; and awarded more than $1.3 million in scholarships and bursaries.
In addition, largely by reducing or waiving service charges, Canadian credit unions contributed nearly $4.2 million in financial services to community organizations, an increase of almost 23% over the previous year.
“The essence of the credit union difference is the long-standing commitment to helping improve the social and economic well-being of the communities we serve,” says David Phillips, president and CEO, Credit Union Central of Canada. “In fact, by remaining community-based, locally-owned and operated, and by offering substantial financial backing to local initiatives, Canadian credit unions are maintaining a leadership role in the arena of community involvement.”
In addition to the monetary support, credit union employees support their local communities through volunteerism. Seventy percent 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.
Some of the initiatives Canadian credit unions support include: 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.
“We’re releasing this year’s results on International Credit Union Day as a way of highlighting the importance that credit unions place on community involvement,” adds Phillips. “Interestingly, the theme of this year’s International Credit Union Day is ‘Credit Unions Build a Better World’, which celebrates the important economic and social contributions credit unions make to their communities worldwide.” International Credit Union Day has been celebrated on the third Thursday of October since 1948.
The 2010 Credit Union Community Involvement Survey, conducted in 2011 for the 2010 fiscal year, gathered responses from 294 of the 381 credit unions affiliated with Credit Union Central of Canada in 2010, representing 84% of the total system assets.