Stony Brook University and Island Federal Credit Union (Hauppauge, NY) have agreed to a $7 million, 10-year corporate advertising sponsorship agreement.
The deal will give the credit union the exclusive naming rights to the school's new 4,000-seat arena. The new arena will be called Island Federal Credit Union Arena.
The credit union will also be the title sponsor of the film festival at Staller Center and several other campus programs for the next decade. Additionally, the agreement calls for two retail banking branches and ATMs at various locations on campus.
While the sponsorship agreement will probably enhance the credit union's brand, it also represents a misuse of the credit union's tax exemption.
Read the press release.
"it also represents a misuse of the credit union's tax exemption." Is that a fact or your opinion? Please show me where a tax exempt organizations' marketing choices are directly tied to their tax exemption.
ReplyDeleteMy daughter just started a temp job with a credit union. She really likes what she's doing and the people she works with. I'm glad that it has been a good experience for her.
ReplyDeleteSusan Hirst | http://newhorizonscu.com/other-information/about-us/
It is my opinion.
ReplyDeleteKeith,
ReplyDeleteYou repeatedly attack credit union sponsorships (marketing) as an abuse of their tax status/advantage. Why? Banks do it and deduct every dollar! What is the difference? Suggest you focus on other matters where small financial institutions might actually work together to eliminate or reduce regulatory burden.
Marketing Choices are excessive, no?
ReplyDeleteSince crefit union reputation and insurance fund risk are interconnected,,,
ReplyDelete...large credit unions should be made to pay for the bsa needs of all the (6000?) that are not compliant