YMCA Camp St. Croix has received a $550,000 donation from Royal Credit Union (RCU) Foundation to build a new program center.
The YMCA named the new building in honor of Royal Credit Union.
Royal Credit Union is a $1.5 billion credit union headquartered in Eau Claire, Wisconsin,
Read the press release.
Showing posts with label Charitable Contributions. Show all posts
Showing posts with label Charitable Contributions. Show all posts
Tuesday, February 17, 2015
Monday, December 23, 2013
Local Government FCU to Partially Fund 10-Day Legislative Fact Finding Trip to India
Local Government FCU (Raleigh, NC) is partially paying the expenses for 10 North Carolina lawmakers to participate in an junket international study trip to India planned for February 7-17, 2014.
According to a State Ethics Commission Advisory Opinion Letter, the funds were donated to The Center for International Understanding at University of North Carolina, which is organizing the trip.
The contributions from Local Government FCU and two other organizations "will cover the cost of the plane flight to India for 10 legislators and meals, lodging, and ground transportation while those participants are in India."
No information was disclosed on the amount donated by Local Government FCU.
This is not the first international fact finding trip funded by a donation from Local Government FCU. In 2013, the credit union helped to pay a portion of the expenses for a trip to China.
However, I wonder how this donation is necessary to enable Local Government FCU to effectively carry on its business or is in the best interest of the credit union's members.
If NCUA had not eliminated its Charitable Contribution Rule in 2012, would this donation have been permissible?
Read the advisory opinion letter.
According to a State Ethics Commission Advisory Opinion Letter, the funds were donated to The Center for International Understanding at University of North Carolina, which is organizing the trip.
The contributions from Local Government FCU and two other organizations "will cover the cost of the plane flight to India for 10 legislators and meals, lodging, and ground transportation while those participants are in India."
No information was disclosed on the amount donated by Local Government FCU.
This is not the first international fact finding trip funded by a donation from Local Government FCU. In 2013, the credit union helped to pay a portion of the expenses for a trip to China.
However, I wonder how this donation is necessary to enable Local Government FCU to effectively carry on its business or is in the best interest of the credit union's members.
If NCUA had not eliminated its Charitable Contribution Rule in 2012, would this donation have been permissible?
Read the advisory opinion letter.
Monday, January 7, 2013
Conserved Credit Union Receiving Section 208 Assistance Makes Charitable Contributions
The Credit Union Times is reporting that AEA Federal Credit Union of Yuma, Arizona is looking to make a $10,000 charitable contribution to one of three community organizations.
Normally, this story would not be newsworthy, except the credit union is under NCUA conservatorship and is the recipient of $20 million in Section 208 Net Worth assistance. If it was not for this net worth assistance from the NCUSIF, the credit union would be insolvent. Even with the net worth assistance, the credit union is significantly undercapitalized, according to its September 2012 call report.
Normally, this story would not be newsworthy, except the credit union is under NCUA conservatorship and is the recipient of $20 million in Section 208 Net Worth assistance. If it was not for this net worth assistance from the NCUSIF, the credit union would be insolvent. Even with the net worth assistance, the credit union is significantly undercapitalized, according to its September 2012 call report.
Wednesday, October 24, 2012
Gesa CU Pays $1 Million for Naming Rights to Carousel
Gesa Credit Union provided a gift of $1 million to a group that has proposed building a carousel in Kennewick, Washington. In return, the credit union received the naming rights to the carousel for twelve years.
The carousel will be called "The Carousel of Dreams presented by Gesa Credit Union."
While this donation will enhance the stature of the credit union CEO in the local community, I'm not sure this gift is in the best interest of the members of the credit union, especially since the credit union has only paid $3.6 million in dividends (interest) to its members on their savings through the first six mionths of 2012.
After all, the donation of a credit union’s members’ money to an outside party is a highly sensitive issue.
Read the story.
The carousel will be called "The Carousel of Dreams presented by Gesa Credit Union."
While this donation will enhance the stature of the credit union CEO in the local community, I'm not sure this gift is in the best interest of the members of the credit union, especially since the credit union has only paid $3.6 million in dividends (interest) to its members on their savings through the first six mionths of 2012.
After all, the donation of a credit union’s members’ money to an outside party is a highly sensitive issue.
Read the story.
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