New York foundation decides how 9/11 funds will be disbursed

LATHAM, NY – On the one-year anniversary of Sept. 11, the New York Credit Union Foundation announced how the funds it raised for 9/11 will be disbursed. Victims’ families, credit unions close to Ground Zero and New York City police and fire services are to be recipients of the balance of the money the New York Credit Union Foundation collected in the wake of last year’s assaults. Of the $1.4 million collected, $1.2 million remains to be distributed. The Foundation will use $112,500 to provide grants to families of credit union members lost on September 11. Over $62,000 has already been awarded. Victims’ families have until December 31, 2002 to apply for a $1,000 direct cash assistance grant. The Foundation will give $150,000 to fund an annual scholarship for the dependents of credit union members lost in the attacks. It will make $333,153 in grants to 10 credit unions below Canal Street in Manhattan; $107,306 has already been awarded. The Foundation will award $611,500 to uniformed services (FDNY, NYPD, Twin Towers Fund). Of that $600,000 will go to the New York Fire Department to establish the department’s Special Operations Command Center. The Foundation will use $200,000 to establish a relief fund for credit union members otherwise affected by the tragedy. Upon the plan’s completion, 100% of the $1,407,153 collected, which includes dividends earned, will have been distributed. Any unused funds will be rolled into the annual scholarship program. “We continue to be in awe of all the individuals, credit unions and state leagues that sent donations, along with expressions of sympathy, for the families of the victims and to help survivors recover,” said Foundation Chairman James Mack. “It is through their support that we can carry out a plan of this magnitude. We thank the credit union community again for their generosity and for staying true to the credit union philosophy of “people helping people.’ ” Since Consolidated League Services, a wholly owned subsidiary of the New York State Credit Union League, handled administrative expenses for the Fund up to $10,000, 100% of the donations will be distributed.