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NCUF, WOCCU Create Donor Fund

MADISON, Wis. - The National Credit Union Foundation and the World Council of Credit Unions signed an agreement to establish the International Development Fund (IDF), a donor-designated fund through the Community Investment Fund, which will directly support international credit union development through WOCCU. The agreement was signed by representatives of...

By Staff Writer | Updated on February 03, 2004

MADISON, Wis. – The National Credit Union Foundation and the World Council of Credit Unions signed an agreement to establish the International Development Fund (IDF), a donor-designated fund through the Community Investment Fund, which will directly support international credit union development through WOCCU. The agreement was signed by representatives of the two organizations recently at the American Association of Credit Union Leagues’ conference. As with all CIF investments, interest generated by the IDF will be split between the investing credit union, NCUF, and the credit union foundation or league in the state of investment origin. NCUF’s portion of the return will be directed into the IDF to be used by WOCCU. Funds raised by the IDF will go towards educating credit union employees volunteers, conducting internship programs and exchange visits of international credit union leaders; building international credit union partnerships and providing public education initiated concerning consumer finance. Funding will also assist with the International Remittance Network installations of member CUs outside the U.S. “Investing in the CIF fund specifically for international credit union development allows U.S. credit unions to continue to support World Council’s efforts to provide quality credit unions for everyone,” said WOCCU President/CEO Arthur Arnold. WOCCU is advising credit unions that want to participate in IDF to contact their corporate credit union to invest in CIF. Credit unions then have to contact Kris Hoffman, NCUF manager of donor relations, to designate their investment in the IDF.

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