FEDERAL WAY, Wash. – Even though all the $2.6 million funding isn't quite there yet, the credit union-backed Biz Kid$ financial literacy show on PBS-TV now looks to be a "go" after a contract signing ceremony last week.
"I am so proud of our credit unions," said Washington Credit Union League, President/CEO John Annaloro at the signing with David Chernow, CEO of Junior Achievement Worldwide taking part. The contact allows the immediate startup of production of the half hour show to be aired in January and aimed at improving the financial literacy of middle and high school students.
"The contract initiates a partnership with credit unions to reach four million kids in 178,000 classrooms across America," said the league in a statement. "Final funding needed to complete the project will be raised by state credit union foundations across the country."
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In citing the benefits of CU and foundation contributions, league officials stressed that the marketing benefits include a national cooperative advertising and branding campaign to reach millions of families and entry into the school classrooms that were otherwise inaccessible to credit unions.
The Seattle producers of the Emmy-winning "Bill Nye the Science Guy" PBS show are handling production for Biz Kid$, notes the league. Separately, the league also unveiled what it calls an innovative fundraising mechanism, which asks participating CUs to earmark a portion of bad debt income for Biz Kid$.
Under the program, bad debt revenue will be funneled and set aside by a CUSO of the league as a means of encouraging more CU donations from budget-strapped CUs unable to come up with the funds now.
The plan was first pushed in the exhibit hall at the annual meeting of the Florida Credit Union League by Ascend United, a debt service subsidiary of the Washington CU League which is pooling collected debt sale contributions from participating CUs into a special fund.
Ascend United has set a Sept. 9 date for collecting the funds and making the contribution to Biz Kid$.
State foundations are asking for immediate assistance finishing season one funding to keep project filming on schedule. While averaging $20,000 a day in pledges, they still need support.
"Rumors that we made our goal are inaccurate, but the contract schedule allows us to confidently proceed with filming," said Jamie Chase, project spokesperson. "No pledge is too small. The next step for credit unions is to learn more and join the coalition." [email protected]
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