Your credit union should have a clear, concise donation policy in place. The policy should state the guiding principles of the credit union's charitable giving and what causes, charities and efforts are within the purview of those principles. It may state that the credit union will "only make donations to organizations, programs or charitable events that will benefit communities where the credit union does business." The aspects of community and local giving are vital to the relationship between the credit union, its community and its members. But make sure you're clear on what type of benefit or result within the community you want to see from your giving.

A credit union's donation policy should also focus on members and consider the questions: What's best for them? What do your members care about? Chances are, what is best for your members will tie directly back to your mission. Put yourself in your members' shoes and really think about which organizations, community partners and other philanthropic efforts would benefit them the most. Do some research around your community and narrow down the possibilities of organizations that will be the best fit for the improvement of members' financial well-being. Make sure to leverage tools such as Guidestar and BBB Wise Giving Alliance when looking to make a donation to charitable organizations.

Think long and hard about what you want to achieve with your philanthropy. What change do you want to see in the world? And be strategic with your philanthropy – the possibilities for philanthropic giving are virtually limitless. Credit unions can maximize their community outreach and philanthropy by looking around the community and partnering with like-minded organizations that share your charitable impact goals. Your credit union can partner with a wide variety of organizations in the community, such as nonprofits, local governments, cooperatives, farmers' markets and food banks.

Look for ways to strategically incorporate financial education and information into these funding opportunities, such as counseling, training, seminars and other financial wellness initiatives. Credit unions that leverage their consumer finance expertise can really be the cornerstone of a community's financial well-being.

It's not only about being philanthropic and giving, but being strategically philanthropic. What does this mean? This means building partnerships with others in the community who share the goals of your charitable giving policy. It's vital to create those community connections that can be built upon and augmented to achieve your credit union's philanthropic goals. Being strategically philanthropic helps everyone: Your credit union, your members, your community and the credit union movement. If done right, your credit union will be seen as a financial well-being leader in the community and a trusted community partner that members see as more than just their "bank."

Sustained and consistent philanthropy is what sets credit unions apart from other financial institutions. Let's continue to improve the financial lives of our members and those in our communities through impactful philanthropy now and all year long.

Gigi Hyland is executive director for the National Credit Union Foundation. She can be reached at 202-824-6282 or [email protected].