Now Is the Time to Transform Your Giving Efforts

As I sit here reflecting, 2020 has been a year of multiple, compounding and ongoing crises in the U.S., in the form of the direct and indirect effects of COVID-19, as well as the rightful calls for racial justice from communities across the country.

Whether you read, watched or saw it in your newsfeed, each of us witnessed how systemic racism, economic gaps and health inequities disproportionately impact certain individuals and communities throughout this country. These are not new disparities, but the pandemic has shined a bright light on them – and has reinforced the need to address these large and complex issues in a very meaningful, impactful, intentional and authentic way.

As we watch this unfold, we are privileged to be part of the credit union industry where giving back is central to who we are. It’s in our founding principles, and it’s part of our DNA. It’s something we should celebrate.

But now, in the face of unprecedented challenges and stark disparities, it is time for us to more deeply consider the impacts of our actions. Every single day we touch the lives of so many people through our work, but we know that’s simply not enough – and the experiences of Black, Latinx, Indigenous and other marginalized groups tell us so.

It is time for us all to move from transactional to transformative philanthropy – for challenging the way things historically have been done, strategically focusing on equity and aligning with the values of the credit union movement.

To truly understand the importance and impact of transformative philanthropy, let’s look at each of these elements.

Aligning With Values of the Credit Union Movement

For CUNA Mutual Group, we are guided by a simple purpose – that a brighter financial future should be accessible to everyone. When I think about our company’s purpose, I recognize that we cannot fulfill our mission without working to break down the barriers to building financial stability and addressing generational wealth.

As part of a larger credit union movement, we are guided by our founding principle of people helping people. To live up to that purpose, we must first address these barriers including lack of access to equitable housing, education and career opportunities, and systemic racism infrastructures.

Strategically Focusing on Equity

Over the past few years, the CUNA Mutual Group Foundation has centered equity as part of its philanthropic strategy. We knew we wanted to do philanthropy in a different and more impactful way. And we knew we needed to focus on the areas of greatest need to address the racial and socio-economic disparities that exist in our communities to begin breaking down the barriers to building financial security.

For now, our philanthropy is concentrated on making investments in organizations working to reduce and eliminate the racial and socio-economic disparities with a focus on education, economic stability and emergency aid. But as we move forward and continue to listen to the emerging needs of our communities, we are mindful that the focus may need to shift.

Challenging the Ways Things Historically Have Been Done

When we talk about disrupting the way things have always been done, we mean questioning the ways of the past – and acknowledging that just because something was done one way and consistently repeated does not mean it is the right solution for today.

That means engaging deeply with members of our communities and truly listening to their needs. Many times, philanthropic efforts can inadvertently become relationships of “power-over” or “savior-mentality.” Instead, we as a movement need to ensure we are working shoulder-to-shoulder with partners and creating relationships of mutual respect.

Philanthropy should no longer be transactional, and most certainly not authoritative.

Taking Action to Transform Your Giving

In a year of compounding crises, we know we can do more. Now is the time for credit unions to put strategy, action and resources behind their statements of support and into the communities where they live and work. Here are a few things for your credit union to consider:

• Be intentional, strategic and align your giving efforts with your Diversity, Equity and Inclusion initiatives;
• Build relationships of mutual respect with people and partners in your community;
• Validate and trust the work your community partners are doing;
• Make investments that address the disparities impacting your community; and
• Look beyond the dollars by considering the various ways your workforce can contribute, whether it be through advocacy, volunteerism, etc.

All of our giving efforts should address the barriers that exist to fully live out our mission and to help more people. Effecting change and being truly transformative in one’s philanthropy means that the investments must be strategically focused on equity and align with the values of the credit unions and the movement itself. This is a shift that we should and can make.

Alexzandra Shade Director of Corporate Social Responsibility CUNA Mutual Group Madison, Wis.