475 Credit Unions Give More Than $91 Million in Contributions to Communities
CU Social Good reports cash donations surged during the first year of the pandemic.
Though the pandemic stopped just about everything in 2020, the coronavirus never stopped credit unions from their mission of people helping people.
According to CU Social Good, a website that showcases stories from credit unions from around the nation on how they support their communities, credit unions substantially stepped up their cash donations to charitable causes during the first year of the pandemic.
In 2020, CUSG reported that it received more than 1,960 stories from participating credit unions – nearly twice the number from 2019. The data collected from those stories for year-end 2020 showed credit unions made more than $83 million in cash donations to charitable causes, community organizations, and essential businesses and workers.
An additional $8.7 million was provided in scholarships, donations to Children’s Miracle Network Hospitals and tangible goods, including personal protection equipment.
That total amounts to $91.7 million in direct impact that 475 credit unions have reported, according to CUSG.
The organization pointed out the direct impact total does not include the Paycheck Protection Program loans for small businesses, or helping members with fee waivers, loan extensions and deferred payments, while continuing to provide financial education and counseling to those who need guidance and support during this difficult time.
In 2019, credit union cash donations reported to CUSG totaled $19.2 million, with another $8.3 million provided in scholarships, donations to CMN Hospitals and tangible goods such as food items and school supplies. That’s $27.5 million in direct impact reported in 2019, according to data collected from the 1,000 stories submitted by credit unions from around the country.
Since 2013, CUSG has been collecting and posting stories on the positive impact credit unions have made and continue to make in their communities, and for members and employees.
CUSG is a free platform, thanks to the support of many leagues and associations.
The organization welcomes credit unions to share their stories about charitable donations, fundraising activities, scholarships, financial literacy efforts and volunteer work. Visit cusocialgood.com or email sharestories@cusocialgood.com for more information.