October 16, 2008

Credit unions across Canada are celebrating International Credit Union Day and highlighting the more than $35.8 million they contributed to community efforts last year.

Across the country each year, credit unions support local services, community initiatives and sports teams, finance affordable housing, assist students and reduce or waive service charges for community groups. Last year’s record total was a 3 per cent increase over 2006.

The seventh annual national survey of credit union philanthropy shows that credit unions support their local communities with money, services and time. Credit unions are member-owned financial institutions with a strong local focus.

The largest category of support was donations and sponsorships. Credit unions gave $25.3 million in this area, up about 3 per cent from the previous year.  Credit unions also donated $3.7 million to their own charitable foundations, handed out more than $900,000 in scholarships and bursaries and provided $2.8 million in financial services to community organizations, largely by reducing or waiving service charges for such groups.

In addition to money, credit union employees volunteered for community activities and organizations. In 2007, 47 per cent of the credit unions surveyed said their employees participated in community activities as part of their paid work and 67 per cent of  employees volunteered on their own time.

A total of 299 credit unions took part in the 2007 Credit Union Community Involvement Survey. There are 449 credit unions with more five million members and assets of $109 billion affiliated with Canadian Central.

Under the theme of It Belongs To Me, credit unions across the country and around the world are celebrating International Credit Union Day on Oct. 16. Canadian celebrations are part of part of Co-op Week.