October 18

Credit unions across Canada contributed $34.7 million to community efforts last year, a 10 per cent increase over 2005, a new survey shows.

Across the country each year, credit unions support sports teams, finance affordable housing, assist students and reduce or waive service charges for community groups.

“Each year credit unions demonstrate their commitment to their communities,” said David Phillips,  president and chief executive officer of Credit Union Central of Canada. “The credit union difference is shown in action thousands of times each year with donations of time, money and expertise.”

The sixth annual national survey of credit union philanthropy demonstrated 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 $24.6 million in this area, up about 9 per cent from the previous year.

Credit unions donated $3.9 million to their own charitable foundations, handed out $1.1 million in scholarships and bursaries and provided $3.1 million in financial services to community organizations, largely by reducing or waiving service charges for such groups.

In addition to money, employees of credit unions offered their time volunteering for community activities and organizations. In 2006, 59 per cent of the credit unions surveyed said their employees participated in community activities as part of their paid work. The employees contributed 276,000 hours.

A total of 323 credit unions took part in the 2006 Credit Union Community Involvement Survey. There are 476 credit unions with five million members and assets of $99.5 billion affiliated with Canadian Central.

Under the theme of Own Your Future, credit unions across the country are celebrating Credit Union Day on Oct. 18, part of Co-op Week. Hundreds of events will be held to celebrate the co-operative spirit.