September 12, 2003

Millions in funds, services, as well as volunteer time Toronto, ON, September 12, 2003

In 2002, credit unions contributed $20.7 million in Donations, Sponsorships and Economic Development.

In the second annual national survey of credit union community involvement, there is even more reason to celebrate the generosity of the credit union system. For 2002, credit union respondents said they contributed $20.7 million to community involvement via donations, sponsorships and economic development contributions.

The 2002 Credit Union Community Involvement Survey was conducted for Credit Union Central of Canada, covering nine provinces. Thanks to greater participation in the survey, results are up significantly from the $16.7 million figure that was reported for 2001. “Historically, credit unions have always taken a leadership role in their local communities,” noted Joanne De Laurentiis, President & CEO, Credit Union Central of Canada. “This survey provides quantifiable evidence of just how much we care. Locally controlled and communityfocused, credit unions are financial institutions that provide more than excellence in financial services. Our philanthropy is focused on our communities, because that’s where our roots are.”

The survey was conducted by Ipsos-Reid in 2003 and included responses from 323 of Canada’s credit unions and caisses populaires in nine provinces. The response rate is up significantly from the previous year, when 264 credit unions from seven provinces responded and aggregate data from another two provinces was included in the total result. The 2002 survey shows that credit unions contributed $13.7 million in monetary support — donations and sponsorships — to worthwhile causes during the year. Reflecting their commitment to local communities, the large majority of credit unions (94%) said they donated to organizations within their trade areas, while a significant proportion (48%) made donations to organizations outside their trade area, but within their province.

What types of organizations benefited? Due to the diversity of the credit union system, “other” non-profit organizations were cited as recipients of donations and scholarships most often (221). Also high on the list were sports teams/associations (142), health care causes (130), arts and culture (118), schools and colleges (105), and economic development efforts (102).

The credit union system gave another $846 thousand in the form of scholarships and bursaries, which were offered by 222 credit unions. In addition, 29 credit unions disclosed that they contributed $2.8 million to their charitable foundations.