Virginia's Credit Unions Donate $1.2 Million, 16,058 Volunteer Hours During 2010

LYNCHBURG, VA (03/02/2011)(readMedia)-- Collectively, Virginia's 191 member-owned, not-for-profit credit unions donated more than $1.28 million and 16,058 volunteer hours to charitable and community organizations in 2010, according to information compiled by the Virginia Credit Union League.

The largest single recipient of Virginia-based credit unions' generosity in 2010 was the Make-A-Wish Foundation, which grants personalized wishes for children and teens with life-threatening illnesses. Virginia-based credit unions donated $350,790 to Make-A-Wish last year. Since 1991, many credit unions in Virginia have championed the Make-A-Wish cause, with total donations of more than $4 million. The donations for 2010 enabled the Make-A-Wish Foundation to grant wishes for as many as 48 Wish kids. (The Make-A-Wish Foundation reports that the average cost of a wish was $7,362, as of March 2009.)

Credit unions in Virginia also support Children's Miracle Network Hospitals®, which raises funds for 170 children's hospitals across North America, which, in turn, use the money where it's needed the most. The Virginia Credit Union League, credit unions' statewide trade association, named Children's Miracle Network Hospitals® its charity-of-choice in 2003. Since then, Virginia's credit unions have raised more than $1.28 million for the Children's Miracle Network Hospitals® serving the Commonwealth, including $203,556 in 2010.

"Credit unions are proud to partner with Children's Miracle Network Hospitals®," said Viki Frankenburger, chairman of the Virginia Credit Union League's Community Involvement Committee and an employee of Richmond-based Virginia Credit Union. "By supporting the children's hospitals in our local communities, we ensure the availability of the finest, state of the art medical services and specialized care. Community involvement has always been important to credit unions, and Children's Miracle Network Hospitals® is a wonderful way that we can show our support."

In addition, Virginia's credit unions are among the sponsors of the Credit Union Cherry Blossom Ten-Mile Run, a world-class foot race held each April in Washington, D.C. Credit unions use their sponsorship of this event to raise funds for Children's Miracle Network Hospitals®, with $858,000 donated in 2010 alone. Credit unions have raised more than $4.5 million since assuming the title sponsorship of the race in 2001.

Nationally, Credit Unions for Kids, an umbrella brand through which credit unions and affiliated organizations support children's hospitals, raised more than $8.3 million for Children's Miracle Network in 2009, the last year for which complete figures are available. Credit Unions for Kids is among the top four contributors to CMN nationwide, having generated more than $83 million for children's hospitals since 1996.

The remainder of Virginia credit unions' 2010 donated funds - some $730,263 - was given to the American Cancer Society, Toys for Tots, the United Way, community food banks, clothes closets and scores of other local and charitable causes.

In addition to money, Virginia's credit unions donated 16,058 volunteer hours to various community and charitable causes during 2010. The value of those hours at minimum wage is approximately $116,420.

Credit unions also spent 4,061 volunteer hours teaching school children about personal finance. During the 2009-2010 school year, credit unions reported reaching 34,355 students, and since 1999, Virginia's credit unions have reached 172,000 school children with lessons on basic budgeting and money management. The Virginia Credit Union League's Board of Directors has identified financial literacy, particularly among youth, as one of its priorities.

In addition to their youth financial education work, Virginia's credit unions reported spending almost $145,000 and investing 4,245 hours of staff time to conduct more than 3,900 hours worth of consumer education seminars in 2010. These seminars covered important consumer issues, including budgeting, savings and investments, car buying, home buying, and the dangers of identity theft.

Virginia's credit unions also formed a non-profit charitable foundation in 2009, to help better coordinate and build on their already successful community service work. The Credit Unions Care Foundation of Virginia disbursed more than $76,500 in 2010 to a variety of causes, including children's hospitals serving Virginia and a $35,000 donation to the Federation of Virginia Food Banks, the Foundation's single largest donation to date.

"More than a century ago, credit unions came to America with a simple 'People Helping People' philosophy and we continue to practice that philosophy today," said Virginia Credit Union League President Rick Pillow. "Credit unions are committed to giving back in the communities we call home. Whether supporting local nonprofit organizations or volunteering our time, we want to be there to lend a helping hand when and where it is needed most."