Virginia's credit unions donate $881,000 to charity, community causes in 2009

LYNCHBURG, VA (03/10/2010)(readMedia)-- Collectively, Virginia's 194 member-owned, not-for-profit credit unions donated $881,967 and 13,021 volunteer hours to charitable and community organizations in 2009, according to information compiled by the Virginia Credit Union League.

Credit unions in Virginia are celebrating a milestone this year in their partnership with Children's Miracle Network. Counting the $139,745 given to the charity in 2009, Virginia-based credit unions' total contributions to Children's Miracle Network have now topped $1 million -- collected since the beginning of their partnership in 2003.

Children's Miracle Network is the non-profit organization that raises funds for hospital care and research at the nation's 170 children's hospitals, including the seven that serve Virginia.

"Credit unions are very proud to have reached this $1 million milestone for Children's Miracle Network," says Viki Frankenburger, chairman of the Virginia Credit Union League's Community Involvement Committee and an employee of Richmond-based Virginia Credit Union. "This is a testament to the caring members, volunteers and staff of credit unions all across Virginia."

In addition, Virginia's credit unions are among the sponsors of the Credit Union Cherry Blossom Run, a world-class 10-miler held each April in Washington, D.C. Credit unions use their sponsorship of this event to raise funds for Children's Miracle Network, with more than $1 million donated in 2009 alone. Credit unions have raised more than $3.6 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 $9.3 million for Children's Miracle Network in 2008, 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 $75 million for children's hospitals since 1996.

The largest single recipient of Virginia-based credit unions' generosity in 2009 was the Make-A-Wish Foundation, which grants personalized wishes for children and teens with life-threatening illnesses. Virginia-based credit unions donated $337,025 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 $3.63 million. The donations for 2009 enabled the Make-A-Wish Foundation to grant wishes for as many as 67 Wish kids.

The remainder of 2009's donated funds - some $405,000 - 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 13,021 volunteer hours to various community and charitable causes during 2009. The value of those hours at minimum wage is approximately $94,402.

Credit unions also spent 2,440 volunteer hours teaching school children about personal finance. During the 2008-2009 school year, credit unions reported reaching 33,681 students, and since 1999, Virginia's credit unions have reached more than 137,600 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.

"Consumer education is one of the foundations of the credit union movement," says David Snyder, chairman of the Virginia Credit Union League's Financial Education Committee and an employee of DuPont Community Credit Union, based in Waynesboro, Virginia. "Today's financial services marketplace is fraught with pitfalls that can easily snare those who lack personal financial skills. Credit unions strongly believe that we can make a difference in people's lives - especially the lives of young people - by providing them with the tools they need to make informed financial choices."

In addition to their financial literacy work, Virginia's credit unions reported spending more than $181,305 and investing 5,965 hours of staff time to conduct more than 2,946 hours worth of consumer education seminars in 2009. 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 new Credit Unions Care Foundation of Virginia recently contributed $5,000 to the work of the Salvation Army here in Virginia; gave $5,000 to food banks across the commonwealth; and provided financial support to the Fort Hood, Texas community following the Nov. 5, 2009 shootings. The Foundation's mission encompasses charitable giving, financial education, educational scholarships, community development micro-grants, and disaster relief fundraising and support.

"Credit unions continue to practice the 'People Helping People' philosophy that built our movement here in America a century ago, not only through the financial products and services we provide to members, but also through our community and charitable good works," says Virginia Credit Union League President Rick Pillow. "We're making a difference in direct financial contributions to charitable causes and through thousands of volunteer hours spent raising funds for community groups, building homes through Habitat for Humanity, and in serving as Make-A-Wish volunteers."