Fourth Quarter 2008
Foundation awards $178,253 in 2008 scholarships & grants
During 2008, the Illinois Credit Union Foundation (ICU Foundation) awarded $178,253 in scholarships, as well as Community Service, Marketing and Business Development, Small Credit Union Development (SCUD), and Financial Independence and Revitalization Effort (FIRE) grants.
In addition to the awards listed by category below, the ICU Foundation also provided financial support for ICUL’s Small Asset Size Credit Union Conference and for Bank Secrecy Act training sessions for small credit unions. The awards and their corresponding amounts for 2008 included:
Community Service grants totaling $16,500 were awarded to five chapters and seven credit unions, as well as the Washington Credit Union Foundation for underwriting support of Biz Kid$ and the World Council of Credit Unions for general support. This program is designed to encourage and reward chapter or credit union participation in local community projects. Credit unions and chapters can qualify for grants by hosting an established event, creating an event, or volunteering at an established event. Recipients included:
- Alliant CU, Chicago
- Chapter - Boyle -- Community Shred Day
- Chapter - DeRamus -- Community Shred Day
- Chapter - Egyptian -- Holiday Events for Seniors & Youth
- Chapter - Illinois Quad Cities -- Community Shred Day
- Chapter - Southern Illinois -- WAVE Holiday Party
- DHCU Community CU -- Shoes That Fit
- Meadows CU -- Community Shred Day
- Prairieland FCU -- Community Shred Day
- SIU CU -- Dress for Success-Reinvented
- Streator Onized CU -- Taste of the Town Fundraiser
- University of Illinois ECU -- Operation Sleighbell
- Washington CU Foundation -- Biz Kid$ Underwriting
- World Council of Credit Unions -- General Support
Financial Independence and Revitalization Effort (FIRE) grants totaling $20,000 were awarded to two credit unions. The purpose of the FIRE Program is to provide assistance to credit unions to expand their ability to build and maintain viable communities by providing credit and financial services to residents and businesses in low-income and underserved areas of Illinois. The goal of the FIRE Program is to enhance membership services for credit unions located in economically disadvantaged areas. FIRE grant recipients included:
- Prairie Trail CU
- Vienna Correctional Center CU
Marketing and Business Development grants totaling $16,300 were awarded to five credit unions. Established in 2006, these grants help credit unions with assets of up to $30 million to start or expand outreach efforts. The maximum grant award is $5,000 per credit union per year. Recipients included:
- 1st Northwest FCU
- Community Plus FCU
- Metro Fellowship FCU
- Parish Members CU
- South Side Community FCU
Small Credit Union Development (SCUD) grants totaling $80,710 were awarded to 37 credit unions. These grants are designed to help credit unions with assets of less than $10 million remain competitive in an increasingly complex marketplace. Grant funds can be used for items such as computer equipment, software, new products and services, and planning sessions. Credit unions that received SCUD grants included:
- Alton & Southern Railroad EFCU
- Alton Route CU
- American Nickeloid ECU
- Bell Financial Community CU
- Bloom Township High School CU
- Branch 825 NALC CU
- Chicago Fire Officers Assn CU
- Chicago Heights Steel CU
- Citizen's Community CU
- Compaction America FCU
- D-B ECU
- DeKalb County CU
- District 123 FCU
- Eaton ECU
- Electric Energy, Inc. ECU
- Fellowship Baptist Church CU
- Flossmoor CU
- Funeral Service CU
- Granite City EFCU
- Holy Family Oglesby FCU
- Homewood FCU
- Illinois Central Area CU
- Imperial ECU
- Kankakee County Federal EFCU
- Local 701 IBEW FCU
- MADCO Postal FCU
- Maine Township Schools CU
- Milledgeville Community CU
- Morrison Community FCU
- Motor Coach ECU
- North Side Community FCU
- Oak Lawn Municipal ECU
- Ryerson ECU
- Springfield City ECU
- Sweetheart Cup FCU
- Teachers CU of Warren County
- Urbana Municipal ECU
Scholarships to the tune of $39,305 were awarded to 46 credit unions and six chapters. Individuals and groups (as a chapter or group of credit unions) are welcome to apply. Scholarships may be used toward ICUL’s many educational opportunities, as well as CUNA Schools. Those chapters and credit unions that received scholarships included:
- 1st Northwest FCU
- ABBCO Community CU
- Alton & Southern RR EFCU
- Alton Bell Community CU
- Ambraw FCU
- Armour Kankakee CU
- Aurora Chapter
- Bakelite Ottawa Plastics CU
- Blackhawk Area CU
- Blaw Knox CU
- Bloomington Municipal CU
- Canaan CU
- Canals & Trails CU
- CARUS ECU
- Citizens Community CU
- CommonWealth CU
- Community Healthcare CU
- Community Plus FCU
- CTA C&M FCU
- DeKalb CU
- Doig Chapter
- Elgin City CU
- Flossmoor CU
- H-F CU
- IAM CU
- IBEW Local 146 CU
- Illinois Central Area CU
- Jeff-Co Schools FCU
- Kankakee County Federal EFCU
- Kaskaskia Valley Comm. CU
- Members First Community CU
- Motor Coach ECU
- Murray ECU
- Peoria City ECU
- Peoria Hiway CU
- Peoria Journal Star CU
- Pilgrim Baptist Church CU
- Quad Cities Postal CU
- Quincy Chapter
- Rock Valley FCU
- Rockford Area Chapter
- Rockford Postal ECU
- Salt Creek CU
- School District No. 9 CU
- South Side Community FCU
- Springfield City ECU
- Three Rivers Community CU
- United Catholic CU
- Urbana Municipal CU
- USA One National CU
- VAMCO CU
- Will County Chapter
“The Foundation was able to provide these scholarships and grants thanks to the generosity of credit unions and individuals who provide financial support," said Vicki Ponzo, ICU Foundation executive director.
For 2009, grant application review deadlines will be March 31, July 31, and October 31. The main scholarship application deadline is March 31. Grant and scholarship seekers are encouraged to complete and return the application form to the Foundation as early in the year as possible since both are awarded on a first-come, first-served basis. Scholarship and grant applications will be reviewed and awarded as long as funds are available. Online and downloadable ICU Foundation grant request forms are available via the League's website. Eligibility is limited to Illinois credit unions and chapters.
Established in 1978 to foster credit union ideals and philosophy throughout Illinois, the ICU Foundation has awarded more than $2.6 million in grants, scholarships, and other assistance.