Randolph-Brooks FCU Invests in Community Investment Fund
|LIVE OAK, Texas (6/21/07) – To support three statewide initiatives and national programs benefiting credit union members, Randolph-Brooks Federal Credit Union has doubled its investment in the Community Investment Fund (CIF) to $10 million. It’s now the fifth-largest CIF investment in the nation by a credit union serving individual members.|
“Increasing our CIF investment exemplifies the credit union philosophy of people helping people,” said Randy Smith, President and CEO of Randolph-Brooks. “Knowing our investment earnings will benefit credit union initiatives made the decision to increase our investment easy,” he continued.
Statewide, up to 1% of the earnings on Randolph-Brooks’ CIF investment will support four funds administered by the Texas Credit Union Foundation and/or the Texas Credit Union League: the Financial Education Fund, the Richard L. Ensweiler Hispanic Outreach Fund, the Development Fund, and the Small Credit Union Fund.
“Through the Community Investment Fund, the Texas Credit Union League and the Texas Credit Union Foundation work together to strengthen our credit union movement in many ways,” explains Richard L. Ensweiler, who serves as president of both the league and the foundation. “CIF investments help teach consumers how to manage their money to improve their lives, expand credit unions’ ability to serve our growing Hispanic population, and provide smaller credit unions with resources they need to better serve their members.”
• The Texas Credit Union Foundation Financial Education Fund supports financial literacy programs throughout the state, such as sponsorships of Newspapers In Education, the Stock Market Game, and State 4-H Consumer Decision Making contest.
• The Hispanic Outreach Fund created a signature program, Juntos Avanzamos, which certifies Texas credit unions’ capacity to serve Hispanic populations.
• The Development Fund can be used for a variety of financial services and education programs to serve diverse groups of Texas credit union members and their communities. The Development Fund may also be used to implement the National Credit Union Foundation’s signature program, REAL Solutions, in Texas.
• The Small Credit Union Fund provides credit unions under $20 million in assets with grants for professional development, planning sessions, audits, software, equipment, and other needed resources.
Nationally, up to 1% of the earnings on Randolph-Brooks’ CIF investment will support four National Credit Union Foundation programs:
• REAL Solutions, empowering credit unions to offer new services that are proving effective in serving consumers who are struggling to save or build assets;
• Credit Union Development Education, promoting cooperative principles and credit union philosophy to make a positive impact in communities around the world;
• Social Impact Management Institutes, making the business case for social responsibility initiatives that meet a “triple bottom line” benefiting credit unions, their members, and their communities;
• Innovation Grants, encouraging credit union innovations through creative grant-making.
CIF investing credit unions retain all earnings over 2%. For this unique way of distributing charitable donations, the CIF has earned the Association of Fundraising Professionals’ Award for Excellence in Fundraising.
“The Community Investment Fund is a unique way for credit unions to make an impact in the credit union community as well as their own communities,” explains National Credit Union Foundation Executive Director Steve Delfin. “Thanks to strong support from leading credit unions like Randolph-Brooks, the CIF has become a primary funding resource for innovative programs that are helping credit unions grow stronger while fulfilling their mission.”