Central 1 Credit Union

Central 1 Credit Union

October 21, 2010 08:00 ET

Central 1 Credit Union: B.C. Credit Unions Gave Record $17.8 Million to Community

Donations in 2009 increased by 12%

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 20, 2010) - Credit unions in British Columbia donated a record $17.8 million to charities and community activities in 2009, up 12% from $15.9 million in 2008, says a new survey released today by Credit Union Central of Canada.

The donations were more than 6 per cent of the record $294 million that B.C. credit unions collectively earned in 2009 (before dividends and taxes), far exceeding the one per cent benchmark recommended by the Canadian Centre for Philanthropy through its national Imagine Caring program.

The B.C. report shows increases in most areas. For example, contributions to credit union charitable foundations increased to $3.7 million from $1.9 million a year earlier and the value of reduced, or waived, service charges was $1 million, up from $770,000 the previous year.

This fall, B.C.'s credit unions are enlisting young adults to help them give $100,000 to local charities through an innovative Facebook "Be Remarkable" charity campaign. Learn more at http://www.facebook.com/beremarkable or http://www.beremarkable.com/.

According to the survey:

  • The leading sectors that attracted credit union assistance last year were educational programs and arts, culture and sports. One hundred percent of the B.C. credit unions surveyed provide support to groups within their local communities, while 37 per cent said they helped organizations outside their community, but within the province.
  • Almost 90 per cent of the B.C. credit unions provide scholarships and bursaries for students, up slightly from the previous year. The average amount provided per credit union rose to $20,600 from $16,000, and the total value of scholarships and bursaries was a record $535,000.
  • Almost 80 per cent of the B.C. credit unions said that their employees took part in community activities as part of their paid work and 90 per cent said employees do such activities on their own time.

The report is part of a national survey released to celebrate International Credit Union Day on Thursday, October 21. The day will be marked by financial cooperatives around the world under the theme: Local, Trusted, Serving You.

About B.C. Credit Unions

B.C. has 45 independent credit unions, which collectively operate 370 branches and a network of more than 530 automated teller machines. Credit unions serve more than 140 communities throughout the province, including 42 that have no other financial institution. The credit union system employs more than 8,000 British Columbians.

Contact Information