Friday, August 2, 2013

Credit unions continue to give back to local communities

Every year, Manitoba’s credit unions give back to the communities they serve in a variety of different ways. Whether it’s through charitable donations, scholarships, community sponsorships or volunteer hours, credit unions continue to support their communities.
In 2012, that support once again reached impressive heights. Collectively, Manitoba’s credit unions gave just under $3.5 million back to their communities in the form of sponsorships ($1.66 million to community initiatives and groups) and donations ($1.8 million to charity). Credit unions also provided a further $480,000 in in-kind donations.
The support didn’t stop there, though. Twenty-two credit unions donated a total of 14,620 volunteer hours so their employees could help out in their communities. Additionally, 20 credit unions provided discounted services to community organizations — discounts totaling nearly $100,000.
Manitoba’s credit unions also understand the importance of education and supporting the province’s youth, which is why 34 credit unions, Credit Union Central of Manitoba and the Credit Union Managers Association of Manitoba awarded cash bursaries worth $144,600 to 242 Manitoba students to further their educations.
Finally, credit unions also support their communities in one other important way: by returning profits to their members, thereby returning money back to the communities they serve. In 2012, Manitoba’s credit unions returned a total of $12.45 million to members through the allocation of surplus shares ($7.78 million) and cash ($4.66 million). Members also received an additional $5.2 million in share redemptions and dividends on surplus shares.

Modern Earth Web Design, Winnipeg, Manitoba, Canada