Credit Unions Contribute Record Amount to Community Projects

    TORONTO, Oct. 18 /CNW/ - Credit unions across Canada contributed
$34.7 million to community efforts last year, a 10 per cent increase over
2005, a new survey shows.
    Across the country each year, credit unions support sports teams, finance
affordable housing, assist students and reduce or waive service charges for
community groups.
    "Each year credit unions demonstrate their commitment to their
communities," said David Phillips, president and chief executive officer of
Credit Union Central of Canada. "The credit union difference is shown in
action thousands of times each year with donations of time, money and
    The sixth annual national survey of credit union philanthropy
demonstrated that credit unions support their local communities with money,
services and time. Credit unions are member-owned financial institutions with
a strong local focus.
    The largest category of support was donations and sponsorships. Credit
unions gave $24.6 million in this area, up about 9 per cent from the previous
    Credit unions donated $3.9 million to their own charitable foundations,
handed out $1.1 million in scholarships and bursaries and provided
$3.1 million in financial services to community organizations, largely by
reducing or waiving service charges for such groups.
    In addition to money, employees of credit unions offered their time
volunteering for community activities and organizations. In 2006, 59 per cent
of the credit unions surveyed said their employees participated in community
activities as part of their paid work. The employees contributed 276,000
    A total of 323 credit unions took part in the 2006 Credit Union Community
Involvement Survey. There are 476 credit unions with five million members and
assets of $99.5 billion affiliated with Canadian Central.
    Under the theme of Own Your Future, credit unions across the country are
celebrating Credit Union Day on Oct. 18, part of Co-op Week. Hundreds of
events will be held to celebrate the co-operative spirit.

For further information:

For further information: Art Chamberlain, Manager, Media Relations,
(416) 232-3466,

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