On October 18, Alberta’s credit unions will celebrate International Credit Union Day.

Credit Unions in over 90 countries around the world will take this day to reflect on the benefits of the principles under which credit unions are organized. Credit unions recognize the day in a variety of ways; many host membership appreciation events.

Combined credit union assets in Alberta as of July 31, were $7.2 billion, up nearly a billion dollars, from $6.3 billion as of July 31, 2000. In 2000, Alberta’s credit unions posted a record $63 million in profits before tax, nearly half of which were distributed to members in the form of share and patronage dividends.

The return of profits to members is one of the benefits of credit union ownership. Credit unions were founded upon the principle of social responsibility, and it continues to be one of their core philosophies.

A recent survey indicates that through their community involvement and support initiatives, Alberta’s credit unions gave over $1 million to their local communities over the past year. This amount represented 2.4% of pre-tax profits, far exceeding the corporate charitable donation target of 1% recommended by the Canadian Centre for Philanthropy’s Imagine Program.