Canadian credit unions increased their support of community projects to $42.1 million in 2008, up 18% from $35.8 million in 2007, a new survey shows.

In keeping with the credit union philosophy of a strong local focus, more than 80% of the donations supported charitable efforts in the local communities where credit unions operate.

Credit unions celebrated International Credit Union Day Thursay as part of Co-op Week, which runs from October 11-17.

In 2008, credit unions provided donations to groups, sponsorships, scholarships, supported charitable foundations and provided free, or reduced-cost, financial services to community groups.

“During the recent tough economic times credit unions have increased their support for local community projects,” says David Phillips, president and CEO of Credit Union Central of Canada (Canadian Central). “Every day credit unions help their communities by providing time, money and expertise. These actions flow from the co-operative principles that are at the core of the credit union difference.”

The annual survey done for Canadian Central, the national trade association for the credit union system, has shown a steady increase in donations over the past eight years since the first survey was done.

The bulk of the assistance in 2008 was in donations and sponsorships — $30.6 million, up from $25.4 million in 2007. Credit unions also provided $4.2 million in financial services to community organizations; $3.1 million in donations-in-kind; $2.9 million in contributions to credit union charitable foundations; and $1.3 million in scholarships.

The survey gathered responses from 325 of the 438 credit unions affiliated with Canadian Central in 2008, representing 96% of the assets in the system. There are currently 427 credit unions affiliated with Canadian Central and they have more than five million members and assets of $117 billion.

A copy of the 2009 report Social Responsibility and Canada’s Credit Unions can be found www.cucentral.com/SocialResponsibility2009.

IE