As not-for-profit financial cooperatives, credit unions operate under a universal set of operating principles that distinguish them from their for-profit counterparts (banks), in the financial services industry.  The seven principals I will listed below help to guide how we support our community through financial donations and gifts, and are adopted by the International Co-operative Alliance.

Credit Union Philanthropy Principles

• Voluntary and open membership - Members contribute equitably to, and democratically control, the capital of their cooperative. 
• Democratic member control - Cooperatives are autonomous, self-help organizations controlled by their members.
• Members’ economic participation - Education and training for members, elected representatives (directors/trustees), CEOs, and employees help them effectively contribute to the development of their cooperatives.
• Autonomy and independence - Cooperatives are autonomous, self-help organizations controlled by their members.
• Educations, training and information - Education and training for members, elected representatives (directors/trustees), CEOs, and employees help them effectively contribute to the development of their cooperatives.
• Cooperation among cooperatives - By working together through local, national, regional and international structures, cooperatives improve services, bolster local economies, and deal more effectively with social and community needs.
• Concern for community - Cooperatives work for the sustainable development of their communities through policies supported by the membership.

Of particular interest is operating principle seven, “concern for community.” This principle provides that credit unions have a concern beyond their membership that extends to the community. This principle forms the cornerstone for credit union’s philanthropic endeavors. Being charitable is really part of credit unions’ DNA.

By focusing on the community where their members work, worship, live and attend school, among other things, credit unions leverage their local presence to provide local service to members.

Local service and concern for community can mean several things to a credit union. Among these things are:

• Affordable, appropriate financial products and services for members
• Community leadership
• Collaboration
• Stewardship
• Charitable giving
• Educating members and communities about financial issues
• Putting members’ needs first when engaging in philanthropy

For more information about First Alliance Credit Union, visit us here. For more information about credit unions, and to find one near you, visit yourmoneyfurther.com