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.