The Cornerstone Credit Union Foundation (CSCUF) says it is poised to help those credit unions and their employees impacted by the tornadoes in the Arkansas area.
"In times of crisis, the Foundation is here to help our credit unions and their staff get back on their feet so that they in turn can be there for their members," says CSCUF Executive Director Courtney Moran.
Moran says CSCUF is currently assessing the situation to determine the scope of damage our credit unions and their staff might have experienced. If it is determined that the damage is widespread, CSCUF will activate its disaster relief fund.
As a reminder, the Foundation’s Disaster Relief Program is carried out in 3 phases.
Phase One Emergency Grants are provided to credit union employees to assist with immediate disaster relief needs, such as out of pocket costs that may result from being evacuated. These grants are up to $500 per credit union employee, up to 60 days after disaster struck. The intent of these grants is to help stabilize the credit union employee’s individual situation so they are able to return to work.
Phase Two Disaster Relief Grants are intended to assist credit union employees with significant needs. Phase Two will be implemented following the distribution of Phase One Grants. Amounts of grants will be dependent on the amount of disaster relief funds available, but usually range from $1,000 - $5,000. CSCUF will issue a call to the CEO’s of affected credit unions for Phase II Grant Applications, beginning 90 days after disaster has struck.
Phase Three grants are intended to follow-up with those credit union employees who suffered catastrophic loss and are still needing assistance after Phase II grants have been distributed. Phase III will begin 180 days after the respective disaster.
If your credit union staff has sustained damage from the storms, please contact the Cornerstone Credit Union Foundation at (800) 953-8283.