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CUs Escape Damage from Arkansas Tornadoes; Cornerstone CU Foundation Poised to Help Affected Staff
Tuesday, April 29, 2014 7:00 AM

Thus far, it seems that credit unions in Arkansas have escaped damage from recent tornadoes, and the Cornerstone Credit Union Foundation is aware of at least one credit union employee whose home was damaged. The VA Hospital FCU employee in Little Rock, Ark. has been provided with a disaster relief grant application from the Cornerstone Credit Union Foundation.

In times of crisis, Executive Director Courtney Moran says the Foundation is here to help credit unions and staff get back on their feet. As a reminder, the Foundation’s Disaster Relief Program is carried out in three 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.