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CUs Should Understand the Difference between Dora Maxwell and Louise Herring Awards before Submitting Entries
Friday, May 2, 2014 6:45 AM

The Cornerstone Credit Union League is currently accepting entries for the Dora Maxwell Social Responsibility Community Service Award Program and the Louise Herring Philosophy-in-Action Member Service Award, and all entries must be received by July 28. Cornerstone has received a number of emails from credit unions seeking to better understand the difference between the two awards, and the following Q&A should help clarify any confusion credit unions might have.

Question: What's the difference between the Louise Herring Award and the Dora Maxwell Award?

Answer: The Dora Maxwell Social Responsibility Community Service Award is given to a credit union or chapter/multiple credit union group for its social responsibility projects within the community. The award is given for external activities. The Louise Herring Philosophy-in-Action Member Service Award is given to a credit union for its practical application of credit union philosophy within the actual operation of the credit union. It is awarded for internal programs and services that benefit membership.

Question: Can a credit union enter both competitions?

Answer: Yes. Just be sure to clearly define which program the credit union is entering and how the activities submitted meet the program guidelines. Please remember that you CANNOT submit the same entry for both competitions, because each program has different objectives and requirements. Therefore, entries should be tailored to match the defined goals of the particular competition.

Question: How do the Dora and Louise programs differ from the Desjardins program?

Answer: Cornerstone is also accepting entries for the Desjardins Youth and Adult Financial Education awards, and these entries must also be received by July 28. Any activity that teaches personal finance to people of any age are consider financial education and would be eligible for either the Desjardins Youth or the Desjardins Adult award. However, please note that training teachers or lobbying on behalf of state personal finance curriculum requirements are considered community service activities and would be eligible for the Dora Maxwell award. Operating an in-school branch is considered a member service activity and would be eligible for the Louise Herring award.

Question: Can a credit union submit more than one entry in either competition?

Answer. A credit union should submit only one entry per competition. Each entry can list the number of projects conducted in the timeframe established by the league, but the credit union must select one project that best exemplifies the criteria for each award. The questions on the entry form must be completed detailing the one project that was selected.

Question: Why must credit unions supply financial information with their entry in the Louise Herring Philosophy-in-Action Member Service Award, but not the Dora Maxwell Social Responsibility Community Service Award?

Answer: A credit union must be in solid financial condition in order to provide the highest level of service to its members. Sound financial management ensures a credit union's ability to continue to provide that service, as well. Therefore, the entry must include current and previous year’s (two years total) balance sheets and income statements and/or NCUA’s Financial Performance Report (FPR). Entries received without the financial information will be disqualified.

For more information on the recognition award programs, please visit www.cornerstoneleague.coop/awards.html. If you have any questions, please contact Linda Webb-Mañon, vice president of communications & PR, at (469) 385-6486 or 800-442-5762, ext. 6486.  You may also email lwebb-manon@cornerstoneleague.coop.