Energy Capital Credit Union has partnered with the Cornerstone Foundation to establish a Donor Advised Fund, a nonprofit foundation to be named the ECCU Cares Foundation.
A Cornerstone Foundation Donor Advised Fund offers many of the advantages of a private/public credit union foundation without the initial set-up costs, ongoing excise taxes, and administrative expenses. By partnering with the Cornerstone Foundation, a credit union avoids the continual compliance and reporting requirements, as well as a separate accounting system to track the nonprofit’s financials.
“ECCU is thrilled to partner with the Cornerstone Foundation,” said ECCU CFO Corey Cunningham. “Our organizations share the core purpose of helping others and demonstrating to our communities the power behind credit union principles and philosophy.”
The ECCU Cares Foundation will also partner with local charities in the Houston, Cypress, Katy, Spring, and The Woodlands areas. Its mission is to empower good in the communities the credit union serves, including the underserved, to promote financial wellbeing for all.
The ECCU Cares Foundation will be run by an advisory panel made up of staff from all levels at Energy Capital Credit Union.
“We are excited about the opportunity to give back to our community and will also be pairing our charitable donation efforts with volunteerism from our incredible employees at ECCU,” said Cunningham.
“Every day at the credit union, our resilient staff works tirelessly to empower our members with the resources they require to meet life’s financial needs,” said Cunningham. “The ECCU Cares Foundation will serve as another avenue for our staff to be a force for good within the communities we live in and serve each day. We look forward to the team building and community outreach opportunities that will arise from the work we are kicking off with the Foundation this year.”
Cunningham said the ECCU Cares Foundation plans to be live by Sept. 1 but may be up and running sooner, thanks to the assistance and expertise that the Cornerstone Foundation has brought to the process.
“Energy Capital Credit Union is committed to fulfilling the cooperative principles for credit unions,” said ECCU Chief Executive Officer Kanika Boutte. “The Cornerstone Foundation shares this commitment, so our decision to partner with them to bring our vision to fruition was an easy choice.”
If you have questions about Donor Advised Funds, please email Emily Moreno, Cornerstone Foundation grants manager.
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