Oklahoma Community CU partners with Cornerstone Foundation to open Donor Advised Fund

Oklahoma Community Credit Union’s OK Community Cares Foundation will launch Sept. 22 at the credit union’s member appreciation event known as The Bash, said the credit union’s CEO Daniel Thrasher.

“OK Community Cares is a foundation of Oklahoma Community Credit Union that is managed by the Cornerstone Foundation Donor Advised Fund Program,” Thrasher said. 

The fund will support organizations that benefit local communities, promote financial well-being, or enhance educational experiences in the credit union’s service area, he said. These organizations will be able to apply for grants that will be distributed by a committee appointed by the board of directors of Oklahoma Community Credit Union.

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 the need for a separate accounting system to track the nonprofit’s financials.

Thrasher said the OK Community Cares Foundation would benefit organizations with 501(c)3 status, recognized municipal or county-level government entities that operate a program to benefit their community, or public schools and universities that operate inside the credit union's service area. Any such organization may apply for foundation grants.

The service area of Oklahoma Community is Payne, Lincoln, Logan, Noble, and Pawnee counties in north central Oklahoma.

“Following our mission and the cooperative principle of Concern for Community, we hope our foundation will not only financially support projects and services in our service area, but also help us share stories of those organization on our website and social media to help our members be more aware of ways they can plug into our communities,” Thrasher said.

He added that when the communities OK Community serves are strong, the members and employees will have great places to live, work, and attend school, which makes the credit union stronger as well.

“We hope OK Community Cares will be a tool to help organizations and schools in our service area enhance their communities and financial literacy,” Thrasher said.

He added that launching the credit union’s foundation would not have been possible without the assistance of the Cornerstone Foundation's Donor Advised Fund program.

“While we had a strong desire to give back to our communities, as a small-to-midsized credit union, we didn't necessarily have the resources to operate a foundation on our own. The Cornerstone Foundation helped fill this gap for us and allowed us to launch this foundation much sooner than we originally projected in our strategic plan."

If you have questions about Donor Advised Funds, please email Emily Moreno, Cornerstone Foundation grants manager.