Announcing Friends of the Foundation, a new initiative to ensure sustainability and expand FOM
Posted: Aug 30, 2023 | Author:
The Cornerstone Foundation has announced the launch of Friends of the Foundation, a new initiative to help ensure the sustainability of the credit union movement and expand eligible credit unions’ field of membership.
“The program is a unique way for eligible credit unions in the Cornerstone five-state region to expand their fields of membership,” said Cornerstone Foundation Executive Director Courtney Moran. “By adding Cornerstone Foundation as an
affiliate association to the credit unions’ field of membership, all ‘Friends of the Foundation’ will then be eligible to join the credit union.”
Any individual can become a friend of the Foundation by applying on the Cornerstone website or through their credit union. A credit union can participate by signing up with Cornerstone Foundation. The annual membership fee for each Friend of the Foundation
Frequently asked questions to help you understand this new initiative
Is my credit union eligible to participate in the Friends of the Foundation program?
- Multiple-common-bond, federally chartered credit unions can submit a request to NCUA to add the Foundation as an affiliate association to their charter.
- Subject to each state’s FOM rules, state charters may also submit a request to add the Foundation to their FOM.
What are the benefits of adding the Cornerstone Foundation as an affiliate association?
- Expands the credit union’s footprint.
- Most credit unions are already partnering with local organizations for this purpose (JumpStart, etc.). Using the Foundation keeps those membership dollars in the credit union space and translates to grant dollars and other benefits for credit unions
in the Cornerstone region.
- Increases overall credit union awareness and membership.
What benefits do Friends of the Foundation receive?
- The “people helping people” philosophy in action through monetary and system support.
- A quarterly electronic newsletter from the Foundation on resources, programs, upcoming events, and volunteer opportunities.
- Eligibility for membership opportunities with participating credit unions to access financial products and services.
- Access to free, one-on-one financial counseling, debt management services, and financial education resources through the Foundation’s partnership with BALANCE, a leading national nonprofit organization, which offers free monthly webinars and
- The opportunity to elect two advisory trustees to represent the interests of the membership on the Cornerstone Foundation’s Board of Trustees.
Visit the Cornerstone website to learn how to become a Friend of the Foundation today. You can also email Courtney Moran for more information.