Friends of the Foundation Membership

While participation in a shared branching network or a shared ATM network is not required in order to add Friends of the Foundation to your filed of membership, CUs will be required to demonstrate to their respective regulator or supervisory authority the CU’s ability to serve the members of Foundation including any other regulatory or statutory requirements relative to reasonable proximity to a service facility that may be applicable to adding groups to a credit union’s filed of membership. Many CUs meet this requirement through participation in shared branching and shared ATM networks.

1. The Cornerstone Foundation will prepare a sponsor letter requesting that your credit union add the Foundation as an Affiliate Association to your approved field of membership. 
   
2. The Foundation will provide said letter and Foundation bylaws to the credit union. 
   
3. The credit union will submit the letter and bylaws to the NCUA or State Regulator for approval. The credit union will also need to submit the request pursuant to the procedures required by their regulator (e.g., 4015-EZ, 4015-A, or 4015 form).

There are a couple of different options for submitting Friends’ names, contact information, and membership dues to the Foundation. Foundation staff will work with each credit union to determine the best option to ensure compliance and facilitation of necessary information. 

• 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, etc. for the CUs in the Cornerstone region – truly a WIN, WIN 
• Increases overall credit union awareness and membership
• Maximizes resources - People Helping People 
• B to C for the Foundation – great benefits for the community

The annual membership fee is $15. Friends will have the opportunity to renew on their anniversary date. 

Yes, businesses are eligible. However, this does not mean that employees of said business are Friends of the Foundation as well. They may become Friends, but they would have to pay the annual membership fee separately. 

Yes, the Friend is considered a life-long member of the credit union after the initial membership fee has been paid, however, they will no longer receive Friends of the Foundation membership benefits. 

• Champion the people helping people philosophy through monetary and system support.
• Receive a quarterly electronic newsletter from the Foundation on resources, programs, upcoming events, and volunteer opportunities.
• Become eligible for membership opportunities with participating credit unions to access financial products and services.
• Access 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. BALANCE also offers free monthly webinars and workshops.
• Opportunity to elect two Advisory Trustees to represent the interest of the membership on the Cornerstone Foundation’s Board of Trustees.