Disaster Relief

Resource: United. Strong. Ready. Webinar

The Southeastern Credit Union Foundation and the Cornerstone Foundation have partnered to present a complimentary webinar, "United. Strong. Ready: Credit Union Disaster Preparedness," held on June 10, 2021.

During this engaging webinar, you will learn how to best prepare your credit union for any upcoming natural disasters. Special guests will also share their expertise, insights, and practical steps when faced with unforeseen disasters.

Disaster Grants Overview

Disaster Relief Grant

Credit unions are known for their quick and generous support of disaster relief efforts. The Cornerstone Foundation can respond to disasters because of credit unions' commitment to "people helping people." Working together with the National Credit Union Foundation, America's Credit Unions, other Leagues, and affected credit unions, funds are distributed directly to those credit union staff and volunteers in need, so they can stabilize their lives and continue to serve their members. 

The term “disaster” for grant guidelines shall include natural disasters such as hurricanes, tornadoes, floods, earthquakes, wildfires, and other weather disturbances, as well as man-made disasters such as fire and acts of terrorism. The term shall exclude; economic disasters such as recessions and depressions and local, regional, or national health events such as accidents, epidemics, or pandemics.

Eligibility

Cornerstone region credit union staff and volunteers currently employed or serving at the time of the disaster and during the grant process. Grants are limited per household and not per individual. Damages and losses that occur and are eligible to be considered for assistance must be for primary residence or vehicle only. Excessive vehicles, second homes, or places of business shall be excluded. Grants are intended to assist with life sustaining expenses and not lifestyle expenses. 

Disasters may affect only one individual from the credit union or many, and the Cornerstone Credit Union Foundation is able to assist no matter the size of the disaster. 

Process

The Foundation has established a two-phase process when disasters occur:

Phase I Emergency Relief Grant - available to credit union employees and volunteers to assist with immediate disaster relief needs, such as out-of-pocket costs that may result from being evacuated, insurance deductibles, and initial property repairs.

Phase I grant applications are accepted year-round up to 60 days after the disaster occurred. Once submitted, the Cornerstone Foundation grants committee reviews and approves grants of up to $1,000.

Phase II - intended to assist credit union employees and volunteers with additional significant needs. This is implemented only after the distribution of Phase I grants. This phase begins 90 days after the respective disaster and is dependent on the funds available. Phase II grants may be provided up to $5,000. 

Related News