Financial Wellness

The Cornerstone Foundation embraces the credit union philosophy, “People Helping People,” with a special emphasis on financial wellness.  Financial knowledge, discipline, and action help lift people out of poverty and up to a better quality of life.  The National Credit Union Foundation determined 12 barriers to financial health & well-being for credit union members, staff, and communities. These barriers are known as Development Issues.

Community Development Grants are available to assist Cornerstone credit unions that are ready to combat one or more of the 12 development issues. This grant opportunity is intended to support the unique community development needs of credit union members.

Process

Community Development Grant requests are accepted year-round, and credit unions are eligible for one Community Development Grant per calendar year. A credit union may submit another grant request upon completion of any previous grant-funded project and the submission of a final report so long as the grant request falls in a new year.

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The Cornerstone Foundation Grants Committee will review completed grant requests within two weeks of submission. Incomplete applications will not be accepted. The grants committee places priority on proposals which:

• Clearly demonstrate and document the community need/development issue to be addressed
• Have an evaluation plan to measure both individual and community impact
• Create opportunities and/or decrease disparities for historically marginalized or disinvested communities, people, or groups

Credit unions may apply alone or in conjunction with a nonprofit or other community partner to deliver the programming or events. Credit union partnerships and additional grant opportunities may include:

• Non-profit, community service organizations (Examples: YMCA, Scouts, Boys & Girls Clubs, Consumer Credit Counseling, Community Affordable Housing or Asset Building Organizations)
• Education-related organizations or schools (Examples: Junior Achievement, Partners in Education, Communities in Schools, Newspapers in Education, Schools, Districts, Parent-Teacher Organizations, Educator Continuing Education Programs)
• Religious Organizations (as long as the program or services are open to the community at large and/or credit union membership)
• Projects with a Financial Wellness component
• Hispanic Outreach initiatives
• Community Development Financial Institutions (CDFI) or Minority Depository Institution (MDI) assistance

Community Development grants award a maximum of $10,000 and full funding is not guaranteed. Grant funding will be issued per the Community Development grant agreement.

Funding is awarded based on need and dollars available. If the grant is approved, the credit union must implement the program and expend grant funds within a 12-month period.

Requirements

The following items are required for Community Development Grant request:

• A full project budget (expenses and revenue with a narrative for line items), the amount requested from the Foundation, and how the remaining project revenue will be raised to fully fund the initiative. Sound financial management must be demonstrated by the applicant. 
• Clearly stated goal of the funded project or event must address the documented community needs of the credit union and its members.
• If applicable: A letter of support from the partner organization, clearly stating the community need to be addressed and how the organization will be an active partner.
• If applicable: Proof of the partner organization’s 501c3 tax-exempt status letter, program materials, and a recent annual report.
  

• General operating expenses – which includes, but not limited to the following: technology, digital banking, audits, policy reviews and assessments, equipment, payroll, furniture 
• Capital campaigns or “bricks and mortar”
• Fraternal organizations
• Religious organizations for religious purposes
• Political entities, organizations, or activities 
• Organizations that discriminate on the basis of sex, religion, gender, or national origin
• Sponsorships, golf tournaments and other fundraising events
• Marketing and promotional products
• Scholarships for credit unions’ community partners
• Direct donations to credit unions supporting community nonprofits without a project component

Cornerstone Chapters serve a very important purpose in the credit union system. They are a source of professional and organizational development, local credit union awareness, and community outreach. Credit union chapters also are a centralized source of connection to credit unions for the community. Grants are available for Cornerstone chapters to help them achieve their goals and objectives. 

Each chapter is eligible to apply annually for one of the following:

• Professional Development Grant – Max Grant Size: $2,000
  • Training or educational programs or speakers that will be beneficial to member credit unions
• Community Development Grant – Max Grant Size: $10,000
  • Community Outreach Program that supports one of the 12 development issues
  • (See Community Development Grants for more guidelines)

Deadlines

Professional Development Grant application deadline for 2023 has passed. Please check back later for information regarding deadlines for 2024.

Community Development Grant applications are accepted year-round.

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Funding is awarded based on financial need and availability of funds. A chapter annual budget and a project budget are required. Partial grants may be awarded. Grants must be used in the calendar year they are awarded. Upon receipt of expenses and required grant impact report, grant funds will be issued to the credit union as reimbursement. Chapters will be required to notify all credit union CEO’s in the chapter of the grant award.