SNELLVILLE, Ga.–The African-American Credit Union Coalition (AACUC) said it has launched the second phase of the AACUC Future Fund campaign via a charitable donation account (CDA) fund with $26 million in initial investments and Dallas-based ALM First serving as investment advisor.
According to the AACUC, the Future Fund is a “bold, transformative funding source created to ensure the long-term strength and sustainability of the AACUC. “Funding helps support and expand crucial programming that addresses the racial wealth gap, preserves small credit unions, lifts up low-income communities and spreads financial access and inclusion to the underserved.”
The AACUC said the fund also creates an operating reserve that will ensure the continued reach of AACUC across the credit union movement.
Bringing Scale
“Beyond creating an important reserve, the Future Fund will bring scale to three essential pillars of our high-impact strategy for the credit union movement,” AACUC President and CEO Renée Sattiewhite said in a statement. “By investing in the CDA fund, credit unions and other industry partners will support internships and leadership development, long-term small credit union sustainability, and wealth building and community impact programs.”
ALM’s Role
Meanwhile, AACUC said ALM First, a strategic partner for more than 300 financial institutions nationwide, offers Charitable Donation Accounts (CDAs) to assist credit unions in accessing special investment capabilities while supporting their community impact.
The organization said that by utilizing CDA funds, such as the Future Fund, credit unions can fund charitable contributions through investment returns rather than through operating income.
“We’re thrilled to serve as the investment advisor for the AACUC CDA Fund I,” ALM First CEO Emily Hollis said in a statement. “As a trusted partner, we bring a proven track record of performance and seek to simplify the investment process by improving transparency and control over investment decisions so our clients can have a bigger impact. We can’t wait to see the difference this type of long-term funding makes for the AACUC and the entire credit union industry.”
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