WINSTON-SALEM, N.C. – Allegacy Federal Credit Union said it has partnered with the Carolinas Credit Union Foundation to launch the Allegacy Foundation, a donor-advised fund that is designed to expand its philanthropic efforts.
According to the credit union, the Allegacy Foundation will address Allegacy’s priorities of food insecurity, health and wellbeing, education, and diversity, equity and inclusion through charitable donations to non-profit organizations within the communities it serves across North Carolina.
“Our members are at the center of everything we do,” said Cathy Pace, Allegacy CEO. “Through this charitable foundation, we will be able to support the organizations and causes they care about most.”
The foundation’s webpage features impact statements about its community giving, a form where non-profits can submit a donation request, and opportunities for Allegacy employees, members and community members to donate funds to the Allegacy Scholarship Program and community development initiatives, according to the credit union.
The Carolinas Credit Union Foundation has served as a partner to credit unions and their community giving efforts for more than 30 years.
“Its mission is to empower and inspire credit unions in the Carolinas to enrich the communities they serve,” the credit union said.
Scholarship Program Expands
In addition, Allegacy FCU said it has expanded its scholarship program funded by the new charitable foundation, The Allegacy Foundation. The credit union will increase its scholarship awards by more than 50%, the CU said.
The enhanced Allegacy Scholarship Program offers up to 10 awards totaling $15,000. Named for Allegacy CEOs Mel Hughes, Ike Keener, and Cathy Pace, the scholarships range in value from $500 for technical and community college students to $2,500 for college and university students, according to Allegacy.
“Through these scholarships, Allegacy aims to remove some of the financial barriers to accessing a higher education,” said Ashley Kohlrus, Allegacy’s EVP-chief operations and digital officer. “What a great way to honor our visionary leaders by giving back to the next generation.”
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