TAMPA–Credit unions are more than a third of the way toward their goal of raising $1 billion for good works through Charitable Donation Accounts. Charitable Donation Accounts, or CDAs, fund charitable contributions through investment returns rather than operating income, while also diversifying risk and generating sizeable goodwill, according to Members Trust Co.
Members Trust Co. noted it was instrumental in advocating for NCUA’s approval of CDAs.
The company has since launched the grassroots effort for the credit union movement to reach $1 billion in CDAs.
Currently, credit unions have $390 million invested in CDAs.
“CDAs provide credit unions unique opportunities to serve as leaders in our communities through charitable giving,” said Pentagon FCU CEO James Schenck. “While CDA investments can yield high returns, their most important rewards are the funds they raise for charities. CDAs help us fulfill the credit union principle of ‘People Helping People.’”