NEW YORK–Municipal Credit Union said it has made a donation of $2 million to its MCU Foundation to “advance its mission-driven work across New York City communities.”
Half of the investment will be used as an endowment to support the non-profit organization’s operations in 2024 and beyond, according to the $4.2-billion Municipal CU. The remainder will be dedicated to supporting the MCU Foundation’s mission through programming and services.
“Establishing a foundation enables MCU to extend our philanthropic efforts beyond corporate giving,” said Kyle Markland, MCU’s CEO. “Creating a 501(c)(3) organization allows us to invite other members of the community to support the hardworking everyday heroes in our community through donations that further the foundation’s mission to help New Yorkers build generational wealth and eliminate poverty in New York City.”
Since its establishment, the credit union reported the MCU Foundation has successfully launched its first “Basic Necessities” campaign through support from MCU members and partners, providing New Yorkers in need with resources to address food, medicine, and transportation expenses.
The foundation also announced its Academic Scholarship program, which will award cash scholarships to high school seniors across the five boroughs to help them access higher education opportunities. Award recipients will be announced in June, it said.
The Next Step
“The MCU Foundation is proud to take this next step in our organization’s journey and do our part to help New Yorkers and their communities across the city,” said George Chacon, president of the MCU Foundation. “The future of New York City is bright, and we can make it brighter by working together to help New Yorkers not just break out of poverty but also build the generational wealth that ensures a better future for all.”
The MCU Foundation said it will use the investment to advance progress on its goals, connecting hard-working New Yorkers to:
- Resources they can use for basic necessities they need in their everyday lives
- Educational opportunities to build successful careers
- Access to homeownership and the ability to establish or grow generational wealth.
Municipal Credit Union, which exited NCUA conservatorship in February of 2022, reported $71.5-million in net income for 2023, with net worth of 10.44%.
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