WASHINGTON—NAFCU has joined with the Defense Credit Union Council (DCUC), the Veterans of Foreign Wars (VFW), and CUNA Mutual Group to request that the NCUA amend the definition of “qualified charity” in part 721.3 of the agency’s regulations to include 501(c)(19) veterans’ organizations.
In the letter, the organizations stated that although federal credit unions are allowed to fund a Charitable Donation Account (CDA), NCUA regulations only allow credit unions to donate to “a charitable organization or other non-profit entity recognized as exempt from taxation under section 501(c)(3) of the Internal Revenue Code.”
However, the groups told the agency, it has authority to expand the definition of “qualified charity.”
“These organizations work to meet an unmet need for men and women who served our country, but there is always more that they can be doing,” the organizations wrote. “Every dollar counts in the fight to properly support our servicemembers and bake sales and charity raffles will not suffice. By expanding the definition of ‘qualified charity’ the NCUA can open these veterans’ organizations to donations from CDAs and can make a meaningful difference in their mission.”
Additional Partnerships
Additionally, the organizations told NCUA it is highly likely “every credit union in the country has at least one member who is connected to the military in some way. These credit unions too are prevented from helping veterans’ organizations due to an unnecessarily narrow definition within a regulation.”
By expanding the “qualified charity” definition, credit unions will be able to partner with 501(c)(19) organizations to help veterans deal with crises such as mental health issues, homelessness, and disabilities, the groups suggested.
The Very Best in CU Reporting. Every Morning. To Your Inbox. At a Price Every CFO Will Love.
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.