RICHMOND, Va.–Virginia Credit Union has made a $5-million donation to Virginia Commonwealth University for two endowments at the VCU School of Business.
According to the organizations, the Virginia Credit Union Endowment for Financial Wellness will support new and expanded programming to ensure that the wider VCU community of students, faculty and staff are financially healthy. A new endowed position, the Virginia Credit Union Director for Financial Wellness, will serve as champion of university-wide collaboration and related scholarship. Programming will begin immediately and grow as the pledged endowments are funded over the next five years, according to the credit union and VCU.
“Through our first-ever endowments, we will further our mission to serve the commonwealth of Virginia. These new programs, instruction and research can help VCU students to reduce debt and ensure lifelong financial independence,” said Chris Shockley, president and CEO of Virginia Credit Union.
The Affordability Challenge
The VCU School of Business enrolls nearly 4,000 students at the undergraduate and graduate levels. More than 15,000 School of Business alumni work in Richmond-based companies.
“College affordability is a concern nationwide and for students in the commonwealth. Students must balance their desire for higher education with the challenge of affording it,” said VCU President Michael Rao. “We want students to make wise financial decisions before they enroll at VCU, while they are students, and as alumni. Our partnership with Virginia Credit Union has addressed this for several years; this gift reinforces how important financial wellness is for VCU and the region.”
The $3.6-billion Virginia Credit Union has approximately 278,000 members.