TYSONS, Va.–The PenFed Foundation has been named “Nonprofit of the Year” by the Northern Virginia Chamber of Commerce. The award, which is a part of the Chamber’s 2020 Greater Washington Good Business Awards, honors and celebrates the leadership of individuals, businesses and nonprofits that serve as powerful champions for good in the Greater Washington Area.
PenFed Foundation President and retired U.S. Army Gen. John “Mick” Nicholson accepted the award on behalf of the thousands of veterans and service members the Foundation serves each year during a virtual ceremony with Northern Virginia Chamber of Commerce officials.
“All of us here at the PenFed Foundation want to thank the Northern Virginia Chamber of Commerce for this tremendous distinction,” said Gen. Nicholson. “We focus on the financial well-being of service members and veterans. Our vision is that every service member would be able to serve our nation free of financial worry and that veterans can realize the financial stability and opportunity that they deserve after serving our nation.”
Award judges were particularly impressed with the Foundation’s quick action in creating the COVID-19 Emergency Finance Relief Program. In March, PenFed Foundation became the first national Veterans Service Organization (VSO) to launch a COVID-19 relief program for emergency financial assistance for the military community. The program received national media attention and the response was overwhelming with over 6,000 applications in the first four days.
To date, more than 560 military families have been helped through the program and more than $600,000 in COVID-19 emergency relief has been provided to veterans and active duty service members. The Foundation also provided the veteran-owned business community with online resources and education to assist with economic recovery.
The PenFed Foundation – PenFed Credit Union’s charitable arm – was created in 2001 and, since then, has provided more than $38.5 million in financial support to veterans, active-duty service members, families and caregivers.