Educational Committee Co-Chair Annual Report

The Educational Committee wishes to express appreciation to the Board of Directors for their support of community activities. We would like to thank the Advisory Committees of Sacramento, Albany, Syracuse, Boston and Portland for their valuable input and for being the conduit for their communities to help us keep abreast of the needs and desires of our common bond areas.

      This past year the Educational Committee operated under the “Criteria Governing Financial Community Support from the UFCU Educational committee” as approved by the Board of Directors in 2002. (See Criteria reprinted at the end of this report). Any request that arrived from one of our branch areas that was not reviewed by the respective Advisory committee was forwarded to that Committee for their input and comments before any action were recommended.

      This past year the Educational Committee started an evaluation of its effectiveness given the coast-to-coast organization and the need to standardize its process for accepting, reviewing and recommending community support. We hope to have this work completed by the annual meeting or not later than the 1st quarter of 2008. Some of the ideas will serve to provide a more active role for the Advisory Committee as they relate to the educational Committee, forming an advisory committee for the Rochester branch, publishing a standard form to be used when applying for financial support, and revising the criteria Governing Financial Community Support as defined by latest NCUA rules.

      Members of the Scholarship Committee continue to make changes that would benefit the application and submission process for our student members and make the awarding of the academic scholarships a more memorable event for our members.

This past year the educational Committee recommended and with the Board of Directors approval disbursed $85,620 in Community support.
Criteria Governing Financial community Support form the UFCU Educational Committee
General Rules: (A) Financial Community support is provided in the interest of advertising UFCU and to grow awareness for UFCU as a financial institution committed to its membership and to the community it serves. (B) Financial Community support will not be given nor used to benefit and individual endeavor or a business enterprise. (C) No consideration or support will be made under duress or pressure because of organizational/person deposits in the Ukrainian Federal Credit Union.

All financial community support donations: 1; There has to be a tangible benefit to the Ukrainian Federal Credit Union. 2. Or there has to be a tangible benefit to the general membership. 3: Requesting organization/personal has to provide information as to how the Ukrainian Federal Credit Union will be recognized for its support and provide proof that this was indeed realized. 4. A formal request will be required prior to any funding (specifically budgeted or from general budget) being released. 5. Humanitarian support of Ukraine will be looked upon favorably if verifiably legitimate and genuine.

Donations in excess for $1000: 1. This is not an outright grant but based on accountability. 2. Requesting organizations/groups should submit a business plan or budget outlining its funding and providing accountability for the funding. 3. If no accountability or insufficient accountability of UFCU funding is noted, future requests for UFCU funding will not be considered by the Educational Committee.