At the end of 2011, the North Shore Federal Credit Union (NSFCU) distributed patronage rewards to its members. For the 16th consecutive year, NSFCU returned earnings back to its members—$ 200,000 of rewards this year for a grand total of $2.5 million. And this year, the Credit Union is offering members another opportunity with the “Patronage Reward Giving Program.” Members now have the choice of passing those rewards along to a charity of their choice.
Patronage rewards are based on the amount of business a member does with the credit union during the year. The rewards are large and small, but all could do a lot of good for a local charity, because of the credit union’s new program.
The Patronage Reward Giving Program will allow members to donate their patronage rewards to one of the nonprofits in the community—a church, a club, a school. The best part of the program is that the funds donated to a special savings account for a nonprofit organization will earn interest at the rate of 10 percent annually.
NSFCU Board Member Judy Motschenbacher is excited about the program. “I know people don’t have a lot of give. My theory is that people will see the value in this and will ‘pay it forward,'” said Motschenbacher.
The best thing, Motschenbacher said, is that credit union members can designate directly where they want their dollars to go. Other funds, such as the Arrowhead Electric Cooperative Operation Round-Up or the Cook County Community Fund, accept donations, but a board of directors makes the decision of who gets grants.
“With the Patronage Reward Giving Program, the member makes the decision,” said Motschenbacher, adding, “If you have a pet project, this is a great way to support it.”
Call or stop by your local North Shore Federal Credit Union office and request your donation transfer today. Another bonus is that the donation it is tax-deductable!
For more information, contact:
Silver Bay
218.226.4401
800.450.0709
Lutsen
218.663.7665
888.213.9573
Grand Marais
218.387.1312
877.387.1312
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