Fund Structure

In support of the programs and activities adopted by the Carolinas Credit Union Foundation, the Foundation’s Board of Directors has created several vehicles by which credit unions, credit union chapters, sponsoring credit union business partners, and credit union members may support the Foundation’s efforts. They include the following:

General Fund

This unrestricted fund fuels the Foundation’s operations and all associated expenses. The optional contribution to the Foundation through the League dues process is the main source of funding to the General Fund.

The Larry Johnson Trust Fund

This endowed fund is named in honor of North Carolina Credit Union League retired President Larry Johnson and is designed to provide emergency support for the programs and operations of the Foundation.

Scholarship Funds

These restricted funds can be established by individuals, chapters and credit unions to support scholarship programs.

Donor Advised Funds

Credit unions and chapters can establish these restricted funds for specific charitable purposes. In many cases, donor-advised funds are used by credit unions to start their own foundation.

Disaster Relief Fund

This fund was established to assist credit unions, credit union employees and volunteers in the Carolinas after a disaster. Further, donations can be funneled by the Carolinas Foundation to the National Credit Union Foundation for CU Aid or the World Council of Credit Unions to support credit union employees outside of the Carolinas who were victims of disasters.

Community Investment Fund

Credit unions are able to financially support the Foundation’s scholarships and programs by sharing a portion of interest earned on investments with Vizo Financial. Any investment at Vizo can be part of the Community Investment Fund and any portion of the interest revenue can be directed to the Foundation. Also watch for periodic investment specials from Vizo to benefit the Foundation. Click here for more information about the Community Investment Fund.

Community Endowment Fund

Unlike a traditional endowment, credit unions retain ownership of the deposit in the Community Endowment Fund at Vizo Financial. 100% of the interest earned in the Community Endowment Fund will go back into local communities through grants and programs that support the Foundation’s mission. Supporters of the endowment are “Endowment Trustees” and guide the disbursement of funds into our communities. Click here for more information about the Community Endowment Fund.

Other opportunities to support the Foundation:

Charitable Donation Accounts

These accounts provide expanded investment opportunities for credit unions in the Carolinas. A minimum of 51% of the total return of a CDA must be distributed to qualified charities. Which means credit unions can retain up to 49% of the investment income. The CDA’s total value cannot exceed 5% of the credit union’s net worth.

Planned Giving

You may consider a charitable bequest in your will to the Carolinas Credit Union Foundation or in a named fund for charitable giving or scholarships. We can help you build a legacy that will live on. Please discuss this with your tax advisor and financial planner.

Gifts of Stocks/Securities

A gift of appreciated stock usually offers two benefits. First, you may avoid paying any capital gains tax on the increased value of the stock. Second, you may receive a tax deduction for the full fair market value of the stock at the time of the gift. As with any tax matter, please discuss this with your tax advisor.