Funding

One of the major dilemmas for State Employees' Credit Union is how to fund the efforts and/or projects adopted by SECU Foundation. SECU does not feel the best approach is to "just write a check." Any way you look at it, in a cooperative, all funds spent by the Credit Union come from the membership. The Credit Union does not have "its own money" - it is all yours as a member-owner. The proposed solution is to temporarily assign $1.00 of the per month maintenance fee that all members pay on their checking accounts to the Foundation. All members with an active checking account saw the first "SECU Foundation" contribution designation on their July 2004 statement. Again, this is simply reallocating $1.00 of the standard maintenance fee and is not an additional charge. SECU does retain the right to discontinue the Foundation contribution at any time.

Having the individual member make the contribution enforces the core concept of State Employees' Credit Union as a member-owned cooperative. Projects will be funded by the "member-owners of SECU," not by the Credit Union. Therefore, credit for the projects will rightfully be awarded to the SECU members making the contributions.

While a $1.00 per month individual contribution may not make much of an impact; collectively, cooperatively, with all members contributing, this funding method could go a long way toward helping solve problems in our neighborhoods, our schools, our community at large.

SECU members who do not wish to contribute to the Foundation may choose to continue paying the $1.00 as a maintenance fee. Choosing to opt-out of contributing to SECU Foundation will not discontinue fees altogether. Members may opt-out of contributing to SECU Foundation at any time through the Services page of Member Access.

Additional contributions are welcome. Contributions must be in the form of a check and may not be designated for a specific purpose or project. Contributors should make checks payable to "SECU Foundation" and mail them to:

G. Mark Twisdale, Executive Director
SECU Foundation
PO Box 25966
Raleigh, NC 27611-5966