Every July we focus on Advocacy and raising awareness of the #CUDifference. Each week we will share one of the four tenets of our Advocate Program, this week being #ForPeopleNotForProfit!
For People, Not-For-Profit is key to what makes credit unions different from other financial institutions. Unlike banks that exist to make a profit, our purpose is for people –our members. Our #members are the reason we exist. We are a #financial self-help tool for members to build #savings, own a home, finance needed assets, bridge economic hard-times and build financial savvy.
Being Not-For-Profit doesn’t mean we don’t need income; earning income allows us to build branches, add technology and services, and hire and retain the best employees. All income above operating cost is returned to the membership in the form of higher #dividends on their savings, lower #rates on their #loans and more convenient ways to manage their #money.