A credit unions service organisation in the USA has launched a new project to help children get the school supplies they need. The project is a joint initiative between California-based Co-op Financial Services (CFS) and stationery provider Yoobi.
CFS enables credit unions to access the latest technology, providing payments and member services, and the initiative is open to both credit union members of CFS and those not affiliated. Credit unions can sign up to receive a shipment of backpacks, school supplies and financial literacy resources to then distribute to children in their local communities.
“Consumers are looking for both social mission and innovation from their financial institutions,” said Todd Clark, president and chief executive of CFS.
Credit unions choosing to take part in the programme will receive 50 backpacks for students in need, along with other school supplies for 20 children for every USD $1,500 they invest in the project. They will also receive material directing students and parents to financial literacy resources and a financial literacy kit for recipient organisations. The financial literacy kits are provided in partnership with the National Credit Union Foundation and Money Mammals.
“The Credit Union-Yoobi Back-to-School Backpack Drive enables credit unions to not only positively impact their communities, but make an impact nationally as well,” added Mr Clark.
“It’s been reported often that teachers may spend USD $500 per year out of their own pockets on school supplies. This programme gives credit unions a unique way to address a chronic problem in education.”
Co-op Financial Services encourages credit unions to organise staff team-building days with a stuffing party for employees to assemble the backpacks. Yoobi has also pledged to donate an equal number of backpacks and supplies acquired by credit unions to elementary schools across the US through the Kinds in Need Foundation.
The Credit Union-Yoobi Back to School Backpack Drive forms part of the Co-op Purpose initiative led by Co-op Financial Services, which aims to bring together credit unions and other organisations to engage and empower local communities. As part of this programme, Co-op Financial Services has been running Miracle Match, a USD $1m philanthropic matching programme encouraging credit unions to create and participate in local Children’s Miracle Network Hospitals fundraisers. So far, the campaign has helped raise funds for 170 children’s hospitals across North America.