Investment into the Municipal Credit Union’s philanthropic organization to be used in efforts that help New Yorkers build generational wealth, eliminate poverty
NEW YORK, Feb. 6, 2024 /PRNewswire/ — Today, Municipal Credit Union (“MCU”) and the MCU Foundation announced the Foundation has received a $2 million donation dedicated to advancing its mission-driven work across New York City communities. The donation was made by Municipal Credit Union, with approval of the MCU board.
“Establishing a foundation enables MCU to extend our philanthropic efforts beyond corporate giving,” said Kyle Markland, MCU’s CEO. “Creating a 501(c)(3) organization allows us to invite other members of the community to support the hardworking everyday heroes in our community through donations that further the Foundation’s mission to help New Yorkers build generational wealth and eliminate poverty in New York City.”
Half of the investment will be used as an endowment to support the non-profit organization’s operations in 2024 and beyond. The remainder will be dedicated to supporting the MCU Foundation’s mission through programming and services.
“The MCU Foundation is proud to take this next step in our organization’s journey and do our part to help New Yorkers and their communities across the city,” said George Chacon, president of the MCU Foundation. “The future of New York City is bright, and we can make it brighter by working together to help New Yorkers not just break out of poverty but also build the generational wealth that ensures a better future for all.”
Since its establishment, the MCU Foundation has successfully launched its first Basic Necessities campaign through support from MCU members and partners, providing New Yorkers in need with resources to address food, medicine, and transportation expenses. The Foundation also announced its Academic Scholarship program, which will award cash scholarships to high school seniors across the five boroughs to help them access higher education opportunities; award recipients will be announced in June.
The MCU Foundation will use the investment to advance progress on its goals, connecting hard-working New Yorkers to:
- resources they can use for basic necessities they need in their everyday lives,
- educational opportunities to build successful careers, and
- access to homeownership and the ability to establish or grow generational wealth.
About Municipal Credit Union
Municipal Credit Union is the oldest credit union in New York State and one of the oldest and largest in the country. Established in 1916 and headquartered in New York City, MCU currently has assets of more than $4.2 billion and offers a full range of financial services to its more than 600,000 members. MCU is an equal opportunity lender, and deposits are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency. For more information about Municipal Credit Union, visit www.nymcu.org.
About The MCU Foundation
Established in 2023, the MCU Foundation was created by Municipal Credit Union’s executive leadership with the mission of helping New Yorkers build generational wealth and eliminate poverty in the five boroughs. It furthers this mission by increasing access to basic necessities, education and homeownership to uplift the hardworking heroes in our community. For more information about the MCU Foundation and its programs, please visit www.mcufoundation.nymcu.org/.
SOURCE Municipal Credit Union