It is always interesting to read the year end statements of companies and credit unions. Lots of PR in those pages.
Last night at our AGM we presented information about where the credit union gave most of it’s money. It just happens to be the 3 local elementary schools that receive the largest percentage. Our total giving is about 8.8% of our net earnings. An interesting benchmark and one that most people consider as an adequate mearsurement. But I got to thinking, what other means could be used to view this. Westminster Savings gave $950,000 to their foundation which does not include other contributions. Given their member numbers that is a whopping $18.58 per member at least. North Shore CU gave $1million from their foundation not including other contributions this year. Their membership numbers would put them at $27.42 per member! These are fantastic amounts. Our CU is only at $7.41 per member. But then compare that with the 1% guideline that is so often touted as the necessary level of giving. Westminster Savings would be $2.05 per member, we would be 84 cents per member (sorry I couldn’t get North Shore’s figures). It seems either as a percentage or a per member basis credit unions are giving institutions. So you wonder why we look at the banks a little suspiciously.