“The need for financial education can no longer be ignored, and credit unions can address the need by using every contact with their members as an opportunity to enrich their lives,” said Ohio Credit Union League Outreach Manager Laura Busque. Drive-up window handouts, statement stuffers, member newsletters, and flyers in credit union lobbies can all feature simple messages of financial literacy. “Sometimes it pays to combine a non-traditional attention grabber with the traditional delivery approach. Consider starting a financial education feature in your member newsletter with a crossword puzzle summarizing the article's information.” The method of delivery and the activity are just one more unique service that credit unions have to offer their members.


Financial education can be a summer activity too!
Financial education shouldn’t take a summer vacation just because school is out. Use the free educational materials available on the MoneyAndStuff.info Web site to educate members and build relationships with local schools. A list of summer activities that parents can do with their children was recently added to the Web site's home page. Use your credit union’s newsletter or lobby to inform members of MoneyAndStuff.info's activities, recommended book list, and arcade. Kids will appreciate the materials’ non-traditional approach to learning that can make the lazy days of summer more engaging.

Summer is also the perfect time to get a jump start on building relationships with local schools and educators. Contact your local school and share MoneyAndStuff’s materials with the curriculum director. Arrange to speak to the entire staff during a fall staff meeting. Making them aware of the free resources at the beginning of the school year will save them time and money. Don’t forget to also call your local Junior Achievement (JA) office to discuss ways that your credit union can partner with the organization. By establishing contact with your local schools and JA office during the summer months, you can begin working with students as soon as they return in the fall.
www.MoneyAndStuff.info


Funding help for your financial outreach
Is your credit union thinking about starting or expanding its financial education efforts, but your budget is tight? Consider applying for an Ohio Credit Union Foundation (OCUF) financial education grant. OCUF supports educational and outreach initiatives that promote financial independence through credit unions. Financial education grant dollars are available to credit unions that are implementing programs within their communities, fulfilling their social responsibility to offer affordable and accessible financial services and financial education. For more information about the financial education grants available to Ohio’s credit unions, contact Ohio Credit Union League Outreach Manager Laura Busque at (800) 486-2917 or lbusque@ohiocul.org, or visit the Foundation’s Web site at the link below.
http://www.ohiocreditunions.org/Foundation.htm



Outreach Spotlight
VITA programs present a low-cost, high-impact outreach
Provide financial assistance to your existing and potential credit union members by partnering with the Internal Revenue Service’s (IRS) Volunteer Income Tax Assistance (VITA) Program. By doing so, you’ll be putting into practice credit unions’ fundamental principles of People Helping People and providing a core personal finance service.

The VITA Program offers free tax help to low- to moderate-income (generally annual incomes of $40,000 and below) people who need assistance preparing their tax returns. The VITA Program is a safe financial alternative to high-cost tax preparers and organizations engaging in predatory practices like the Refund Anticipation Loans (RALs). According to Policy Matters Ohio, tax preparation and RALs cost Ohio families 1/6 of their tax return, which results in at least $100 million a year.

Credit unions can partner with the IRS to host VITA Program sites at their locations. Staff members can receive free certification training to help prepare basic tax returns in lieu of hiring tax preparers. The level and intensity of the training is appropriate for the issues that VITA volunteers address while preparing a tax return. Depending upon their level of certification, volunteers are taught to correctly identify filing status, and to prepare returns with wages, tips, interest, dividends, unearned income, Social Security and retirement income, and self-employed income for Schedule C-EZ.

Read more about the VITA program and credit unions already participating in the program at the link below.
http://www.ohiocreditunionfoundation.org/article/article110.htm



Bright Ideas
Collaborative workshops ease resources and costs
Rather than offering weekly or monthly financial education workshops that discuss a single topic, credit unions can work together to offer programs that touch upon several key financial factors at once. For instance, two dozen Cleveland-area credit union members learned how to “Bring Out the Millionaire in You” in April at the Willoughby Hills Community Center. The workshop featuring Jay Seaton, President of Consumer Credit Counseling Service, was presented by the Northeast Chapter. Participants learned how to handle money and credit concerns by establishing a spending budget, getting a free credit report, paying down unsecured debt, and using compounding interest to increase emergency savings with programs like Cleveland Saves. The workshop, funded by the Ohio Credit Union Foundation, benefited members of ACME FCU, Bailey Controls FCU, Eaton Family CU, L.C.E. FCU, and PEF FCU. The Northeast Chapter plans to offer another financial education workshop to credit union members later this year.


Teaching teens the value of using cash
By offering unique savings programs, credit unions can teach teens the value of setting financial goals and the importance of stretching a dollar. Day Air Credit Union in Dayton is offering savings programs that encourage high school and college students to save money to make big purchases, such as a vacation, rather than use a credit card. Day Air CU’s high school and college savings programs will roll out this fall in its Centerville High School and University of Dayton branches. Students at Centerville High School must open their Spring Break Club account by Dec. 1 with a $25 deposit. The account will earn the six-month certificate rate that will be determined by the market in September. Students will be able to make an unlimited number of deposits, up to $1,000. The week before spring break, funds will be transferred into the students’ share account. A similar savings program will be offered to University of Dayton (UD) students, called the Dayton to Daytona Club, through the credit union’s campus branch.

The student-run credit union located in Centerville High School will advertise the advantages of saving for purchases and disadvantages of using credit with rolling balances that accrue interest. Kicking off the school year with an “It’s never too early to start saving for spring break” campaign, each week, the credit union will promote how many days (or weeks) until spring break and how much students can save. “The goal of the accounts is to encourage the habit of saving money,” stated Amy Cline, UD Branch Manager & Director of Youth Education of Day Air CU.


Helping members conquer transportation woes
Since November 2007, Faith Community United Credit Union in Cleveland has offered a unique loan to help members secure financing for an automobile to get them to and from work. The Wheels Program is offered to members who don’t qualify for credit or “regular” loan programs, or those who have vehicles that require repairs they cannot afford. During the program’s first seven months, the credit union made 21 loans totaling $152,000. The interest rate is determined by the member’s credit score according to the credit union’s risk-based lending policies. The Wheels Program is just one way that Faith Community United CU lives the credit union philosophy of People Helping People.



Financial facts plus reading equals a well-rounded approach
Looking for a unique financial education alternative? Create a financial reading program that incents members and their children to explore money matters in between visits to the credit union. The program uses simple principles: members check out books from the credit union, read them with their parents or guardians, complete accompanying worksheets, and return the books and worksheets to the credit union to earn prizes. The MoneyAndStuff.info Web site features an extensive list of books for ages 3 to adult. Credit unions can offer incentives such as: read four books and earn a gift card for ice cream; read eight books and earn a gift card to the movies; and read 12 books and earn a $50 savings bond. MidState Educators Credit Union will be the first to offer a version of the program this fall. Children that participant in the credit union’s program will earn rewards that can be redeemed for toys or a deposit into the child’s account.

In addition to a service offered at the credit union, the reading program can also be used as a financial bookmobile in the fall when children return to the classroom. Once a week, a credit union representative can visit a designated classroom and allow students to check out books. Students take the books home and complete the accompanying worksheet with their parent or guardian.

"The financial reading program is a creative approach to teaching financial education, and it provides valuable life skills to children and adults,” said League Outreach Manager Laura Busque. "Additionally, it can build bonds between families and your credit union."



Grant Spotlight
Professional Development: Loretta Minadeo of Community Star Credit Union in Elyria received an Ohio Credit Union Foundation (OCUF) professional development grant to attend the Credit Union National Association’s Collections and Bankruptcy School in Denver, CO, Oct. 5-10. The grant provides Minadeo the opportunity to learn about the challenges that exist in collection practices and how the Federal Trade Commission views the activities of debt collectors. She hopes to return to her credit union with new strategies to better serve the credit union’s members.

Outreach: Superior Federal Credit Union in Lima partnered with Public Broadcasting Service-affiliate WBGU TV to address the foreclosure issues facing Northwest Ohio residents. With the aid of a financial education grant from the Ohio Credit Union Foundation, a two-hour television program on foreclosure prevention aired on WBGU in April. A live panel of financial experts and filmed interviews explored how borrowers can recognize problem indicators and avoid common foreclosure pitfalls. A Web site with additional assistance and a DVD of the program are available to the public. Superior FCU believes that community partnerships like this offer Ohio’s credit unions unique opportunities to serve their members and their communities.

Financial Education: MidState Educators Credit Union in Columbus received a financial education grant to help it open two student-run branches within the next 24 months in the Columbus area. Students, with the assistance of school staff and credit union advisors, will be responsible for the day-to-day operation and marketing of the credit unions. Students staffing the in-school location will accept students’ deposits, and withdrawals can be made from ATMs at each location. The ATMs will ensure that daily operational functions, which would be performed by a credit union staff member, are available on a daily basis rather than weekly or bi-weekly. MidState Educators CU believes that students will gain valuable financial skills and knowledge through the combination of personal finance education in the classroom and insight into the hands-on mechanics of how a credit union works.

Disaster Relief: The Ohio Credit Union Foundation awarded a $5,000 disaster relief grant to the Iowa Credit Union Foundation for disaster-related services to credit unions, their employees, volunteers, and members who were affected by the June flooding. According to the Iowa Credit Union Foundation, victims can receive $500 in assistance for daily living needs, such as food, water, ice, batteries, clothing, diapers, temporary shelter, housing, gas, and transportation. More than 20 credit union locations in several metropolitan areas were affected by the flood conditions, and many others have been impacted by utility outages occurring throughout the state. If your credit union would like to assist the Iowa Credit Union Foundation’s efforts, visit www.cuaid.coop to make a donation.



Professional Development Opportunities
Professional development grants from the Ohio Credit Union Foundation can be used for an array of educational programs, including conferences, seminars, workshops, Webinars, eSchools, and self-study programs. If you are interested in applying for an educational scholarship, visit the Foundation Web site (www.OhioCreditUnionFoundation.org) for applications and scholarship information, or contact Ohio Credit Union League Outreach Manager Laura Busque at (800) 486-2917 or lbusque@ohiocul.org.