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Prince George charities stand to benefit from new $750,000 credit union fund

Spruce Credit Union Legacy Fund will help local community groups pay for long-lasting heath and wellness programs
Spruce Credit Union Legacy Fund
Catherine Pennington of the Prince George Community Foundation and Brian Harris of Interior Savings Credit Union were on hand Friday at the Hart Highway branch of Interior Savings to announce details of the new $750,00 Spruce Credit Union Legacy Fund.

A January merger between Spruce Savings Credit Union and Interior Savings which extended the roots of one of the city’s oldest credit unions is having an immediate effect on making Prince George a better place to live.

On Friday, at its Hart Highway branch, Interior Savings announced details of the $750,000 Spruce Credit Union Legacy Fund to help community programs and services that enhance the health and wellness of the people of Prince George.

Interior Savings has teamed up with the Prince George Community Foundation to immediately distribute $250,000 one-time contribution to local charitable organizations in the city. The remaining $500,000 will be invested as an long-term endowment and income earned off that money will perpetually be used to annually to fund future community projects and initiatives.

“We’re really excited about this $250,000 distribution for big ideas in our community,” said Prince George Community Foundation president/chair Catherine Pennington. “We do have a deadline coming up very soon in October, so we do need people to move on this.”

Applicants for the fund will be eligible for grants of between $50,000 and $250,000. Letters of intent to apply for the fund which must be received by Oct. 7. Those deemed eligible will be shortlisted and asked to complete a formal application which must be filed by Nov. 4.

Rules of eligibility and more details about the Legacy Fund are available on the P.G. Community Foundation website.

“The Prince George Community Foundation was formed over 26 years ago through leaders in the community that could see the value of a philanthropic organization that could steward resources forever that can support community organizations,” said P.G. Community Foundation president Catherine Pennington.

“Although that  is crucial and stewarding those resources continues to be a significant focus of the work we do, much like all other sectors we are in the forefront as a sector in social justice, climate and equity and inclusion, and we do deliver programs and services to support those initiatives, always supporting charities and organizations first and foremost.”

The money for the fund comes from accumulated earnings in the seven decades Interior and Spruce credit unions have existed.

For more than 70 years leading up this year’s merger, Spruce Credit Union served the Prince George community as a co-operative. Owned and operated by its members, credit unions offer an alternative to the major banks to provide loans, insurance and investment opportunities. They offer higher interest rates than commercial financial institutions.

“I think there’s two really important things that are happening in and around credit unions, one is that sense of co-operative values (which) really resonates with people,” said Brian Harris, chief executive officer of Interior Savings Credit Union.  “We can do banking anywhere, and we’re certainly seeing that with technology changes, but to be able to do  banking with an organization that is part of the community which it serves is something quite unique. Not only is it part of the community but the profits go back into the communities that we are a part of.

“The second thing is you are seeing credit unions like ourselves and Spruce, and others around the province. joining forces because we do have economic headwinds and we do have significant technology and regulatory changes and the power of scale does matter. So we will have the ability to  invest not only into the technology people are looking for to make their lives easier, but we also have the ability to do things like a fund for the communities around British Columbia.”

Interior Savings has 23 branches and 16 insurance offices serving 15 communities in the Interior region of the province and has grown to 77,000 members. The credit union has returned $29 million to its members over the past 10 years through its Members Rewards Program and has invested more than $5 million to support community programs. Since 2014, its Million Dollar Bursary has proved $1,000 to 1,000 post-secondary students.

The Prince George Community Foundation was formed in 1995 to serve Prince George and the region and has so far provided $5.625 million to local registered charities.