Credit Union Announces $25,400 Community Grant

The Maleny Credit Union (MCU) Board of Directors have allocated a record $25,400 in Community Grants for the 2006 – 2007 financial year. The Credit Union has a policy of allocating up to 10% of its profit in the form of Community Grants.

MCU Board Facilitator, James Davidson, said "due to our strong financial position the MCU Board has decided to allocate a record $25,400 to the MCU Community Trust for the purpose of community grants. This charitable allocation is an important initiative that ensures the benefits of our growing Credit Union are shared back with the membership and community at large. Judging from previous years, we expect a range of community "not for profit" initiatives to receive funding from the MCU Charitable Trust."

MCU General Manager, John Ford, said "that while the 2005 – 2006 accounts are yet to be finalised the indications are that we have achieved total asset growth of 30%. This is approximately twice the industry growth rate and is attributable to the strong member support for the Credit Union. The introduction of new products and services and adherence to our guiding principles has seen us satisfy more of our members’ financial needs locally. The end result is more of the community’s money is being recycled locally in the form of savings, loans and investments and that capital is not leaking from our region. Our hope is that more people in the community will take notice of our continued success and embrace the concept of a community owned financial institution by becoming MCU members."

The Credit Unions’ financial results, which are subject to external audit, will be available to members in September as part of MCU’s annual report.