NJ Credit Union Foundation

New Jersey Credit Union Foundation


The New Jersey Credit Union Foundation provides financial literacy, technical assistance to small credit unions, professional development opportunities and support for philanthropic activities in connection with New Jersey and the New Jersey credit union movement.



The NJCUF Board of Directors

Chairperson: Michael Hou - United Teletech Financial FCU

Vice Chair: Michael Powers - Garden Savings FCU

Secretary/Treasurer: Chris Abeel - New Jersey Credit Union League

Sandy Albertson - Alloya Corporate FCU

Gary Chizmadia - Credit Union of New Jersey

Eileen Crean - Members 1st of NJ FCU

​Marie Holowka - Rutgers FCU

Linda McFadden - XCEL FCU

​Sandy Mullins - Novartis FCU



Grant Making Focus

Grant Application  |  Grant Application Summary

The Foundation supports initiatives that further its mission. In doing so, the Foundation makes grants to those individuals or organizations that are looking to raise their own financial literacy awareness, as well as small credit unions who would benefit from professional development opportunities or technical upgrades.

Priority will be given to the following:

  • Projects on a statewide basis, or local projects that have significant replication possibilities;
  • Projects with the capacity to spread financial planning information and skills to a very broad population;
  • Projects targeted to disadvantaged, underserved or special needs populations;
  • Projects that enhance credit union employees and volunteers' professional development skills through such things as classes, workshops, seminars, conferences or conventions;
  • Projects that upgrade technical applications of the credit union through such things as new technology and accompanying workshops;
  • Projects that offer direct services to the general public;
  • Projects that provide support in areas served by New Jersey credit unions; and
  • Projects that clearly match the Foundation's grant making focus.

Grant Eligibility
Applicants must be a representative of a New Jersey credit union or be tax-exempt under Section 501(c)(3) or Section 501(c)(6) of the Internal Revenue Service Code, and must be classified as "not a private foundation" under Section 509(a) of the Code.


New Jersey Credit Union Foundation Technical Assistance Grant Parameters
Grants are available to New Jersey Credit Union League member credit unions under $50 million in assets in good financial standing.

In instances of regulatory burden or catastrophic events, the New Jersey Credit Union Foundation will consider grants to fund or help fund equipment purchases. The grant funds from the New Jersey Credit Union Foundation will cover the costs of equipment and/or software, but will not include training costs, licensing costs, or any recurring costs associated with the purchase(s).

Credit unions in good financial standing are considered to be capitalized at 7% or higher and have positive net income trends. The New Jersey Credit Union Foundation Board will review the applicant(s) Financial Performance Report from NCUA for the quarter closest to the request.

Normally, the Foundation will not fund:

  • For-profit enterprises;
  • Travel for groups or individuals;
  • Political, fraternal or sports organizations or campaigns;
  • Books, magazine articles or advertising in professional journals;
  • Legislative or lobbying efforts;
  • Programs or religious, except where they provide needed services to the community at large and do not include or promote a particular religious instruction or belief;
  • Programs that do not fall in line with the Foundation's grant making focus; and
  • Fees or stipends to financial planners.

Investment Procedure
Making an investment in the New Jersey Credit Union Foundation is easy! Simply invest funds in your corporate credit union's special Community Investment Fund (CIF). Your corporate will in turn invest that money and you will receive a portion of the return and the other portion will be split between the National Credit Union Foundation (The Foundation) and the New Jersey Credit Union Foundation.

A maximum of two percent of the return on your CIF investment goes to the National Credit Union Foundation in support of domestic credit union development initiatives. One half of that two percent return is distributed, pro rata, back to the New Jersey Credit Union Foundation. Those funds are specifically earmarked for state and local development activities.

For detailed information on CIF visit the National Credit Union Foundation's CIF Page or speak with your corporate credit union representative.


Direct Contributions
Another way to support the NJCUF is to make a direct contribution to the Foundation. Direct contributions will be split with the National Credit Union Foundation in the same way that CIF dividends are split with the National Credit Union Foundation. Our national foundation supports so much of what we do here in New Jersey, including providing a grant to our Small Credit Union Initiative, this is our way of supporting them in return. Note: Direct contributions earmarked for a specific purpose or initiative will not be split with the National Credit Union Foundation.

Share the Impact Financial Counseling has had on Your Members

Has your credit union helped a member raise their credit score through financial counseling? Or avoid bankruptcy? Or improve savings?

REAL Solutions, the arm of the National Credit Union Foundation that coordinates certified credit union financial counselor training, tracks, measures, and reports on the impact of financial counseling and education on the members and the credit union. It is looking for real-life stories of how credit unions have significantly helped their members through counseling.

Specifically, REAL Solutions is looking to document the financial challenges that the member faced prior to counseling, an overview of what the member did as a result of counseling, how the members’ financial position improved, and what difference this has made in the life of the member.

They are also looking for some “before and after” metrics and the time it took to achieve the improvement, for example: improvements in the members credit score, debt reduction, and savings. Another aspect that the REAL Solutions is looking for is if the member was considering bankruptcy prior to working with the counselor and what would have been the potential loss to the credit union if the member had successfully pursued this option.

If you have a story or stories that you would be willing to share, please contact Marissa Anema at manema@njcul.org or 800-792-8861 ext. 117. Click here for a checklist of the areas that should be included in the story.