STCU has launched a charitable foundation to ensure its 89-year tradition of community giving continues in perpetuity.
[february 1, 2023]
STCU has launched a charitable foundation to ensure its 89-year tradition of community giving continues in perpetuity.
The newly created Here for Good Foundation awards grants to schools and non-profit organizations across Eastern and Central Washington, Tri-Cities, and North Idaho. STCU launched the foundation in January with a $1 million endowment that it hopes to grow to $10 million within 10 years.
By funding a foundation that is separate from the business of the credit union, STCU is cementing its ongoing commitment to communities, said Chief Marketing Officer Marty Dickinson. She noted that STCU is seeing more financial requests each year.
Foundation’s first grants go to rural communities.
The Here for Good Foundation launched January 31 by awarding a total of $50,000 in surprise grants to community funds at Innovia Foundation to serve five counties of Northeast Washington and North Idaho. The benefitting counties are: Ferry, Stevens and Pend Oreille in Washington, and Bonner and Boundary in Idaho.
Each of the five funds will receive $5,000 to help build its endowment for long-term needs. The remaining $5,000 for each community fund will be available for immediate grantmaking through Innovia Foundation, as advised by local Innovia Leadership Council members in those regions.
“Council members are a cross-section of the communities, who are best equipped to assess local priorities,” said STCU Community Relations Director Traci McGlathery. “We can’t wait to see the results, this year and in the future.”
“While financial support is only part of our commitment to communities, the need is definitely growing,” Dickinson said. “The Here for Good Foundation ensures that we’re always able to respond to critical needs in the communities we serve, based on local knowledge, even as those needs shift.”
The foundation will focus on the impact areas of education, arts and culture, and economic development.
Dickinson, who recently wrote about the need for businesses to double down on their commitment to philanthropy, will serve on an oversight board of STCU officers charged with reviewing grant requests received by the foundation. That work will be guided by an advisory council of STCU employees.
The new foundation is administered by Innovia Foundation, which serves 20 counties in Eastern Washington and North Idaho. Founded in 1974, Innovia manages 800 charitable funds established on behalf of individuals and organizations looking to create charitable legacies for the causes and organizations they love.
“When Innovia was just getting its start, STCU already had a decades-long track record of serving communities,” said Innovia Chief Executive Officer Shelly O’Quinn. “While we have worked closely on many initiatives, we’re pleased to solidify that relationship with the launch of STCU’s Here for Good Foundation, as part of the Innovia family.”
As a member-owned financial cooperative, STCU’s fortunes are uniquely linked to the strength and vitality of communities across the region, said Ezra Eckhardt, President and CEO.
“Those are the communities where our members live, work, and raise their families,” Eckhardt said. “Helping ensure their vitality is an investment that benefits everyone, including their local credit union.”
About STCU
Founded by educators in 1934, STCU is a not-for-profit financial cooperative with more than $5.6 billion in assets. It serves over 265,000 members at 38 branch locations, and online at stcu.org.