Mar 20: Vancity Shares Record Amount...
Vancity Shares Record Amount of Profits with Community Groups
Vancouver, March 20, 2002 - Vancity Credit Union shared 30 per cent of its profits with communities and members in 2001 and gave its highest payout ever to non-profit organizations.
Under its annual Shared Success program, each year Vancity gives back a percentage of its profits to its members and communities. Based on its strong earnings for 2001, $4.8 million was shared with members through a payout of relationship dividends. Community organizations also benefited, receiving $3 million - a record amount.
This banner payout to non-profit groups continues Vancity's rich, long-standing tradition of support to the community. Each year, Vancity invests in the health and vitality of the communities it serves through grassroots community activities, staff involvement, and financial support for community programs.
In 2001, Vancity gave the most ever to support community initiatives, including the launch of the $1-million Vancity Award. This annual program is designed to support bold and innovative projects that will have a positive, long-term impact on communities.
In 2001, Vancity gave the most ever to support community initiatives, including the launch of the $1-million Vancity Award. This annual program is designed to support bold and innovative projects that will have a positive, long-term impact on communities.
In addition to this award, last year Vancity also provided 150 youth and community partnership grants to a wide range of organizations in areas of social justice, environmental sustainability and economic self-reliance.
Another $600,000 went to the Vancity Community Foundation, an arm's-length affiliate that funds, facilitates and carries out charitable activities and programs in the areas of affordable housing, employment development and non-profit enterprise.
Vancity employees are also highly involved in community investing. Each year, staff members raise funds for a charity they choose through a voting process. Last year, Vancity raised $100,000 for First Call, a BC child welfare and poverty advocacy group. This year Vancity employees hope to raise a similar amount for Family Services of Greater Vancouver.
"Vancity's strong earnings last year and our increase in membership have enabled us to give more than ever to community groups. We invite more people to join us so we can give even more back this year," says Vancity CEO Dave Mowat.
Vancity is Canada's largest credit union, with $7.5 billion in assets, 277,000 members, and 39 branches throughout Greater Vancouver, the Fraser Valley and Victoria. Vancity owns Citizens Bank of Canada, serving members across the country by telephone, ATM, and the Internet. Both Vancity and Citizens Bank are guided by a commitment to corporate social responsibility, and to improve the quality of life in the communities where we live and work.