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Iowa Credit Union Foundation Tops More than $1 Million for Individual Development Accounts that Help Iowans Build Assets  — 

For Immediate Release                                        

Emily Oliver, Director of Public Affairs & Marketing

P. 515.221.3015

Des Moines, Iowa – The Iowa Credit Union Foundation (ICUF) recently received a grant from the Assets for Independence (AFI) Individual Development Account (IDA) Program in the amount of $257,920 for ICUF’s Credit Union Family Partnership IDA Program. This brings the total funds for the ICUF IDA program to $1.2 million, which have been raised through a variety of public and private sources over the past two years. ICUF’s program is the only statewide IDA program in Iowa. 

IDAs are matched savings accounts where the savings of a participant is matched by a grant from another organization. The savings and matching funds are used by the individual to purchase a specific asset, such as a home, starting or expanding a small business, paying for education or job training, or purchasing a vehicle to get to work. Participants must meet income guidelines to qualify for an IDA account and must participate in financial education seminars.
 
“We are grateful to have received our second AFI grant,” said Marybeth Foster, ICUF Executive Director. “These funds will allow us to further expand our IDA program and help more Iowans acquire long-term financial stability.”
 
The additional funds for the credit union IDA program has allowed ICUF to expand the program to an additional nine Iowa credit unions, bringing the total number of credit unions participating to 18 reaching 91 of Iowa’s 99 counties. To date, the IDA program has more than 33 Iowans saving for a variety of assets including homes, vehicles, and education. In July, the first credit union IDA saver, Christy Mart, purchased her first home in Wallingford Iowa with $6,000 in funds from the IDA program.
 
The following credit unions offer IDAs and provide financial education to IDA savers:
*indicates new credit union participant

·         Advantage Credit Union, Newton*
·         Affinity Credit Union, Des Moines
·         Alliant Credit Union, Dubuque*
·         Ascentra Credit Union, Bettendorf
·         Cedar Falls Community Credit Union, Cedar Falls
·         Community 1st Credit Union, Ottumwa
·         Des Moines Metro Credit Union, Des Moines*
·         Dupaco Community Credit Union, Dubuque
·         DuTrac Community Credit Union, Dubuque
·         Employees Credit Union, Estherville
·         Greater Iowa Credit Union, Ames*
·         Iowa Community Credit Union, Waterloo*
·         Linn Area Credit Union, Cedar Rapids
·         Metco Credit Union, Cedar Rapids*
·         RIA Federal Credit Union, Bettendorf*
·         Telco Triad Community Credit Union, Sioux City*
·         Veridian Credit Union, Waterloo
·         Village Credit Union, Des Moines*

 
“Iowa credit unions are in a unique position to offer no-cost savings accounts to families and individuals needing help to build assets,” said Foster. “Our goal is to offer financial education and a method of saving for a specific asset, especially during this time of economic hardship.”
 
Over the next five years, ICUF hopes to connect 500 Iowans to an IDA account. To accomplish this, ICUF works with a number of partners across Iowa including:
 
·         Iowa Community Action Association
·         Iowa Department of Human Rights
·         The Abilities Fund
·         IowAble Foundation
·         Iowa Homeownership Education Project
·         Coopera Consulting
·         Iowa Credit Union League
 
Founded in 1995 as the philanthropic arm of the Iowa Credit Union League, the Iowa Credit Union Foundation's primary focus is to eliminate poverty in the state of Iowa. ICUF seeks to carry out its mission to help Iowans build wealth, responsibility and independence through its various programs, grants and scholarships. For more information, visit the Community Outreach section of IowaCreditUnions.com.
 
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Iowa Credit Union Foundation | 1500 NW118th Street | Des Moines, Iowa 50325 | P 800.860.6180 | info@iowacreditunionfoundation.org