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Grand Forks Credit Union announces million-dollar commitment to endowment fund

Grand Forks Credit Union (GFCU) announced a million-dollar commitment to the Phoenix Foundation.
Grand Forks Credit Union Board Chair Michael Strukoff.

Grand Forks Credit Union (GFCU) announced a million-dollar commitment to the Phoenix Foundation last week.

The credit union’s board has donated $100,000 to its newly-established Grand Forks Credit Union Community Endowment Fund the last two years and will continue to make annual

contributions until a principal value of $1 million is attained. The amount donated each year will be determined by GFCU’s annual profits.

“The board of directors has adopted a policy to fund a donor-advised fund to be held within the Phoenix Foundation of the Boundary communities,” explained GFCU Board Chair Michael Strukoff at a press conference last Thursday (Jan. 19).

“We recognize the continuing challenges in the Boundary, the economic challenges and the difficulties. We feel that this fund, once it reaches its $1 million, will provide a level of annual contribution to the communities of the Boundary and members of the credit union.”

Strukoff said the board also saw the fund operating in perpetuity and the grants would provide a range of financial services and support to help the welfare of credit union members and all the area residents.

The funds will be distributed as GFCU and the Phoenix Foundation identify needs.

Historically, the Phoenix Foundation has made grants to a wide variety of sectors for a number of different projects and services.

“This very generous donation, Michael and the board of the credit union, is really very significant to the well-being of the Boundary,” said Linda Manzon, co-president of the Phoenix Foundation.

“The generous support from the credit union has helped build the Phoenix Foundation into one of the strongest small community foundations in Canada.”

Karl Yu

About the Author: Karl Yu

After interning at Vancouver Metro free daily newspaper, I joined Black Press in 2010.
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