Del Norte Credit Union launched the Del Norte Living Our Vision Foundation on Jan. 4 to formalize its charitable campaigns that previously were mostly handled by the marketing department.
The biggest change is donations to the foundation, which is a registered 501(c)(3) nonprofit organization, are tax-exempt, while prior donations to the credit union to fund scholarships, sponsorships and community engagement were not tax-exempt, credit union spokesman Diego Muñoz said.
With the foundation, grant-making to local nonprofits will be added to the mix, Muñoz said.
The foundation is starting with a $164,000 budget funded by the credit union. Foundation Director Connie Tooker Nuñez will build on that with community fundraising, Muñoz said.
Del Norte Credit Union last year donated $90,000.
“Through the Del Norte LOV Foundation, we will expand DNCU’s outreach to our local schools, nonprofits and other institutions that have financial education in their mission-driven work,” Del Norte Credit Union CEO Chuck Valenti said.