FARMERS BRANCH, Texas—The Cornerstone Credit Union Foundation is offering assistance to any credit unions or employees who have been affected by storms, flooding and tornadoes within the three states that make up its membership, Arkansas, Oklahoma, and Texas.
“In times of crisis, the (Cornerstone Credit Union) Foundation is here to help our credit unions and their staff get back on their feet so that they in turn can be there for their members," said CSCUF Executive Director Courtney Moran.
The Foundation's Disaster Relief Program is carried out in three phases:
- Phase One: Emergency grants are provided to credit union employees to assist with immediate disaster relief needs, such as out-of-pocket costs that may result from being evacuated. These grants are up to $500 per credit union employee, up to 60 days after the disaster struck. The intent of these grants is to help stabilize the credit union employee's individual situation so they are able to return to work.
- Phase Two. Disaster relief grants are intended to assist credit union employees with significant needs. Phase Two will be implemented following the distribution of Phase One grants. Amounts of grants will be dependent on the amount of disaster relief funds available, but usually range from $1,000 – $5,000. CSCUF will issue a call to the CEOs of affected credit unions for Phase Two grant applications, beginning 90 days after disaster has struck.
- Phase Three. Phase Three grants are intended to follow up with those credit union employees who suffered catastrophic loss and are still needing assistance after Phase Two grants have been distributed. Phase Three will begin 180 days after the respective disaster.