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UFCU’s Social Purpose Journey

UFCU’s Social Purpose Journey. Tony C. Budet | August 2019. Who We Are. 1936. 2019. Who We Are. Our Partners. Board Vision. DO GOOD Program.

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UFCU’s Social Purpose Journey

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  1. UFCU’s Social Purpose Journey Tony C. Budet | August 2019

  2. Who We Are 1936 2019

  3. Who We Are

  4. Our Partners

  5. Board Vision

  6. DO GOODProgram

  7. Vancityisavalues-basedfinancialco-operativeservingtheneedsofits morethan523,000member-ownersandtheircommunitiesintheCoast SalishandKwakwaka’wakwterritories, with59branchesinMetroVancouver, the Fraser Valley,Victoria, Squamish andAlert Bay. As Canada’slargestcommunitycreditunion,Vancityusesits$25.6billion in assetsto helpimprove the financialwell-beingofitsmemberswhile at thesame time helpingto develophealthycommunitiesthatare socially,economicallyand environmentallysustainable. Vancity Visit

  8. Vancity Visit • Values-based, grounded in the local economy • Focus on key areas of environmental, social, and economic impact • Serving members through credit and collaboration • Needs of members and communities come first—profit follows

  9. Financial Health = Social PurposeSocial Purpose = Financial Health We believe a community truly prospers when its people are financially healthy andhave ample opportunities for quality education, employment, and housing.

  10. Social Purpose Strategy Target Impact Areas Community Needs UFCU Mission UFCU Capabilities

  11. Board of Director Driven Impact Principles • Principle #7: Concern for Community • Be bold, but balancedin terms of setting goals and targets on which we can reasonably foresee having a material impact • Wherever possible, leverage existing and explore new products, services, and programsthat can be modified or launched for greater impact • Capitalize on existing partnerships and initiatives through which we can leverage our involvement and resources, while also being unafraid to be innovative in creating new ones • Stay true to financial health as the cornerstone of our impact work • Be fiscally responsible and conservative in terms of the potential investments required for impact

  12. UFCU Impact Framework Home Career College

  13. Measurement

  14. Impact Maturity Model

  15. Integrated Strategy

  16. Operational Impact Operational Impact is the impact of the credit union’s practices on our own employees’ well-being and economic security. It includes how many people we employ, develop, and promote, which in turn affects the well-being of the communities where we operate. Operational impact also includes environmental impacts, such as recycling, supply chain, and other factors that influence the natural environment around us. Put simply, a responsible business and good corporate citizen takes care of its own people and their families.

  17. Product and Programmatic Impact Product and Programmatic Impact is the direct impact that our products and services have on the people who use them. In the short-term we are working to explicitly define “impact products and services” as we learn how to best measure their impact. We will always design, deliver, and price all products and service offerings with positive member impact foremost in mind. Members will financially or otherwise benefit whenever they utilize impact products and services or participate in UFCU educational programs.

  18. Community Impact Community Impact is significant positive change brought about by a specific set of activities intended to address defined social challenges in the communities we serve. This impact is measured over years, tracking progress of initiatives and partnerships designed to lift financial health and quality of life through post-secondary education, middle-skills employment, and housing affordability. We will establish key partnerships in each of the 3 targeted sectors, invest (financially and otherwise) in their success, and adopt appropriate metrics to assess our joint impact.

  19. Impact Products We have begun tracking impact of our products on our members’ financial health and are undergoing a “gap analysis” to facilitate future product and program design.

  20. Impact Programs • College Scholarships • Waived GED Fees • Paid Internships • Financial Health Training • Savings Incentives • Mentoring • Networking Opportunities • Based on these strategic objectives of our higher education partners: • Increase first generation college student graduation rates • Increase 2-year certification completion rates • Workplace experience/reduce time to first employment • Improve socioeconomic mobility

  21. Impact Programs As we explore what “Impact Lending” is all about, we are offering wrap-around services for people who live in supportive housing, to boost their access and opportunity. These include: • Tax Preparation Services • Savings Habit Programs • Financial Health Counseling and Education • Mentoring, After-School Care

  22. Impact Programs Online and in-person Financial Health counseling and educational opportunities for mid-skill employees of our partner groups.

  23. Onward! We believe a community truly prospers when its people are financially healthy and have ample opportunities for quality education, employment, and housing. Tony C. Budet tbudet@ufcu.org

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