Cornerstone Credit Union Foundation (Foundation), the charitable arm of the Cornerstone Credit Union League, has just awarded four emergency grants to Border Federal Credit Union employees who have been impacted by the recent flooding in Eagle Pass.
Grantee Tino Mendez says he breathed a sigh of relief knowing that he would soon be getting much needed financial support.
“When I received a call from the Foundation confirming that I will be receiving the maximum amount permitted, it made me feel so grateful,” said Mendez. “I am very appreciative and honored to say I work in the credit union movement.”
Disaster relief is a critical function of the Foundation. In addition to assisting credit union staff impacted by flooding in Eagle Pass, the Foundation also provided emergency grants to credit union staff impacted by the recent tornadoes in Oklahoma.
Executive Director Courtney Moran says the Foundation is able to respond to the needs of credit union staff impacted by natural disasters because of the generous support of the credit union community. Following the devastating tornadoes in Oklahoma, for example, more than $161,000 in donations was received, allowing the Foundation to provide immediate assistance to those credit union employees in need.
When it comes to responding to a natural disaster, the Foundation has established a three-phase process:
Phase I emergency grants - provided to credit union employees to assist with immediate disaster relief needs, such as out-of-pocket costs that may result from being evacuated.
Phase II grants - intended to assist credit union employees with significant needs. This is implemented only after the distribution of phase one grants.
Phase III grants - 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. This phase begins 180 days after the respective disaster and is dependent on the funds available.