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NEW YORK CREDIT UNION FOUNDATION
ALBANY, NY · EIN 161527073 · Form 990 · FY2024 · NTEE S80 · Community Improvement · Small ($100K-$1M) · nycuf.org
revenue
$322K
expenses
$256K
net assets
$1.2M
employees
0
volunteers
15
program ratio
93%
mission · from form 990

FOSTERING THE FINANCIAL INDEPENDENCE OF NEW YORKERS THROUGH CREDIT UNIONS.

profile · synthesized from sources

The New York Credit Union Foundation supports credit unions across New York State through grants and programs that enhance financial education, member services, and professional development. It funds initiatives for underserved communities, offers financial literacy simulations for youth, and provides professional development support for credit union staff. As a philanthropic affiliate of the New York Credit Union Association, it operates as a 501(c)(3) public charity focused on expanding financial access and wellness.

named programs · 5 · from sources

What they call their work

Bite of Reality
Free financial literacy simulation program for high school students that teaches budgeting and financial decision-making through real-world scenarios; includes provision of event kits to credit unions.
Community Investment Fund (CIF)
Investment vehicle allowing credit unions to contribute funds that support charitable initiatives while earning partial returns, in partnership with the National Credit Union Foundation.
Friends of the Foundation
Membership program offering benefits such as free access to Remynt's credit builder tools, financial education resources, and eligibility for credit union membership.
IMPACT Grants
Provides funding up to $5,000 per year to New York credit unions for projects including technology upgrades, financial education, security enhancements, and outreach to underserved communities.
Professional Development Grants
Offers financial support to credit union employees and volunteers for registration fees to attend training programs and conferences through the New York Credit Union Association.
activities · 7 groups

What they do

  • Flexible Grants to Grassroots Organizations 3 activities
    • Funding community impact and operational enhancement projects for credit unions
      Awards grants of up to $5,000 per year to credit unions for initiatives focused on technology improvements, security upgrades, strategic planning, member service enhancements, and outreach to underserved populations. Examples include funding for AED installations, outdoor signage, and financial wellness programs.
    • Funding financial education and professional development for credit union staff and volunteers
      Provides grants to support adult and youth financial education, as well as professional development for employees and volunteers within the New York credit union community. Offers up to $2,500 per year in grant funding to individual credit unions for training programs, with applications accepted on a rolling basis.
    • Funding innovative financial education programs and research
      Supports innovative financial education initiatives, community empowerment projects, and research to improve credit union services through targeted grant funding. Includes support for programs like 'Mad City Money' that provide interactive financial literacy simulations to unbanked and underbanked youth.
  • Endowment and Gift Fund Management 1 activity
    • Channeling credit union investments into community programs
      Manages the Community Investment Fund, which channels investments from credit unions into essential programs and projects that support financial education, community development, and service innovation.
  • Teacher & Classroom Innovation Grants 1 activity
    • Funding access to financial tools for youth and students
      Provides grants to purchase basic tablets for student use in the 'Bite of Reality' financial literacy program when personal devices are not permitted, ensuring equitable access to financial education tools.
  • Interest-Free Loan and Grant Support 1 activity
    • Funding disaster relief for credit unions and individuals
      Provides disaster relief grants to credit unions and individuals affected by emergencies, including recovery efforts following Hurricanes Irene, Maria, and Sandy.
  • Financial Literacy Education Programs 1 activity
    • Operating the "Bite of Reality" financial literacy program
      Provides complimentary access to the 'Bite of Reality' financial literacy simulation program and supplies 'Bite of Reality Kits' to credit union members to host financial education events, directly delivering financial wellness resources to communities.
  • Membership Program Administration 1 activity
    • Supporting credit union growth and mission fulfillment through membership programs
      Offers annual membership programs that help credit unions fulfill their mission and pursue growth opportunities by providing access to resources, networking, and development support.
  • Uncategorized 1 activity
    • Providing individual financial wellness benefits to members
      Offers a $10 initial membership with $5 renewal for the Friends of the Foundation program, including one month of free access to the Remynt credit builder program with personal financial management tools and a 25% discount on continued service, along with regular financial wellness newsletters.
financials · form 990 · fy2024
revenue
Total revenue$322K
Contributions & grants$237K74%
Program service revenue$00%
Investment income$49K15%
Other revenue$35K
expenses
Total expenses$256K
Program expenses93%
Admin / overhead4%
Fundraising3%
Salaries & benefits$0
Grants paid out$168K
Largest expense lineProfessional Fees
balance sheet
Total assets$1.24M
Cash$752K
Investments$466K
Liabilities$16K
Net assets$1.22M
Liquid reserves57.0 mo
4 years on record · 2020–2024 · YoY revenue +88.0%
leadership · form 990 part vii · fy2024

Who runs it

paid leadership · 3
NameTitleHours/wkCompensation
WILLIAM MELLIN PRESIDENT / CEO 1 $614K
EDWARD KOVALEFSKY CHIEF FINANCIAL OFFICER 1 $223K
CHRISTOPHER PAJAK COO - ASSOCIATION SERVICES 1 $208K
board members · 15
  • AMY CALABRESE — TRUSTEE
  • CAROL ALLEN — SECRETARY/TREASURER
  • CHRISTINA SAUVE — TRUSTEE
  • CRAIG BOOTH — TRUSTEE
  • DOMENIC VERO — TRUSTEE
  • ERIC HEPKINS — TRUSTEE
  • JAMES LANGER — TRUSTEE
  • KATHRYA PIERRE — TRUSTEE
  • KEVIN MIETLICKI — TRUSTEE
  • KUSEY KIRK — VICE-CHAIR
  • LAURAN WILSON — TRUSTEE
  • RICHARD YEAGER — TRUSTEE
  • SHELBY BASKIN — TRUSTEE
  • TIMOTHY BRUCULERE — CHAIR
  • TWANDA CHRISTENSEN — TRUSTEE
relationships · 21

Who they work with

  • Alloya Corporate FCU Partner — Partner for processing funds transfers for membership contributions.
  • Alloya Corporate FCU Partner — Sponsor of the Beverage Cart and Foursome Photos at the TruStage Golf Tournament benefiting the New York Credit Union Foundation.
  • Cooperative Federal Credit Union Partner — Collaborated on the 'Mad City Money' financial education program for high school students.
  • Cooperative Federal Credit Union Partner — Collaborated on the 'Mad City Money' financial literacy program for high school students.
  • Encompass Niagara Federal Credit Union Partner — Supported a program allowing members to maintain a negative account balance with reduced fees.
  • Greater Hudson Valley Chapter Partner — Sponsor of the Longest Drive at the TruStage Golf Tournament benefiting the New York Credit Union Foundation.
  • High Point Federal Credit Union Partner — Partnered to support emergency preparedness through AED acquisition and staff training.
  • High Point Federal Credit Union Partner — Recipient of an IMPACT Grant to install AEDs and train staff in CPR/AED.
  • Mitchell Pollack & Associates, PLLC Partner — Sponsor of the Tee Signs at the TruStage Golf Tournament benefiting the New York Credit Union Foundation.
  • National Credit Union Foundation Partner — Collaborates with the National Credit Union Foundation to administer and promote the Community Investment Fund.
  • National Credit Union Foundation Partner — Proudly partners to amplify efforts in fostering financial literacy, improving access to affordable financial services, and encouraging saving and asset-building among consumers.
  • New York Credit Union Association Government — Email contact for grant applications is hosted under the nycua.org domain, indicating an operational relationship with the New York Credit Union Association.
  • New York Credit Union Association Government — Leadership overlap with the Foundation's trustee board, indicating organizational affiliation.
  • New York Credit Union Association Partner — Founded the New York Credit Union Foundation.
  • New York Credit Union Association Partner — Provides education and training programs that Professional Development Grants support.
  • New York Credit Union Association Partner — Provides professional development programs that the foundation funds through grants.
  • New York Credit Union Foundation Partner — Primary organization carrying out the mission
  • Ohio Credit Union Foundation Partner — Sponsored partner in the "Bite of Reality" program, as indicated by logo and sponsorship branding.
  • Remynt Partner — Provides credit builder services and financial education tools to Foundation members.
  • Syracuse City School District Partner — Partnered on the 'Mad City Money' program to deliver financial education to high school students.
  • Western New York Federal Credit Union Partner — Funded the installation of a new outdoor electric sign to improve communication and visibility.
strategies · 4

How they approach the work

Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.

  • Experiential financial education to build responsible financial behaviors
    methodology: experiential_financial_education
    By simulating real-world financial decision-making with assigned personas, the foundation teaches students responsible budgeting and financial management, because immersive, experiential learning produces deeper understanding and behavior change compared to didactic instruction alone.
  • Leveraging credit unions as vehicles for financial empowerment and community development
    methodology: credit-union-based_financial_empowerment
    By using credit unions as primary delivery partners, the foundation fosters financial independence and inclusion among New Yorkers, because credit unions’ cooperative structure and community focus make them trusted, effective conduits for financial education, capacity building, and targeted services.
  • Targeted grantmaking to expand financial access and strengthen institutional capacity
    methodology: capacity_building_grantmaking
    By directing grants toward financial education, professional development, and community-focused initiatives, the foundation improves credit union services and member outcomes, because building organizational and human capital within credit unions increases their effectiveness and reach, especially among underserved populations.
  • Win-win investment model to sustainably scale sector-wide impact
    methodology: win-win_investment_model
    By structuring investments to generate returns for credit unions while funding programs that benefit the broader sector, the foundation incentivizes participation and scales impact, because aligning institutional self-interest with collective good increases adoption and long-term sustainability.