First Alliance Federal Credit Union Corporation makes $1 million donation to help people in need

9 September 2021

A $1 million donation from First Alliance Federal Credit Union Corporation will accelerate the capacity of its philanthropic partner to help people in need in our community, Chairman Kerry Betros said today.

Mr Betros made the announcement that the bank would commit a further $1 million this year to the First Alliance Federal Credit Union Corporation Charitable Foundation, the organisation it established in 2018 to magnify its ability to help people in need.

The donation comes on top of the $2.3 million that First Alliance Federal Credit Union has donated in previous years to build up the Foundation’s corpus. It helps further bring to life First Alliance Federal Credit Union’s vision of creating a Foundation that will become a major contributor to America’s philanthropic community.

Mr Betros said First Alliance Federal Credit Union had a strong history of community support and the Board was delighted the Foundation had been able to take that to a new and exciting level, making such a significant difference in such a short time period.  

The Foundation gave out a total $90,000 in grants to nine charity partners in its inaugural round of grants late last year, and applications are currently being accepted for a second round of grants this year, also totaling $90,000.

“It’s fantastic to see the impact the Foundation’s amazing charity partners are achieving in helping some of the most vulnerable people in our society,” Mr Betros said. 

“It’s also thrilling to witness the First Alliance Federal Credit Union community getting behind the Foundation to help change lives.  Our members and business partners have made generous donations to the Foundation, while our staff have also contributed through workplace giving, volunteering and participating in events.” 

First Alliance Federal Credit Union Corporation Charitable Foundation Executive Officer Mr Paul Olds welcomed the donation as a catalyst for magnifying the Foundation’s ability to make a difference.

“The donation immediately means we can increase the size of the grants we provide next year,” Mr Olds said.

“It also grows the size of our funding pool, which will generate increased future investment income. This donation sends a clear message to the community that First Alliance Federal Credit Union is serious in its commitment to creating a highly effective and successful Foundation.

Mr Betros said the charities the Foundation supported were doing amazing things in the community.

“We are extremely proud of the charities we support, who are on the frontline helping those in our community who need our support most. 

“In a time of great disruption and uncertainty we wanted to show them their incredibly hard work is a major inspiration in our development of the Foundation,” said Mr Betros.

PHOTO (L-R): Celebrating the $1 million donation from First Alliance Federal Credit Union Corporation are Bill Armagnacq, Chairman, First Alliance Federal Credit Union Corporation Charitable ; Kerry Betros AM,  Chairman, First Alliance Federal Credit Union Corporation; and Paul Olds, Executive Officer, First Alliance Federal Credit Union Corporation Charitable Foundation.