Cash for Community: Financial organizations provide money, time, and passion.

• Author: Barbour, Tracy

Philanthropy is a crucial part of the culture at Alaska's banks and credit unions. Financial institutions such as Alaska USA Federal Credit Union (FCU), First National Bank Alaska, KeyBank, Northrim Bank, and Wells Fargo donate millions of dollars, thousands of volunteer hours, and manifold in-kind gifts annually.

Alaska USA

Alaska USA FCU donates to many organizations through its community grant program, which supplies grants up to $1,000 to nonprofit organizations providing needs-based services to areas in which it operates. "This allows us to provide funding to smaller organizations," says Dan McCue, senior vice president of corporate relations. "We also give as a part of nonprofit sponsorships or because of employee giving initiatives."

Alaska USA and its employees also work to make a difference by donating their time to various organizations. These entities include Alaska Business Week, state and local chambers of commerce, Habitat for Humanity, The United Way, Armed Services YMCA, and the Financial Reality Foundation, which facilitates the Get Real Financial Reality Fairs. The credit union's volunteer activities also extend to other areas. "Employees at Alaska USA are also involved with local boards and committees for a variety of nonprofit organizations, and Alaska USA does its best to support those organizations where our employees serve," McCue says. "In addition to the more traditional volunteer efforts, Alaska USA employees help to manage, run, and fundraise for the Alaska USA Foundation, a nonprofit organization founded in 2003 that gives back 99.9 percent of all income it receives to local nonprofit organizations."

Like other financial institutions, Alaska USA is selective about where it lends its support. Following its motto of "People Helping People," the credit union chooses to align with organizations that best match its mission, values, and brand as well as those that help the communities in which it serves. "This means that, as a whole, Alaska USA makes every attempt to donate time or money to organizations with a focus on financial education, active duty military, veterans, or children," McCue says.

He adds: "Our organization believes in supporting the communities in which we serve and, more importantly, our employees and members within those communities. Because our history is with the military, our organization aligns with those that support active duty members of the armed forces and veterans."

As part of its funding process, the credit union's corporate relations department manages the requests it receives for support from community and nonprofit organizations. Funding determinations are based on the alignment of the request to Alaska USA's focus areas, its membership base, the groups it has historically served, and its roots. "Depending on the type of request, the approvals for donations run through specific departments and sometimes go all the way to the president," McCue says.

Alaska USA determines the budget for philanthropic efforts on an annual basis, and each year the organization's charitable giving tends to fluctuate. "In 2017, Alaska USA Federal Credit Union donated more than $600,000 to organizations in all of the areas it serves, reaching more than ninety Alaska-based organizations," McCue says. "The level of contribution is directly related to the number of organizations that request funding in any given year."

First National Bank Alaska

First National Bank Alaska believes in Alaska and in giving back. It does this through volunteerism on the part of its staff and financial support in the form of charitable contributions, including bank donations and community sponsorships. Giving back is essential to the success of Alaska's communities, and the...