Australian credit unions have launched a new charitable foundation to provide assistance to struggling communities in Australia and Asia.
The Australian Mutuals Foundation was founded by Select Credit Union Ltd and Encompass Credit Union Ltd following their merger on 1 July 2016. Select Encompass Credit Union has provided an initial donation of $175,000 to kick-start the foundation.
All members of credit unions and mutuals will be able to donate to AMF, which is registered as a charity.
Around 70% of the foundation’s funds will be allocated for domestic activities, with the remaining 30% going towards international activities.
The domestic projects will aim to help Australian children at risk of abuse or neglect or lacking adequate access to housing, medical care or education.
The AMF has partnered with Barnados Australia for the next three years and is supporting the Barnardos Reconnect Program, which is a project aimed at assisting disadvantaged children and youth in the greater Sydney area who are vulnerable and isolated, and experiencing homelessness, drug and alcohol abuse and breakdown in family relationships. As part of the partnership, Barnados will receive AUD $100,000 per year for the next three years.
The international activities will seek to facilitate microfinance for remote communities in impoverished South East Asian and South Pacific countries. The AMF plans to conduct these activities through the Asian Confederation of Credit Unions (ACCU), which currently runs development programmes in Laos, Bhutan and Myanmar.
In addition, the foundation will work to provide a mechanism for members of credit unions and mutuals to donate to those affected by natural disasters in Australia, South East Asia, or the South Pacific.
