Cooperative Federal Credit Union partnership

Dear Ed Smith Families,

Cooperative Federal Credit Union (their main office is on Westcott Street) is a small, local, cooperatively owned, and not-for-profit financial institution. For the past 5 years they have partnered with Ed Smith in teaching financial education. First it was just a once per year classroom visit to the 5th grade. However, in consultation with Mrs. Berman (who has since retired) they thought it would be good to provide students with an opportunity to open savings accounts and save once per week at school.

The program was well used at first but over the years the use by students has dropped off and Cooperative Federal is less able to fund the program due to reductions in grant funds. Cooperative Federal is still committed to the program and is eager to make it sustainable through further partnership. In cooperation with the Ed Smith PTO, the idea was raised that the best way to do this is to increase both student and parental involvement. Thomas Dellwo of the Cooperative Federal, attended the June PTO business meeting, and proposed asking Ed Smith Parents who are interested to call/email (315-473-0217 or thomdellwo [at] coopfed [dot] org) and indicate their willingness to join a Banking Committee. If we can get a number of parents to commit to this program, the kids can run the collections themselves with an oversight by this a group of parent volunteers. If we can get enough volunteers, it would really come down to one shift per month…a similar system to the third grade ice cream sales! The only other commitment would be a small training over the summer (that would only meet once or twice) to prepare volunteers. We look forward to getting this project going again in Ed Smith and encouraging our kids to start thinking about savings while also empowering them to run the program with the help of our families!

– The Ed Smith PTO in cooperation Thomas Dellwo of the Cooperative Federal Credit Union

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