LGFCU pledges $7.1 million to UNC School of Government for innovative initiatives
Wednesday, May 28, 2014
RALEIGH, NC—Local Government Federal Credit Union (LGFCU) has pledged of $7.1 million to the School of Government at the University of North Carolina at Chapel Hill for initiatives to support North Carolina local governments.
UNC Chancellor Carol L. Folt announced the news Thursday, May 22 at a meeting of the UNC Board of Trustees. “We’re tremendously grateful for this pledge, which builds on the past generosity of Local Government Federal Credit Union,” said Folt. “A core part of our mission is to help our state build stronger communities to serve North Carolina citizens, and these funds will greatly advance that commitment.”
The pledge will go to support several programs including the School of Government’s Development Finance Initiative (DFI) which will receive $2.84 million over 10 years to expand opportunities for economically distressed communities in North Carolina by increasing their access to and use of cutting-edge development finance instruments.
In addition to funds pledged this year, LGFCU previously granted the School of Government $1 million in 2011 to partner with local governments to attract private investment for transformative projects by providing specialized finance and development expertise.
Since that time, DFI has worked on more than 50 projects in nearly 40 communities across North Carolina. Projects range from analysis of a historic downtown building to an assessment of district-wide financial tools to attract private investment to distressed neighborhoods.
LGFCU also has granted $2.22 million over ten years to support the LGFCU Fellows program, Leading for Results, which provides mid-level public executives with leadership skills and training in an effort to build the pool of local government talent prepared for leadership succession.
“The initial investment that LGFCU made in the Development Finance Initiative and the LGFCU Fellows program continues to deliver on its intended purpose of enhancing North Carolina communities at the local level,” said LGFCU President/CEO Maurice Smith. “It is no surprise that given the resources made available through DFI and the LGFCU Fellows program, local governments have been able to leverage their connections to the School of Government to move forward in preparing the next generation of leaders, and in planning and implementing transformative development projects.”
School of Government Dean Mike Smith said, “I am grateful to LGFCU, and especially to Maurice Smith and the members of the LGFCU Board, for their trust in the School and their commitment to North Carolina. These funds will allow us to develop and expand the innovative ways we assist local governments as they face continuing economic and workforce challenges. This gift will have a major impact.”