CU Association To Assume Foundation Management

The Credit Union Foundation MD|DC and the MD|DC Credit Union Association have jointly announced that they have entered into an Administrative Services Agreement that retains the Association to perform management services on behalf of the Foundation.

“We had the benefit of knowing that our Executive Director, Kyle Swisher, had announced his retirement date at the end of his current contract and there would be a need for management transition,” said Foundation Chair, Ron Shockley.  “An ad hoc committee was formed among our Board members to evaluate the various paths available to us.

“After carefully considering all options,  the committee recommended to the Board that we enter into discussions with the Association to see if they could assume management responsibilities upon Kyle’s retirement, and the Board supported that approach.”

“Negotiations between the organizations’ Boards progressed well and swiftly resulted in a mutually-approved agreement,” added MD|DC Credit Union Association President John Bratsakis.  “We already work closely with the Foundation;  we know each other extremely well and share values and missions.  It made sense that the Association could provide management services and help move the Foundation’s programs, grants, and fund-raising capabilities forward.”

Under the agreement, Mr. Bratsakis will assume the additional role of Foundation Executive Director, reporting to the Foundation Board in that capacity, and will assign Association staff as needed to manage various Foundation-related functions.

“Leigh Philibosian, who currently coordinates all of the Credit Union Miracle Day activities including the annual Cherry Blossom Run and the gala, will perform essential Foundation duties,” Bratsakis noted.  “Because this has been a carefully considered transition, Leigh and Kyle will have ample time to coordinate the ‘hand-off’ to ensure uninterrupted programs and activities.”

“Since the Foundation’s inception, its Board has been comprised of talented Directors who have made smart decisions,” said Foundation Executive Director Kyle Swisher.  “Faced with the challenge of navigating a management transition, it comes as no surprise that they arrived at this decision.

“Retaining the Foundation Board’s vision and governance expertise while tapping the remarkable, diverse pool of talent available among the Association’s staff will produce better programs to help local credit unions and a more effective reach for development activities that fuel those programs.

“After a lifetime of leading nonprofit organizations, I’m looking forward to retirement, and with this arrangement in place I feel I can move on with full confidence that this Foundation will continue to grow and flourish,”  Swisher added.