The Trustees of the Credit Union Foundation have established an independent Grants Committee with the remit of reviewing applications to the fund and recommending which credit unions should receive an award. A robust assessment procedure has been established to ensure impartiality.
The Grants Committee comprises representatives of Lloyds Banking Group and the Credit Union Foundation as well as independent members who are senior representatives of well respected organisations with extensive understanding of credit unions and their members.
Role and function of the Grants Committee
The Grants Committee is accountable to the Foundation’s Trustee Board for the governance of the Grants Programme by:
- Providing scrutiny and oversight of the programme's delivery [by staff/contractors]
- Agreeing criteria for decision making and measuring impact of programme
- Making decisions about awarding grants within the financial terms agreed by the Trustee Board, also for rejecting applications and withdrawing/terminating grants if alerted to non-compliance/fraud etc by staff
- Alerting the Foundation's Trustees should they become aware of any significant reputational, financial or legal risk to the Foundation or the Funder
- Reporting to the Foundation's Trustees on outcomes and learning
- Reviewing the programme's delivery and achievements and advising the Trustees in respect of the Foundation's strategy
- Promoting the work of the Foundation's grant programme as appropriate/as agreed by the Trustees and staff.