SAC Foundation is the charitable arm of Cobalt Credit Union and was established as a 501(c)(3) charity in 2016. The Foundation is led by a volunteer board of directors made up of dedicated Cobalt employees who provide oversight for the Foundation. It is primarily funded through donations from Cobalt employees as well as the general public. In addition, Cobalt supports SAC Foundation through in-kind and financial donations.
Many may wonder why Cobalt decided to establish a charitable arm. The credit union has a long-standing commitment to being an impactful community partner through financial giving and volunteer outreach. At the beginning of 2016, a committee of Cobalt employees met with the goal of establishing a charitable arm for the credit union. Discussion centered on supporting two areas: financial literacy initiatives and supporting the military and military-related organizations. Those two areas became the focus for the Foundation’s giving and fundraising efforts.
As a Foundation of a credit union, financial literacy is an essential topic that needs ongoing awareness and support. Expanding one's financial knowledge does not happen overnight, nor does it ever end. Becoming financially literate takes a lifetime of learning and experience. All of us can remember an instance in our own lives where financial knowledge has played a role. Whether it is a high school senior preparing to graduate, a couple expecting their first child, or a professional getting ready to retire, there are countless life events that involve financial decisions. These decisions are influenced by how much, or how little, financial literacy is gained throughout life.
When the credit union changed its name to Cobalt in 2018, the Foundation retained SAC in its name to honor its military heritage and emphasize the other focus area for the Foundation. Cobalt was founded on military roots and strongly believes in giving back to service members, their families, and veterans. SAC Foundation is proud to continue this legacy by fundraising and contributing to military organizations that provide help and support to our nation's heroes. There are a variety of activities and events supported by the Foundation each year that give back to service members for their service and sacrifice.
The commitment to giving back is a significant priority for the Foundation. In 2021, it donated more than $29,000 to 25 organizations and programs for active, retired, and former military veterans, and those pursuing careers in the military. The SAC Foundation’s website has a photo gallery that provides a glimpse of the support given over the past year.
In addition to supporting the SAC Foundation, Cobalt also prioritizes its corporate philanthropy. Last year, the credit union contributed to 163 different programs and projects that had submitted requests to Cobalt for funding. Some examples of these included a permanent bench at the future Nebraska Vietnam Veterans Memorial; a Holiday Helping Hand campaign that donated $20,000 to 16 nonprofit organizations; and donation drives held for Food Bank for the Heartland, MICAH House, and the Open Door Mission just to name a few.
