Financial cooperative honored for annual Project Money program

MADISON, Wis.—Summit Credit Union was named a recipient of the 2016 Governor’s Financial Literacy Award last month in honor of Project Money, its annual financial competition that recently concluded its eighth season.

Project Money is a financial challenge that sees four teams paired with a Summit financial coach for seven months, identifying strategies to increase savings and reduce debt. Sharing their journey via Summit’s website, social media and Madison’s NBC15 along the way, the winning team receives $10,000 from Summit Credit Union, while the remaining three teams receive $2,500.

Selected by Governor Scott Walker’s Council on Financial Literacy, the member-owned financial cooperative was one of just eight organizations across the state to receive the award. The council noted Project Money’s success with increasing community awareness of financial literacy, financial capability and financial wellness, along with its tenured partnership with Madison’s NBC15. Through eight seasons, the program has collectively helped 32 participants increase savings by $278,539 and decrease debt by $335,157.

“We started Project Money in 2009 with the goal of helping educate people about how to take control of their finances and improve their lives by following the real life journeys of our participants,” said Summit Credit Union CEO & President Kim Sponem. “We’re very excited to be honored for helping our entire community learn from the hard work of our Project Money participants.”

Established in 2011, the mission of the Governor’s Council on Financial Literacy is to measurably improve the financial literacy of Wisconsin citizens. Criteria considered during the evaluation process include innovative implementation, demonstration of measurable results, collaboration with area partners and the effort’s focus on needs-based groups.

For more information about the Governor’s Council on Financial Literacy, visit https://www.wdfi.org/OFL/govcouncilfinlit/.