How important is your credit union to you? Is maintaining your tax-exempt, not-for-profit status worth one quarter of one percent of your paycheck? Is it worth one half of one percent? Is it worth that much to your credit union’s staff and employees?
Payroll Deduction is the Credit Union Association of the Dakotas’s fastest growing political fundraising program! Payroll deduction is a self-sustaining system that provides a virtual guarantee of PAC income. It is the most cost-effective method for credit unions and leagues to conduct solicitations, because solicitation efforts can be relaxed once a payroll deduction program is in place. Credit unions and leagues participating in payroll deduction are encouraged to re-solicit their employees on an annual basis. This annual solicitation should be paired with a report on CULAC’s performance in an effort to capture new donors and urge current donors to gradually increase their contribution from year to year.
Payroll deduction pairs an employee contribution with the timing of the familiar payroll deduction process and is an easy and convenient way for employees to participate in the PAC. Credit Union employees become involved in the political process and the money rolls in for CULAC- allowing us to support credit-union friendly candidates in Congress. It’s a Win-Win
With Payroll Deduction we can continue to grow our presence in national politics and better fend off bank attacks on our tax-exempt status and regulatory modernization efforts.
Why Payroll Deduction? It offers a number of advantages for credit unions that wish to help CUPAC/CULAC continue to speak loudly for us in Pierre, Bismarck, and Washington:
· It’s an easy and effective way for your credit union to meet its CULAC goal.
· For your employees, it’s a simple and painless way to support CULAC by having a small negligible amount—maybe as little as ¼ or ½ of a percent of pay—deducted from each paycheck. Yet small amounts add up: as little as $8 per paycheck can add up to over $200 per year.
· Finally, beyond some initial fundraising efforts, Payroll Deduction is sustainable. Once an employee authorizes a deduction, it continues indefinitely until he or she asks in writing that it be stopped, thus guaranteeing CULAC a steady source of income for months and even years.
Why Deduct PDF
Contributions to CULAC are used to support credit union friendly candidates in their bids for federal office. Contributions are strictly voluntary. You have the right to refuse to contribute without any reprisal. Contributions are not deductible for federal income tax purposes. Federal law requires us to use our best efforts to collect and report the name, mailing address, occupation and name of employer of individuals whose contributions to CULAC exceed $200 in a calendar year. In accordance with federal law, CULAC also is required to record the name and address of individuals that contribute $50 or more."
Payroll Deduction Form