The UFA Co-operative will be putting thousands of dollars of archived equity to good use in rural communities.

They're committing $500,000 over the next year to fund educational, recreational and cultural facilities and programs in communities where UFA has a presence.

UFA Rural Communities Board Chair, Harvey Hagman, says being a large, old Co-operative, the archived equity built up over the years.

"There was quite a bit of money sitting in there that wasn't claimed by the owners. They'd either passed away, or they had left it with us. We had so many members that it might not be a whole bunch of money, but collectively it amounted to a fair bit."

Eligible projects can apply for a minimum of $10,000 and up to $100,000 and must be completed within a two-year period.

Hagman explains this is the first time UFA has committed these funds.

"So it would be $100,000 this first year, and then over the next few years, it will grow and be a larger amount. It should go forever."

Hagman says the Rural Communities Foundation was created in 2014 to find a way to give back with the equity, as the money was always intended for rural communities.

Applications are open until Saturday, August 31 and the winners will be announced during Canada's Co-operative week on Wednesday, October 16.

 

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