The Pentagon Federal Credit Union Foundation (PenFed Foundation)
The Pentagon Federal Credit Union Foundation (PenFed Foundation) is a nonprofit national charity working to meet unmet needs of the military personnel and their families in the areas of financial literacy, housing and support for the wounded.
|Method(s)||Military financial assistance, home ownership, assists wounded soldiers|
|Motto||"Serving our nation's defenders."|
The PenFed Foundation is a nationally recognized nonprofit organization working to meet the unmet needs of military personnel and their families through supporting wounded soldiers, providing financial management assistance and home ownership aid. The foundation is also the primary sponsor of the new $12.5 million Defenders Lodge supported by donated land from the government and financed entirely through private donations.
Thousands of veterans travel from all over the West Coast and Pacific Rim to the VA Palo Alto Hospital (part of the VA Palo Alto Health Care System) for treatment, and the new Defenders Lodge will provide a free and comfortable place for them to stay.
Last year nearly 11,000 patients had to find temporary housing and many had to drive 50 miles to find an affordable hotel while they waited for treatment—the new Defenders Lodge will solve this problem.
The Pentagon Federal Credit Union covers all labor expenses for the foundation so every dollar donated goes directly to supporting its programs.
The organization is dedicated to assist the men and women and their immediate families in the Department of Defense and Homeland Security. This includes both uniform and non-uniform personnel. The organization's Military Heroes program provides support to those wounded in the war against terrorism. Given the large numbers of wounded and the long-term nature of their challenges, the government faces budget and logistical problems in meeting their needs.
Military personnel and their families face financial stress due to relatively low pay, extended deployments and combat injuries. Payday lenders target those in the military because they have regular paychecks and must pay their bills or risk losing their security clearances. The PenFed Foundation's Asset Recovery Kit (ARK) gives no-interest emergency cash loans and free professional counseling to help solve money problems.
Military families deserve their piece of the American dream. They often cannot purchase a home – the cornerstone of this dream – because of the high cost of housing. The organization's Dream Makers is a grant program which assists first-time home buyers of modest means who are in the service of our country’s national security.
- Rosenberg, Alyssa. "Hotel Help". GovernmentExecutive.com April 20, 2010.
- Oremus, Will. "Palo Alto VA to build 53-bed hotel for outpatients". San Jose Mercury News April 30, 2010.
- Dineen, J.K. "PenFed backs Palo Alto Vet facility". San Francisco Business Times April 29, 2010.
- Official web site