Friday, July 06, 2012

PenFed Foundations Partners With Veterans Initiatives to Crack Down on Financial Assistance Fraud


Veterans Plus and Yellow Ribbon Registry Network help monitor those abusing the system

Alexandria, VA—The PenFed Foundation, a nationally recognized nonprofit working to meet the unmet needs to military personnel and their families, announced today it is joining the efforts of two initiatives to help reduce financial assistance fraud among veterans' benefits programs.  The foundation is partnering with Veterans Plus, an organization which created the Yellow Ribbon Registry Network (YRRN), a central database of veterans seeking financial assistance which helps nonprofits keep track of various applicants and the services they are seeking from other groups.  

"The PenFed Foundation's mission is to help wounded veterans and other service members who are facing medical and financial problems," said Kate Kohler, chief operating officer of the PenFed Foundation and a former Army captain. "But every dollar that goes to someone who doesn't need help or is abusing the system comes out of the pocket of a more deserving recipient." 

The YRRN, also known as the "Registry Network," is more than just a database. The network is able to pre-screen and verify certain background information of an individual or family seeking assistance and then determine which partner organization is best suited to meet their needs based on their particular circumstances. The collaboration between organizations and the YRRN ensures that an individual or family isn't seeking help from multiple partners for the same assistance.  

Kohler said that joining the registry network allows the foundation to provide financial counseling to grant recipients through Veterans Plus and their team of certified financial counselors. By reducing the risk of fraud and abuse, the partnership adds value to the foundation's Military Heroes program, which provides wounded soldiers with services that the Defense Department cannot offer due to budgetary and regulatory restrictions.  

Though the PenFed Foundation has not found any fraudulent applications in the past, the partnerships help make sure that abuse does not become a problem. 

"We take very seriously our procedures for determining whether people qualify for help from our financial assistance programs, but we can't know everything about the applications we receive," added Kohler. "Partnering with Veterans Plus and Yellow Ribbon Registry Network helps ensure our money is going to the people who need it most."

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About the Pentagon Federal Credit Union Foundation (PenFed Foundation)
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 $11 million Defenders Lodge supported by donated land from the government and financed entirely through private donations. The Pentagon Federal Credit Union covers all labor expenses for the foundation so every dollar donated goes directly to supporting its programs.

To make a donation or learn more about the foundation, visit: http://www.penfedfoundation.org.

About VeteransPlus

VeteransPlus is a 501(c)(3) nonprofit that teaches service members, veterans and their families the skills necessary to better manage their finances, get control of their debt and learn how to save and invest for their futures and for their children's futures. Whether they are presently deployed overseas or completed their service many years ago, VeteransPlus is available to help them manage their financial lives. Many of its employees are veterans themselves and all of them are trained to be sensitive to the issues that affect veterans, deployed military personnel and their families.

To learn more about Veterans Plus, visit: http://www.veteransplus.org.



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Sean P Eagan

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Former Chairman American Cold War Veterans
Life Member Veterans of Foreign Wars
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