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News Now

Washington
2009 financials see CUNA in healthy shape
WASHINGTON (2/23/10)--The Credit Union National Association (CUNA), in its 2009 financial results released on Monday, reported an operating margin of $803,000 and a $6.8 million increase in net assets, an 185% increase from the results reported in 2008, returning CUNA firmly into the black. The financial results, which were announced at the Governmental Affairs Conference by CUNA Treasurer Pat Wesenberg,president/CEO of Stevens Point, Wis.-based Central City CU, showed 2009 operating revenues totaling $53.7 million and operating expenses totaling $52.3 million. CUNA's overall 2009 operating expenses were $6.9 million, or 12.3% below what was projected in the 2009 budget, and $4.6 million, or 8.6%, below the amounts reported in 2008. CUNA's net operating revenue for 2009 was $50 million, and the net operating expenses reported for that same period amounted to $49.2 million. These net operating revenues were $6.2 million, or 11% lower than projected in the 2009 budget, and $4 million, or 7.4% lower than the results reported in 2008. Revenues from operations declined by a total of $4.3 million, or 7% from the previous year, but these revenue declines were offset by expense savings that amounted to savings of $4.8 million, or 8.4% from 2008 expenses, Wesenberg added. CUNA reported a net operating margin of $1.4 million for 2009, and Wesenberg reported that CUNA has "effectively and prudently managed member assets" and generated a total of $9 million of positive operating income over the past six years. CUNA recognized 19.9% returns on its investment portfolio, a $4.9 million increase on the investment returns recorded in 2008.


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