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News Now

Washington
CUNA posts positive financial results for 2010
WASHINGTON (3/1/11)--Credit Union National Association (CUNA) Treasurer Dennis Pierce, president/CEO of Community CU, Lenexa, Kan., offered a positive review of the CUNA’s 2010 financial results during the association’s Annual General Meeting at the 2011 Governmental Affairs Conference (GAC) in Washington D.C. Both operating revenues and expenses were higher in 2010 than in 2009, but revenues increases outstripped expenses. Revenues from operations increased nearly $2 million, or 4% more than in 2009, while expense increases were less than 2% from 2009. Net assets increased to $11.6 million in 2010. CUNA’s operating margin was $2.2 million in 2010, exceeding the $1 million average of the previous six years. CUNA’s assets total $25.8 million, of which 69.8% is in cash and investments. Working capital is $10.8 million and net assets totaled $11.6 million at the end of 2010. For 2011, CUNA is budgeting $51.5 million in revenues and $50 million in expenses for an operating margin of $1.5 million. Pierce noted that 100% of member dues revenues are used for advocacy and advocacy-related functions. The financial information Pierce offered is unaudited and subject to change. Finalized financial statement will be posted on CUNA’s website. The GAC runs through Wednesday.


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