WASHINGTON (2/26/13)--The improved finances of credit unions in 2012 gave them more money to spend on the Credit Union National Association's products and services, which triggered an increase in revenues for the association last year, CUNA Treasurer Susan Streifel said at the Annual General Meeting at yesterday's opening session of the CUNA Governmental Affairs Conference. CUNA offers members a comprehensive array of resources and training options.
Streifel noted that the association's unaudited results indicated that it had $52.4 million in revenues last year, compared with $49.8 million in 2011 Last year's expenses were $49.9 million, compared with $48.2 million in 2011. The operating margin was $2.5 million in 2012 and $1.6 million in 2011.
In 2012, the association had $31.3 million in assets, $22.5 million in cash, cash equivalents and investments, $14.5 million in working capital, and net assets of $13.7 million.
Streifel, the president/CEO of Woodstone CU of Federal Way, Wash., said CUNA projects its finances will be strong again this year.
She said CUNA projects net revenues will be $53.8 million. Of that, $25.4 million will come from dues, $24.1 million from fees based services and $4.3 million will come from other sources. Expenses are projected to be $52.9 million and the operating margin is projected to be $900,000.