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News Now

Washington
Economy key factor in CUNA 08 financial results
WASHINGTON (5/6/09)—The Credit Union National Association (CUNA) finished 2008 with a positive operating margin of $221,000, but the down economy’s impact on investments and the association’s employee pension plan resulted in an $8 million adjustment to assets from unrealized losses and accounting adjustments. CUNA President/CEO Dan Mica noted that at a time when national associations, as well as the members they represent, are facing financial challenges from the strains of a prolonged recession, CUNA implemented a number of measures to reduce costs and increase efficiency, resulting in the positive operating margin for the year. “The area where we, as a management team, have direct control is on operating results,” he noted. Further, Mica noted that CUNA continues to follow a policy in which all dues revenue ($21.6 million in 2008) goes to support CUNA’s advocacy functions—legislative and regulatory affairs, compliance, political action, public relations and communications, research and economics. However, the declining value of CUNA’s investment portfolio and accounting adjustments related to the continued decline in the funding status of CUNA’s defined benefits plan resulted in a change in restricted net assets of $7.9 million. Mica said CUNA is evaluating actions it can take this year to help address the situation, which also could be aided if, as many economists currently forecast, the economy begins to improve later in 2009. Full details of CUNA’s 2008 year-end financial results will be in the association’s annual report, which will be distributed with the June issue of Credit Union Magazine and posted online.


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