WASHINGTON-CUNA's unaudited financials, as reported during the Governmental Affairs Conference, show the trade association in a strong financial position heading into 2006. According to the report during the Annual General Meeting by CUNA Treasurer Tom Dorety, CEO of Suncoast Schools Federal Credit Union in Tampa, Fla., CUNA had an operating margin of $450,000 for 2005 while CUNA Strategic Services had an operating margin of just over $1 million. The numbers were unaudited because of CUNA's decision to move its Annual General Meeting from the Future Forum in the summer to the GAC in February. Revenues of the two combined came to $51 million, up $2 million (4.0%) from 2004, against operating expenses of $49.5 million last year. In the same time frame expenses only rose 2.6% or $1.3 million. As a result, CUNA's operating income of $1.5 million for 2005 is nearly double the 2004 figure. CUNA's assets total $32.8 million of which nearly half are in cash and investments. Operating reserves are at $12.9 million, representing an increase of $1.5 million from the previous year. Looking ahead to this year, CUNA has budgeted for $48.8 million in revenues, breaking even with $48.8 million in expenses. Non-operating income is expected at $800,000. CUNA expects to bring in $20.4 million in dues in 2006, which is "spent entirely on advocacy," Dorety said. Audited numbers will be available at CUNA's Web site (www.cuna.org) in April. -
scooke@cutimes.com
