In a series of steps to aid its members during the recession, the Indiana Credit Union League is extending a dues rebate for the second straight year, providing grant assistance to needy CUs on conferences and Webinars and making other cuts, all part of a program to cushion against financial pain.
The moves taken by the league and its processing subsidiary, Servicecorp Inc., will produce a deficit in this year's budget "but one we are in a position to handle because of prior year successes," said John McKenzie, president/CEO.
The 2010 dues giveback of $38,000 follows "the same approach we took the previous year, where a dues rebate was provided so that credit unions paid the 2008 dues amount in 2009," explained McKenzie.
In addition to dues, the league is transferring $250,000 from retained earnings to its stabilization reserve fund earmarked to assist CU with grants for special financial needs.
Also, in stressing the importance of CU advocacy, the league for the fifth year in a row authorized $16,000 to aid CUs in attending last month's CUNA Governmental Affairs Conference in Washington.
Offsetting these expenses, said the league, is $90,000 in savings from an office relocation last October in which leasing expenses were reduced.