Mica's Compensation Fell to$1.6 Million Last Year
In a year when former CUNA President/CEO Dan Mica presided over layoffs, furloughs and budget cuts, his paycheck took a hit as well.
His total compensation in 2009 was $1.6 million, according to a form CUNA filed with the IRS. In 2008, his total compensation had been $1.8 million.
Mica, who left the post on June 30 and was succeeded by Bill Cheney, had a decline in compensation because of a reduction in his deferred compensation and because he refused part of a bonus.
In 2009, his base compensation increased 2.2% to $828,047. His bonus/incentive compensation was $486,615, compared to $667,393 in 2008. His compensation package included $219,336 in retirement and deferred compensation, compared to $349,039 in 2008.
In addition, Mica received a housing allowance and health/social club dues though CUNA didn't break down the specific amounts. The club dues are taxable while the housing are not.
CUNA laid off 18 employees last year and required all others to take unpaid days off.
The efforts helped CUNA's financial picture improve. It had $9.4 million in net assets at the end of 2009, compared with $2.6 million at the beginning of the year.
It had $933,786 in "revenue less expenses," last year, following a $713,184 loss in 2008. The total revenue for 2009 was $$51.3 million in 2009, compared with $55.3 million in 2008.