Compensation: A Tale of Two National CU Trade Associations
The CUNA CEO's compensation package drooped last year while NAFCU's rose, IRS forms stated.
Former CUNA President/CEO Dan Mica's total compensation last year was $1.6 million, CUNA's form 990 read. That was less than the $1.8 million he earned in 2008.
NAFCU President/CEO Fred Becker earned $608,759 in compensation last year, up from $485,993 in 2008, according to NAFCU's 990.
Mica's a decrease in compensation because of a reduction in his deferred compensation and because he refused part of a bonus.
Last year was a difficult year for CUNA. There were layoffs, furloughs and budget cuts. It laid off 18 employees and required all others to take unpaid days off.
In 2009, Mica's base compensation increased 2.2% to $828,047. His bonus 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 salary and budget cuts helped CUNA's financial picture improve. It had $9.4 million in net assets at the end of 2009, versus $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. But total revenue for 2009 was $51.3 million, compared to $55.3 million in 2008.
Other CUNA executives included Richard McBride, executive vice president/chief operations officer, $455,904 and John Franklin, EVP/COO-Madison, $365,273.
Becker's base compensation was $354,072, compared with $331,859 in 2008. His bonus and incentive compensation totaled $150,000 in 2009 and $83,125 in 2008. Last year, he received $17,957 in other reportable compensation, compared to $745 in 2008.
In 2009 his retirement and deferred compensation totaled $76,173, compared with $66,764 in 2008. He received $10,557 in nontaxable benefits in 2009, compared with $3,500 in 2008.
SVP of Communications Jay Morris said, "The NAFCU Board hired a well-respected association consultant, and the consultant concluded that NAFCU CEO Fred Becker's salary and total compensation in 2007 lagged that of other comparable associations. Even after a compensation increase in 2008, it remained below the median of comparable association CEOs."
Becker's increase came during a year in which NAFCU laid off three people and eliminated a part-time position. NAFCU's surplus, based on the combined totals of the association, its PAC, its administrative fund and its foundation, was $236,538.
NAFCU's net assets held at $8.7 million through 2009.
Other top NAFCU compensation packages included $381,807 for EVP Dan Berger and $302,029 for EVP/COO Pat Morris.