Salaries and Benefits of Trade Group Leaders Grew in 2010
CUNA, NAFCU and NASCUS rewarded their leaders’ stewardship through challenging times last year.
CUNA had an especially heavy payroll burden because it paid the salaries of two CEOs for the second half of 2010.
Former CUNA President Dan Mica earned $1.6 million in salary and benefits last year (a 4.7% increase over 2009) while his successor Bill Cheney earned $560,000 in the second half, according to a form filed with the IRS.
NAFCU paid President/CEO Fred Becker $616,890 in total compensation last year, up from $608,759 in 2009, according to the IRS filing.
NASCUS President/CEO Mary Martha Fortney earned $248,108 in total compensation for the fiscal year that ended last June 30, up from $234,249 for the previous fiscal year.
Mica left the top job at CUNA last June 30, but the trade association paid him a full salary for the year because he was under contract to provide consulting services through Dec. 31. He had a compensation package that included a base salary of $805,694; bonuses and incentives of $205,424; $629,631 in reportable compensation; $19,600 in retirement and other deferred compensation; and $15,959 in nontaxable benefits.
Mica now runs his own consulting firm and is registered to lobby for CUNA and Kessler Financial Services.
Cheney's compensation package included a base salary of $333,305; a signing bonus of $150,000; other reportable compensation of $49,632; $17,640 in retirement and deferred compensation; and nontaxable benefits of $9,587.
CUNA earned $2.2 million in revenue last year, compared with $933,786 in 2009. It had assets of $11.6 million at the end of 2010, up from $9.4 million at the end of 2009.
Last year was a rebound year for CUNA. It had suffered losses in 2009 that resulted in layoffs, furloughs and pay freezes. CUNA restored some of that with a "catch-up bonus," at the beginning of 2010 and another one at the end of 2010, according to CUNA Vice President for Public Relations Patrick Keefe.
Besides Mica and Cheney, the top earners were Executive Vice President/Chief Operating Officer Richard McBride whose compensation package was $481,376 and Executive Vice President/General Counsel Eric Richard, whose total compensation package was $429,725. In 2009, McBride’s compensation was $455,904 and Richard’s was $362,495.
Becker’s compensation package included base compensation of $396,679; bonus and incentive compensation of $110,000; other reportable compensation, $17,479; retirement and deferred compensation, $79,250; and nontaxable benefits of $13,482.
NAFCU earned $440,052 in revenues last year, compared with $115,438 in 2009. It had $9.1 million in net assets at the end of 2010, compared with $8.7 million at the end of 2009.
Besides Becker, the top earners were Executive Vice President for Government Relations Dan Berger and Executive Vice President/Chief Operating Officer Patrick Morris.
Berger’s total compensation package was $390,069 last year, compared with $381,807 in 2009. Morris, who recently left NAFCU to become president/CEO of ACA International, had a total compensation package of $315,550 last year, compared with $302,029 in 2009.
NASCUS earned $112,140 in revenue for the fiscal year that ended June 30, 2010 and had assets of $1 million at the end of that year. In the fiscal year that ended on June 30, 2009, it earned $221,630 and had assets of $1.1 million.
Besides Fortney, the association’s two top earners in the fiscal year ending June 30, 2010, were Senior Vice President/General Counsel Brian Knight and Senior Vice President, Corporate Affairs and Accreditation Barbara Pogue.
Knight’s compensation package was $133,902 and Pogue’s was $102,014.