Trade CEOs Received Pay Raises in 2011, Per IRS 990 Forms
Last year’s IRS 990 reports, available on Guidestar.com, reveal that the chief executives at both CUNA and NAFCU received pay raises in 2011.
NAFCU President/CEO Fred Becker saw his total compensation package increase to $645,998 in 2011, up from $616,890 in 2010, which included a roughly 3% increase in base compensation.
CUNA President/CEO Bill Cheney was reported to have received a $1,129,651 compensation package in 2011, including nearly $700,000 in base pay. That represents a 4.3% increase in base compensation over 2010, when Cheney was paid $333,305 for six months’ worth of base pay. But CUNA spokesman Mark Wolf observed that the 990 reports sometimes clouded salary data.
“Bill Cheney’s increase to base compensation in 2011 was actually 3%, the same as received by most CUNA staff,” noted Wolff on this point. “ Comparing his 2011 and 2010 base compensation just from the 990 figures yields an inaccurate figure of 4.3% based on how the compensation is required to be reported.”
Speaking of Cheney’s compensation, CUNA Chairman and Georgia Credit Union Affiliates President/CEO Mike Mercer said it is important to note that the chief executive also serves as president of a number of affiliates, including CUNA Strategic Services, the National Credit Union Foundation and Credit Union House.
Despite a pay raise for Cheney and raises for other executive staff, Mercer said total executive compensation at CUNA was down 12.2% compared with 2010, because previous CEO Dan Mica fell off the payroll the first week of January 2011.
Despite leaving the post June 30, 2010, Mica continued to draw a salary from CUNA the entire year.
Cheney’s 2011 compensation included $695,380 in base pay, $177,675 in bonuses and incentives, $40,129 in “other” compensation, $195,511 in retirement and nearly $21,000 in nontaxable benefits.
Other top earners at CUNA include retired Chief of Staff Richard McBride, who received $469,901 in total compensation; General Counsel Eric Richards, who was paid $463,915; and, Executive Vice President John Franklin, who earned $428,387, the IRS report showed.
In addition to a $408,458 base salary, Becker earned $120,500 in bonus and incentives during 2011, plus $35,401 in other compensation, $62,460 worth of retirement and $19,179 in non-taxable benefits.
Executive Vice President of Government Affairs Dan Berger received a $412,444 total compensation package and Senior Vice President and Chief Operating Officer Anthony Demangone was paid $277,403, the IRS report showed.