Cheney's 2013 CUNA Salary: $775,773
Former CUNA President/CEO Bill Cheney was paid a base salary of $775,773 and an additional $247,138 in bonus/incentive compensation for 2013, according to CUNA’s form 990 filed on Friday.
Cheney also received $238,942 in “other reportable compensation,” $20,576 in nontaxable benefits as well as $28,050 in retirement and other deferred compensation.
In total, Cheney was paid $1,310,479 in 2013.
In a memorandum attached to the form, CUNA Chairman Dennis Pierce said that despite an increase in base salary, Cheney’s total compensation declined by 2% compared to 2012.
“While his base salary increased (by 6%) and he was paid a bonus – which together resulted in an increase of 11.8% – these increases were offset by an almost $142,000 decline in retirement benefits due to vesting requirements not being met,” Pierce said.
Pierce, who is CEO of the $2 billion CommunityAmerica Credit Union in Lenexa, Kan., also stressed that the CEO of CUNA serves not only as the top staff officer for the trade association, but also as the president of a number of affiliates, including CUNA Strategic Services, the National Credit Union Foundation and Credit Union House.
Cheney earned $1.34 million in 2012; $732,021 as his base salary and $183,005 in bonus/incentive pay, representing a 2.2% increase over 2011. Cheney became president/CEO of the $9.8 billion SchoolsFirst Federal Credit Union in Santa Ana, Calif. after leaving CUNA in June.
In comparison, NAFCU President/CEO Dan Berger’s salary in 2013 was $373,723, according to the trade group’s 990 form. Berger also received $358,575 in deferred compensation for a multi-year 457(f) retirement plan, $89,187 in retirement and other deferred compensation and bonus/incentive pay of $55,000.
Eric Richard, CUNA executive vice president and general counsel, received $381,317 in base compensation. Richard was paid a total of $503,493 including retirement and other deferred compensation, as well as nontaxable benefits.
John Magill, executive vice president of government affairs, earned base compensation of $339,138 and a $59,421 bonus in 2013. His total compensation including deferred compensation and nontaxable benefits was $439,512. Interim President/CEO Bill Hampel, who was CUNA’s Chief Economist in 2013, earned $323,721 in base compensation, a $23,310 bonus and $28,805 in retirement and other deferred compensation. With nontaxable benefits and other reportable compensation, Hampel was paid a total of $397,875.
Other executives of note include Executive Vice President Susan Newton, CUNA’s highest paid female executive, who earned $331,035 in base salary, $58,837 in bonus/incentive pay, and additional retirement and nontaxable benefits for a total of $430,500.
Former Executive Vice President Paul Gentile, who left CUNA at the end of 2013 to take the CEO job for the Massachusetts Credit Union League, New Hampshire Credit Union League and the Credit Union Association of Rhode Island, earned a base salary of $310,800, bonus/incentive pay of $72,464 and additional retirement and benefits for a total of $433,343.
“Total 2013 executive compensation at CUNA (top 10 compensated executives, including our CEO) was virtually the same as reported in 2012, $4.738 million for 2013 and $4.733 million for 2012,” Pierce said.
Former CUNA President/CEO Dan Mica, who retired in 2010, was paid $70,000 for consulting in 2013, compared to $180,000 in 2012.
The trade association also reported paying Tom Senatori, a Madison, Wis.-based graphic designer, $188,335 in 2013.
CUNA’s total revenue increased from $53.7 million in 2012 to $55.6 million in 2013, which included $25,673,562 from membership dues. Total expenses also increased from $51.7 million to $53.6 million during the same period. CUNA’s political expenditures totaled $780,427 in 2013 compared to $738,582 in 2012.