CUNA Pay Tops NAFCU At the Top
CUNA paid its CEO more than double the salary that NAFCU did in 2013, according to forms filed with the IRS.
Former CUNA President/CEO Bill Cheney was paid a base salary of $775,773 and $247,138 in bonus/incentive compensation for 2013, according to CUNA's form 990 filed on Aug. 15.
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 comparison, NAFCU President/CEO Dan Berger's base compensation in 2013 was $373,723, according to the trade group's form 990. In addition, Berger 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 for a total of $906,434 reported to the IRS last year.
The former NAFCU EVP was promoted to CEO Aug. 1. Berger told CU Times his base salary as CEO of the trade association last year was $424,000.
In a memorandum attached to CUNA's form 990, CUNA Chairman Dennis Pierce said despite a earning a higher 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, CEO of the $2 billion CommunityAmerica Credit Union in Lenexa, Kan., also stressed that the CEO of CUNA serves as the top staff officer for the trade association and president of many affiliates, including CUNA Strategic Services, the National Credit Union Foundation and Credit Union House.
Cheney earned $1.34 million in 2012, including $732,021 as his base salary and $183,005 in bonus/incentive pay, representing a 2.2% increase over 2011. He left CUNA in June to become president/CEO of the $9.8 billion SchoolsFirst Federal Credit Union in Santa Ana, Calif.
Berger's predecessor, Fred Becker, received base pay of $583,358 in 2012 and $1,082,103 in total compensation, which also included a retirement plan payout. Becker retired as president/CEO on July 31, 2013. His base salary through July 31 was $431,675 and his total compensation was $604,955, including $122,000 in bonus/incentive pay.
NAFCU EVP/COO Anthony Demangone was paid a total of $338,842 in 2013, with $250,866 as his base compensation.
Eric Richard, CUNA EVP 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, EVP 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 included EVP 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 EVP Paul Gentile, who left CUNA at the end of 2013 to take the CEO job for the Massachusetts, New Hampshire and Rhode Island leagues, earned a base salary of $310,800, bonus/incentive pay of $72,464 and additional retirement and benefits for a total of $433,343.
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.
“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.