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WASHINGTON-Much of CUNA’s financial data from 2004 was even better than the trade association itself expected. CUNA’s net assets came out at $1.47 million for 2004, up $1.2 million from the previous year and nearly a million ($970,000) more than was budgeted. Revenue generated by fees was up 8.8% over 2003 and dues based revenue rose 6.4%. Operating expenses for CUNA were $98,000 below budget while net operating revenues were $139,000 ahead of budget. CUNA’s operating margin was $153,000, up $290,000 from 2003 when CUNA posted a negative $130,000 operating margin, according to CUNA Vice President of Communications and Media Outreach Pat Keefe. Total net operating revenues jumped 8.1% to $46.1 million and total operating expenses were $45.9 million (up 7.4%). CUNA’s investment portfolio posted strong returns in the fourth quarter at 6.31%, which brought the 2004 year-end investment income-realized and unrealized combined-$625,000 ahead of budget; the portfolio realized a 9.65% return, exceeding the budgeted 4.5% return. CUNA Strategic Services, Inc., a subsidiary company owned 51% by CUNA and 49% by the state leagues, had a net income of $702,000, $400,000 above budget.

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