WASHINGTON-CUNA's unaudited financials, as reported during theGovernmental Affairs Conference, show the trade association in astrong financial position heading into 2006. According to thereport during the Annual General Meeting by CUNA Treasurer TomDorety, CEO of Suncoast Schools Federal Credit Union in Tampa,Fla., CUNA had an operating margin of $450,000 for 2005 while CUNAStrategic Services had an operating margin of just over $1 million.The numbers were unaudited because of CUNA's decision to move itsAnnual General Meeting from the Future Forum in the summer to theGAC in February. Revenues of the two combined came to $51 million,up $2 million (4.0%) from 2004, against operating expenses of $49.5million last year. In the same time frame expenses only rose 2.6%or $1.3 million. As a result, CUNA's operating income of $1.5million for 2005 is nearly double the 2004 figure. CUNA's assetstotal $32.8 million of which nearly half are in cash andinvestments. Operating reserves are at $12.9 million, representingan increase of $1.5 million from the previous year. Looking aheadto this year, CUNA has budgeted for $48.8 million in revenues,breaking even with $48.8 million in expenses. Non-operating incomeis expected at $800,000. CUNA expects to bring in $20.4 million indues in 2006, which is “spent entirely on advocacy,” Dorety said.Audited numbers will be available at CUNA's Web site (www.cuna.org)in April. -

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