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ARLINGTON, Va. – NAFCU’s surplus revenue in 2005 represented more than 5% of its budget, NAFCU President and CEO Fred Becker pointed out. “Thanks to the hard work of our board and staff, NAFCU had another excellent year financially, turning in a surplus of over $600,000 on a budget of $11 million,” he commented. “In fact, this was the 17th consecutive year of sustained financial stability and growth for NAFCU.” Becker credited the group’s products and services for the surplus. More than $2 million went into educational conferences leading to $2.4 million in revenue, according to NAFCU’s annual report that includes consolidated financial statements for NAFCU and NAFCU Services Corp. Products and services netted NAFCU and NSC another nearly half-a-million dollars. NAFCU also makes money by renting out some space in its building, which it owns outright. NSC was charged $61,414 in rent last year and NAFCU’s two other unrelated tenants paid a combined $105,564, according to its 2005 Form 990. “As our members will tell you, we relentlessly focus on exceeding their expectations through ever-improving services and benefits, first-rate educational resources and top-notch representation in Washington,” Becker stated. Nearly $203,000 was spent on legislative, regulatory and compliance services. One of the other expenses reported on the 990 was CEO compensation at $299,322 in salary and $44,339 in benefits. These were up a total of 6.4% from 2004 when Becker made $285,007 and received benefits of $38,070. NAFCU’s 2004 and 2005 Form 990s, which solely covers NAFCU, showed revenue up from $10,034,027 to $10,894,827, a difference of 8.6%. At the same time, expenses were kept down at an increase of just 8.0% to $10,290,701.

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