WASHINGTON -- CUNA and CUNA Strategic Services' 2006 combined financial strength beat out the previous two years, according to CUNA's Annual Report.

"It's important to note that nearly 100% of dues revenue is spent for advocacy and advocacy-related functions on your behalf. CUNA is your voice in our nation's capital," CUNA Treasurer Harriet May, president/CEO of GECU, stated in her report on CUNA's financials.

Dues are one of two financial sources from which CUNA operates. In 2006, CUNA collected $20.5 million in dues, which was nearly equal to its advocacy expenses.

The trade association's 2006 legislative and regulatory expenses came to $10.4 million, up from just under $10 million the previous year. Communications and "unity of the three-tier system" were each down slightly while research & policy and administration were up slightly. Dues income as a percent of dues supported

expenses equaled 99.7%.

Overall, dues rose 3.1% and revenues on products and services grew 4.8%. At the same time, investment income was $1.1 million up 57% from $725,000 the

previous year.

CUNA and CSS reported consolidated operating income of $1.4 million, which was down some from $1.5 million in 2005, but up from $811,000 in 2004. Non-operating income, which included the sale of credit union online service and product provider Cavion Plus, LLC, put an additional $1.5 million in CUNA's bottom line for a total of nearly $2.9 million in net income for 2006 representing an increase of 88% over 2005.

Thus, member equity in CUNA reached $15.8 million in 2006, up from $13.0 million at yearend 2005.

Total net operating revenues in 2006 exceeded $53.3 million, up from $51.2 million in 2005. Expenses were kept to $52.0 million, a 4.6% increase from the

previous year.

CUNA and CSS' total assets reached $35.1 million, which was up from $32.4 million at yearend 2005.

--scooke@cutimes.com

Instant Insights /

CUNA Reports 'Another Healthy Fiscal Year' for 2006

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