The negative impact of the economy on its investments caused CUNA to have to write off $8 million last year, the organization reported yesterday.
The diminishing value of the association's investments and the losses in its benefit plan caused the association to have a change in its restricted net assets of $7.9 million. In 2007, the association lost $5.2 million.
CUNA President Dan Mica said in a statement that the organization had a positive operating margin of $221,000 in part because of some cost-cutting measures, including layoffs.
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He said the association is looking at other steps it could take to control costs but also noted that it could be helped if the economic recovery starts later this year.
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