Despite the financial difficulties of the financial services sector and CUNA, CUNA President/CEO Dan Mica's total compensation was $1.85 million last year, a 12% increase from 2007, according to a document filed with the IRS.
The documents, which is required of all tax-exempt organizations, showed that Mica's pay was 2.99% of total revenues. His base salary and fringe benefits was $810,528, his bonus and incentive compensation was $667,393, his car allowance was $26,617, and his deferred compensation was $349,039.
But Mica's compensation package, which is comparable to similar trade associations of CUNA's size, comes at a time when the organization faces severe financial difficulties.
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Last year, CUNA's restricted net assets declined $7.9 million. It had $2.6 million in unrestricted assets at the end of 2008, compared with $10.6 million at the end of 2007. Its pretax income last year was $887,173, compared with $3.2 million in 2007.
Mica, who has held the post since 1996, announced last week he plans to leave at the end of 2010.
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