WASHINGTON – The end of the recession combined with extensive cost cutting measures caused CUNA's financial picture to improve last year.
Its operating margin-revenues minus expenses-was $803,000. The cost containment policies-including layoffs, staff furloughs and freezing the bonus pool, resulted in an 8.6% decline in the operating budget.
CUNA had $50 million in revenue and $49.2 million in expenses.
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The return on in its investments was 19.9%.
The association reported its results at its annual meeting during the Governmental Affairs Conference.
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