LIBERTY LAKE, Wash. – CU*NorthWest on Wednesday said it distributed more than 50% of its 2015 net earnings to the CUSO's owners in the form of a patronage dividend.
According to the CU*NorthWest board, which is comprised of CEOs from credit unions who own stock in the CUSO, CU*NorthWest had a "record year" in fiscal 2015 (ending Sept. 30, 2015). In addition to the patronage dividend distribution to owners, CU*NorthWest reportedly more than doubled its retained earnings and stock book values increased by nearly 10%.
Each year following the completion of a third-party financial audit, the board of directors evaluates the net bottom line and makes decisions on how to best extend those returns to owner/customers, the CUSO said. 2016 will see the reduction of prices for all customers regardless of ownership, it added.
"Our goal in the board room is to generate value for both our customers and owners," CU*Northwest said in a statement. "In the past, we have done a great job generating value to all customers through price reductions and substantial product enhancements. For owners, the stock has continued to grow in value with some stock dividends paid in prior years. A patronage return is yet another form of return and we are thrilled to be able to add this significant return to our owners."
Invoice Resource
Also Wednesday, CU*Northwest said later this month it will unveil a new resource designed to help its clients better understand and validate invoices.
The CUSO said it has developed a new website that features an easy-to-use search function allowing clients to get information on invoice billing codes. The information includes a brief explanation of the billing code with directions on how to reconcile the line item using tools inside the CU*BASE core processing solution.
"We expect this new feature will help our clients easily understand their invoice and quickly answer any questions about the charges," said Kinsey Hiett, CU*NorthWest's manager of business development.
Also available on the site is additional billing and invoice information, current pricing guides, a sample invoice, audit results, and more, CU*NorthWest said.
CU*NorthWest was founded in 2005 and is a 100% credit union-owned CUSO. It offers a variety of services for credit unions, including its flagship CU*BASE processing system in both an online (ASP) and in-house environment, and Internet development services featuring the It's Me 247 online banking product. Additional services include web site development, network design and security, bookkeeping services, and a complete e-Document solution.
