WASHINGTON – CUNA on Monday released audited financials to show the trade association erased two years of red ink with $6.8 million in net income for 2009.
The financials show two years of big losses – $7.8 million on investments used to fund the organizations pension plans – were reversed to the tune of $6.8 million for 2009. CUNA also reported a $1.8 million operating net for the year, one of its highest ever.
The losses on the investments caused an $8 million loss for 20008 and a $5.2 million loss for 2007.
“The bitter medicine we had to swallow in 2009, including elimination of positions, freezing pay increases and bonuses for officers, and making changes to our pension plan, led to a financially healthier organization for 2010 and beyond,” said CUNA President Dan Mica.
“One of my goals was also to ensure that, whoever succeeds me as CEO of CUNA, would inherit a financially sound organization – which that individual will. I am proud of that, of the CUNA staff for taking on the challenges, and our elected leadership for working with us to achieve these results,” said Mica.
Included in last year’s financials was a $341,000 loss on CUNA’s $1.3 million in member capital shares in U.S. Central FCU and a $275,000 loss for CUNA’s share of CUNA Strategic Services, its for-profit entity. CSS also held $2.1 million of MCS in U.S. Central. The $3.4 million of U.S. Central MCS owned by CUNA and CSS have all been written off.
Last year’s results boosted CUNA’s reserves back to $9.4 million, from $2.7 million at year-end 2008.
