CUNA Continues To Struggle Financially
Despite a couple of restructurings over the past few years and a massive dues increase, CUNA continues to
The trade group slipped its financial statement for fiscal 2002 past the reporters and inserted them, instead, with little fanfare into
It turns out those "positive results" were a $2.3-million loss for fiscal 2002, on top of a $1-million loss the year before.
That makes four losing years during the seven-year reign of CUNA CEO Dan Mica.
It means that even after adding more than $9 million in new revenues by doubling credit unions' dues in 1999, CUNA still can't
The major items that sent the preeminent credit union trade group into the red last year were a $3.8-million loss of CUNA's
The other item, which appears to be solved, was a $1.2 million loss for CUNA's multi-year lease at its old Washington
But leaving those two extraordinary issues aside, the trade group was only able to eke out a tiny $71,000 operating net on $42.5
Credit unions were told when CUNA jacked up their dues in 1999 that the extra revenue, which amounted to more than $9 million
That hasn't turned out to be the case.
In his report to the CUNA Board of Directors, Mica said he believes the worst appears to be behind them and projected operating