CUNA Fueled By CSSSubsidiary

February 27, 2006, 1:00 a.m. EST 1 Min Read

WASHINGTON - (02/27/06) Bolstered by a strongperformance by its CUNA Strategic Services subsidiary, CUNAannounced Saturday that it finished almost $1.5 million in theblack for 2005. The credit union trade association announced at itsannual board meeting Saturday that its reconstructed servicessubsidiary earned a net of $1.3 million last year, 51%, or about$700,000 of which, went to CUNA, with the rest going to theleagues. Added to the associations bottom line was a$456,000 operating net, according to Tom Dorety, treasurer for theCUNA Board. Non-operating gains, including unrealized earnings onits investment portfolio, added another $1.1 million in net income.CUNA is in sound financial standing; sound financingcondition, not only on the CUNA side, but for CSS, as well,said Dorety. Last years $1.5 million in net income was upslightly from $1.4 million cleared in 2004, which included $153,000on operating net and about $1.1 million in investmentgains.

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