WASHINGTON – CUNA on Monday said a $1.2 million charge mostly to wind down its defined benefits retirement plan ate into its bottom line and helped produce a $400,000 net for 2011, down from a $2.2 million net for 2010.
Revenues were $49.8 million and operating expenses $48.2 million for 2011, both down from 2010, creating an operating net of $1.6 million last year. That compares to a $2 million operating net for 2010.
Last year’s net helped rebuild net assets, or reserves, to $12 million at year-end 2011.
“Our condition is very sound financially,” said Dennis Pierce, treasurer of the CUNA Board and CEO at CommunityAmerica CU, during yesterday’s annual general meeting during the GAC.
The budget for 2012 calls for a 3% rise in revenue to $51.3 million, and a 4% rise in expenses to $50 million, leaving a $1.3 million operating net for the year.
The figures are audited.
