CUNA Reverses Fortunes, Breaks Back Into Black
CUNA announced at last week's board meeting it broke back into the black last year to the tune of $448,000, after two straight years of red ink.
"It's been a remarkable turn-round for where we were just 12 months ago," said Allan McMorris, treasurer of the CUNA Board, referring to more than $2 million of losses for fiscal 2002. "These are times that have really challenged us as a board and challenged management to come up with the results that we've had."
Early indications are that 2004 will be even better, said McMorris.
The major changes in the financials were the elimination of $1.3 million in costs for CUNA's old offices, since subleased; and the reversal of fortune for CUNA Strategic Services Inc., which also reported a net profit of $350,000 last year. CUNA's share of losses for CSSI (formerly CSG) last year were more than $400,000.
Combined cash rose to $14.8 million, while member equity rose to $10 million at the end of 2003. Investments declined by $561,000.
The financials are unaudited at this point and the net income could be less, depending on how the accountant's evaluate CSSI's stock on the old Cavion Internet venture, now part of CSSI. But McMorris said the evaluation will not prevent CUNA from reporting a net profit for 2003.