WASHINGTON — CUNA closed the books on the Dan Mica era this morning, reporting a $2.2 million net for 2010, helping to rebuild reserves that two years of losses had severely depleted.
Last year's net, though down from a $6.8 million net for 2009, helped wash away two years of big losses in 2007 and 2008 and rebuild reserves to $11.6 million. The 2007 and 2008 losses of $13.2 million had run down reserves to just $2.5 million at year-end 2008, from almost $16 million.
"CUNA continues to recover from its low point in 2008," said Dennis Pierce, the president of Kansas City's CommunityAmerica CU who serves as treasurer of the CUNA Board, during the association's 77th annual meeting this morning.
The 2010 financials effectively closes the books on the 14-year tenure of Dan Mica, who headed CUNA until last July when Bill Cheney succeded him as president of the trade group.
The financials for 2010 included $51.9 million in revenues and $49.9 million in expenses for a $2 million operating margin. A $200,000 gain for non-operating items created the $2.2 million net.
The bottom line was helped out significantly by the continuing decrease in unrealized losses on the stock portfolio CUNA has invested its pension funds in, according to Pierce. The end of 2010 showed a $400,000 unrealized loss on the funds, compared to losses of $1.1 million for 2009 and $2.8 million for 2008.
In comparison to CUNA, NAFCU is reporting a $300,000 net for 2010, up from $100,000 for 2009, and reserves of $9.5 million.
