WASHINGTON - CUNA said yesterday that compensation disclosures provided to the credit union trade press for its president and CEO Dan Mica were incomplete and should have listed another $197,000 Mica was paid by CUNA affiliate CUNA Strategic Services in 2007, boosting Mica’s 2007 pay to almost $1.2 million.
Mica earned a $938,769 salary in 2007, up 4.2% from 2006, and employee retirement benefits of $27,447, as well as expense reimbursements of $42,470, for a total of $1,008,686, according to the compensation pages from CUNA's annual Form 990 submitted to the Internal Revenue Service, provided to Credit Union Journal last year. Compensation figures have not been released yet for 2008.
A CUNA spokesman told Credit Union Journal yesterday that the additional pay for Mica from CUNA's for-profit affiliate was reported on CUNA's Form 990 on a separate page from the compensation pages e-mailed to Credit Union Journal last year as part of the Journal’s annual reporting on CUNA's finances. CUNA did not provide the separate pages.
The CUNA spokesperson pointed out that in 2007 CSS contributed $2.7 million to the credit union system, primarily in savings that credit unions realize on products and services as the result of strategic partnerships, bringing the total contributions to $17 million since CSS's inception in 2000.
