Investments Fueled CUNA Profits In2004
WASHINGTON - (02/28/05) -- CUNA reported net income of morethan $1.4 million for 2004, based on accelerated earnings in itsinvestment portfolio. Earnings on CUNA investments soared to$702,000 for the fourth quarter, up from a projected $172,500,according to Allan McMorris, treasurer of the CUNA Board, who gavethe annual financial results during Saturday's CUNA Board meeting.Net income form operations was also positive for last year by$153,000. "This was a very good year, financially," McMorris toldThe Board. CUNA reported net income of just $450,000 the yearbefore, after two years of losses. CUNA's service subsidiary, knownas CSSI, of which CUNA owns a 51% stake, also broke into the blackfor the first time in 2004, to the tune of $702,000. For the year,CUNA reported total revenues of $46.1 million and total expenses of$45.7 million.