WASHINGTON – CUNA reported yesterday the final red ink for 2008 was just less than $8 million.
The losses, up from a loss of $5.2 million in 2007, were caused by a $713,184 operating deficit and $7.3 million of losses on investments.
The losses came as CUNA President Dan Mica was earning a raise of almost 13% in 2008 to $1.9 million, far higher than believed. His 2007 compensation was $1.6 million. The figures makes Mica by far the best-paid executive in the credit union movement and one of the highest-paid figures among Washington-based trade lobbyists.
In documents provided to The Credit Union Journal last year CUNA indicated Mica had earned $989,000 in 2007. Earlier this year it was revealed Mica also earned more than $200,000 as CEO of CUNA’s for-profit affiliate CSSI, Inc. in 2007, making his estimated earnings $1.2 million.
In its annual Form 990 for fiscal 2008 submitted to the IRS and made public yesterday, CUNA said Mica’s 2008 pay included a $439,000 retention bonus. His base pay was $810,528; bonus and incentive compensation was $667,393; other compensation (car allowance) $26,617 and deferred compensation was $349,039.
In a statement accompanying release of the Form 990, CUNA Chairman Kris Meacham said the CUNA Board agreed to pay the additional retention bonus to Mica such incentives are necessary to "maintain the highest level and quality of leadership. "The CUNA Board believes the credit union movement deserves such leadership," wrote Mecham.
He also said the CUNA Board found the compensation package to be comparable to CEOs with similar tenure at similarly-sized trade associations in Washington.
The 2008 compensation for the other top CUNA executives was; Richard McBride, chief of staff ($437,368); Eric Richard, general counsel ($341,051); John Franklin, chief operating officer ($337,934) and Bill Hampel, chief economist ($299,247).
