NAFCU Net Income Up 23%
NAFCU reported it boosted its net income last year by 23% to a new high of $607,000. The increase in the bottom line was caused mainly by a 25% rise in education conference revenues to $2.45 million, and a 4% boost in membership dues to $6.4 million. The largest increases in expenses came also from education conferences, a 14% rise to $2.04 million; and in administrative expenses, a 5% hike to $7.4 million. Last year's expenses also included a $100,000 contribution from NAFCU to relief funds for Hurricane Katrina.
NAFCU also reported a healthy increase of 21% in its investments to $7.1 million during 2005. At its annual meeting last week, NAFCU officially swore in John Milazzo, president of Campus FCU, In Baton Rouge, La., as its new chairman of the board. Milazzo succeeds Mike Vadala, president of The Summit FCU, Rochester, N.Y., who stepped down from the board after the maximum allowable nine years on the panel.