Solid Financials Marked NAFCU's2005

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TORONTO - (07/17/06) – NAFCU reported Friday itsboosted 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 ineducation conference revenues to $2.45 million, and a 4% boost inmembership dues to $6.4 million. The largest increases in expensescame also from education conferences, a 14% rise to $2.04 million;and in administrative expenses, a 5% hike to $7.4 million. Lastyear’s expenses also included a $100,000 contribution fromNAFCU to relief funds for Hurricane Katrina. NAFCU also reported ahealthy increase of 21% in its investments to $7.1 million during2005. At its annual meeting last week, NAFCU officially swore inJohn Milazzo, president of Campus FCU, In Baton Rouge, La., as itsnew chairman of the board. Milazzo succeeds Mike Vadala, presidentof The Summit FCU, Rochester, N.Y., who stepped down from the boardafter the maximum allowable nine years on the panel.

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