WASHINGTON–CUNA closed 2015 with just under $59 million in net revenues, approximately $1.1-million over what it had budgeted and $3.6 million over its year-end 2014 results.
According to the trade group, operating expenses totaled $55.6 million, significantly less than $59 million, which was $2.2-million under budget but still a 2.7% increase over 2014.
CUNA said it did recognize a $2.8-million negative pension adjustment in 2015, primarily due to a one-time required adjustment for new mortality tables and less than desired investment returns.
Even with the pension adjustment, CUNA said it closed 2015 with $81,000 in net income.
CUNA’s balance sheet shows it has $33 million in cash and investments, and $18.6 million in total net assets or reserves.
At its Annual General Meeting held in conjunction with GAC, CUNA elected its executive committee members:
- Chairman - Rod Staatz, SECU, Linthicum, Md.
- Vice Chair - Patrick Jury, Iowa CU League, Des Moines.
- Secretary - Maurice Smith, Local Government FCU, Raleigh, N.C.
- Treasurer - Brett Martinez, Redwood CU, Santa Rosa, Calif.
- At Large Member - Troy Stang, Northwest CU Association, Sea Tac, Wash.
During the annual meeting, the board voted to become a member of Sheltered Harbor, LLC. Sheltered Harbor was formed to facilitate standards for safeguarding and recovering transaction and member/customer data across the financial services sector following a destructive cyber-attack impacting a large number of financial institutions. CUNA said it had been asked to join to represent credit unions’ interests.