SOUTHFIELD, Mich.—The Michigan CU League has approved a new dues structure that seeks to streamline the dues formula and incent every CU to make a minimum contribution to its CU Link cooperative ad campaign.
The league’s Michigan Monitor newsletter reported that over the past four years, MCUL has rebated 50% of dues, then asked credit unions to pay part or all of that money toward the CU Link campaign, “A Stronger Financial Michigan or the Michigan CU Foundation.”
But the league reported that beginning in 2014, it will have two dues structures: 1) Regular members would pay dues under the current dues structure and the annual rebates will be discontinued. 2) The dues formula for “Premier” members would be permanently reduced by 50%. To be eligible for Premier membership, the MCUL said, a credit union would need to make a minimum voluntary contribution to the cooperative advertising program.
“While every credit union would continue to be strongly encouraged to pay their full fair share amount, in order to qualify for reduced dues, the minimum contribution would need to be made by each participating credit union,” the league said.
For a CU of $10 million or less in assets, the minimum voluntary contribution to CU Link by asset size is $5. For CUs of $10 million-$50 million, it’s $500; for $50-$100 million, it’s $1,000; for $100-$250-million it’s $1,500, and for CUs larger than $250 million, it’s $2,000.
In a statement in the Monitor, MCUL EVP/COO Ken Ross said the former system of collecting and then rebating dues had become too cumbersome. The new plan takes into account, among other things, “expected consolidation over the next five years.”