LAKEWOOD, Colo.— Aux, a CUSO that provides backoffice services, has launched CFO Services.
The service assists credit unions in obtaining CFO-level talent, the company said.
“Particularly hard hit are credit unions under $500 million, who simply cannot find or afford credit union experienced CFOs,” Aux said.
“Our goal is to create strategic partnerships with credit unions. We want to create long-term strategies and a roadmap for health and viability,” said Diane Parham, CFO of Aux and head of CFO Services. “Aux is committed to preventing mergers and strengthening backbone of credit unions – those that fall between $50 million and $500 million in assets – by offering a flexible and strategic solution to obtaining CFO-level expertise. Mergers are one of the greatest threats to the credit union movement. Many credit unions are desperate for this level of help. They simply cannot get a CFO, and then financials start to unravel and they look to a last resort – merging. We strive to break this cycle.”
According to Aux, one of the biggest and unique components of its CFO Services is flexibility.
Opportunity to ‘Customize’
“Credit unions have the ability to customize the number of CFO hours needed each month. This allows them to partner with one of Aux’s highly experienced credit union CFOs for a mere fraction of the cost of having a full-time CFO,” Aux said.
Aux reported it also offers a full-service Accounting Assistance solution for credit unions of all sizes, which provides assistance with daily and monthly processing.
For info: auxteam.com/cfo-services-for-credit-unions.