MONTREAL, Quebec—CUs, on average, are paying $964 annually for individual volunteer training, according to the 2015 NAFCU Executive Compensation and Benefits Survey.
The money goes not only to training, but to registration and travel expenses for meetings, the report indicated.
The survey, commissioned by Burns-Fazzi, Brock, reached out to 6,276 state and federal credit unions and 519 responded.
Conferences Get Most Dollars
The report, introduced at NAFCU’s annual meeting here, shows that of the overall expenses and benefits provided to directors, 60% go to conference expenses, 53% for travel, 46% for meeting costs, 43% for educational expenses and 19% for spouse/partner travel.
Rounding out director expense types were life insurance (7%), disability insurance (2%) and medical wellness plans 1%. Twenty–seven percent said they cover no expenses/benefits for directors.
Supervisory Committee Expenses
Supervisory committee member expenses/benefits spending types were similar: conference expenses (50%), travel (43%), meeting costs (41%), educational expenses (41%), spouse/partner travel expense (14%), life insurance (6%), disability insurance 2% and medical wellness plans (1%). Twenty-nine percent of respondents said they cover no expenses/benefits for supervisory committee members.
“The frequency by which these expenses are paid to all volunteers increases as the credit union’s asset size gets larger,” said Jack Cark, of Clark Research Associates, Charlotte, N.C., which conducted the survey.