WASHINGTON–CUNA is reporting $1.575 million in net income for 2014 on total revenue of $55.7 million, according to its just-released IRS form 990.
Net income is down from the $2.010 million reported in 2013, even though total revenue, at $55.606 million was lower that year. But CUNA also reported a $2.126 million increase in expenses during 2014 over 2013.
Its 990 shows CUNA reporting $18.567 million in net assets at year-end 2014.
As always, the biggest expense for the trade association is salaries and other compensation, which was $29.157 million in 2014, down from $29.788 million in the prior year. The trade group reported $740,358 in total compensation paid during 2014 to former CEO Bill Cheney, who is now CEO of SchoolsFirst Credit Union in Santa Ana, Calif. Current CEO Jim Nussle, who joined CUNA in September of 2014, was paid $237,896 in total compensation during the year. In a separate statement, CUNA said Nussle’s base compensation for 2014 was $850,000.
Other total compensation figures reported by CUNA on its 990 include Chief Policy Officer Bill Hampel, who also acted as interim CEO prior to Nussle’s hiring, at $551,719; EVP-General Counsel Eric Richard at $524,476; Chief Engagement Officer Susan Newton at $444,506; Deputy Chief of Staff Jill Tomalin at $365,727; Chief Political Officer Richard Gose at $350,620; Chief Advocacy Officer Ryan Donovan at $311,290; former SVP-Deputy General Counsel Mary Dunn at $310,964; and CFO Brian Nelson at $240,992.
CUNA also paid former CEO Dan Mica $60,000 in consulting services.
CUNA derived most of its income from membership dues, $26.424 million, followed by Association Services ($12.2 million), its Governmental Affairs Conference ($6.3 million), and business/consumer publishing $2.3 million.