WASHINGTON–CUNA has released its year-end financials for 2019, as well as adjustments to its 2018 financials to reflect a more than $6-million expense related to terminating the lease on its Washington offices.
CUNA reported net operating revenues of $63.3 million during 2019 against operating expenses of $61.6 million, for operating income of $1.628 million. The trade group reported $1.274 million in operating income for 2018.
In addition, CUNA reported total assets of $88.945 million at year-end 2019, up from $57.197 at year-end 2018.
The adjusted 2019 statement also shows CUNA reporting a lease termination expense of $5.865 million in 2018 after it exited its former space on Pennsylvania Ave. NW in Washington.
As CUToday.info reported here, the CUNA board agreed to a 2018 budget that projected a negative $4.9 million bottom line primarily due to the one-time costs associated with its move into new leased office space. At the time CUNA said it would recognize nearly $1 million per year in savings over the remaining 10 years of the lease as a result of the move.
CUToday.info has coverage of the new headquarters facility, located near Nationals Park and the Navy Yard area, here.
CUNA’s year-end 2019 financial statement can be found here.