LIBERTY LAKE, Wash.–As it marks its 10th anniversary, the CUSO CU*Northwest reported that it has distributed more than 50% of the net earnings to owners as directed by its board of directors. The board is made up of CEOs from credit unions who own stock in CU*NorthWest. The distribution was made based on patronage to the CUSO – one of several methods of returns used by the cooperative to distributed returns back to owners and customers.
CU*Northwest reported that each year following the completion of a third party financial audit, the board of directors evaluates the net bottom line and makes decisions on how to best extend those returns to owner/customers. CU*NorthWest said had a record year in fiscal 2015, which ended Sept. 30.
In addition to the “patronage” dividend distribution to owners, CU*NorthWest better than doubled its retained earnings the stock book values increased by nearly 10%. Further, the CUSO also announced the third year of reductions for 2016.
“Our goal in the board room is to generate value for both our customers and owners. In the past, we’ve done a great job generating value to all customers through price reductions and substantial product enhancements,” the company said. “For owners, the stock has continued to grow in value with some stock dividends paid in prior years. A patronage return is yet another form of return and we’re thrilled to be able to add this significant return to our owners.”
Separately, CU*Northwest is unveiling a new resource to help its clients better understand and validate invoices.
Among other resources, the site features an easy to use search function allowing clients to get information on invoice billing codes. The information includes a brief explanation of the billing code with directions on how to reconcile the line item using tools inside the CU*BASE® core processing solution.
“We expect this new feature will help our clients easily understand their invoice and quickly answer any questions about the charges,” said Kinsey Hiett, CU*NorthWest Manager of Business Development.
Also available on the site is additional billing and invoice information, current pricing guides, a sample invoice, audit results, and more.