The MCUL and its members experienced an excellent year in 2006. Consistent with the prior years, the MCUL Board of Directors continued to distribute excess earnings. For 2006, in addition to the permanent membership dues reduction of 40 percent, additional expenditures of $478,928 were made to benefit the membership in areas of cooperative advertising, on-line learning and small credit union support.
Revenue from Sales, Programs and Service Fees increased from last year by 5.5 percent due to higher-than-expected income generated by subsidiaries. MCUL membership fees of $1,919,000 were net of a permanent reduction of 40 percent which continued to benefit all credit unions. In addition, the MCUL’s investment portfolio showed significant growth as a result of strong market conditions. All of these factors contributed to an increase in Members’ Net Assets of $783,000 from the $40,700,000 benchmark established in 2001.
Cost of Sales, Programs & Services Provided included $300,000 for the cooperative advertising campaign designed to benefit credit unions, as well as $178,928 in expenditures for on-line learning and small credit union support initiatives.
The MCUL/CUcorp Consolidated Statement of Activities and Changes in Members’ Net Assets reports a net increase of $1,167,000 to Members’ Net Assets.
The MCUL and CUcorp are well positioned for the future. A financially strong league and service corporation will ensure the delivery of excellent products and services to credit unions in the years ahead.