WASHINGTON – With former CUNA CEO Dan Mica’s salary off the payroll and other changes, executive compensation at the credit union trade association was down 12.2% for 2011, helping to drive down expenses by 3.5%.
“In 2010, CUNA was compensating two CEOs (our current CEO who came aboard in July, and the previous CEO, Dan Mica, who remained employed through the first week of January, 2011),” CUNA spokesman Mark Wolff said. “In addition, our previous chief financial officer (Joanne Duncan) left the association for another position late last fall; that position was filled by an existing staff person for the remainder of the year on an interim basis. The combination of these two changes makes up most of the decline in total executive compensation from one year to the next.”
According to CUNA’s Form 990, which was released to Credit Union Journal, total compensation (including bonus/incentive pay, retirement contributions, nontaxable benefits and other reportable compensation in addition to the base salary) in 2011 for CUNA’s current CEO, Bill Cheney, was $1,129,651. Other top executives and their total compensation for 2011: EVP Richard McBride, $469,901; Chief Legal Counsel Eric Richard, $463,915; EVP John Franklin, $428,387; SVP-League Relations Susan Newton, $388,461; SVP-Legislative Affairs John Magill, $395,275; SVP-Economics Bill Hampel $377,588; SVP-Political Affairs Richard Gose, $320,538; SVP & CFO JoAnne Duncan, $298,178; SVP-Communications Mark Wolff, $293,194; and SVP-Deputy General Counsel Mary Dunn, $274,855.
CUNA reported its total compensation was up by 4.8% in 2011 over the previous year for other executive staff (comparing the same group of executives year to year). “In 2010, CUNA matched contributions to employee 401(k) plans up to 3%,” Wolff related. “In 2011 this was changed to 6%. Of the 4.8% compensation increase in 2011, nearly half (or 2.3%) is related to the change in retirement plan costs. The change in 401k contributions was to partially compensate for the freezing of the association’s defined benefit plan several years ago.”
CUNA’s gross receipts for 2011 were $54,755,035, with total revenue for the year at $50,225,995, down from $52,410,806 the previous year. Total expenses for 2011 were at $48,341,316, down from $50,140,002 in 2010.