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2010 Pennsylvania Credit Union Association
Budget Summary
The Pennsylvania Credit Union Association had a Net Gain from Operations of approximately $4,000. Including the Extraordinary Gain from the sale of CUSC/CO-OP Financial Services stock of approximately $92,000, the Association ended the year 2010 with a Net Gain of $96,000.
There were variances within the revenue categories, but Total Revenue of $4,600,000 exceeded budget by almost $74,000. Compared to 2009, Total Revenue increased over $600,000. Half of this revenue was from bringing Educational services back in-house to better serve our credit unions. In addition, Membership Revenue increased $80,000.
Total Operating Expenses for 2010 of $4,595,000 were within 1% of Budgeted Expenses. Compared to 2009, Operating Expenses increased $258,000 over the $4,337,000 incurred in 2009. Conference Expenses accounted for $175,000 of the increase.
Your trade association remains well capitalized and is committed to providing advocacy and lobbying to support our members. As of December 31, 2010, the Association had Unrestricted Cash Equivalents of slightly above $5 million.
Overall, the Association had Restricted Cash of approximately $735,500. The Restricted Funds at year-end is primarily for the iBelong campaign ($727,600). The remaining balance is from the Pennsylvania Defense Fund and Credit Union Better Choice Program.
At year-end the Associaiton's Balance Sheet includes almost $960,000 in Deferred Revenue; of this, approximately $888,000 is 2011 Association Membership Revenue.
When available, audited financial statements will be posted.
More information, including the Balance Sheet, is available in the Association’s 2010 Annual Report.
Pennsylvania Credit Union Association
2011 Budget
* Unaudited
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Year-End
2010 |
Budget
2010 |
Budget
2011 |
| REVENUE |
|
|
|
| Investment Income |
$79,411 |
$73,000 |
$61,000 |
| Operating Income |
164,886 |
180,300 |
184,500 |
| Membership Fees |
2,242,522 |
2,273,000 |
2,200,000 |
| Rental Income |
24,000 |
24,000 |
24,000 |
| Conference / Training Income |
393,520 |
377,400 |
428,400 |
| Management Service Fees |
1,090,100 |
1,020,000 |
1,041,600 |
| Annual Convention Income |
311,733 |
333,800 |
322,300 |
| Other Income |
294,080 |
245,000 |
212,900 |
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|
|
|
| TOTAL REVENUE |
4,600,252 |
4,526,500 |
4,474,700 |
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|
|
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| OPERATING EXPENSES |
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|
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| Personnel Costs |
3,143,906 |
2,981,100 |
2,969,700 |
| Travel |
64,199 |
70,500 |
62,000 |
| Training |
32,440 |
58,300 |
56,300 |
| Governance Expenses |
70,912 |
82,000 |
92,200 |
| Professional Fees |
34,830 |
39,900 |
36,600 |
| Telephone / Network Services |
47,139 |
55,000 |
56,200 |
| Postage |
31,926 |
35,200 |
22,000 |
| Supplies & Services |
154,118 |
158,100 |
155,900 |
| Depreciation |
140,251 |
140,200 |
139,200 |
| Insurance |
38,581 |
37,100 |
42,100 |
| Building Operations |
128,150 |
130,600 |
135,000 |
| Research & Development |
1,000 |
12,500 |
5,000 |
| Public Relations |
90,812 |
85,300 |
79,900 |
| Publications |
91,969 |
85,900 |
79,300 |
| Conference / Training Expense |
197,127 |
226,200 |
228,600 |
| Operational Expense |
17,186 |
17,800 |
18,700 |
| Governmental Affairs |
118,488 |
101,400 |
116,700 |
| Annual Convention Expenses |
145,790 |
183,000 |
207,800 |
| Other/Misc Expense |
47,150 |
62,500 |
58,200 |
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| TOTAL OPERATING EXPENSES |
4,595,974 |
4,562,600 |
4,561,400 |
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| Gain (Loss) From Operations |
4,278 |
(36,100) |
(86,700) |
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| Extraordinary Gain |
91,714 |
0 |
0 |
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| Operating Gain (Loss) |
95,992 |
(36,100) |
(86,700) |
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