Monday, March 1, 2010

2007 Form 990: CU Managers Compensation

Most state chartered credit unions file informational returns (Form 990) with the Internal Revenue Service disclosing what they pay their senior management, unlike federal credit unions.

You can download a state chartered credit union’s Form 990 from the GuideStar website.

Unfortunately, not all state chartered credit unions file a Form 990 as their state credit union regulators file a consolidated Form 990, thereby masking information about executive compensation.

While 2008 Form 990 returns are just being posted, below is a table showing the total compensation of managers for some of the largest state chartered credit unions in the nation that was pulled from their 2007 Form 990. Total compensation includes compensation plus deferred compensation plus expense accounts and other allowances. (Click image to enlarge)

The three highest paid credit union managers, according to these 2007 Form 990, were William Porter of Municipal CU (New York) at $3.1 million, David Maus of Public Service Employees CU (Denver) at $1.6 million, and Gordon Simmons of Service CU (Portsmouth, NH) $1.3 million.

When more of the 2008 Form 990s are available, I will provide a new update on senior management compensation at the largest state chartered credit unions.


  1. That's nice data, but it still pales in comparison with BoA, Wells, and Goldman.

  2. I'm anxiously awaiting this data as well. It will be interesting to see how people react to the NCUA's request for comment about disclosing executive compensation...

  3. and were you able to download this summary data or did you have to go through each CU's 990?

  4. Unfortunately, I had to individually download each credit union's Form 990 and then pull the information.

  5. It appears that this report only consists of state chartered credit unions because state chartered credit unions are required to file IRS Form 990 for unrelated business income tax (UBIT), and federal chartered credit unions are not required to file the 990. As a result, the federal chartered credit unions' CEOs compensations are not listed.
    Therefore, this report is not a fair representation nor a statistically-relevant report.

  6. I would publish the data for federal credit unions, if it was available; but it is not.

    It seems to me your real problem with this post is that someone is publishing this information.

  7. Absolutely not.
    I don't have any problem with this report being posted.
    I am the one stated that the report is not a fair representation because of the missing federal chartered credit unions' CEO compensation.
    As a matter of fact, I support the idea of full-fair disclosure and transparency. But this report cannot be qualified to use the words : "the highest" or "the second highest".

  8. Looks like Jim Blaine is a bargain.

  9. Credit Unions should be required to make this information readily available by linking to the IRS 990 PDF file on their web site. Unlike shareholders in a public bank, most credit union members/shareholders are not remotely aware of how much their credit union CEOs are now making. It is a primary reason for the escalating fees.

    They use consolidation of credit unions and adding a few more employees as justification for even more compensation increases.

    How much compensation should a non-profit credit union CEO with maybe 50-100 employees receive? $300K or $1 million? If members knew it would contain it.



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