LAKE LIBERTY, Wash. (2/5/16)--CU*NorthWest has a lot to celebrate during the 10th anniversary year of the company. In addition to hitting the 10-year milestone, the 100% credit union owned credit union service organization (CUSO) 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 that 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.
In addition to the “patronage” dividend distribution to owners, CU*NorthWest more than doubled its retained earnings and the stock book values increased by nearly 10%. Further, the CUSO also announced the third year of reductions for 2016.
CU*Northwest is also launching a new accounting website in February to help its clients better understand and validate invoices. 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.