The NAFCU Journal July - August 2017 - 45

Consolidated Statements of Financial Position

Consolidated Statements of Activities

December 31,
2016
ASSETS
$3,478,237
Cash and cash equivalents
Accounts receivable - net of allowance for
doubtful accounts (2016 - $0; 2015 - $11,250) 592,388
Prepaid expenses and other assets
676,033
Investments
15,171,651
Deferred compensation investments
416,989
Property and equipment, at cost
1,309,226
Land
Building and improvements
6,147,666
Furniture and equipment
2,086,600

Year Ended December 31,
CHANGES IN UNRESTRICTED NET ASSETS

9,543,492

Less accumulated depreciation
and amortization
Total assets

$4,211,034

2016

2015

$8,288,538

$7,747,920

4,121,302

3,975,654
1,748,004

Revenue
Membership dues

474,813

Membership educational and training

438,560

Service fees

2,214,209

13,145,161

Advertising

404,370

329,990

Other

213,060

490,029

Interest and dividend income

209,795

196,679

316,434
1,309,226

Rental income

159,591

151,720

6,147,666

Products and services

94,987

101,469

15,705,852

14,741,465

1,992,036
9,448,928

(6,696,984)

(6,267,056)

2,846,508

3,181,872

$23,181,806

$21,767,874

LIABILITIES AND NET ASSETS
Liabilities
Accounts payable and accrued expenses
Deferred revenue
Tenant deposits
Deferred compensation liability
Total liabilities
Net assets
Unrestricted
Temporarily restricted
Total net assets
Total liabilities and net assets

2015

$1,922,477

$2,038,835

8,212,341

7,336,597

14,349

14,349

549,600

430,864

10,698,767

9,820,645

602,547

580,633

16,308,399

15,322,098

Net assets released from restriction
Expense
Program services:

2,988,061

2,551,203

Communications and publications

521,869

572,960

Officials and committees

219,372

216,643

Legislative and regulatory

80,780

73,067

Membership

54,960

60,482

Membership educational and training

21,315

28,742

3,886,357

3,503,097

11,594,149

10,773,051

Products and services
Supporting services
Administration and overhead

762,663

865,433

12,356,812

11,638,484

16,243,169

15,141,581

Building and occupancy
11,098,483

10,782,777

1,384,556

1,164,452

12,483,039

11,947,229

$23,181,806

$21,767,874

Total supporting services expense
Total expense
Change in unrestricted net assets before
Unrealized gain on investments

See notes to consolidated financial statements.

65,230

180,517

(83,694)

(120,566)

investment gains
Realized gain on investments
Change in unrestricted net assets

Consolidated Statements of Cash Flows
2016

Year Ended December 31,

$299,173

Adjustments to reconcile change in net assets
429,927

426,702

Net loss (gain) on investments

(250,476)

83,165

-

67,823

Loss on disposal of property and equipment
Changes in assets and liabilities:

(117,575)

(212,235)

Prepaid expenses and other assets

(237,473)

122,285

Deferred compensation investments

(100,555)

4,150

Accounts payable and accrued expenses (116,358)

488,951

875,744

749,200

Accounts receivable

Deferred revenue

118,736

19,827

601,970

1,749,868

1,137,780

2,049,041

Deferred compensation liability
Total adjustments
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES

5,107,881

2,255,191

(6,883,895)

(2,981,098)

(94,563)

(392,830)

(1,870,577)

(1,118,737)

Proceeds from sales of investments
Net purchases of property and equipment
Net cash used in investing activities
Net increase (decrease) in cash
and cash equivalents
Cash and cash equivalents, beginning of year

(732,797)

930,304

4,211,034

3,280,730

$3,478,237

$4,211,034

Supplemental Disclosure of Cash Flow Information
Cash paid during the year for income taxes

See notes to consolidated financial statements.

THE NAFCU JOURNAL  JULY-AUGUST 2017

1,819

(602,547)

(580,633)

Change in net assets

Depreciation and amortization

Cash and cash equivalents, end of year

Net assets released from restriction

$24,496

$1,200

Net assets, beginning of year
Net assets, end of year

780,635

2,614

Change in temporarily restricted net assets 220,104

to net cash provided by operating activities:

Purchases of investments

820,037

Contributions
Interest income

$535,810

37,401
97,352

CHANGES IN TEMPORARILY RESTRICTED NET ASSETS
2015

CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets

334,170

315,706

535,810

201,821
299,173

11,947,229

11,648,056

$12,483,039

$11,947,229

See notes to consolidated financial statements.

Notes to the Consolidated Financial Statements
A. ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Organization: The National Association of Federally-Insured Credit
Unions (the Association), located in the Washington, D.C. area, is a
direct membership association for federally-insured credit unions.
Founded in 1967, the Association's primary purpose is to represent
its members before Congress and the federal regulatory agencies.
The Association also provides its members with a source of reliable
information through its publications, educational programs,
regulatory compliance assistance, and economic research. The
Association's members are among the most progressive institutions
in the industry. On November 14, 2016, the Association adopted the
"doing business as" name of National Association of Federally-Insured
Credit Unions. The Association's official corporate name is National
Association of Federal Credit Unions, Inc.
The Association's wholly-owned for-profit subsidiary, NAFCU Services
Corporation (NSC), is incorporated in the District of Columbia. NSC
was organized to provide consulting and marketing efforts for various
services offered by vendors to the credit union community. NSC's

9

45



Table of Contents for the Digital Edition of The NAFCU Journal July - August 2017

Our First 50 Years
Events Calendar
From the Chair
Inside NAFCU
The Digital Download
How Secure Is Your Credit Union?
The Bank Secrecy Act
2017 Annual NAFCU Award Winners
2016 NAFCU Annual Report
Getting to Know …
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal July - August 2017 - Cover1
The NAFCU Journal July - August 2017 - Cover2
The NAFCU Journal July - August 2017 - 1
The NAFCU Journal July - August 2017 - Our First 50 Years
The NAFCU Journal July - August 2017 - Events Calendar
The NAFCU Journal July - August 2017 - From the Chair
The NAFCU Journal July - August 2017 - 5
The NAFCU Journal July - August 2017 - Inside NAFCU
The NAFCU Journal July - August 2017 - 7
The NAFCU Journal July - August 2017 - 8
The NAFCU Journal July - August 2017 - 9
The NAFCU Journal July - August 2017 - 10
The NAFCU Journal July - August 2017 - 11
The NAFCU Journal July - August 2017 - 12
The NAFCU Journal July - August 2017 - 13
The NAFCU Journal July - August 2017 - The Digital Download
The NAFCU Journal July - August 2017 - 15
The NAFCU Journal July - August 2017 - How Secure Is Your Credit Union?
The NAFCU Journal July - August 2017 - 17
The NAFCU Journal July - August 2017 - 18
The NAFCU Journal July - August 2017 - 19
The NAFCU Journal July - August 2017 - 20
The NAFCU Journal July - August 2017 - 21
The NAFCU Journal July - August 2017 - The Bank Secrecy Act
The NAFCU Journal July - August 2017 - 23
The NAFCU Journal July - August 2017 - 24
The NAFCU Journal July - August 2017 - 25
The NAFCU Journal July - August 2017 - 26
The NAFCU Journal July - August 2017 - 27
The NAFCU Journal July - August 2017 - 28
The NAFCU Journal July - August 2017 - 29
The NAFCU Journal July - August 2017 - 2017 Annual NAFCU Award Winners
The NAFCU Journal July - August 2017 - 31
The NAFCU Journal July - August 2017 - 32
The NAFCU Journal July - August 2017 - 33
The NAFCU Journal July - August 2017 - 34
The NAFCU Journal July - August 2017 - 35
The NAFCU Journal July - August 2017 - 36
The NAFCU Journal July - August 2017 - 2016 NAFCU Annual Report
The NAFCU Journal July - August 2017 - 38
The NAFCU Journal July - August 2017 - 39
The NAFCU Journal July - August 2017 - 40
The NAFCU Journal July - August 2017 - 41
The NAFCU Journal July - August 2017 - 42
The NAFCU Journal July - August 2017 - 43
The NAFCU Journal July - August 2017 - 44
The NAFCU Journal July - August 2017 - 45
The NAFCU Journal July - August 2017 - 46
The NAFCU Journal July - August 2017 - 47
The NAFCU Journal July - August 2017 - Getting to Know …
The NAFCU Journal July - August 2017 - 49
The NAFCU Journal July - August 2017 - Management Insight
The NAFCU Journal July - August 2017 - 51
The NAFCU Journal July - August 2017 - Compliance Central
The NAFCU Journal July - August 2017 - 53
The NAFCU Journal July - August 2017 - Inside NAFCU Services
The NAFCU Journal July - August 2017 - 55
The NAFCU Journal July - August 2017 - From the President’s Desk
The NAFCU Journal July - August 2017 - Cover3
The NAFCU Journal July - August 2017 - Cover4
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