Page 2 - CU Solutions Group Annual Shareholder Report
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CEO’S REPORT, DAVE ADAMS
This annual shareholder report gives us an important
opportunity for accountability and transparency with our
investors, comprised of the Michigan Credit Union League,
leagues and credit union service organizations, and credit
unions across the country.
As reflected in CUSG’s operating expenses were down 4
the 2021 audited percent, and the company achieved net
financial state- operating income of $3.6 million, up 140
ments and the percent from $1.5 million in 2020.
Treasurer’s Report, CU Solutions Group Additionally, $7.6 million in investment
(CUSG) finished 2021 with strong earnings income from both public and private
and a record-level shareholder dividend of investments brought EBITDA to $11.2
$3.4 million. This included revenue growth million for the year, up 11 percent from
of 4 percent and EBITDA growth of 11 2020.
percent. Net income of $6.7 million was up
57 percent from 2020, and the shareholder In 2021, CUSG achieved investment returns
dividend of $3.4 million was also up 57 of 14.7 percent on its $43 million in public
percent from 2020. investments. This included an even mix of
stocks and bonds and a 7.7 percent return
Many important success drivers shaped on the $26 million in private investments.
these numbers — the greatest of which was The entire investment portfolio of $69
the continued growth and success of million earned a blended annual return of
CUSG’s HR Performance Solutions (HRPS) 12.1 percent. Altogether, these are not bad
division. HRPS posted revenue of $11.7 returns considering the incredibly low-rate
million, up 22 percent from 2020. CUSG’s environment we operate in.
Strategic Advisory Solutions had attractive
gains with total revenues of $889,000, up CUSG’s strong balance sheet, operational
22 percent. All divisions performed well, but efficiencies, investments in future income
these two divisions were our standout streams, and over $40 million in investable
growth areas. funds position the company well for
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