MANAGEMENT OVERVIEW
January 31, 2025
Balance Sheets
Cash and cash equivalents had a month-end balance of approximately $100.1 million. The balance decreased by $20.6 million for the month primarily due to cash disbursements for operating expenses and capital expenditures. The cash position is considered sufficient to cover current and future budgetary obligations of the Fund through April 2025, at which time the Fund will collect the 2025 operating fees from its credit union members.
Amount due from National Credit Union Share Insurance Fund of $38.4 thousand represents the receivable for expenses paid by the Operating Fund.
Other accounts receivable, net had a month-end balance of $12.1 million. Its balance increased by $11.5 million from prior month.
Accounts payable are trade, relocation and inter-agency payables. The balance increased by $2.8 million for the month primarily due to overhead transfer payables.
Accrued wages and benefits are earned by NCUA staff, but remain unpaid at month-end.
Accrued annual leave is leave earned by NCUA staff, but not yet used.
Statements of Revenues, Expenses, and Changes in Fund Balance
Expenses in excess of revenues totaled $583.2 thousand for the month. Operating fee revenue reflects one-twelfth of the 2025 Operating Fees. Expenses, net are after the overhead transfer rate adjustment that allocates a portion of expenses to the Share Insurance Fund.
Statements of Cash Flows
The cash position decreased $20.6 million from prior month. In the current month, $19.8 million was used in operating activities, $756.8 thousand was used in investing activities, and there were no financing activities.
BALANCE SHEETS
As of January 31, 2025 and 2024 (Dollars in thousands)
ASSETS | January 2025 | January 2024 |
---|---|---|
ASSETS Cash and cash equivalents |
January 2025 $100,088 |
January 2024 $104,331 |
ASSETS Due from National Credit Union Share Insurance Fund |
January 2025 38 |
January 2024 10 |
ASSETS Employee advances |
January 2025 10 |
January 2024 - |
ASSETS Other accounts receivable, net |
January 2025 12,116 |
January 2024 11,663 |
ASSETS Prepaid expenses and other assets |
January 2025 10,183 |
January 2024 8,716 |
ASSETS Operating lease right-of-use assets |
January 2025 6,944 |
January 2024 1,932 |
ASSETS Fixed assets1 |
January 2025 31,252 |
January 2024 33,945 |
ASSETS Intangible assets2 |
January 2025 19,305 |
January 2024 22,015 |
ASSETS TOTAL ASSETS |
January 2025 $179,936 |
January 2024 $182,612 |
LIABILITIES AND FUND BALANCE
LIABILITIES | January 2025 | January 2024 |
---|---|---|
LIABILITIES Accounts payable and accrued other liabilities |
January 2025 $25,853 |
January 2024 $23,960 |
LIABILITIES Finance lease liabilities |
January 2025 113 |
January 2024 146 |
LIABILITIES Operating lease liabilities |
January 2025 7,316 |
January 2024 2,032 |
LIABILITIES Accrued wages and benefits |
January 2025 9,083 |
January 2024 13,936 |
LIABILITIES Accrued FECA and unemployment benefits |
January 2025 86 |
January 2024 168 |
LIABILITIES Accrued actuarial FECA benefits |
January 2025 3,244 |
January 2024 3,664 |
LIABILITIES Accrued annual leave |
January 2025 25,529 |
January 2024 24,211 |
LIABILITIES TOTAL LIABILITIES |
January 2025 71,224 |
January 2024 68,117 |
LIABILITIES FUND BALANCE |
January 2025 108,712 |
January 2024 114,495 |
LIABILITIES TOTAL LIABILITIES AND FUND BALANCE |
January 2025 $179,936 |
January 2024 $182,612 |
STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN FUND BALANCE
For the periods ended January 31, 2025 and 2024 (Dollars in thousands)
REVENUES | January 2025 | Year-to-Date January 2025 |
Year-to-Date January 2024 |
---|---|---|---|
REVENUES Operating fees |
January 2025 $11,818 |
Year-to-Date
January 2025 $11,818 |
Year-to-Date
January 2024 $11,545 |
REVENUES Interest |
January 2025 375 |
Year-to-Date
January 2025 375 |
Year-to-Date
January 2024 449 |
REVENUES Other |
January 2025 43 |
Year-to-Date
January 2025 43 |
Year-to-Date
January 2024 50 |
REVENUES Total Revenues |
January 2025 12,236 |
Year-to-Date
January 2025 12,236 |
Year-to-Date
January 2024 12,044 |
EXPENSES, NET3 | January 2025 | Year-to-Date January 2025 |
Year-to-Date January 2024 |
---|---|---|---|
EXPENSES, NET3 Employee wages and benefits |
January 2025 $10,112 |
Year-to-Date
January 2025 $10,112 |
Year-to-Date
January 2024 $9,497 |
EXPENSES, NET3 Travel |
January 2025 169 |
Year-to-Date
January 2025 169 |
Year-to-Date
January 2024 116 |
EXPENSES, NET3 Rent, communications, and utilities |
January 2025 168 |
Year-to-Date
January 2025 168 |
Year-to-Date
January 2024 7 |
EXPENSES, NET3 Contracted services |
January 2025 1,959 |
Year-to-Date
January 2025 1,959 |
Year-to-Date
January 2024 2,440 |
EXPENSES, NET3 Depreciation and amortization |
January 2025 328 |
Year-to-Date
January 2025 328 |
Year-to-Date
January 2024 314 |
EXPENSES, NET3 Administrative |
January 2025 83 |
Year-to-Date
January 2025 83 |
Year-to-Date
January 2024 63 |
EXPENSES, NET3 Total Expenses, Net |
January 2025 $12,819 |
Year-to-Date
January 2025 $12,819 |
Year-to-Date
January 2024 $12,437 |
EXPENSES, NET3 EXCESS OF REVENUES OVER / (UNDER) EXPENSES |
January 2025 (583) |
Year-to-Date
January 2025 (583) |
Year-to-Date
January 2024 (393) |
EXPENSES, NET3 FUND BALANCE—Beginning of period |
January 2025 109,295 |
Year-to-Date
January 2025 109,295 |
Year-to-Date
January 2024 114,888 |
EXPENSES, NET3 FUND BALANCE—End of period |
January 2025 $108,712 |
Year-to-Date
January 2025 $108,712 |
Year-to-Date
January 2024 $114,495 |
STATEMENTS OF CASH FLOWS
For the periods ended January 31, 2025 and 2024 (Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES | January 2025 | Year-to-Date January 2025 | Year-to-Date January 2024 |
---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES Excess of revenues over (under) expenses |
January 2025 $(583) |
Year-to-Date January 2025 $(583) |
Year-to-Date January 2024 $(393) |
CASH FLOWS FROM OPERATING ACTIVITIES Adjustments to reconcile excess of revenues over (under) expenses to net cash provided by operating activities before allocation to the NCUSIF: |
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CASH FLOWS FROM OPERATING ACTIVITIES Depreciation and amortization |
January 2025 870 |
Year-to-Date January 2025 870 |
Year-to-Date January 2024 833 |
CASH FLOWS FROM OPERATING ACTIVITIES (Increase) decrease in assets: |
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CASH FLOWS FROM OPERATING ACTIVITIES Due from National Credit Union Share Insurance Fund |
January 2025 2,101 |
Year-to-Date January 2025 2,101 |
Year-to-Date January 2024 1,638 |
CASH FLOWS FROM OPERATING ACTIVITIES Other accounts receivable, net |
January 2025 (11,544) |
Year-to-Date January 2025 (11,544) |
Year-to-Date January 2024 (11,058) |
CASH FLOWS FROM OPERATING ACTIVITIES Prepaid expenses and other assets |
January 2025 (3,509) |
Year-to-Date January 2025 (3,509) |
Year-to-Date January 2024 (3,021) |
CASH FLOWS FROM OPERATING ACTIVITIES (Decrease) increase in liabilities: |
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CASH FLOWS FROM OPERATING ACTIVITIES Accounts payable |
January 2025 2,827 |
Year-to-Date January 2025 2,827 |
Year-to-Date January 2024 2,319 |
CASH FLOWS FROM OPERATING ACTIVITIES Accrued wages and benefits |
January 2025 (9,702) |
Year-to-Date January 2025 (9,702) |
Year-to-Date January 2024 (1,650) |
CASH FLOWS FROM OPERATING ACTIVITIES Accrued employee travel |
January 2025 (299) |
Year-to-Date January 2025 (299) |
Year-to-Date January 2024 (276) |
CASH FLOWS FROM OPERATING ACTIVITIES Net Cash Provided by/(Used in) Operating Activities |
January 2025 (19,839) |
Year-to-Date January 2025 (19,839) |
Year-to-Date January 2024 (11,608) |
CASH FLOWS FROM OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES: |
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CASH FLOWS FROM OPERATING ACTIVITIES Purchases of fixed and intangible assets |
January 2025 (757) |
Year-to-Date January 2025 (757) |
Year-to-Date January 2024 (248) |
CASH FLOWS FROM OPERATING ACTIVITIES Net Cash Provided by/(Used in) Investing Activities |
January 2025 (757) |
Year-to-Date January 2025 (757) |
Year-to-Date January 2024 (248) |
CASH FLOWS FROM OPERATING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES: |
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CASH FLOWS FROM OPERATING ACTIVITIES Net Cash Provided by/(Used in) Financing Activities |
January 2025 - |
Year-to-Date January 2025 - |
Year-to-Date January 2024 - |
CASH FLOWS FROM OPERATING ACTIVITIES NET INCREASE /(DECREASE) IN CASH AND CASH EQUIVALENTS |
January 2025 (20,596) |
Year-to-Date January 2025 (20,596) |
Year-to-Date January 2024 (11,856) |
CASH FLOWS FROM OPERATING ACTIVITIES CASH AND CASH EQUIVALENTS—Beginning of period |
January 2025 120,684 |
Year-to-Date January 2025 120,684 |
Year-to-Date January 2024 116,187 |
CASH FLOWS FROM OPERATING ACTIVITIES CASH AND CASH EQUIVALENTS—End of period |
January 2025 $100,088 |
Year-to-Date January 2025 $100,088 |
Year-to-Date January 2024 $104,331 |
The balances in the statement above are preliminary and unaudited.
1 Net of accumulated depreciation of $48,681 and $44,307 as of January 31, 2025 and 2024, respectively
2 Net of accumulated amortization of $40,503 and $35,981 as of January 31, 2025 and 2024, respectively.
3 Operating Fund expenses are the total NCUA operating expenses reduced by the Share Insurance Fund allocation as determined by the overhead transfer rate.