CHANGE IN NET ASSETS FROM OPERATIONS $ 1,214,740 $ 1,538,733 Activities with donor restrictions Net Assets PROGRAM SERVICES EXPENSES 2022 2021 ADVOCACY AND COMPLIANCE $ 8,217,289 $ 7,217,727 CONFERENCES AND SEMINARS 4,809,649 3,305,169 COMMUNICATIONS, PUBLICATIONS AND MARKETING 3,558,003 3,254,387 MEMBERSHIP SERVICES 1,327,399 1,278,608 TOTAL PROGRAM SERVICES $ 17,912,340 $ 15,055,891 SUPPORTING SERVICES EXPENSES MANAGEMENT AND GENERAL $ 3,708,628 $ 3,761,337 TOTAL SUPPORTING SERVICES $ 3,708,628 $ 3,761,337 TOTAL EXPENSES $ 21,620,968 $ 18,817,228 CONTRIBUTIONS $ 1,304,279 $ 1,082,111 INVESTMENT EARNINGS 12,287 4,333 NET ASSETS RELEASED FROM RESTRICTIONS (806,189) (695,165) CHANGE IN NET ASSETS WITH DONOR RESTRICTIONS $ 510,377 $ 391,279 BEGINNING $ 17,740,980 $ 15,828,437 ENDING $ 18,934,487 $ 17,740,980 CHANGE IN FAIR VALUE OF INVESTMENTS $ (531,610) $ (17,469) CHANGE IN NET ASSETS WITHOUT DONOR RESTRICTIONS $ 683,130 $ 1,521,264 Financial Oversight The NAFCU Board of Directors and its audit committee support the highest standards of corporate accounting and governance. An audit by the independent certified public accounting firm of Johnson Lambert LLP provided an unmodified opinion on the consolidated National Association of Federally-Insured Credit Unions financial statements as of December 31, 2022. CHANGE IN NET ASSETS $ 1,193,507 $ 1,912,543 31 THE NAFCU JOURNAL July–August 2023
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