Sunday, September 3, 2023

Elect The MEMBER NOMINATED CANDIDATES - Perkins, Clements, Stone! - #4  Most organizations have an operating budget approved by their Board - to monitor and control expenses.  SECU has an SECU Board approved expense budget, which is a sound business practice - unless you ignore it!

As you'll note below, the SECU Board has approved an "expense budget target of 2% of assets"You'll also note:

  • SECU spending exceeds the Board budget target by + 17.5% (2.35%/2.00%) so far in 2023... that amounts to being over the annual budget target by $ +178 million.
  • Expenses are increasing every quarter.
  • Prior to the last 2 years, the historical SECU operating budget expense has been @ 1.90% of assets . So far in 2023, the annual cost of operating SECU is @ +$235 million higher than historical levels (2.35% vs 1.90%).
  • The SECU "employee head count" has increased by 1,000 + employees in the last 2 years  (to over 8,000+) without the addition of branches, nor expanded services. 
  • Operating expenses up +24%, assets down -8% over the last 2 years - how long can those trends continue?
  • Has the quality of service provided by this SECU Board improved?


             Who is paying for all this excess expense at SECU?


... if you don't know the answer, check out the 1% (or less!) rate on your SECU MMSA/share account, the high rate on your SECU credit card. or the long, in queue "wait times" at the SECU call center...

✅ Best Answer?  Vote for:


                      PERKINS, CLEMENTS, STONE!