CU*Answers is currently developing new budget tools that will allow for varied calculations for sections of an income statement, recognizing that each credit union approaches their budget process with varied perspectives. Each calculation method can be used within a working budget that provides as many what-ifs as desired.

In the future, these tools will include the ability to budget growth in assets and liabilities to provide a model for income and expenses.

Frankenmuth CU, located in Frankenmuth, Michigan, with $340M in assets and 32,000 members along with Service 1 FCU, located in Muskegon, MI, with $101M with over 18,000 members are participating in the development of these new budget tools. Both credit unions represent 28 branch locations.

CU*Answers now delivers not only a software tool that accepts budget numbers, but a new way to analyze historical financial information, and provide a way to model growth for assets and liabilities that result in easy and more accurate numbers for income and expense totals.