Three credit union airplane stories

by Chip Filson, Just a Member

PenFed’s 2020 Annual Report is a wealth of detail especially in the auditor’s report. Page 53 footnote 9 lists the $542 million net, of property and equipment purchases owned by the credit union.

Two items stand out. Of the over $400 million spent for computer equipment and software, 80% is for software. This affirms the maxim that managing a credit union’s in-house technology solutions entails a never-ending cycle of reinvestment.

But it was a new item listed in 2020 that caught my eye. A total of $10.5 millions for “aircraft equipment” which I assume means an airplane. That amount could buy a lot of plane. Similar to other technology investments, ownership is just part of the cost. There is maintenance, pilot’s salaries and operating costs.

Not sure why a credit union should have its own plane. Perhaps it could be used to survey the credit union’s national field of membership acquired in its merger with Progressive Credit Union.

 

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