The National UWUA Finances

Officers Report 2015, Part 17

as of December 31, 2010, 2011, 2012, 2013, and 2014

The UWUA annual audited financial statements are prepared in accordance with accounting principles generally accepted in the United States. The auditors’ report on the financial statements for each year was an unmodified (formerly referred to as ‘unqualified’) opinion from the independent accounting firm of Calibre CPA Group, PLLC.

Since the last convention in June 2011, the statements of financial position show that the total net assets (excess of assets over liabilities) of the UWUA (including the General Fund, the Special Defense and Organizing Fund, the Political Legislative Education Fund and the Postretirement Benefits Fund) have increased $1,238,732 from $7,378,422 at December 31, 2010, to $8,617,154 at December 31, 2014.

The net assets of the General Fund have increased by $210,370 from $5,129,473 at December 31, 2010, to $5,339,843 at December 31, 2014. The net assets of the Special Defense and Organizing Fund have increased by $1,082,353 from $3,313,475 at December 31, 2010, to $4,395,828 at December 31, 2014.

The Union’s primary source of revenue is from per capita revenue. Total per capita revenue to the National Union has increased from $16.95 per member per month in 2010, to $19.43 per member per month in 2014 – an increase of 14.63% over the 4-year period. Our average annual membership has decreased 6.65%, from 48,966 members in 2010 to 45,709 in 2014. The increase in the per capita dues rate and reduction in members has resulted in a total increase in annual per capita dues revenue from $9,999,247 for 2010 to $10,800,060 for 2014. This is an increase of $800,813 over four years. Total expenses of the General, Special Defense and Organizing, and Postretirement Benefits Funds have decreased from $11,327,839 in 2010 to $10,357,961 in 2014.

The Union’s Postretirement Benefits Fund reports the present value of the Union’s estimated liability for providing supplemental pension benefits for national officers. At December 31, 2010, this estimated liability was $1,064,526, while the estimated liability at December 31, 2014, is $1,123,458. This liability is amortized over a number of years, according to actuarial tables, and the actual annual cost is included in pension expense in the financial statements.

The financial statements also include the accounts of the COPE Fund, which is a separate, segregated fund that receives only voluntary contributions from members, which are used for political expenditures that benefit working families. The activities in this fund are separately reported to the Federal Election Commission.

Salaries of National Officers and Staff

Salaries of officers and staff increased $42,618 over four years from $3,599,696 at December 31, 2010, to $3,642,314 at December 31, 2014.

Executive Board Expenses increased 11.37% or $40,344 from $354,903 at December 31, 2010, to $395,247 at December 31, 2014. Expenses consist of a monthly allowance to Board members, payments to hotels, travel expense, and reimbursements to Executive Board members for attending meetings.

INVESTMENTS

General Fund

At December 31, 2014, the investments of the General Fund consisted of common stocks with a fair value of $1,419,950; AFL-CIO Housing Investment Trust with a fair value of $423,329; and mutual funds of $2,875,007. Total General Fund investments at fair value were $4,718,286 at December 31, 2014.

Special Defense and Organizing Fund

At December 31, 2014, the investments of the Special Defense and Organizing Fund consisted of the AFL-CIO Housing Investment Trust with a fair value of $842,197, common stocks with a fair value of $379,020, mutual fund investments with a fair value of $1,377,318, one certificate of deposit with a fair value of $250,044, and one $500 bond, for total investments of $2,849,079. The total of all General and Special Defense and Organizing Fund Investments are $7,567,365 at December 31, 2014.


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