Does Statement B permit “netting”?
A. No. Since Statement B reports all cash flowing in and out of the labor organization, “netting” is not permitted. “Netting” is the offsetting of receipts against disbursements and reporting only the balance (net) as either a receipt or disbursement. For example, if an officer received $1,000 from the labor organization for convention expenses, used only $800 and returned the remaining $200, the $1,000 disbursement must be reported in Schedule 11 (All Officers and Disbursements to Officers) and the appropriate disbursement Schedule 15 through 21, and the $200 receipt must be reported in Schedule 14 (Other Receipts). It would be incorrect to report only an $800 net disbursement to the officer. Q. Would it be a fair statement to make that we do not need to track disbursements into functional categories for per capita tax, strike benefits, fines, assessments, supplies for resale, purchase of investments and fixed assets, loans made, repayments of loans obtained, direct taxes, withholding
