How can a union obtain access to a trusts financial records in order to fill out the Form T-1?
A. Even though a trust is a separate entity from the reporting labor organization, it is reasonable to expect that the labor organization will have sufficient authority and/or influence to obtain the required information from a trust for which it must file a Form T-1. The labor organization will be expected to take whatever steps it can to secure the necessary information. OLMS expects that in many instances the trust will prepare the Form T-1 and provide it to the labor organization(s) for filing. OLMS recognizes that there may be some situations when a labor organization will not be able to obtain trust records. In that situation, the labor organization should contact OLMS. The union should document all efforts to obtain information from the trust. OLMS will then contact the trust and attempt to assist the labor organization in obtaining the necessary records. A union that makes a good faith effort to obtain the information necessary to prepare a Form T-1 but is unsuccessful will not
Related Questions
- If a union did not create or establish a trust, but selects one or more of the trustees, does it file a terminal Form T-1 if it ceases to select a trustee?
- If a unions fiscal year ends November 30 and the trusts fiscal year ends December 31, for which fiscal year of the trust should the Form T-1 be filed?
- How can a union obtain access to a trusts financial records in order to fill out the Form T-1?
