If an LM-3 filer is placed in trusteeship, every transaction will have to be redone. If records are missing, destroyed, or unavailable, what are the options for filing?
A. A union that has placed a subordinate labor organization in trusteeship should attempt to reconstruct the information needed to complete the Form LM-2 on behalf of the subordinate to the best of its ability. This may include getting records from the subordinate’s bank and other entities with which it did business during the reporting year. If there is information that is unavailable despite the union’s best efforts, it should be explained in Item 69. Q. Must Form LM-2 terminal reports be filed for those smaller locals in trusteeship which normally would file Forms LM-3 or LM-4, and if so why is this still required when these locals do not meet the threshold for filing an LM-2? A. Just as under the current rule, Form LM-2 must be filed for any union that is in trusteeship. Q. What steps must be taken by a local, which customarily files an LM-3, but, upon being forced to sell its building in November (e.g., because of a plant closing), has generated unexpected one-time revenue in exce
