What do I report in Schedule 8 (Accounts Payable Aging Schedule)?
A. The labor organization must report 1) individual accounts that are valued at $5,000 or more and that are more than 90 days past due at the end of the reporting period or were liquidated, reduced or written off during the reporting period; and 2) the total aggregated value of all other accounts. Q. Will unions have to account for accrued salaries, per capita, etc., i.e., if the fiscal year ends in the middle of the week and the union will owe two days of salary for the remainder of the week, but the week ends in the next fiscal year or per capita for December that is not paid until January? A. No. Salaries, per capita, etc. are not considered accounts payable until the date the payments are due. Q. Does Schedule 8 require itemized reporting of an account payable where $5,000 is 90 days past due, or does it just have to be a $5,000 or greater account payable any portion of which is 90 days past due? Q. If the total debt or account payable is $5,000 or more and any portion is over 90 d
