What type of financial information does a union disclose in its annual financial report filed with OLMS?
Under the LMRDA and CSRA a labor organization is required to file an annual report with OLMS that discloses the union’s financial condition for the preceding year. If a union’s annual receipts are $200,000 or more, or the labor organization is under trusteeship, it must file a Form LM-2. Those unions with receipts less than $200,000, which are not in trusteeship, may file a Form LM-3. Labor organizations with total annual receipts less than $10,000, which are not in trusteeship, may file a short Form LM-4. These annual financial reports, which are due 90 days after the end of the reporting union’s fiscal year, contain information concerning the union’s assets, liabilities, receipts, and disbursements. For more information about the LMRDA and CSRA reporting requirements see Reports Required.
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