- 1 - Getting Ready
- 2 - Audit Overview
- 3 - Disbursements
- 4 - Receipts
- 5 - Assets
- 6 - LMRDA Compliance
- 7 - Wrapping Up
- 1 - Audit Planner
- 2 - Letter Requesting Access to Financial Records
- 3 - Financial Questionnaire
- 4 - Completed Financial Questionnaire
- 5 - Disbursements Reconciliation Worksheet
- 6 - Receipts Reconciliation Worksheet
- 7 - Liquid Assets Inventory
- 8 - Fixed Assets Inventory
- 9 - Ending Bank Balance Reconciliation Worksheet
- 10 - LMRDA Requirements Relating to Union Funds
- 11 - LMRDA Recordkeeping Requirements
- 12 - LMRDA Bonding Requirements
- 13 - Internal Financial Controls
- 14 - Completed Audit Report
- Understanding Union Financial Records
- Union Financial Definitions
- Checklist for Conducting Audits in Small Unions
This Guide features a 10-step audit designed to help Trustees from small unions
carry out their duties. For purposes of this Guide, a small union is considered
to be one with annual receipts of less than $50,000. Trustees from larger unions
with more complex recordkeeping systems may also find this Guide helpful.
The Office of Labor-Management Standards (OLMS) of the U.S. Department of Labor’s
Employment Standards Administration has prepared this Guide to further the aims
of the Labor-Management Reporting and Disclosure Act of 1959, as amended (LMRDA).
More commonly known as the Landrum-Griffin Act, the LMRDA has several provisions
designed to promote the financial integrity of unions, including those pertaining
to financial reporting, recordkeeping, bonding, and loans. The LMRDA applies
to unions which represent private sector employees and U.S. Postal Service employees.
The Civil Service Reform Act of 1978 (CSRA) has similar provisions which apply
to most unions which represent federal government employees.
As an elected or appointed Trustee you will play a key role in making sure
that your union’s funds and other assets are properly accounted for and
used solely for the benefit of your union and its members. Few tasks could be
more critical to the well-being of any organization.
Your specific duties and responsibilities may be outlined in your union's constitution
and bylaws or otherwise defined by your parent body. However, your primary task
as a Trustee is to ensure that all union resources (money/assets) are used for
legitimate union purposes as authorized by your membership in accordance with
your constitution and bylaws. In addition, you should ensure that your union
is properly submitting per capita taxes to its parent body and is complying
with legal requirements for financial reporting, recordkeeping, bonding, and
loans.
This Guide is designed to be an easy-to-use reference based on the law and
regulations as well as the knowledge and experience of OLMS staff. It will take
you step by step through the audit process, help you identify your responsibilities
during each step, and provide suggestions to make your job easier. Most of the
seven chapters in the Guide refer to Figures (such as an audit planner, a financial
records request, a questionnaire, worksheets, and an audit report) relating
to the topics discussed. A fictitious union (Factory Workers Local 888) is used
in several of the Figures to illustrate recommended procedures. A general overview
of the way many unions maintain their financial records, a list of common financial
terms and their meanings, and a four-page Checklist for Conducting Audits
in Small Unions which summarizes the contents of this Guide are included
as References at the end of this publication.
We realize that unions operate differently, using different constitutions and
bylaws and audit procedures, and that Trustees and audit officials have varying
degrees of responsibility. For example, some unions want a greater day-to-day
financial role for Trustees (requiring that they sign all vouchers or co-sign
checks) while others want only periodic reviews of financial records. Likewise,
some unions have both Trustees and Audit Committees. Therefore, not all information
in this Guide will apply to all unions. You should disregard the parts of the
Guide that do not apply to you and consider the other parts as a supplement
to the practices and procedures specified by your parent body.
This Guide should be used by the union officials responsible for conducting
audits (periodic examinations of local financial records). The general term
“Trustee” is used in this Guide to refer to those individuals elected
or appointed to serve in this capacity, or a similar capacity, whether for a
full term or a specific record examination. Although the Guide covers the “basics”
and is geared primarily to officials with little or no experience in conducting
an audit, it can be helpful to more experienced officials as well.
Trustees or other audit officials should become familiar with the contents
of this Guide as soon as possible after being elected/selected. An initial review
will provide an overview of the entire audit process and point out all the steps
involved in conducting a meaningful examination of your union’s financial
records.
You are not expected to remember all the procedures for conducting an audit
after your first review of this Guide. Instead, before each step of your audit
re-read the applicable chapter to refresh your understanding of what should
be done. Refer to the Guide frequently during the audit process. Although we
have tried to include all necessary information, the Guide does not specifically
address every situation that may develop. Some record examinations may involve
complex or unusual issues requiring you to seek further assistance.
If you need advice or have questions about your responsibilities or provisions
of your union’s constitution and bylaws, you should contact your union’s
officers or parent body for help. In addition, OLMS staff in the field offices
referred to at the end of this Guide can answer your questions about the LMRDA,
related regulations, and this Guide.
Now that you are familiar with the purpose and contents of this Guide and how
best to use it, it’s time to get started. Read Chapter 1 and begin preparing
for your audit.
As you begin an audit of your union’s financial records your job as a
Trustee may seem intimidating, particularly if you have never conducted an audit
or are unfamiliar with your union’s books and records. However, if you
think of the audit process as a series of separate steps and understand your
responsibilities for each step, the entire process becomes more manageable.
At this early stage preparation is very important since good planning and organization
are key ingredients to conducting a meaningful audit. This chapter outlines
the first steps you should take to prepare for your audit, including meeting
with other Trustees to determine specific responsibilities, reviewing prior
audit records and results, obtaining certain information from the principal
financial officers of your union, and scheduling important audit activities.
The best way to get started is to review your union’s constitution and
bylaws to determine your specific responsibilities as a Trustee. At least one
week before the audit you should discuss your roles with the other Trustees
either in person or by telephone and select a chairperson or team leader if
one is not already designated. If none of the Trustees has ever conducted an
audit, you should consider contacting members who have served as Trustees in
prior years to discuss their experiences, both positive and negative. You may
also wish to contact your parent body, as needed, to seek advice or information
about your duties.
After determining your general responsibilities, you should obtain and review
the following:
- Any forms, manuals, or handbooks issued by your parent body which pertain
to your duties.
- Your union’s most recent constitution and bylaws, especially those
provisions dealing with dues rates, officer salaries and expenses, lost time
policies, officer duties, and procedures for approving the expenditure of
union funds. Each Trustee should have a copy of relevant sections of these
documents to refer to as necessary throughout the audit.
- Your union’s most recent audit report.
- Your union’s most recent LM-3 or LM-4 annual financial report filed
with OLMS.
You should also review Figures 1, 2, 3, and 4 which may be adapted for use in your audit.
Before the audit begins, you and your fellow Trustees should meet with the
principal financial officers of your union to:
- Seek their cooperation and support. Keep in mind that no one likes to have
someone “looking over their shoulder.”
- Determine the person you should deal with to obtain access to the union’s
financial records and explanations regarding how these records are maintained.
Find out whether any of the union’s records are maintained on a computer.
If so, make arrangements to obtain appropriate printouts of necessary financial
information.
- Decide where your examination of records should take place and what equipment
(calculators, photocopier, etc.) will be furnished by the union. Try to find
a quiet place where you are unlikely to be disturbed and where you will have
sufficient space to review the records.
- Determine if and when “lost time” or other union payments will
be made for your work. Recognize that it may be necessary to conduct some
of this work on your “own time” in order to carry out your responsibilities.
It is important that you obtain this information early in the process and deal
with the principal financial officers “up-front” in order to avoid
any later misunderstandings or problems.
After talking to the principal financial officers, you should meet as a group
to make some important decisions. First, decide the time frame (annual, semiannual,
quarterly) that your audit will cover. This may be governed by your parent body
constitution or local bylaws.
Next, decide when you want to begin the audit. If you have decided to review
your union’s records for an entire year, then you may want to begin your
audit shortly after your union’s annual financial report (LM-3 or LM-4)
has been submitted to OLMS. This will ensure that your audit does not interfere
with the ongoing operations of your union. You could also compare your own findings
regarding the finances of your union with the information on the LM report.
Finally, develop a detailed plan which lists all the important phases of the
audit or you may spend a lot of time and energy and still not get the job done
right. This plan can be used to show your progress as you work your way through
the 10-step audit and to identify specific responsibilities for each Trustee.
A sample audit planner is provided as Figure 1.
Your next task will be to create a list of financial records needed for your
10-step audit and provide this to the principal financial officers of your union.
Otherwise, certain records such as membership meeting minutes may not be available
when needed. A sample letter requesting financial records is provided as Figure
2. Feel free to modify this letter to conform with the records used
in your union.
Financial records cannot be examined efficiently without some explanation of
how they tie together. If you are not completely familiar with how your union’s
financial records are maintained, consider creating a short questionnaire for
the principal financial officers so that everyone has a common understanding.
Figure 3 can be modified for this purpose. A completed
version of this questionnaire is provided as Figure 4
to illustrate the type of information that should be obtained including any
applicable constitutional provisions.
Two References at the end of this Guide should be reviewed by first-time Trustees
before beginning an audit. Understanding Union Financial Records provides
helpful illustrations of the types of financial records maintained by many unions
and Union Financial Definitions provides easy to understand explanations
of the financial terms used throughout this Guide. Use these References as needed
during the audit.
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Small unions may have hundreds of financial transactions every year. It would
take a considerable amount of time to examine each of these transactions in
detail. The next four chapters describe a 10-step audit which concentrates on
reviewing key financial areas and is specifically designed to save you time,
yet still provide for a meaningful, systematic review of your union’s financial
books and records. The 10-step audit is not a “traditional” audit,
but rather a limited, focused review of financial records that was developed
for use by Trustees from small unions with little or no financial training or
experience. It is modeled after techniques successfully used by OLMS.
The 10-step audit, summarized below, has four primary objectives:
- To ensure that your union’s funds and other assets are properly accounted
for and used solely for the benefit of your union and its members.
- To confirm that your union is complying with legal requirements for financial
reporting, recordkeeping, bonding, and loans.
- To determine whether the internal financial controls of your union are
adequate or need to be improved.
- To ascertain whether your union is complying with the financial practices
and procedures of your parent body.
The 10-step audit focuses on four major areas: disbursements, receipts, assets,
and compliance with the requirements of the Labor-Management Reporting and Disclosure
Act (LMRDA), as outlined below:
- Steps 1 and 2 (Chapter 3) will assist you in determining
whether your union’s disbursements have been properly recorded and whether
they were issued for approved, legitimate union purposes.
- Steps 3 and 4 (Chapter 4) will help you determine whether
your union’s receipts have been properly recorded and deposited into
your union’s bank accounts.
- Steps 5 and 6 (Chapter 5) will aid you in accounting
for your union’s assets (cash and equipment) and calculating their approximate
value.
- Steps 7-10 (Chapter 6) will help you determine whether
your union is complying with the LMRDA’s requirements for financial reporting,
recordkeeping, bonding, and loans.
- Step 1 - Trace cancelled checks to the bank statements and disbursements
journal.
- Step 2 - Scan the disbursements journal and record unusual entries.
- Step 3 - Trace employer dues checkoffs to the receipts journal and bank
statements.
- Step 4 - Confirm that receipts from all other sources have been properly
recorded and deposited.
- Step 5 - Identify all bank accounts, verify their ending balances, and review
withdrawals/transfers.
- Step 6 - Inventory fixed assets.
- Step 7 - Confirm that the LM annual financial report for the latest completed
fiscal year was filed on time.
- Step 8 - Determine whether financial records were properly maintained.
- Step 9 - Ensure that all officers and employees who handle funds are adequately
bonded.
- Step 10 - Confirm that no officers or employees were loaned more than $2,000
by your union.
In addition to these ten audit steps, Chapters 3-5 include eight optional steps
for disbursements, four optional steps for receipts, and three optional steps
for assets. These optional steps were designed to give you the flexibility to
tailor your audit to the specific circumstances of your union and to make your
audit as meaningful as possible. They are particularly recommended for use by
Trustees in larger unions.
- Be fair and objective. Don’t jump to conclusions before you have gathered
all the facts.
- Don’t be afraid to ask for help from your fellow Trustees and the
principal financial officers.
- Be persistent and stay focused. Avoid long interruptions in your work.
- Make sure that all necessary records are available at the start of each
audit step.
- Consider assigning each person a separate part of the audit. For example,
one Trustee could audit disbursements, while another is reviewing receipts,
and a third is examining assets.
- Work together as a team even if each Trustee has individual assignments.
- Consider devoting an entire audit to one area, such as disbursements, if
audits are performed frequently (quarterly). Complete the other steps later
in the year.
- Concentrate on the completion of the 10-step audit before beginning any
optional steps or consider limiting optional steps to one part of the audit,
for example, receipts.
- Take notes of the work done, unresolved issues that may require further
work, preliminary findings, and recommendations for improvements. These notes
will help you complete your audit report and be an invaluable resource for
the next audit.
- Don’t write or make marks of any kind on the union records except
as noted in this Guide.
- Keep the union’s records in an orderly fashion so that they can be
returned the same way.
- Refer often to the four-page Checklist at the end of this Guide
and check the appropriate boxes to ensure that you have properly completed
the 10-step audit.
|
You will probably issue an audit report to document your work. If your
parent body requires that you submit a standard audit report form that
outlines the financial condition of your union, you should collect necessary
information for this report as you complete the audit steps described
in Chapters 3-6 of this Guide.
|
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Like any organization, your union must spend money to operate. Most unions
have a checking account which is used to make disbursements. Typical disbursements
from your union’s checking account might include payments for per capita
taxes, hall rentals, office supplies, and lost time to officers. Members expect
that when their union spends money it will be for legitimate union purposes
and that these expenditures will be properly authorized. Documents, such as
your union’s constitution, minutes of meetings, bills, and vouchers, will
help you determine why disbursements were made and whether they were authorized
by your membership in accordance with your constitution and bylaws.
Confirming that established disbursement practices are being followed is essential
to ensuring that your union’s funds are being handled responsibly on behalf
of all members. Audit Steps 1 and 2 are designed to provide a simple but effective
method for examining your local’s disbursements. They will assist you in
determining whether payments were for approved, legitimate union business. In
addition, they will enable you to determine if payments were properly recorded
in your union’s records, allowing for accurate financial reporting to the
members of your union, your parent body, and various government agencies.
To complete Audit Steps 1 and 2, as well as any optional steps you may select,
you will need the following for the audit period: bank statements; cancelled
checks; disbursements journal (or check stubs if a journal is not maintained);
minutes of membership and Executive Board meetings; and all documents in support
of disbursements such as bills, invoices, and vouchers. In addition, you will
need any financial forms provided by your parent body. First-time Trustees may
want to review the References “Understanding Union Financial Records”
and “Union Financial Definitions” at the end of this Guide before
beginning Audit Steps 1 and 2.
By completing Audit Step 1 you should be able to confirm the reliability and
completeness of your union’s disbursements records.
- Select at least two months in your audit period. Your selection of months
may be made for a variety of reasons, including an unusually large number
of checks written during a specific month or payments for non-routine items
such as convention expenses or a union-sponsored picnic.
- Obtain the bank statements and all of the corresponding cancelled checks
for the period you have selected. Arrange the cancelled checks in numerical
order. Keep the cancelled checks together with the bank statements on which
they appear.
- Locate the cancelled checks for each of the entries on the bank statements.
Place a check mark, in pencil, on the bank statements for each cancelled check.
Make a list of any check numbers and amounts appearing on the bank statements
for which you cannot find a cancelled check.
- Compare the amounts on each cancelled check with the corresponding entries
on the bank statements. Make sure that the amounts on the cancelled checks
are the same as on the bank statements. Watch for amounts which may have been
changed after the checks were returned from the bank.
- Compare the information on these checks with the corresponding entries
in your union’s disbursements journal. Make sure that the payee, the
amount, the date, and the purpose on each cancelled check are properly recorded
in the journal. Look for any discrepancies between the journal entries and
the checks. Turn the checks over and examine the endorsements, making sure
they match the payees on the front of the checks.
If no discrepancies are noted during Audit Step 1, proceed to the next step.
However, if you find any questionable items or have some areas of concern, refer
to “Common Problems and Solutions” and “Significant Discrepancies”
at the end of this chapter.
By completing Audit Step 2 you should be able to determine whether the checks
issued from your union’s bank account were for legitimate union purposes.
- Review the disbursements journal for the entire audit period. Look at the
type and frequency of your union’s disbursements. You will probably see
recurring payments for per capita tax, hall rental, and officer salaries and
expenses. Approval for these disbursements should be found in the constitution
and bylaws or the membership meeting minutes. Make a list of any entries which
appear to be questionable or out of the ordinary, such as:
- checks for unusually large amounts
- checks for unusual purposes
- large checks to unfamiliar payees
- checks payable to cash
- checks where no purpose is recorded
- checks written out of sequence
- duplicate payments for salaries or expenses to the same individual
- checks identified as loans (refer to Chapter 6)
- Review the supporting bills, vouchers, invoices, and membership meeting
minutes for all of the checks you have listed. Determine whether they were
for legitimate union purposes and whether they were properly authorized.
If you find any questionable items or have some areas of concern while conducting
Audit Step 2, refer to “Common Problems and Solutions” and “Significant
Discrepancies” at the end of this chapter.
As time allows, consider conducting one or more of the following optional steps
or proceed to Audit Step 3. Some of these optional steps
may be required by your parent body.
- Reconcile total disbursements entered in your union’s disbursements
records for the audit period with the total charges shown on your union’s
bank statements for the audit period. This will further verify the accuracy
of the entries recorded in your union’s disbursements records. Figure
5 shows how to reconcile disbursements.
- List all salary and expense payments to selected union officials. Review
all supporting documents to verify that correct amounts have been paid.
- Examine selected claims for lost time to verify that appropriate amounts
and purposes have been documented.
- Examine credit card use and payments. Look for personal or excessive charges
and charges without supporting documents.
- Confirm that no checks listed as “void” in the disbursements
journal have been cashed.
- Examine signatures of authorizing officials on checks. Look for unsigned
checks or signatures on checks which appear to be different from a known signature.
- Review strike fund payments. Confirm that proper documents exist to support
these payments.
- List per capita tax payments to your parent body and ensure that all required
payments were made in a timely manner.
This is not an exhaustive list of optional audit steps. Based on your union’s
recordkeeping system and any parent body requirements, you may choose to review
other areas of disbursements.
Even the best maintained disbursements records may have some problem areas.
Frequently encountered problems are listed below with suggestions on how to
resolve them:
| Problem: |
Cancelled checks are not available. |
| Solution: |
Ask officers to obtain copies from the bank. |
| |
|
| Problem: |
Bank statements indicate checks have been returned
for non-sufficient funds (NSF). |
| Solution: |
Determine when the first NSF (“bounced”)
check was returned by the bank. Look for delayed deposits during the period.
Ask officers for an explanation of the NSF checks and, if necessary, suggest
that the disbursements records be properly noted. |
| |
|
| Problem: |
The disbursements journal entries do not match
the corresponding information on the bank statements or on the cancelled
checks. |
| Solution: |
Determine the reason for the discrepancies. Ask
officers for an explanation, such as failure to reconcile the disbursements
journal with the related monthly bank statements and, if necessary, suggest
that the principal financial officers correct the records. |
| |
|
| Problem: |
No records to support disbursements exist. |
| Solution: |
Review minutes for approval and, if necessary,
ask officers about the payments. |
| |
|
| Problem: |
The union does not maintain a disbursements journal. |
| Solution: |
Review check stubs and/or check register. |
The situations listed below may suggest that your union’s financial
records are unreliable or that union funds have been misused:
- Basic disbursements records have not been maintained.
- Serious discrepancies in the records have been detected which cannot be
easily resolved.
- Missing disbursements records, such as cancelled checks, bills, or vouchers,
are not produced as promised and an adequate explanation is not provided.
- Alterations have been made on cancelled checks.
- Your union’s checking account has a negative balance or frequently
reflects “bounced” checks.
If you detect a serious problem in your union’s records or a possible
misuse of union funds, contact your parent body or the nearest OLMS office for
assistance.
Note any additional audit procedures or standard audit forms relating to
disbursements which your parent body requires you to use:
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Local unions receive most of their money from their members in the form of
dues payments. A common method of paying union dues is through dues checkoff.
In this arrangement the employer periodically withholds the amount of dues from
members’ wages and sends the money collected to the union or its parent
body. In other instances, members pay their dues directly to the union. Generally
these payments are deposited into the union’s checking account. Members
entrust their dues money to the responsible union representatives and expect
that the funds paid in will be available for the union to draw upon for authorized
union activities. Ensuring that all of the money received by your union has
been deposited into your union’s bank account is a key component to a successful
audit. Audit Steps 3 and 4 will help you trace the receipts of your union into
your union’s bank account and verify that receipts from all sources have
been recorded and deposited.
To complete Audit Steps 3 and 4, as well as any optional steps you may select,
you will need the following for the audit period: bank statements; deposit slips;
receipts journal (or other records if a journal is not maintained); all documents
which identify the source of your union’s receipts, such as employer checkoff
statements; individual dues receipts; and member ledger cards. In addition,
you will need any financial forms provided by your parent body. First-time Trustees
may want to review the References “Understanding Union Financial Records”
and “Union Financial Definitions” at the end of this Guide before
beginning Audit Steps 3 and 4.
By completing Audit Step 3 you should be able to confirm that employer checkoff
receipts are properly recorded in your union’s receipts records and deposited
into your union’s bank account.
- Gather all of your union’s checkoff receipts records for the entire
period including checkoff statements from your employer or parent body.
- Compare, for each month in your audit period, the amounts posted on all
the checkoff statements with the corresponding entries in the union’s
receipts journal. Look for any discrepancies.
- Select at least two months from your audit period. Trace the checkoff receipt
entries from the journal to related entries on your union’s bank statement.
Make a note of any discrepancies.
The following Alternate Step 3 must be substituted for Step 3 above only if
all members’ payments to the union (for dues, working dues, fees, etc.)
are made directly to union officers or employees and not through employer checkoff.
By completing Alternate Audit Step 3 you should be able to confirm that cash
and checks for dues paid directly to the union by members are properly recorded
in your union’s receipts journal and deposited into your union’s bank
account.
- Select five or ten members’ names at random and choose at least two
months from your audit period.
- Compare payments shown on individual dues receipts or member ledger cards
for these members to individual entries or combined member totals in your
union’s receipts journal.
- Trace the receipt entries from the journal to related entries on your union’s
bank statements. Make a note of any discrepancies.
If no discrepancies are noted during Audit Step 3 or Alternate Audit Step 3,
proceed to the next step. However, if you find any questionable items or have
some areas of concern, refer to “Common Problems and Solutions” and
“Significant Discrepancies” at the end of this chapter.
By completing Audit Step 4 you should be able to determine whether non-dues
money coming into your union has been properly recorded in your union’s
receipts records and deposited into your union’s bank account.
- Review the receipts journal for the entire audit period. Look for the type
and frequency of non-dues money coming into your union, such as proceeds from:
- the sale of jackets, hats, and other items
- interest or dividends earned on your union’s bank accounts
- checks identified as loan repayments (refer to Chapter 6)
- income from hall rentals
- vending machine receipts or rebates
- union-sponsored raffles
- parent body payments for conventions, strike fund assistance, or per
capita tax rebates
Make sure the amounts and frequency of these entries seem appropriate.
- Select at least two months from your audit period in which non-dues receipts
were recorded. Trace these receipts from the union’s receipts journal
to the corresponding entries on the union’s bank statement. (You may
find the bank deposit slips to be helpful if several receipts were deposited
at the same time and only the total amount of deposit appears on the bank
statements.)
If you find any questionable items or have some areas of concern while conducting
Audit Step 4, refer to “Common Problems and Solutions” and “Significant
Discrepancies” at the end of this chapter.
As time allows, consider conducting one or more of the following optional steps
or proceed to Audit Step 5. Some of these optional
steps may be required by your parent body.
- Reconcile total receipts entered in your union’s receipts records
for the audit period with the total deposits shown on your union’s bank
statements for the audit period. This will further verify the accuracy of
the entries recorded in your union’s receipts records. Figure 6 shows how to reconcile receipts.
- Review the original initiation fee records for a one or two month period.
Confirm that these fees, which may be paid either through checkoff from the
employer or by direct pay from the member, have been properly recorded and
deposited into your union’s bank account.
- Complete Alternate Step 3 if some, but not
all dues are collected directly from members.
- Make a list of any non-dues receipts that appear to be out of the ordinary,
such as recurring receipts that cease for no apparent reason, receipts from
unusual sources, receipts where no source is identified, and receipts for
unusual purposes or amounts. Examine supporting documents to confirm that
all such receipts have been properly recorded and deposited into your union’s
bank account.
This is not an exhaustive list of optional steps. Based on your union’s
recordkeeping system and any parent body requirements, you may choose to review
other areas of receipts.
As with your union’s disbursements records, you may have encountered some
difficulties while completing Audit Steps 3 and 4. Even the best kept receipts
records may have some problem areas. Frequently encountered problems are listed
below with suggestions on how to resolve them:
| Problem: |
Bank records are not available. |
| Solution: |
Ask officers to obtain copies from the bank. |
| |
|
| Problem: |
Original checkoff records are not available.
|
| Solution: |
Ask officers to obtain copies from the employer.
|
| |
|
| Problem: |
Other original receipt records are not available.
|
| Solution: |
Ask officers for an explanation. |
| |
|
Problem:
|
The receipts journal entries do not match corresponding
information on the bank statements or deposit slips. |
| Solution: |
Determine the reason for the discrepancy. Ask
officers for an explanation, such as failure to reconcile the receipts journal
with the related monthly bank statements, and, if necessary, suggest that
the principal financial officers correct the records. |
| |
|
| Problem: |
The entire amount of the checkoff check is not
deposited into your union’s primary account. |
| Solution: |
Look at the other bank accounts for deposits
of the remainder of these funds. Ask officers for an explanation of the
disposition of these funds. |
As with the review of your union’s disbursements records, you might have
reasons to doubt the accuracy of the union’s receipts records. The situations
listed below may suggest that your union’s financial records are
unreliable or that union funds have been misused:
- Basic receipts records are not maintained.
- Serious discrepancies in the records have been detected which cannot be
easily resolved.
- Missing receipts records, such as employer checkoff statements, are not
produced as promised and an adequate explanation is not provided.
- Bank deposits are less than monies received for the same period.
- Undue delays occur between receipt dates and bank deposit dates.
- Cash receipts are frequently received but little or no cash is deposited
into the union’s bank account.
- Your union’s checking account has a negative balance.
If you detect a serious problem in your union’s records or a possible
misuse of union funds, contact your parent body or the nearest OLMS office for
assistance.
Note any additional audit procedures or standard audit forms relating to
receipts which your parent body requires you to use:
back to table of contents
When auditing assets, keep in mind that your union not only has money in its
bank accounts, which may be in the form of a checking account, a savings account,
or a certificate of deposit (liquid assets), but it may also own various types
of equipment, such as a computer, a photocopier, or a file cabinet (fixed assets).
The value of these assets must be included and accounted for during your audit.
Both liquid assets and fixed assets might be overlooked during your audit unless
your union keeps accurate and reliable records. Audit Steps 5 and 6 will help
you identify, account for, and determine the total value of your union’s
liquid and fixed assets. By completing these audit steps you will ensure that
your union has an accurate, current inventory of all your union’s liquid
and fixed assets, which can easily be updated as the need arises.
To complete Audit Steps 5 and 6, as well as any optional steps you may select,
you will need the bank statements, receipts and disbursements journals for the
audit period (or check stubs if journals are not maintained), any inventory
of fixed assets prepared prior to your audit, and any forms provided by your
parent body.
By completing Audit Step 5 you should be able to identify the bank accounts
maintained by your union during the audit period, determine the total amount
of money in these accounts, and verify that withdrawals from these accounts
were used for legitimate union purposes.
- Make a list of the name, location, type of account, and account number
for each of your union’s bank accounts. Determine what happened to the
proceeds from any union accounts closed during the audit period. Determine
whether the initial deposit into any accounts opened during the audit period
can be traced from one of the union’s other bank accounts.
- Prepare a liquid assets inventory, as illustrated in Figure 7, which shows the ending balances for each of your
union’s bank accounts.
- Determine that all withdrawals from your union’s savings, money market,
or certificate of deposit accounts during the audit period were used for legitimate
union purposes as approved by your membership.
If no discrepancies are noted during Audit Step 5, proceed to the next step.
However, if you find any questionable items or have some areas of concern, refer
to “Common Problems and Solutions” and “Significant Discrepancies”
at the end of this chapter.
By completing Audit Step 6 you should be able to identify the fixed assets
owned by your union and verify the location of these assets.
- Determine if your union prepared an inventory of fixed assets prior to
your audit period and, if so, verify the existence of all items on the list.
Confirm that any missing items were properly disposed of as approved by the
membership. Suggest that principal financial officers add or delete items
to update the inventory as appropriate.
- Assist the principal financial officers in creating an inventory of fixed
assets if one was not previously prepared. Use Figure 8
as a guide and list each item; the approximate date of purchase; either the
original cost, the estimated current value, or the value carried in your union’s
books for the asset (cost less depreciation); and the location of each asset.
If you find any questionable items or have some areas of concern while conducting
Audit Step 6, refer to “Common Problems and Solutions” and “Significant
Discrepancies” at the end of this chapter.
As time allows, consider conducting one or more of the following optional steps
or proceed to Audit Step 7. Some of these optional steps
may be required by your parent body.
- Reconcile the ending balances for each union bank account. This will establish
the amount of the ending cash in banks for the audit period. Figure
9 shows how to calculate this amount.
- Inspect the contents of any union owned safe or safe deposit box. Determine
if any assets such as certificates of deposit, stock certificates, or old
passbooks are missing, or if any assets not previously identified are found.
Confirm union ownership of these assets.
- Review signature cards for union bank accounts. Confirm that only current
officers are signatories on your union’s accounts. Suggest that principal
officers have any outdated signature cards removed.
This is not an exhaustive list of optional steps. Based on your union’s
recordkeeping system and any parent body requirements, you may choose to review
other areas of your union’s assets.
Because small unions typically do not incur significant liabilities (debts),
the 10-step audit does not address this area. However, if your union has significant
liabilities such as delinquent taxes or unpaid bills, you may want to review
them as time permits.
You may encounter some obstacles as you inventory your union’s assets.
These may range from poor recordkeeping to a question on how best to record
the value of an asset. Two frequently encountered problems are listed below
with suggestions on how to resolve them:
| Problem: |
Bank statements are not available. |
| Solution: |
Ask officers to obtain copies from the bank. |
| |
|
Problem: |
The entire amount of a withdrawal from the union’s
savings account is not deposited into your union’s checking account.
|
| Solution: |
Look at the other bank accounts for the deposit
of the remainder of these funds. Ask officers for an explanation of what
happened to these funds. |
It is easy to lose track of a fixed asset, or sometimes even a bank account,
if accurate records are not maintained. The situations listed below may
suggest that your union’s financial records are unreliable or that union
funds or assets have been misused:
- A union bank account was closed or a withdrawal was made from an existing
account with no indication of what happened to the money.
- Unexplained differences exist between a previous inventory of fixed assets
and your current inventory of fixed assets, such as a missing computer or
photocopier.
- Missing records, such as savings passbooks or stock certificates, are not
produced as promised and an adequate explanation is not provided.
- Assets such as stocks, bonds, and bank accounts are held in the name of
individuals instead of the union.
If you detect a serious problem in your union’s records or a possible
misuse of union funds or assets, contact your parent body or the nearest OLMS
office for assistance.
Note any additional audit procedures or standard audit forms relating to
assets which your parent body requires you to use:
back to table of contents
In 1959, Congress passed the Labor-Management Reporting and Disclosure Act,
as amended (LMRDA). The LMRDA has at least ten provisions designed to promote
the financial integrity of unions which are outlined in Figure 10. Four of these provisions will require special
attention during the course of your audit. Essentially, they require that unions
file annual financial reports with OLMS, maintain records that are sufficient
to clarify or support the information shown on these reports, secure adequate
bonding to provide protection against losses due to fraudulent or dishonest
actions, and restrict the amounts of loans made to officers and employees. Audit
Steps 7 through 10 will help you determine whether your union is complying with
the LMRDA’s requirements for financial reporting, recordkeeping, bonding,
and loans.
The LMRDA requires unions to submit an annual financial report (an LM report)
to OLMS within 90 days after the end of their fiscal year. Unions with annual
receipts more than $200,000 must file an LM-2 report. Unions with annual receipts
less than $200,000 may file a shorter LM-3 report. Unions with annual receipts
less than $10,000 may file an abbreviated LM-4 report.
- Locate your union’s LM report for the latest completed fiscal year.
- If the LM report was filed but your union did not keep a copy, contact the
nearest OLMS office to obtain a copy of the report. Determine whether this
report was filed on time, and if not, remind the principal financial officers
that it must be filed on time in the future.
- If the LM report for the latest completed fiscal year was not filed, advise
the principal financial officers to complete and submit the report to OLMS
as soon as possible or contact OLMS for assistance.
The LMRDA requires unions to keep financial records for five years after the
applicable LM reports are filed which are sufficient to clarify or verify the
information shown on these reports, as explained in Figure
11.
- Make a list of any significant financial records which you identified (during
Audit Steps 1-6) that were not maintained by your union, such as employer
checkoff statements, bank statements, bills, vouchers, and invoices. Advise
the principal officers of your union that these records must be maintained
for a period of at least five years, as required by the LMRDA.
The LMRDA requires that all unions with property and annual receipts greater
than $5,000 secure a bond for at least 10% of the receipts and assets handled
by union officers and employees during the prior fiscal year to ensure against
losses resulting from fraudulent or dishonest acts. If bonding is required,
your union should have a bonding certificate, or other proof of bonding, which
indicates the total amount recoverable if a loss of union funds occurs. Many
parent bodies obtain coverage for their affiliate unions.
- Verify that your union is covered by a current bond.
- Confirm that the amount of the bonding coverage is at least 10% of the
receipts and assets handled during the prior fiscal year. You may use Figure 12 to calculate the approximate amount of coverage
required by the LMRDA. If your union does not have a bond or the bond coverage
is not adequate, you should suggest that the principal financial officer contact
your parent body for assistance. In addition, OLMS can provide the names of
companies on the U.S. Treasury Department list of approved bonding companies.
The LMRDA places certain restrictions on the type and amount of loans that
can be made by a union. The law provides that loans made to a union officer
or union employee may not exceed $2,000 in total indebtedness at any time, and
all loans must be reported on the appropriate LM report. Your parent organization
may also have restrictions or prohibitions regarding loans.
- Verify that any loans made by your union to officers and employees did not
exceed $2,000 in total indebtedness at any time. If any loan exceeded this
amount, advise the principal officers that this is prohibited by the LMRDA
and appropriate repayments should be sought.
Note any additional audit procedures or standard audit forms relating to
financial reporting, recordkeeping, bonding, and loans which your parent body
requires you to use:
back to table of contents
By now you have spent a lot of time and energy examining your union’s
books and records to complete your 10-step audit. Your fellow members and your
parent body will be very interested in what you found. But first you must review
your findings, resolve any loose ends, decide how to document your work, and
report your findings. In many respects, wrapping up is the most important part
of your audit.
Until now, you and the other Trustees may have been looking at your union’s
receipts, disbursements, and assets on an individual basis rather than as a
group. Now you must get together to:
- Review and organize your audit materials.
- Confirm that the 10-step audit and any selected optional steps have been
completed.
- Determine whether changes are needed to comply with LMRDA requirements
for financial reporting, recordkeeping, bonding, and loans.
- Make a list of any internal financial control weaknesses (for example,
officers signing blank checks) or “problem areas” (for example,
late or incomplete payment of per capita taxes, failure to record receipts
and disbursements on forms provided by the parent body, etc.) and recommendations
for improvements. For further information about internal financial controls
see Figure 13.
- Decide the best way to handle any unresolved issues.
Unless significant discrepancies have been detected in the union’s records
and parent body or other assistance has been requested to help resolve these
issues, you should meet with the principal financial officers of your union
to discuss your preliminary findings, resolve any remaining concerns, and recommend
changes to improve compliance with LMRDA requirements and adherence with sound
internal financial controls and with parent body financial practices and procedures.
At this point, your union’s members and parent body probably want to know
what the general financial condition of your organization is, whether your audit
disclosed any problems and, if so, how they were resolved. If your union has
standard forms to document your work and report your findings to the membership,
fill them out. Otherwise, you may want to review the sample audit report shown
as Figure 14 which can be modified to better suit
your situation.
Completion of the 10-step audit allows you to make some broad statements about
the financial books and records of your union. For example, if no significant
problems for the audit period were uncovered, you can say your audit indicates:
- The union’s disbursements were accurately reflected in the records
and made for legitimate purposes.
- The union’s receipts were accurately reflected in the records and
deposited to your union’s bank accounts.
- The union’s assets were properly accounted for.
- The union appears to be complying with the LMRDA’s provisions for
financial reporting, recordkeeping, bonding, and loans.
- The union appears to be using good internal financial controls to safeguard
its assets.
- The union appears to be complying with the financial practices and procedures
of your parent body.
Any additional findings or recommendations can be incorporated in your report
as shown in Figure 14. If the 10-step audit has
verified the accuracy of your union’s books and records it should also
be relatively easy to create a balance sheet like that found in this figure
to report the general financial condition of your union.
Once you have decided what to say and how to say it, you should probably select
a spokesperson to respond to any questions. Your audit report should then be
submitted to your Executive Board, membership, and parent body, as applicable.
Copies of your report could also be posted on union bulletin boards or cited
in your union’s newsletter.
|
Now that you have completed your audit, we would like to say “thanks.”
In your role as a Trustee, you have helped to ensure that your union’s
funds and other assets are safeguarded and expended appropriately for
the benefit of your union and its members.
As a final step, you should place a copy of your audit report and all
related work papers, notes, etc., in a folder for use by your union’s
Trustees when the next audit is conducted. Be sure to include a copy of
this publication which we hope you found helpful in fulfilling your important
responsibilities as a Trustee. |
back to table of contents
|
Audit Planner
|
|
Date Completed
|
Activity
|
| |
Chairperson selected. (Chapter 1)
|
| |
Constitution/bylaws and other governing documents reviewed. (Chapter
1)
|
| |
Latest audit report and LM annual financial report reviewed. (Chapter
1)
|
| |
Initial meeting with principal financial officers to make arrangements
for audit held. (Chapter 1)
|
| |
Time frames for audit determined. (Chapter 1)
|
| |
Principal financial officers notified of audit starting date and records
needed. (Chapter 1)
|
| |
Financial Questionnaire prepared if necessary. (Chapter 1)
|
| |
Disbursements reviewed. (Chapter 3)
|
| |
Receipts reviewed. (Chapter 4)
|
| |
Assets examined. (Chapter 5)
|
| |
Latest LM annual financial reporting confirmed. (Chapter 6)
|
| |
Recordkeeping reviewed. (Chapter 6)
|
| |
Bonding coverage confirmed. (Chapter 6)
|
| |
Loan analysis completed. (Chapter 6)
|
| |
Audit Report completed. (Chapter 7)
|
| |
Audit Report to parent body and membership submitted. (Chapter 7)
|
back to table of contents
|
January 10, 2001
Treasurer Richard Roe
Factory Workers, Local 888
2210 Elm Street
West Falls, VA 21521
Dear Mr. Roe:
As you know, the Trustees plan to start our quarterly audit of Local
888’s financial books and records on Saturday, January 20, 2001 at
the union hall at 8:00 a.m. Please make available the latest Trustee Audit
Report, the latest LM annual financial report, and the following records
for the period October 1, 2000 - December 31, 2000:
- Recording Secretary’s Minutes Book
- Receipts Journal
- Bank Deposit Slips
- Disbursements Journal
- Savings Account Passbook
- Certificates of Deposit
- Checking Account Bank Statements
- Cancelled Checks
- Check Stubs
- Vouchers
- Receipts
- Invoices
- Member Ledger Cards
- Dues Checkoff Statements
- Fixed Assets Inventory
If we need any additional records or information, we will let you know.
Your cooperation is greatly appreciated.
Sincerely,
John Smith
Trustee
|
back to table of contents
| |
| 1. What sources of receipts does
the union have? |
| |
Yes
|
No
|
Dues/initiation fees by checkoff
|
 |
|
Dues/initiation fees paid directly by members
|
|
|
Member assessments (building corporation, death benefit,
etc.)
|
|
|
Interest (savings, certificates of deposit, etc.)
|
|
|
Rent
|
|
|
Other Receipts:
|
|
|
| 2. How
is this money recorded in the union’s financial records? |
| 3. Who
is responsible for making these entries in the union’s financial
records? |
| 4. What
kinds of receipts records are maintained? |
| |
|
Yes
|
No
|
Employer Checkoff Statements
|
|
|
|
Individual Receipts
|
|
|
|
Member Ledger Cards
|
|
|
|
Receipts Journal
|
|
|
|
Deposit Slips
|
|
|
|
Check Stubs
|
|
|
|
Bank Statements
|
|
|
|
Savings Passbook
|
|
|
|
Other Receipts Records:
|
|
|
|
| 5. Where is the
union’s money kept on deposit? |
-
|
|
|
- Checking Account
- Savings Account
- Certificate of Deposit
- Money Market
- Other:
|
|
|
|
6. Does the union have any investments such as stocks
or bonds? If so, list.
|
|
7. Does the union have an inventory of fixed assets
showing date of purchase and cost?
|
|
8. Does the union have a safe or safe deposit box? If
so, specify location/contents.
|
|
9. Are all disbursements made by check?
|
|
10. What kinds of disbursements records are maintained?
|
| |
|
Yes
|
No
|
Check Stubs
|
|
|
|
Cancelled Checks
|
|
|
|
Bank Statements
|
|
|
|
Savings Passbook
|
|
|
|
Savings Withdrawal Slips
|
|
|
|
Disbursements Journal
|
|
|
|
Vouchers
|
|
|
|
Payroll Records
|
|
|
|
Bills/Invoices
|
|
|
|
Other Disbursements Records:
|
|
|
|
|
11. How are disbursements approved, made, and recorded
in the union’s financial records?
|
| 12. Did
any special situations occur (salary increases, convention expenses,
financial support from parent body, office break-in and related insurance
claims, etc.) during the audit period? |
|
|
back to table of contents
|
|
| 1. What sources of receipts does
the union have? |
| |
Yes
|
No
|
Dues/initiation fees by checkoff
|
 |
|
Dues/initiation fees paid directly by members
|
|
|
Member assessments (building corporation, death benefit,
etc.)
|
|
|
Interest (savings, certificates of deposit, etc.)
|
|
|
Rent
|
|
|
Other Receipts:
|
|
|
2. How
is this money recorded in the union’s financial records?
Individual receipts are issued for all money received
except checkoffs. Copies of receipts are maintained in bound books.
All receipts (including bank interest) are recorded once a week
in receipts journal. At end of month all receipts deposited to
checking account.
|
3. Who
is responsible for making these entries in the union’s financial
records?
Treasurer Richard Roe
|
| 4. What
kinds of receipts records are maintained? |
| |
|
Yes
|
No
|
Employer Checkoff Statements
|
|
|
|
Individual Receipts
|
|
|
|
Member Ledger Cards
|
|
|
|
Receipts Journal
|
|
|
|
Deposit Slips
|
|
|
|
Check Stubs
|
|
|
|
Bank Statements
|
|
|
|
Savings Passbook
|
|
|
|
Other Receipts Records:
|
|
|
|
| 5. Where is the
union’s money kept on deposit? |
-
|
|
|
- Checking Account
- Savings Account
- Certificate of Deposit
- Money Market
- Other:
|
National City
National City
First Federal
None
None |
2215607
2215608
1607126
None
None |
|
6. Does the union have any investments such as stocks
or bonds? If so, list.
Six shares of employer stock so we get company reports.
|
|
7. Does the union have an inventory of fixed assets
showing date of purchase and cost?
Yes. Copy obtained. No changes during audit period.
|
|
8. Does the union have a safe or safe deposit box? If
so, specify location/contents.
No. Important papers locked in Treasurer’s
desk. Cash receipts also locked in Treasurer’s desk until
deposited.
|
|
9. Are all disbursements made by check?
Yes. We never make disbursements from undeposited
cash. We do not have a petty cash fund.
|
|
10. What kinds of disbursements records are maintained?
|
| |
|
Yes
|
No
|
Check Stubs
|
|
|
|
Cancelled Checks
|
|
|
|
Bank Statements
|
|
|
|
Savings Passbook
|
|
|
|
Savings Withdrawal Slips
|
|
|
|
Disbursements Journal
|
|
|
|
Vouchers
|
|
|
|
Payroll Records
|
|
|
|
Bills/Invoices
|
|
|
|
Other Disbursements Records:
|
|
|
|
|
11. How are disbursements approved, made, and recorded
in the union’s financial records?
All checks are recorded sequentially in the disbursements
journal and on the check stubs. President and Treasurer must
sign all checks. All disbursements for month read to members
for approval at monthly membership meetings. All bills/invoices
kept in separate folders and marked to show check number/date
paid.
|
12. Did
any special situations occur (salary increases, convention expenses,
financial support from parent body, office break-in and related insurance
claims, etc.) during the audit period?
Officer salaries increased in November. See bylaw
change approved by International in October. In December the International
began sending per capita rebate (from surplus in their accounts).
See entries in receipts journal and related correspondence kept
in monthly receipts folders.
|
Officer Duties: Article 40, Section 1-12 -- The President
shall sign all vouchers and countersign all checks issued by Treasurer.
Recording Secretary will sign all vouchers and keep minutes of meetings.
Treasurer will receive all income, issue receipts, make deposits,
write checks, maintain a property inventory, and prepare monthly financial
report for membership meetings. The Trustees shall audit the records
quarterly using forms provided by the International. They will confirm
that all funds are deposited and that the financial officers are bonded.
They will issue a report to the local with a copy to the International.
If inaccuracies appear the General Secretary Treasurer has the authority
to conduct an audit and, if necessary, schedule a hearing.
Officer Entitlements: Article 50, 51 -- Lost time will be
paid only when official union business requires that a member forfeit
salary from his employer. Travelers are entitled to reimbursement
for the actual cost of lodging and transportation and a meal allowance
of $30/day. Officers are entitled to salaries specified in the local
bylaws.
Spending Authorization: Article 46 -- All disbursements
must be approved by the membership.
Other: Article 6, 48 -- Per capita taxes will be paid on
the fifteenth of each month. The International will provide bonding
coverage for all local officers and employees who handle funds.
|
|
back to table of contents
Disbursements Reconciliation Worksheet
Factory Workers Local 888
Audit Period Ending 12/31/00
(1) If your union maintains check stubs rather than a
journal, you will have to add the amounts posted on each check stub for
the month to arrive at the total monthly disbursements.
(2) This amount will generally be shown on the first
page of the monthly bank statement.
(3) Normally, monthly service charges and fees for check
printing, “bounced” checks, etc., will be included in the total
disbursements per bank. If your union records do not include these charges,
add the total amount for your audit period to the total “Disbursements
per Union.”
(4) Checks are considered to be outstanding when they
are written during a designated period but do not clear the bank until a
later period. Like service charges, an adjustment must be made for outstanding
checks. To adjust for outstanding checks at the beginning of the period
you will have to subtract the total amount of outstanding checks from the
total “Disbursements per Bank.”
(5) To adjust for outstanding checks at the end of the
period, you will have to add the total amount of outstanding checks to the
total “Disbursements per Bank.”
(6) Funds transferred from one of your union’s accounts
into another of your union’s accounts are not considered to be union
disbursements and should not be included in the calculation of total disbursements.
The bank statement will reflect the amount of the transfer as a disbursement.
To adjust for a transfer of funds, subtract the amount of the transfer from
the total “Disbursements per Bank.”
(7) The adjusted totals posted in each column should
agree. If significant discrepancies are detected, double-check the accuracy
of the amounts posted in your union’s disbursements records. If you
have not done so already, use an adding machine tape to confirm the totals.
|
back to table of contents
Receipts Reconciliation Worksheet
Factory Workers Local 888
Audit Period Ending 12/31/00
(1) If your union maintains check stubs rather than
a journal, you will have to add the amounts posted as receipts on each
check stub for the month to arrive at the total monthly receipts.
(2) This amount will generally be shown on the first
page of the monthly bank statement.
(3) The bank will frequently include interest in the
total receipts per bank. If your union records do not include interest,
add the total amount for your audit period to the total “Receipts
per Union.”
(4) Outstanding deposits (also called deposits in transit)
are deposits made to the bank and entered in the union records during
a designated period which do not appear on the bank statement until a
subsequent period. Like interest, an adjustment must be made for outstanding
deposits. To adjust for outstanding deposits at the beginning of the period,
you will have to subtract the total amount of the outstanding deposits
from the total “Receipts per Bank.”
(5) To adjust for outstanding deposits at the end of
the period you will have to add the total amount of the outstanding deposits
to the total “Receipts per Bank.”
(6) Funds transferred from one of your union’s
accounts into another of your union’s accounts are not considered
to be union receipts and should not be included in the calculation of
total receipts. The bank statement will reflect the amount of the transfer
as a deposit. To adjust for a transfer of funds, subtract the amount of
the transfer from the total “Receipts per Bank.”
(7) The adjusted totals posted in each column should
agree. If significant discrepancies are detected, double-check the accuracy
of the amounts posted in your union’s receipts records. If you have
not done so already, use an adding machine tape to confirm the totals.
|
back to table of contents
Liquid Assets Inventory
Factory Workers Local 888
Audit Period Ending 12/31/00
Calculation of Ending Cash in Banks - All Accounts
|
