Office of Labor-Management Standards (OLMS)
Financial Safeguards for Union Funds
Section 501 of the Labor-Management Reporting and Disclosure Act of 1959, as amended (LMRDA), outlines general fiduciary responsibility for officers and employees of labor organizations. Union officials occupy positions of trust and, therefore, must ensure that the union's funds and other assets are used solely for the benefit of the union and its members.
Financial Safeguard Laws/Regulations
Financial Safeguard Publications
- Conducting Audits in Small Unions - A Guide for Trustees
- Bonding Requirements Under the LMRDA and the CSRA
- Bonding Computation Worksheet
- Compliance Tip - Internal Financial Controls
- Controles Financieros Internos
- Compliance Tip: Bonding Requirements
OLMS Seminars and Outreach
OLMS has an active education and compliance assistance program to promote voluntary compliance with the LMRDA by informing union officers and others affected by the law of their responsibilities and by encouraging members to exercise their rights under the LMRDA.
OLMS District Offices throughout the country offer compliance assistance seminars to explain the requirements of the Labor-Management Reporting and Disclosure Act (LMRDA). These seminars cover topics such as union reporting and recordkeeping, financial safeguards for union funds, elections of union officers, and training for union trustees on conducting audits in small unions. Some of these seminars are sponsored by labor unions, labor education programs, or other groups to provide training for their representatives while other seminars are solely OLMS sponsored and may be attended by any interested union officers and members. If your organization would like to sponsor a seminar with OLMS, contact the nearest OLMS District Office
Last Updated: 5/18/10