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Brown Cafe UPS Forum
UPS Union Issues
The "Badluck Schleprock" Of JC42 PDK (952)
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<blockquote data-quote="Inthegame" data-source="post: 2053268" data-attributes="member: 37112"><p>You're confusing net worth with net assets. First you need to understand rules on the LM2 reporting form. Under assets on Ln 27 shows a number of $362,900 which is derived from Schedule 6 col. (D) BOOK VALUE. This is the accounting number that is required in this format. The real value shows in Col (E) at $1,559,409 which is a more accurate reflection showing appreciation of property and depreciation of auto's and office equipment, <strong>hence</strong> true value.</p><p></p><p>The local had accounts receivable (Sch 1) of nearly $200K in 2013 that have not been repeated in 2014 causing a cash shortfall. Also a reduction in loans payable (Sch 9) and a slight increase in other obligations (Sch 10) which includes severance and vacation accrual. With 28 Local Union employees those numbers are not unreasonable, although I'd prefer reducing vacation accruals as everyone should take as much vacation as they earn yearly.</p><p></p><p>Local Unions are non-profit entities. Yours appears to be a servicing model local with sufficient staff to accomplish that goal. Cut a few staff members through attrition and you're cash neutral.</p><p></p><p>Either way, you're no where near bankrupty.</p></blockquote><p></p>
[QUOTE="Inthegame, post: 2053268, member: 37112"] You're confusing net worth with net assets. First you need to understand rules on the LM2 reporting form. Under assets on Ln 27 shows a number of $362,900 which is derived from Schedule 6 col. (D) BOOK VALUE. This is the accounting number that is required in this format. The real value shows in Col (E) at $1,559,409 which is a more accurate reflection showing appreciation of property and depreciation of auto's and office equipment, [B]hence[/B] true value. The local had accounts receivable (Sch 1) of nearly $200K in 2013 that have not been repeated in 2014 causing a cash shortfall. Also a reduction in loans payable (Sch 9) and a slight increase in other obligations (Sch 10) which includes severance and vacation accrual. With 28 Local Union employees those numbers are not unreasonable, although I'd prefer reducing vacation accruals as everyone should take as much vacation as they earn yearly. Local Unions are non-profit entities. Yours appears to be a servicing model local with sufficient staff to accomplish that goal. Cut a few staff members through attrition and you're cash neutral. Either way, you're no where near bankrupty. [/QUOTE]
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The "Badluck Schleprock" Of JC42 PDK (952)
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