As we analyze our most recent financial statements, which appear here in this issue of Allegro, I am pleased to report that our financial position has improved since last year. We finished 2025 with a surplus of over $727,000, which is $650,000 more than 2024. This was driven by several factors, primarily a reduction in spending of over $400,000 and an increase in revenue of more than $200,000 in 2025 compared to 2024. 

Although our vacant building continues to be a drag on our finances, not occupying it allowed us to reduce expenses by $346,177 over the past year. While we are nearing the end of this saga, we aren’t there yet. Over the past year and a half, we have devoted a great deal of time and resources to finding the best way forward before deciding to proceed with renovation or recommend selling. One thing is certain: that decision must be made this year, and the sooner the better.

Our total revenue was up by 3.31%, or $208,886 more than in 2024. We also spent less than in 2024 by $444,532. Most of those savings were in personnel expenses in addition to building expenses. We did a little better with our investment income than in 2024.

Our general expenses were higher last year than in previous years due to an increase of over $45,000 in legal fees. We also must include the full year of rent, which contributed to an increase in our office expenses of $273,000.

What does all this mean? While our bottom line is by far the highest since I’ve taken office, we continue to face serious financial challenges, with the first and foremost being the fate of our building. Additionally, we are still taking necessary steps to mitigate continuing losses from the pandemic. We have cut back on our biggest expense, personnel, so everyone is working to capacity and beyond. On top of this, we must keep in mind that we are obligated to repay our strike fund the $1 million that went to building costs and interior demolition of our office at 322 West 48th Street.

It’s not all gloom and doom, however. Our membership is slowly growing again following the post-pandemic drop, and work dues income is up, all good signs. We’ve been negotiating strong contracts with decent yearly increases, which means more revenue. The increases we recently achieved in the Broadway contract, our largest bargaining unit, will certainly be helpful, and as of this writing, we have a tentative agreement with the Festival Orchestra of Lincoln Center. I will report more on that in an upcoming column.

Over the past few months, our executive board has been undergoing an intensive strategic planning process. We hope the outcome will reveal a solid blueprint for our union’s path forward in the years to come. There are many good ideas and aspirations under consideration. But as board members, each of us is also a fiduciary. Every decision must be made with two questions in mind: can we afford to do it, and can we afford not to do it? 

While we are on a stable financial footing for the moment, the real picture is far more complicated than the numbers indicate. I cannot stress this enough: we must make an informed, sober, and rational decision about the fate of our building before we can report that we are safely out of the woods.

Karen Fisher is Local 802’s financial vice president; contact her at kfisher@local802afm.org.