For the six-month period ended June 30, 2011, Local 802 realized a gain of $361,440, which is $200,529 higher than the prior year’s net gain of $160,911.
The total revenue generated from dues increased by $275,071, closing the six-month period with net dues revenue of $2,892,246 compared to last year’s net revenue of $2,617,175. This 10.5 percent increase is partially attributable to the new member information system, which allows for more accurate recording of revenue generated from dues. Full implementation of the information system is set to conclude in 2012.
Total other income, which is revenue not related to dues, increased from $178,449 in June 2010 to $242,317 in June 2011. The 35.8 percent increase in other income is mostly due to the investment net gain of $47,616, which is a substantial increase from last year’s net loss of $11,108. This is a result of the rigorous monitoring of investment decisions by the financial vice president as well as the Executive Board.
Total expenses increased by 5.3 percent from 2010 to 2011, with expenses totaling $2,634,713 and $2,773,122, respectively. This is related to Local 802’s continued fight to save live music on Broadway, which increased public relations expense from $30,990 to $149,413. As a result, legal expenses also increased by $52,507, while all other expenses remained relatively consistent when compared to June 2010.
The first six months of 2011 reflect a positive financial outlook for Local 802. The officers and executive board continue exploring innovative ways to increase revenue, gain new membership and add value for existing members while closely monitoring investments.
I have been working closely with Tom Olcott to streamline financial processes, reduce expenses and improve the technology used by the union for financial reporting. With these efforts, Local 802 hopes to continue growing, despite the unpredictable, volatile economy.