Local 802 gains $36K in first six months of 2017

Volume 117, No. 12December, 2017

Cathy Camiolo

For the six-month period from Jan. 1, 2017 to June 30, 2017, Local 802 realized a gain of $36,838. The audited financial statements appear in the printed version of Allegro. The Statement of Activities remained relatively constant when comparing 2016 to 2017.  The most significant change in revenue was a result of the donation that was received last year.  The bequest from the estate of Edward Goldsmith totaled $103,701, and was a one-time donation.  This resulted in a decrease in revenue when we compare 2016 to 2017.  Investments had a great first half of 2017, with a realized gain of $27,096 and an unrealized gain of $110,333, totaling $137,429.  The difference between a realized and unrealized gain or loss on investment is when an investment is sold, it is “realized,” which is different from an unrealized gain or loss, which reflects the change in market value of a security before it is sold.  The only notable expense increase was in personnel, which is attributable to both an increase in benefits as well as normal staff salary increases that occur from year to year.  A breakdown of all expenses can be found in the supplemental notes to the financial statements. Even though there was little change when comparing the two six-month periods, the union hopes to maintain the investment gains and minimize expenses for the remainder of 2017.  Our goal is to maintain the mid-year gain, and end 2017 on a positive note.