Local 802 makes gain in first six months of 2016

Controller's Report

Volume 116, No. 12December, 2016

Cathy Camiolo

For the six-month period ended June 30, 2016, Local 802 realized a gain of $219,603. The audited financial statements for the six-month period appear in the printed issue of Allegro.

The Statement of Activities reflects an increase in total revenue of $230,530 when comparing 2015 to 2016. This is mostly attributable to investments, which increased by $105,518 from 2015 to 2016 when combining both unrealized and realized gains and losses.

Although realized gains and losses decreased in 2016, unrealized gains and losses increased by $153,332. The difference between an unrealized and realized gain or loss is that a realized gain or loss reflects the change in market value of a security when it is sold, while an unrealized gain or loss reflects the change in market value of a security before it is sold. Investments also account for the $53,944 interest and dividend revenue, which was slightly higher in 2016 when compared to 2015. Total revenue also increased as a result of a bequest from the estate of Edward Goldsmith of $103,701. This donation may possibly be used to improve the rehearsal space in the Club Room.

The unrealized gain in investments, along with the bequest from Edward Goldsmith resulted in an increase in revenue from 2015 to 2016. This increase far exceeded the slight increase in expenses. The union hopes to finish 2016 with the same gain we have achieved for the six-month period ended June 30, 2016.