Wise investments pay off

Controller's Report

Volume 114, No. 11November, 2014

Cathy Camiolo
Cathy Camiolo

Cathy Camiolo

For the six-month period from Jan. 1, 2014 to June 30, 2014, Local 802 realized a gain of $251,330. 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 $250,463, with revenue totaling $3,167,070 in 2014 and $2,916,607 in 2013. This increase in revenue is a result of work dues, realized gain on the sale of investments, and rental of the building. Total work dues increased from $2,578,871 in 2013, to $2,721,847 in 2014, which is a 5.5 percent increase. The realized gain on the sale of investments increased by $59,230, reflecting a gain of $94,248 and $35,018 in 2014 and 2013, respectively. The rental of the building revenue increased from $80,170 to $101,166, which accounted for almost $30,000 of the increase in total revenue from 2013 to 2014. This is because several new leases were signed before the 2013 year end. For a more in depth breakdown of the future building revenue, please refer to note 12 in the Notes to the Financial Statements.

This six-month period reflects little change in the total expenses when comparing 2013 to 2014. Although the expenses were relatively consistent, I would like to highlight the decrease in equipment rental, repairs and maintenance which was $82,550 in 2013 and decreased to $38,064 in 2014, which can be found in the Consolidated Schedules of Expenses. Last year’s greater expenses were a result of the emergency water line service and the cleaning of the ducts in the Local 802 building, both of which were necessary and cost almost $48,000.

By continuing to rely on the wise and prudent investment decisions made by Financial Vice President Tom Olcott and the Local 802 Executive Board, and factoring in the increase in work dues revenue and building rental, Local 802 hopes to finish 2014 with the same significant gain we have achieved in the first six months of the year.