I have just completed my second month in office and thought it was time to provide an update on the financial affairs of the Union. It has been a very busy two months being brought up to speed on many issues and getting comfortable in my new role. I am excited for the next two years as I believe we have a great team that is dedicated to serving the membership.
We have successfully switched over signing authority and online access for our main accounts at Meridian Credit Union. We are also gaining access to our investment account at RBC, since we now have all the required tax forms correctly and completely filled out. We will be transferring these investments over to Meridian to invest in high-interest savings accounts and GICs.
Belfield Office and Staff
The office is generally in good repair and with the addition of a second boardroom we will begin using our office space for arbitration hearings to reduce costs. We have a great team of staff here at Belfield who work hard on behalf of the membership. We have also hired a new staff member who will be working with me in ensuring proper records and accounting practises are used at Component.
Highest Earner Top-Up
As previously communicated, I have reconciled the disputed amount in top-ups for the last term and registered letters were sent to the former Component Officers. A deadline of March 31st was given and to date we have only received full payment from the former Secretary-Treasurer. The outstanding amounts owed from the former President and Vice President will be brought back to ACCEX to determine the next steps.
Since the issue of “Highest Earner Top-Up” was of concern last term, I will also be adding a section to my reports for the go forward that will provide information about the Highest Earner each month. Please see the table below for the past three months:
Last 2 Months – December 31, 2018 to February 28, 2019
In the previous quarter we have brought in $1,453,430.31 in dues. From that amount we paid the Locals and CUPE National $682,178.61. We also spent $468,641.32 at the Component Level for Committees, which include legal and arbitration costs. We are also in the process of re-introducing a membership portal to the Component website where more detailed financial information will be available.