I hope everyone had a great summer.
Please see an update below regarding the financial affairs of the Component:
Banking and Investments:
Meridian Bank :
- $ 1,252,814 @ 3.45% Maturing on May 6, 2024
Desjardins Credit Union :
- $ 3,300,000 @ 5.75% Maturing on August 24, 2024
- $ 1,100,000 @ 5.75% Maturing on September 19, 2025
We changed financial institutions, and we now have a new account at Desjardins Credit Union. Desjardins is a unionized financial credit Union. Accounts for trade Unions carry 5% interest, which is significantly higher than what we had at Meridian. Desjardins does not charge any fees to Labour Unions. We are very exited about this; we now have a high interest no fee account for our day-to-day operations.
Statement of Operation:
2022-2023 Year end (Q4)
Please see below the Unaudited Statement of 2022-2023 fiscal year, covering the period between July 1, 2022 to June 30, 2023.
Our Surplus:
As you may have observed, our surplus has grown considerably. We are earmarking these funds for our 2025 negotiations, specifically to support various media campaigns and to secure legal and financial counsel. We are committed to ensuring that your 2025 bargaining team is well-prepared and equipped with the necessary resources.
Highest Earner report for the 2022-2023 fiscal year:
| July 2022 | $ 10,889.33 |
| August 2022 | $ 10,554.67 |
| September 2022 | $ 10,714.00 |
| October 2022 | $ 10,104.00 |
| November 2022 | $ 10,119.33 |
| December 2022 | $ 10,417.33 |
| January 2023 | $ 11,009.33 |
| February 2023 | $ 12,239.33 |
| March 2023 | $ 10,729.33 |
| April 2023 | $ 10,499.33 |
| May 2023 | $ 10,044.00 |
| June 2023 | $ 10,806.00 |
Audits:
Our fiscal year ended on June 30, 2023. We are currently sending our books to our external auditing firm for a full audit. We will be up to date for our external audits. The next trustee audit will take place at the end of October, when they will audit the 2016-2017 fiscal year.
Safe flying everyone.
In Solidarity,
Guillaume Leduc
Interim Secretary-Treasurer, Air Canada Component of CUPE