We want to have a transparent union. The budget, financial statements, and audit reports are all posted on the UAUO website at http://uauoregon.org/documents/budget/. Each year we hire an accounting firm to do an audit of our financial statements and accounting procedures. The most recent report notes:
Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by United Academics of the University of Oregon are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during fiscal year 2015-2016. We noted no transactions entered into by the Organization during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. … The financial statement disclosures are neutral, consistent, and clear. … We encountered no significant difficulties in dealing with management in performing and completing our audit.
This is our third consecutive “clean audit”. Our Office Manager, Kristy Hammond, should get the credit!
The union’s income is all from dues and from the fair-share payments non-members pay for the cost of their representation. As you can see from the budget, we are on track to have enough in the bank to cover about 4 months of union expenses by this July. As you may have noticed,the likelihood that the Supreme Court will take away the fair-share portion of our revenue has recently increased, so it seems prudent to continue to build these reserves.