Fiduciary Responsibility. Handling of Union Funds By AFGE Local Officers. Record Retention. Retain Five Years From Date Filed. IRS form 990 and all supporting documents Dept.of Labor forms and all supporting documents. Cash receipts support and journal
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Handling of Union Funds
Retain Five Years From Date Filed
Many Times with the Election of New Officers, the IRS/DOL Records may be lost.
It is very Important to Provide a Copy to National for Safe Keeping and Future Reference.
The law imposes upon union officers a “fiduciary obligation” , that they occupy positions of trust in relation to the union and its members as a group which requires that they hold its money and property solely for the benefit of the organization and its members.
Establishes Standards of Conduct for
Federal Labor Organizations
States in part that a labor organization shall insure:
The prohibition of business or financial interests on the part of organization officers and agents which conflict with their duty to the organization and its members; and the maintenance of fiscal integrity and the conduct of the affairs of the organization, including provisions for accounting and financial controls and regular financial reports or summaries to be made available to members.
General Fiduciary Obligations Impose Upon Officers the Requirements That They:
Bond must be at least 10% of funds or other property handled Total “funds handled” (liquid assets at start of year + annual receipts for year)
Funds Handled = $75,000
Bond Required (10%) = $7,500
(AFGE Recommends that the Bond be MORE than 10% )
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