SEIU Financial Report: Union Spent More Than They Brought InOn May 1, 2013 All Categories | Latest updates | Union Mismanagement
The Service Employees International Union’s 2012 LM-2 receipts show reckless spending- the SEIU increased spending by more than what they brought in.
The latest set of SEIU union financial disclosure reports are in and they show some interesting data. These reports are filed yearly with the U.S. Department of Labor’s Office of Labor-Management Standards on the Form LM-2. These forms show that the amount by which their spending increased in 2012 was far above what the SEIU brought in that year.
The SEIU’s total receipts paint a very bad picture for the union – after posting steady gains from 2008-2010, 2011 and 2012 show the union spending more and more money than it brought in. In 2011, the union spent $5.2 Million more than it brought in, and in 2012- $41.8 Million more than it brought in.
This kind of reckless spending with member’s money is unsustainable, and promises bad news for SEIU members in the future. If this is how the SEIU says their money is being spent on publicly available forms, what do you think they might be not telling us? And where will that leave the membership in years to come?
A pattern of deficit spending starting in 2011 and continuing even further in 2012 should concern all SEIU members. Add this to continuing outstanding debts to companies like Bank of America, and declining investments in SEIU pensions, and a very frightening pattern begins to emerge. This is cause for concern to their membership, and should inspire members to look deeper into their leadership’s actions.
Important to note here is that this pattern begins to emerge after SEIU President Mary Kay Henry was elected in 2010. The five years of data show that there was a positive trend of receipts before the last two years under her watch, when Andy Stern was president. Mary Kay Henry’s leadership is showing some significant flaws already- and we’re just starting to scratch the surface of this information.
The SEIU Monitor will be looking further into the LM-2 reports, and you can expect to see more in the upcoming days.