UAW LM-2 Reflects Stable Membership and Solid Financials in the Face of the Pandemic
DETROIT – The UAW reported today solid financials and steady membership numbers in the face of the 2020 pandemic.
Average membership was virtually unchanged despite the pandemic. And net income actually increased in 2020 as did the UAW strike fund.
“In a very challenging year, we were able to be creative in saving on costs including travel and meetings by utilizing technology and took advantage of solid investments that performed exceedingly well,” said UAW Secretary-Treasurer Ray Curry. “The bottom line is that the UAW ended the year balanced with modest growth and the strike fund continued to grow at a healthy pace.
“In addition,” Curry added, “with our new stringent internal and external auditing, members can be assured that these financial results reflect the solid way in which the union has handled such a challenging year.”
Net income in 2020 was up $1.2 million. There were modest declines in the percentage of revenue that were offset by strong investment earnings through the year.
The Strike and Defense Fund balance increased to $790 million replenishing the fund from the 2019 General Motors Strike and increase of $51 million in dues and investment earnings.
There were additional savings throughout the year as staff implemented technology to continue operations during the pandemic. For instance, travel expenses were down by $3 million and meeting expenses were down by $1.5 million.
Average membership was virtually unchanged for 2020 at 397,073 compared to 398,829 in 2019.
“The UAW managed a very difficult pandemic year reporting steady membership numbers and weathering pandemic shutdowns,” said UAW President Rory L. Gamble. “The membership reported on the LM-2 is literally a snapshot of the number of members for whom the UAW received dues during the month of December. We believe actual membership is higher when you account for members who were still sidelined during the pandemic in December and the timing of payroll and dues remitted by our local unions around the holiday shutdown.”
Gamble added that there are some one-time expenditures related to legal costs over the DOJ settlement process as well as expenses related to the renovation of Solidarity House involving modern building code upgrades. While insurance is paying for the majority of renovation caused by the fire, costs required to bring the facility up to modern building and handicap accessibility codes are borne by the UAW.