Bond coverage was renewed for three years, effective July 1, 2022. Local and state affiliates should remember that a bond is a guarantee to protect unions from financial loss arising from fraudulent or dishonest acts in the handling of funds or other property by officers and/or employees. Violations of the Labor-Management Reporting and Disclosure Act (LMRDA) bonding requirement may be punishable by fines up to $10,000 and imprisonment for up to one year. As cyber technology becomes more sophisticated, at an alarming rate, it is important to be proactive in protecting local assets from these types of losses. Implementing Commercial Crime Policy coverage would provide coverage for forgery or alteration, computer theft, and funds transfer fraud for the Inter-national and the locals/Affiliates listed on the Labor Organization Bond.
Local affiliates have Labor Organization Bond and Crime Policy coverage, if these circumstances arise, to protect local assets.
- Forgery or Alteration - Coverage is provided for losses resulting directly from “forgery” or alteration (coverage not applicable to employees of the named insured) of checks, drafts, promissory notes, or similar written promises, orders or directions to pay a sum certain in “money” that are:
- Computer Theft - Covers loss of or damage to “money” “securities” and “other property” resulting directly from the use of any computer to fraudulently cause a transfer of that property from inside the “premises” or “banking premises.”
- Funds Transfer Fraud - Will pay for loss of “funds” resulting directly from a “fraudulent instruction” directing a financial institution to transfer, pay or deliver “funds” from your “transfer account.”
Please contact the Secretary-Treasurer’s Department if you need assistance with determining the amount of bond coverage your local will need, or if your local needs to increase or decrease the current amount of coverage.
Preparing for the New Year!
Here is a quick reminder of what locals should be doing during November and December in preparation for 2023.
- Review 2022 budget over and under expenditures and prepare 2023 budget;
- Shred financial records prior to 2017 (remember you must keep financial records for 5 years, including the current year.);
- Audit of financial records must be done at least once a year;
- Update local inventory of assets. Properly dispose of old or broken equipment and furniture with an adopted motion from the membership;
- Archive membership meeting minutes and Executive board meetings for 2022;
- Prepare a calendar of deadlines and local commitments for 2023;
- Prepare to file the Department of Labor LM report within 90 days after the end of the fiscal year.
2023 APWU Scholarships
The 2023 scholarship deadline for the E.C Hallbeck Memorial Scholarship, Vocational Scholarship, and Best Essay Award is March 31, 2023. The APWU Scholarship Program is one of the great benefits of being a member of the APWU. The E.C. Hallbeck Memorial Scholarship awards 10 recipients $2,000 annually for four years to use towards an undergraduate program. Five Vocational Scholarship winners receive up to $3,000 to be used for three years of study in a specific trade, technical, industrial, or vocational school. One “Best Essay” winner is selected from the applicant pool to receive a one-time $2,000 award for their four-year college tuition. The 2023 APWU Scholarship applications are accessible on the Secretary-Treasurer’s page of the APWU website.
Secretary-Treasurer’s Conference
The Secretary-Treasurer’s department is currently planning for the 2023 Secretary-Treasurer conference. As information becomes available, local and state presidents will be notified to ensure that they reserve a seat for the training opportunities provided. We recommend that local and state presidents and treasurers attend at least one Secretary-Treasurer’s conference per year.
I would like to wish all of the members of the APWU happy holidays and a prosperous New Year.
