IBEW Local 1220

8604 W. Catalpa Ave.
Suite 901
Chicago, IL 60656

Phone: 773.714.1220
Fax: 773.693.0009
Email:info@ibew1220.org

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AFL-CIO

Chicago Federation of Labor

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IBEW 6th District

International Brotherhood
of Electrical Workers

11/30/2011

There has always been alot of discussion as to what do the numbers mean when I present them at the monthly union meeting. While it is a complicated answer, I try to answer within the time constraints. BUT, since that is always not possible, I have listed below some websites that might help put things into perspective when it comes to basic accounting.

While I am not an accountant, I have handled finances for a local suburban village that has a $40,000,000 budget. The philosophies are all the same regardless of the size of the budget. Rest assured that I will scrounge for a cohesive combination between income and expenses.

Treasurer Dan

http://www.accountingcoach.com/online-accounting-course/60Xpg01.html

http://www.businesstown.com/accounting/basic-terms.asp

http://www.accountingcrosswords.com/balance-sheet.php

Hi Everyone,

Welcome to a new segment in our website about Local 1220 finances. While this subject may sound boring, it is an integral part of our union. Local 1220 funds our entire union from your union dues. Payroll, arbitration, negotiations, office supplies, etc, etc are just a few items from a list of hundreds of expenses that have to get paid daily. It is no secret that membership is down due to the economy and the availability of jobs, station and freelance. When membership goes down, it obviously affects incoming dues and the stability of our budgets.

The officers and staff having been doing a good job controlling expenses despite an inflationary economy. I believe your financial team is the best ever. There a many, many eyes watching your money daily. Between BM Rizzo, Treasurer Dan, VP John Trautschold and President Glenn, you have checks and balances that rival major corporations.

In the upcoming issues of “Financial Korner” we will examine the many aspects of our union’s finances. Remember, that any member can look at our books with a simple call to our union office. Feel free to come in see where your dollars go.

Lastly, please pay your union dues on time to insure cash flow and should you get a call from Marie or Jennifer about past dues, let them know you appreciate the staff’s efforts.

Treasurer Dan

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