The SEIU Daddy Warbucks International Bank Of Members Money

SEIU - It Boggles My Simple Mind - Part 1

According to the Department of Labor, the Service Employees International Union "represented" 1,807,635 members at the end of 2008, employees working at some of the hardest and poorest paying jobs in the U.S. It would seem that many of these members are relative newcomers to the country and perhaps not well versed in "union ways.

Looking at their 2008 LM-2, SEIU International reports that the governing body had receipts of $334,683,821, including $224,328,224 in "tribute" (the per capita tax each member pays their local) and disbursed $325,112,205. WOW - I seem to recall from the days of my misspent youth, someone saying "a million here, a million there  (later changed to billion) - pretty soon you're talking real money." I'd opine that 1/3 of a billion dollars is REAL MONEY to the 18+ million union members paying the bills.

SEIU seems to be doing O.K.,  lots of cash coming in and a surplus of over 9 million dollars in 2008. Why then, did the International borrow $25 million bringing their total loan balance with Bank of America and Amalgamated Bank to $102,717,660 at the end of 2008?

I don't soar in the lofty skies of high finance and I admit that the paltry sums pale in comparison with a trillion (give or take a few billion) in bailout money, but make no mistake, the janitor who cleans your office at night and the aide changing bedpans in a nursing home are footing the bill!

I am appalled and disgusted when I read the headlines that SEIU is riddled with corrupt LU's and that so-and-so, another SEIU labor boss, is being investigated or indicted.  The questions that must be asked: "How long will SEIU allow business as usual" and "does anyone actually care?" Perhaps the lack of fiduciary responsibility actually starts at the top. What can we find out by looking at the 2008 SEIU International LM-2?

Click on the pie chart to enlarge it. 2008 SEIU International Receipts and Disbursements.Complete 2008 SEIU International LM-2.

Click on the pie chart to enlarge it. 2008 SEIU International Receipts and Disbursements.Complete 2008 SEIU International LM-2.

Some of the numbers seems a little odd to me but I leave it to the members and other interested parties to look at the LM-2 in detail. One still must ask why SEIU International, with the cash flow they seem to have, would have to borrow another $25 million to get through 2008. Perhaps part of the explanation lies in the 23 outstanding unsecured "financial assistance" loans made to various SEIU LU's, state councils and other affiliated organizations. $23,094,303 in outstanding loans at the end of 2008 and some of the terms (no or minimal payments for the entire year?) are cause for wonder. Is SEIU running the Daddy Warbucks International Bank of Members Money?

The 2008 SEIU International Loans Receivable is very confusing! I always thought 1 + 1 = 2 and applied that simple formula to accounting. I don't understand:

List below loans to officers, employees, or members which at any time during the reporting period exceeded $250 and list all loans to business enterprises regarless of amount.  (A)	Loans  Outstanding at  Start of Period  (B)	Loans Made  During Period  (C)	Cash  (D)(1)	Other Than Cash  (D)(2)	Loans  Outstanding at  End of Period  (E)

Total of all lines	$12,719,134	$3,075,000	$2,462,280	$0	$23,094,303

Many of the other entries in Loans Receivable are just as confusing. A few million here, a few million there - who cares? It's only member money and just not important.

A plea to the Obama Administration: Please Do Not Cut The Office of Labor-Management Standards Budget!

NEXT: SEIU - It Boggles My Simple Mind - Part 2

A look at the SEIU Accounts Receiving Aging Schedule ($1,025,729 over 180 days past due), who owes the money (the members of course) and who receives the Daddy Warbucks Bank "financial assistance" loans.

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