Intl Union of Operating Engineers

“Line 7b explanation - the by-law changes are subject to approval by the union members.”

“Line 11a explanation - form 990 is reviewed and approved by the executive board.”

“The organization abides by a code of ethics policy, which includes a conflict of interest policy. The conflict of interest policy states that all activities of officers and agents whether appointed or elected must hold a sacred trust and fiduciary duty to serve the best interests of the members and their families. Officers and agents are required to avoid any outside transaction which creates a potential conflict of interest. A representative of the organization must not have a substantial interest in any business in which the organization bargains collectively, with the exception of stock purchase plans, profit sharing & retirement plans. No representative of the organization shall accept kick-backs, under the table payments, valuable gifts, lavish entertainment or personal payments of any kind. If any portion of the above policy is violated, then disciplinary action may be taken.”

“Officers or key employees are not compensated by local 150 building corp. They are compensated by the international union of operating engineers, local 15o. Persuant to the by-laws of the organization, the president-business manager "shall receive a salary and expense allowance as determined by the executive board."by custom and practice, the local 150 executive board sets that salary annually at its january meeting if necessary. In so doing, the board considers the average annual earnings of the union members working under the collective bargaining agreement known as the illinois building agreement in the class i classification of "craft foreman." it also considers the salaries paid to executive officers of comparable labor organizations in the chicago area, the union's finances, the individual performance of the officer, and state of the economy generally.”

“The organization's consolidated financial statements are being printed in the local 150's newspaper. Governing documents and conflict of interest policy are available in the constitution and by-laws upon request.”

“Additional investment in building corporation 2,973,437. Dividend distribution to local 150 -314,716. 2019 inventory adjustment not recorded until 2020 18,780.”

“Modified cash basis of accounting is used for form 990.”

“The process is consistent with the prior year.”

“The interest on construction loan paid by the corporation was collected by its parent organization as a special dues assessment from its members. The special assessment was to construct a new apprenticeship building for the benefit of the union's members and is primarily being capitalized. The related depreciation expense on the apprenticeship building is being recorded by this corporation because it currently owns the building. The construction loan was paid off by its parent organization on may 23, 2013.”

“During 2013, i.u.o.e. Local 150 paid for the organization's building improvements and personal property amount of $59,210. Local 150 also paid off the organization's construction loan of $1,741,151 during 2013. Those amounts paid by local 150 are considered an additional equity investment.”