| Overview Membership dues is the
primary source of revenue that a Local will receive, but it does not
have to be the only income stream. If adequate safeguards are adhered
to, interest income from investments can offer another income stream
to the Local union. Budget surplus can be used to improve the
financial solvency of any organization with the adoption of investment
control procedures. The local’s finances can be protected and the
union officers can perform their fiduciary responsibilities by
following several short safeguards. There is a basic consideration
involved in following any control procedure it is that the funds
belong to the membership at all times. These funds are not to be used
indiscriminately. The primary responsibility for safeguarding and use
of these funds resides in the elected officers. This responsibility
cannot be delegated to anyone else. Adequate controls on the use of
the local’s funds are essential to the fiduciary responsibility by
the local’s elected officers.
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