A report to members on the union’s finances
The UAW has faced many challenges over the past year. A continuing decline in American manufacturing jobs has had a significant impact on our membership. In addition, workers who want to become UAW members face considerable obstacles that interfere with the basic right to organize.
The UAW leadership is aware of these challenges and has taken steps to address
them.
As a result, the UAW’s financial condition remains sound. Our union is
prepared to advocate on behalf of working families and to renew and expand our
historic commitment to social justice and economic progress for all Americans.
The source of the UAW’s financial stability is the hard work of UAW members. The UAW dues formula allows all members to contribute on an equitable and proportional basis, and ensures that our union has the resources to bargain excellent contracts, support strong organizing drives, and advocate effectively for working families.
Nearly half of all union dues paid by UAW members stay with their local union, where members have direct control over how the money is spent.
During 2003, organizing drives brought 114 new bargaining units into the UAW, accounting for 21,037 potential new members.
Average dues-paying membership for calendar year 2003 was 654,733, compared to 675,898 in 2002. This represents a decrease of 21,165 members — a decrease that would have been far more severe if not for the UAW’s aggressive organizing program.
Other highlights of the UAW’s annual financial report for 2003 include:
• The union’s net worth, the difference between what is owned and owed, at the end of the year amounted to $1,128,314,142.72.
• Active and retired membership stood at 1,198,407.
• Less than 1 percent of UAW members went on strike in 2003, and those 4,108 workers received more than $20.4 million from the union’s Strike Fund, which provides assistance to members on strike.
• As the Secretary-Treasurer’s report points out, nearly half — 48 percent — of all dues collected last year went to local unions, 15 percent went to the Strike Fund and 37 percent went to the International Union’s General Fund.
• Total income last year was $262 million, while total expenses amounted to $260 million.
The following is a summary of the Secretary-Treasurer’s report.
The full report is available for examination at local unions, each of which has received a copy or as an ADOBE PDF file availble by clicking here.
