2007 Financial Report
Report to members on the union’s finances
As I write this report, the U.S. economy and the worldwide economy are in terrible condition – threatening to be one of the worst times for workers in our institution’s 73-year-history.
Troubles created by Wall Street and fueled by a staggering increase in income inequality are victimizing those of us who live and work on Main Street.
Approximately one out of four U.S. manufacturing jobs has been lost in the last decade, contributing to increased unemployment, record residential home foreclosures, a record decrease in consumer confidence and a continued loss in membership.
Yet the plight of workers is noticeably absent from recent debates. Although the government has intervened on countless occasions, with hundreds of billions of dollars to save financial institutions, workers receive little assistance. Even with the prospect of massive job loss, the Senate Republican minority put roadblocks in the way of assistance for the domestic auto industry.
One beacon of hope is President Barack Obama’s agenda of change for working families. Notwith-standing the enormous challenges he assumed on Day One, we remain optimistic that the needs of U.S. workers will no longer be ignored. In fact, Obama strongly supports the Employee Free Choice Act, giving workers who want to form a union the ability to do so, without undue obstacles.
In order to navigate our way through these demanding times, we continue to make difficult, but necessary, financial decisions. Our goal is to maintain a solid financial structure without compromising our commitment to our members.
As a UAW member, your monthly dues investment of two hour’s pay not only earns improved pay and working conditions, but secures a foundation for the union to continue advocating on behalf of all working people.
This financial report provides information about the union’s financial position. Among the highlights:
• The union’s total fund balance at the end of 2007 was $1,228,668,562.71.
• Total income in 2007 was $248 million, while total expenses were $245 million.
• Approximately 50 percent of all dues collected since June of 2006 went to local unions, 5 percent went to the Strike Assistance Fund, and 45 percent went to the International Union’s General Fund.
• Overall active and retired membership stood at 1,078,432.
• During 2007, organizing drives brought 48 new bargaining units, accounting for 11,652 potential new members.
• Approximately 91,184 UAW members went on strike or were locked out in 2007, and they received over $22.1 million from the union’s Strike Assistance Fund, which pays for weekly benefits, medical assistance, and other expenditures.
The above is a summary. The full report is available in pdf format by clicking on the link to the right.
