Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
| Return Reference | Explanation |
|---|---|
| FORM 990 | LOCAL 592 WAS FORMED ON AUGUST 28, 2018, ("EFFECTIVE DATE"), WHEN THE INTERNATIONAL EXECUTIVE COUNCIL OF THE TRANSPORT WORKERS UNION OF AMERICA, AFL-CIO, ("TWUIEC"), TERMINATED THE CHARTERS OF TWO LOCAL LABOR UNIONS, LOCAL 540 AND LOCAL 549, ("LEGACY LOCALS"). THE PURPOSE OF THIS ACTION WAS TO REPRESENT THE MEMBERS OF BOTH LEGACY LOCALS MORE EFFECTIVELY IN NEGOTIATIONS WITH THE EMPLOYERS OF THE MEMBERS OF THE LEGACY LOCALS. ON THE DATE OF TERMINATION, ALL ASSETS AND LIABILITIES OF THE LEGACY LOCALS BECAME THE PROPERTY OF LOCAL 592. ADDITIONALLY, ALL MEMBERS OF THE LEGACY LOCALS BECAME MEMBERS OF LOCAL 592 ON THE EFFECTIVE DATE. THE CREATION OF LOCAL 592 AND THE DISSOLUTION OF THE LEGACY LOCALS HAS BEEN REPORTED AS A MERGER SINCE THE GOVERNING BODIES OF THE LEGACY LOCALS AND TWUIEC CEDED CONTROL OF THE LEGACY LOCALS IN THE FORMATION OF LOCAL 592. TWUIEC ASSISTED IN ORGANIZING ELECTIONS FOR OFFICER POSITIONS FOR LOCAL 592. NEITHER LEGACY LOCAL RETAINED SHARED CONTROL OF ANY OF THE NET ASSETS TRANSFERRED TO LOCAL 592. LOCAL 592 HAS UTILIZED THE CARRYOVER METHOD TO ACCOUNT FOR THE ASSETS AND LIABILITIES OF THE LEGACY LOCALS AND AS SUCH THE NET ASSETS RECEIVED BY LOCAL 592 HAVE BEEN RECORDED AT BOOK VALUE WHICH ALSO EQUALED THE NET ASSETS FAIR MARKET VALUE. SINCE THE DATE OF MERGER, LOCAL 592 HAS BEEN IN THE PROCESS OF ASSISTING THE LEGACY LOCALS IN CLOSING THEIR BOOKS AND COMPLETING ALL FINAL REGULATORY FILINGS. THIS PROCESS WAS COMPLETED BY MARCH 2020. THE NET ASSETS TRANSFERRED TO LOCAL 592 WERE MADE UP OF CASH AND OTHER ASSETS. AS OF JULY 31, 2019, APPROXIMATELY 411,989 HAD BEEN TRANSFERRED TO LOCAL 592 FROM LOCAL 549 AND LOCAL 540. ALL ORIGINAL RECORDS OF THE LEGACY LOCALS WILL BE RETAINED BY LOCAL 592 UNDER THE SUPERVISION OF THE PRESIDENT AND TREASURER OF LOCAL 592. |
| FORM 990, PAGE 6, PART VI, LINE 11B | NO REVIEW WAS OR WILL BE CONDUCTED. |
| FORM 990, PAGE 6, PART VI, LINE 19 | NO DOCUMENTS AVAILABLE TO THE PUBLIC |
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