| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 7A | MEMBERS OF THE GOVERNING BODY ARE ELECTED BY THE MEMBERS OF THE UNION |
| FORM 990, PART VI, SECTION B, LINE 11B | FORM 990 IS REVIEWED BY THE FINANCIAL SECRETARY PRIOR TO FILING |
| FORM 990, PART VI, SECTION B, LINE 12C | THE TREASURER REVIEWS FINANCIAL ACTIVITY TO MONITOR COMPLIANCE ON A QUARTERLY BASIS |
| FORM 990, PART VI, SECTION C, LINE 19 | GOVERNING DOCUMENTS ARE MADE AVAILABLE TO MEMBERS, UPON REQUEST, AT THE UNION OFFICES |
| FORM 990 PART XII LINE 1 | MANAGEMENT'S POLICY IS TO PREPARE FINANCIAL STATEMENTS UTILIZING THE MODIFIED CASH BASIS. THIS METHOD OF ACCOUNTING REPRESENTS A COMPREHENSIVE BASIS OF ACCOUNTING OTHER THAN ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA ("U.S. GAAP"). THIS BASIS OF ACCOUNTING DIFFERS FROM U.S. GAAP PRIMARILY BECAUSE REVENUES ARE RECOGNIZED WHEN COLLECTED RATHER THAN WHEN EARNED, EXPENDITURES ARE GENERALLY RECOGNIZED WHEN PAID RATHER THAN WHEN INCURRED AND NO RECONCILIATION OF EXCESS OF REVENUES OVER EXPENSES TO NET CASH PROVIDED BY OPERATING ACTIVITIES IS PRESENTED. CONSEQUENTLY, THE FINANCIAL STATEMENTS GENERALLY DO NOT INCLUDE ACCOUNTS RECEIVABLE, AMOUNTS DUE VENDORS OR PREPAID EXPENSES. LIABILITIES FOR ACCRUED PAYROLL TAXES AND DEBT ARE RECORDED. IF AN EXPENDITURE RESULTS IN AN ASSET HAVING AN ESTIMATED USEFUL LIFE WHICH EXTENDS SUBSTANTIALLY BEYOND THE YEAR OF ACQUISITION, THE EXPENDITURE IS CAPITALIZED AND DEPRECIATED OR AMORTIZED OVER THE ESTIMATED USEFUL LIFE OF THE ASSET. AMOUNTS WITHHELD FROM PAYROLL CHECKS ARE RECOGNIZED AS A LIABILITY WHEN THE PAYROLL CHECK IS ISSUED. |
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