Distribution of RevenueThe Law Committee also recommended combining the Defense Fund, the Convention Fund, and the Official Publication Fund with the General Fund to ease the accounting burden and facilitate better management of the Brotherhood's assets. James Petty (Local 647, Minneapolis) rose to question whether doing so would create a large "slush fund" that would be difficult to monitor. At the request of Law Committee Chairman George Rogers, IST Bill Creeden explained how the International's finances are managed. There is only one checking account, out of which all bills are paid, but the IST must keep a full accounting of how much has gone into each fund and how much has been spent. In addition, reserve assets of each fund, which are invested in CDs and other interest-bearing instruments, must be kept separate. This creates a significant accounting burden, with no particular benefit to the International. The recommendation passed with no objection. |