One of the longest political sagas Bermuda has endured in recent years came to an end this month when the Bermuda Industrial Union finally released its accounts.The union claimed the accounts, which cover the better part of the last decade, were held up because of auditing issues, and there may be some truth in that.But the delay also had the effect of preventing the union’s members from knowing how their money was being spent.Nor was the general public, over whom the BIU has a great influence, any the wiser, and this is of particular importance given the union’s role in the financing of the contractor in the Berkeley Institute project.Now that the accounts have been released, it is possible to get a better insight into the union’s finances.One is that prior to its sale, the Liberty Theatre sustained very substantial losses, and the union was wise to sell it. It would be in better financial condition today if it had done so earlier.It is also clear that the union faces significant challenges and that its financial position is worsening.To reverse this, it either has to increase its revenues by adding membership or raising its dues, or substantially reduce its costs.Like many other institutions and businesses in Bermuda, the BIU has few easy choices. With employment falling, retaining its existing membership will be hard, let alone being able to add new members,And raising dues when many members will already be feeling the pinch will be difficult too.That means that the union needs to reduce its costs.It would be in better shape had its foray into issuing the performance bond for Berkeley contractor Pro-Active through its subsidiary Union Asset Holdings not taken place.Aside from the forgiveness of its $6 million debt to Government, which would, as stated at the time, have broken the union entirely, there is a loss recorded by UAH of $3.18 million.That loss is not explained in the accounts, but no single action did more to harm the union’s financial stability.And it is important for Bermuda to have a financially stable trade union. The alternative would mean that workers would not be strongly represented and labour’s voice would not be heard.That’s not to say that the BIU has always made good choices and always acted responsibly. These accounts show that its leadership have made grievous mistakes.It is up to the Government to ensure that the workers’ money because that is who the money finally belongs to is being cared for prudently and wisely.The Government also needs to enforce the law with regard to ensuring that proper accounts are regularly filed, and to take action if they are not.But it is up to the members to be sure that the leaders they elect are responsive to them and are held accountable.If they make mistakes or do not ensure their members are getting value for their hard earned dues, the members need to let them know that they are not performing their duties adequately and will be replaced if they do not improve.If the members do not hold their leaders to account, then they have no one to blame but themselves.