BIU financial situation `improves'
the last year because it spent $11,556 less than it earned.
However, only .7 per cent of its income -- some $14,882 -- was paid out to members in the form of sick pay ($1,020), superannuation pay ($7,072) education seminars ($6,576) and bursaries ($214) between October 1, 1993 and September 30, 1994.
Conversely, 86.9 per cent of its earnings or $1,762,680 went toward the running of the union.
Of that, $885,776 went to pay officers' salaries, while $829,152 paid for other management expenses.
In its last financial report, the BIU spent $826,918 on officers' salaries and $882,385 on other management expenses.
The Royal Gazette was unable to find out how many officers were on the BIU's payroll or what items fell under the management expenses title.
When contacted, BIU president Mr. Ottiwell Simmons refused to comment.
Meantime, Mr. Boyd Chislett, who conducted the audit of the BIU accounts for Anfossi and Butterfield on June 29, 1995, has since left the firm and the Island.
A spokeswoman from the Registrar General, from whom The Royal Gazette obtained the financial report for $11, said the Trade Union Act does not require a trade union to disclose that information.
However the explanatory notes on the bottom of the Balance Sheet requires these details to be specified.
The BIU's financial report was due in the Registrar's office on June 1.
Nevertheless, repeated attempts by The Royal Gazette to get a copy of the report were unsuccessful. The Gazette was only able to obtain it yesterday afternoon.
Meantime, the BIU earned $2,041,094 for the year ending September 30, 1994 compared to $1,955,925 for the year ending September 30, 1993. Some $1,551,875 came from union dues, $9,830 was derived from interest on invested funds and $479,389 was made from; rents ($314,049), the gas station ($133,714), the legal defence fund ($4,442), the construction funds' administration fees ($51,050) and sundry income ($11,930).
But like the 1992/1993 year when it made a loss of $79,587, the Liberty Theatre made another loss for the year ending September 30, 1994.
Unlike 1992/1993 however, the loss for 1993/1994 -- $35,796 -- was less than half of the previous years'.
The BIU is owed $123,669 in union dues, while its liabilities amount to $1,416,871 in bills and long term debt and $7,049,836 in members' equity and appraised value of property over depreciated cost.
Additionally, the BIU has $474,685 in the bank which it has access to straightaway and $386,089 in other less liquid assets such as inventory, prepaid expenses and investment.
This means that the union could not pay its debts immediately if it was required to do so for any reason.
However, the BIU also has assets of $750,000 in land holdings, $6,687,860 in offices and buildings and 25,978 Bermuda Commercial Bank shares worth $168,073.
Of its total debt, $41,284 is due in the short term, while $986,764 is due in the longer term.
On January 1, 1994 the BIU had 4476 registered members. Some 675 new members were admitted for a final total of 5151.
By December 31, 1994 there were 4,810 members after 341 persons left during the year.
The bulk of the union's membership are men between 21 and 50 years of age (2447) while women in that same age group account for 1433 persons.