UAW assets fell, income rose in ’12

UAW assets fell, income rose in ’12
6:45 am

Washington — The United Auto Workers union said its net assets fell by nearly $40 million in 2012 as its annual revenue rose to $261.1 million.

In its annual report filed with the U.S. Labor Department, the Detroit-based UAW said total assets fell from $1.043 billion to $1.003 billion at the end of 2012 as it wrote down the value of furniture and other equipment by $38.5 million. That’s down from $1.27 billion at the end of 2007. The union said the value of its assets fell from $782 million to $718 million at the end of the year, but its investments in U.S Treasury bonds rose from $66 million to $84 million.

Last week, the union said membership rose by 0.5 percent, or 1,800 members, to 382,518 members, the third straight year membership has risen. But membership is still off significantly from recent years and from its all-time high of 1.53 million in 1979.

The union’s revenue rose to $261.1 million in 2012, up from $257.8 million in 2011, but it is still down about $50 million from 2009, when the union had $315 million in total revenue. Total dues collected fell from $122 million in 2011 to $115 million in 2012.

The union said it spent $260.3 million in 2012, including $29.9 million on political activities and lobbying.

The union sold four buildings that housed union locals and incurred losses on the sale of all four properties: including Local 849 in Ypsilanti, which it bought for $180,000 and sold for $3,882 and the building that housed Local 985 in Redford Township, which cost $298,792 and the union sold for $3,876. The union also wrote down the value of its Black Lake Golf Course in northern Michigan to $5.7 million, down from $7.6 million.

UAW officers received raises in 2012. UAW President Bob King saw his salary rise from $159,293 in 2011 to $174,446 last year.

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