Leo Troy

English

Research Papers in Economics

This PDF is a selection from an out-of-print volume from the National
Bureau of Economic Research
Volume Title: Institutional Investors and Corporate Stock -- A Background
Study
Volume Author/Editor: Goldsmith, Raymond W., ed.
Volume Publisher: UMI
Volume ISBN: 0-870-14237-2
Volume URL: http://www.nber.org/books/gold73-1
Publication Date: 1973
Chapter Title: Appendix IV The Assets of Labor Unions
Chapter Author: Leo Troy
Chapter URL: http://www.nber.org/chapters/c3543
Chapter pages in book: (p. 392 - 393)Appendix IV
The Assets of Labor Unions
LEO TROY
RUTGERS UNIVERSITY
1. SOURCES AND METHODS
The sources of the statistics on union assets and liabilities are the
financial reports of unions, filed annually with the U.S. Department of
Labor under provisions of the Labor-Management Reporting and
Disclosure Act of 1959, and reports published by individual organizations
in journals, newspapers and convention proceedings. The latter source
was used to add the financial reports of organizations not subject to the
LMRDA of 1959 (primarily unions of government employees) and to fill
certain gaps in reports filed with the USDL.
Data are available for 1962—66 and for 1968; 1967 is the average of
1966 and 1968. The figures were adjusted to compensate for variations
in the number of unions on the tapes of the Department of Labor.
All figures on total assets, total liabilities and net assets are the sum
figure for local unions, intermediate union groups, and regional, national,
and international unions.
2. NOTES ON INDIVIDUAL ITEMS IN COMBINED BALANCE SHEET OF
LABOR UNIONS
The items shown in Table IV-l, which should be regarded as prelim-
inary, are dated as of the end of the year and are defined as follows:
Cash: Includes cash on hand and in banks and other financial
institutions, such as building and loan associations, savings and loan
associations, and credit unions, as well as in escrow accounts. Certificates
of deposit are also included.
U.S. Treasury Securities: The value reported is original cost.
Mortgage Investments: The total value shown by the union is un-
recovered cost. The mortgages were purchased on a block basis from
banks or similar institutions. Mortgage-secured loans made by a union
are reported under loans receivable.Appendix I V—The Assets of Labor Unions 393
OtherInvestments: This item may be regarded as consisting primarily
of equity holdings. However, itmayalso include U.S. government
obligations other than Treasury securities, as well as state, municipal,
and foreign government securities. The value reported by the union
is at cost.
Fixed Assets: Includes land, buildings, automotive equipment, and
office furniture and equipment at fair market value or net value, as
shown on the unions' books.
Unclassified Assets: This is a residual item devised for this tabulation
because of errors on the original USDL tapes. -
TotalAssets: This is the sum of reported totals.
Total Liabilities: This is the sum of the reported totals.
Net Worth: This is the arithmetic difference between total assets and
total liabilities.
TABLE IV-i
CombinedBalance Sheet of Labor Unions, 1962—68
($million)
1962
(1)
1963
(2)
1964
(3)
1965
(4)
1966
(5)
1967
(6)
1968
(7)
Cash 534 615 629 677 755 823 894
U.S. Treasury securities406 407 379 392 423444 465
Mortgages 134 147 143 138 144 149 153
Other investments 275 287 324 335 403 450
377
497
Fixed assets 267 281 302 348 344 410
Unclassified assets 155 139 134 135 137 143 151
Total assets 1,7721,8761,9012,0252,2062,3882,570
Liabilities 212 228 241 244258 287 317
Net worth 1,5591,6481,6601,7811,9482,1012,253
SOURCE: Seetext.

Institutional Investors and Corporate Stock -- A Background Study

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