NYC Government Publication
Audit Report on the Analysis of the Financial and Operating Practices of Union-Administered Benefit Funds with Fiscal Years Ending in Calendar Year 2005 (FM07-067S)
An audit report was filed on December 28, 2007 containing an analysis of the financial and operating practices of union-administered benefit funds with fiscal years ending in calendar year 2005. The purpose of this report is to provide comparative analysis of the overall financial activities of the 97 union-administered active and retiree welfare, education, and annuity funds that receive City contributions and is based on the analyses of individual funds. It was determined that the expenses of certain funds exceeded their revenues, certain funds spent a large percentage of their revenue on administrative expenses, and certain funds had large operating surpluses resulting in high reserves. Recommendations were made to rectify these issues.
- Agency
- Subject
- Report type
- Audit Report
- Date published
- 2007-12-28
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5777_Analysis_of_the_financial_and_operating_practices_of_union_administered_benefit_funds_with_fiscal_years_ending_in_calendar_year_2005.pdf | 2020-05-08 | Download |