It’s that time of year again, yes LM-2 time. For those of you who are familiar with the process, you’re probably banging your head against a wall right now. If you’re not familiar, let me give you a little background.
The LM-2 (Labor-Management) is the most common form that unions file with the Department of Labor. Here are a few facts that make this form such a cause of anxiety for those filing it:
- You only have 90 days to complete it
- There are no extensions granted
- The report itself must be completely itemized
- And the craziest part? Not to bum you out, but the recommended reporting burden for the collection of information is estimated to average 536 hours per response. That’s a whole lot of hours…over 22 full days and nights to complete!
Take your time back
The first step is to discover where you’re at in the process. Complete this easy assessment to get started.
1. Has your Organization thought about reducing the burden through enhanced reporting?
A. “Yep! We’ve already done that.”
B. “We’ve thought about it, but haven’t figured out how yet.”
C. “Is it even possible to get reporting on what we need?”
Take Inventory of Your Systems
2. What technology solutions can be leveraged to make your staff’s life easier while improving member experience?
A. Have you taken inventory of your current systems? (What are you currently using and how are you utilizing them?)
B. How are your current systems working for your organization?
C. Are there gaps?
3. How do you plan on spending the next few weeks to meet your next LM-2 deadline?
A. Who in your organization is championing this project?
B. How will you ensure success and keep the timeline on track?
Not sure how to answer some of the questions above? We can help!
With numerous pending and threatening legislative changes it’s time to find a business partner that is willing spend those 536 hours by your side. You need a partner willing to understand your Organization’s needs, allowing you to return your focus to serving your members.
We can provide…
- Rules-based software automatically calculates and portions out dues from political contributions in a single member payment while routing them to the proper entity/bank account where they are settled and reconciled automatically.
- Real-time cash management
- Elimination of manual reconciliation
- Integration with your existing accounting system
- Monthly itemized financial reports (income statement, balance sheet, etc.) for on-time audits