Sunday, March 19, 2017

NYSUT Financial Reports from EIA, 2015, 16

I've been running recent Mike Antonucci NYSUT financials ---- NYSUT Blues - Dire Finances and ST Criticism of Non-Union Consultant. I have a follow-up coming from Harry Lirtzman, who was a deputy NY state comptroller and echos Antoncci in about 2 hours, so come back and check.

There is a NYSUT election in a few weeks. Has Stronger Together even touched on these issues in their election campaign? Has MORE raised these financials?

These EIA reports are not new. Here are the ones going back 2 years.

Monday, January 19, 2015

EIA on NYSUT Finances - Negative Net Worth = - $233 Million

Oh that common core math must be at fault.
Mike Antonucci has been doing rundowns of each state union's finances. Calling NYSUT "Too big to fail" one wonders who will bail them out? Maybe their old pal Cuomo.

You'll notice Richard Iannuzzi is still listed as president because this is last year's report
.
Posted: 19 Jan 2015 08:52 AM PST
New York State United Teachers appears to be too big to fail. Though it raised an additional $1.6 million in revenue, it spent an additional $14 million in staff compensation. The union spent more than 125 percent of its income, contributing to a negative worth of more than $233 million. NYSUT holds more than $305 million in pension and post-retirement health care liabilities for its staff and former employees.

Total membership – 385,566, down 3,781
Total revenue – $133.7 million (88% came from member dues), up $1.6 million
Budget deficit – $34.3 million
Net assets – negative $233.6 million
Total staff – 575
Staff salaries and benefits – $118.6 million
Highest paid employee – Richard Iannuzzi, president, $253,353 base salary
Highest paid contractor – Buchbinder, Tunick & Company, $244,536

April 5, 2016

NYSUT Ran $14million Deficit in 2014: EIA on NYSUT Finances

http://www.eiaonline.com/intercepts/2016/04/05/new-york-state-united-teachers-finances-2/

New York State United Teachers’ Finances


Written By: Mike Antonucci - Apr• 05•16
New York State United Teachers is the teacher union equivalent of “too big to fail.” In 2014 NYSUT increased revenues by $3.7 million and cut staff costs by $17 million and still ran a deficit of almost $14 million. Its gargantuan negative net worth is due to holding staff pension and post-retirement health care liabilities of an astronomical $400 million.

Total membership – 388,875, up 3,309 members
Total revenue – $137.4 million (88.4% came from member dues), up $3.7 million
Deficit – $13.8 million
Net assets – negative $313 million
Total staff – 562
Staff salaries and benefits – $101.6 million
Highest paid employee – Richard Iannuzzi, former president – $254,353 base salary
Highest paid contractorHerbert L. Jamison & Co. – $635,825

2 comments:

  1. These deficit figures are outrageous. Who will want to pay union dues post Friedrichs II? What are 500 + staffers doing to earn their keep? They certainly are not spending their time defending rank and file teachers.

    Abigail Shure

    ReplyDelete
    Replies
    1. That does include the lawyers who do defend rank and file teachers.

      Delete

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