Tuesday, April 5, 2016

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


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

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