Results of Special Meeting
Held on December 29th, 2009
At Beef O'Brady's, Plymouth
Motions Voted on:
1. To designate our regular savings account (Current balance is $200,000.00) as a "building fund".
2. To empower the executive board to purchase, renovate and maintain a building for the local union office.
3. To transfer $100,000.00 to the building fund from our principal investement account for this use.
All motions were unanimously passed at this meeting.
Some of the question received at the meeting:
Q: Will my dues go up due to this expenditure?
A: No. The only way dues can go up is at the USW International convention, when a motion is made for that purpose. No local union can change the current dues structure.
Q: Will there be a mortgage?
A: No, we are purchasing a building and no portion will be financed.
Q: Why was Southlake given short notice of the meeting?
A: Due to the holidays, some areas received the flyers late through the company mail. The meeting was posted on our web site at least two weeks in advance.
Q: Did the executive board consider other options, such as renting?
A: Yes. The E-board decided that owning would be a better value, and would provide a good investment for our local.
Q: Will we pay taxes and insurance?
A: we will pay for insurance to protect our investment, but our not-for-profit tax status exempts us from paying property taxes.
Q: Will we use the building for other things, besides an office?
A: Yes, we plan on holding some of our monthy meetings at this site, and we also have Principal Financial group interested in renting some of the space.
Q: Do we have a strike and defense fund?
A: Yes, the International and the District have these funds, they are not kept at the Local level. The last dues increase was requested so that the International could increase these funds.
Any questions should be directed to the office at 219-787-0515.