Iron Workers, Local 550
Basic Information
Local 550
Financial Information
The Labor-Management Reporting and Disclosure Act (LMRDA), which is enforced by the Office of Labor-Management Standards, requires labor unions to file annual reports detailing their operations. Contained in those reports are breakdowns of each union's spending, income and other financial information.
Basic Financials
| Total Assets | $2,120,413 |
| Total Liabilities | $7,445 |
| Total Income | $1,925,334 |
| Total Spent | $2,186,791 |
Total Assets Trend
Assets (Change from previous report)
| Cash | $387,711 (-40.3%) |
| Accounts Receivable | $0 (0.0%) |
| Investments | $1,161,159 (+40.7%) |
| Fixed Assets | $209,304 (+40.7%) |
| Treasury Securities | $0 (0.0%) |
| Other Assets | $362,239 (+42.1%) |
| Loans Receivable | $0 (0.0%) |
Liabilities
| Loans Payable | $0 |
| Accounts Payable | $0 |
| Other Liabilities | $7,445 |
| Mortgages | $0 |
Income
| Dues | $1,578,529 |
| Per Person Tax | $0 |
| Investments | $298,927 |
| Supplies | $0 |
| Loan Repayment | $0 |
| Interest | $28,982 |
| Dividends | $0 |
| Rents | $0 |
| Fees and Fines | $7,000 |
| Loans Obtained | $0 |
| Other Receipts | $6,346 |
| Affiliates | $5,550 |
| Members | $0 |
| Reinvestments | $0 |
| All Others | $6,346 |
Source: Office of Labor Management Standards
Year Covered: 2022 • Last Updated: June 12th, 2023
Spending
The Office of Labor-Management Standards (OLMS) requires unions to report how they spent their money in a number of categories. For the first five, OLMS requires unions to provide detailed information on any recipient that received more than $5,000 per year.
Total Spent in 2022
$2,186,791
Spending Overview
Spending Breakdown
| Representational | $76,025 (3.48%) |
| Political Activities and Lobbying | $26,469 (1.21%) |
| Contributions, Gifts, and Grants | $11,983 (0.55%) |
| General Overhead | $265,745 (12.15%) |
| Union Administration | $437,621 (20.01%) |
| Strike Benefits | $0 (0.00%) |
| To Union Officers | $91,449 (4.18%) |
| To Union Employees | $30,683 (1.40%) |
| Education | $0 (0.00%) |
| Fees | $0 (0.00%) |
Search All Spending
Source: Office of Labor Management Standards
Year Covered: 2022 • Last Updated: June 12th, 2023
Membership
Total Members
534
Income per Member
$3,605
Dues (per month)
$35
Membership Trend
| Year | Members |
|---|---|
| 2002 | 390 |
| 2003 | 380 |
| 2004 | 387 |
| 2005 | 394 |
| 2006 | 0 |
| 2007 | 460 |
| 2008 | 479 |
| 2009 | 487 |
| 2010 | 516 |
| 2011 | 457 |
| 2012 | 462 |
| 2013 | 468 |
| 2014 | 463 |
| 2015 | 487 |
| 2016 | 480 |
| 2017 | 501 |
| 2018 | 510 |
| 2019 | 519 |
| 2020 | 493 |
| 2021 | 489 |
| 2022 | 534 |
Source: Office of Labor Management Standards
Year Covered: 2022 • Last Updated: June 12th, 2023
Leaders & Salaries
Average Total Compensation
$14,885
Total Employees
15
Employees Making more than $75,000
2
Top Ten Highest Paid Leaders
| Name | Title | Total Compensation |
|---|---|---|
| WILLIAM SHERER II | BUSINESS MANAGER | $87,741 |
| THERON HODGE | BUSINESS AGENT / SEC'Y | $80,215 |
| JULIE HRABEK | OFFICE MANAGER | $39,671 |
| GARY CRAFT | PRESIDENT | $8,228 |
| SEAN DIEKMANN | VICE PRESIDENT | $4,018 |
| GARY FELGENHAUER | EXECUTIVE COMMITTEE | $3,398 |
| JOSEPH LIOLIOS | EXECUTIVE COMMITTEE | $0 |
| DAVID WAYBLE | EXECUTIVE COMMITTEE | $0 |
| NICHOLAS TSAFTARIDES | TRUSTEE | $0 |
| PETER HUNTLEY | CONDUCTOR/EXEC COMMITTEE | $0 |
Source: Office of Labor Management Standards
Year Covered: 2022 • Last Updated: June 12th, 2023