Copies Of BIU Financials: 2000 – 2009
[Updated] The Bermuda Industrial Union’s annual audited financial statements from 2000 to 2009 have been filed with the Registrar General and as of mid-morning today [Nov.14], were made available for inspection by members of the public.
The union had not filed any accounts with the Registrar General since 2003, as required by the Trade Union Act of 1965; and the accounts it filed for the years 1999 to 2002 were rejected for not meeting the requirements of the law.
The general statement of the income and expenditures, funds and effects of the BIU from October 1, 2008 to September 30, 2009 show that in 2009 member contributions totaled $2,058,888 and in 2008 member contributions were $2,204,520.
“Other receipts” were $809,116 in 2009, and $762,970 in 2008. Salaries of paid officers were $1,574,293 in 2009, a drop from the $1,642,186 in 2008, while cash in the bank is listed at $75,153 in 2009, and $89,750 in 2008.
At the beginning of 2009, records show the BIU had 3,953 members; 2,582 males and 1,371 females. 750 new members were admitted through the year, while 848 left for whatever cause.
The 2008/9 statements follow below, click ‘Fullscreen’ for greater clarity:
The financial statements from October 1, 2007 to September 30, 2008 [8 page PDF here], show that in 2007 member contributions totaled $1,968,966; salaries of paid officers were $1,650,673; “other receipts” in income were $817,036, cash in the bank was $338,385 and that in the beginning of 2008 there were 3,955 members of the BIU.
The statements were made available in hard copy only and have to be manually scanned in, we will update this article with the remaining statements.
Update, all of the paperwork made available is below:
- Oct 1, 2006 to Sept 30, 2007 are here [8 page PDF]
- Oct 1, 2005 to Sept 30, 2006 are here [8 page PDF].
- Oct 1, 2004 to Sept 30, 2005 are here [8 page PDF]
- Oct 1, 2003 to Sept 30, 2004 are here [8 page PDF]
- Oct 1, 2002 to Sept 30, 2003 are here [8 page PDF]
- Oct 1, 2001 to Sept 30, 2002 are here [8 page PDF]
- Oct 1, 2000 to Sept 30, 2001 are here [8 page PDF]
- Ernst & Young Attachment To BIU Financials 2002-2003 are here [16 page PDF]
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- BIU Financials Available To Public : Bernews.com | November 14, 2011
Over a million in accounts payable. Heh, broke like the rest of Bermuda.
“member contributions totaled $1,968,966; salaries of paid officers were $1,650,673″
That is, 83% of contributions have gone to salaries.
It was a little better in 2009 with 76% of contributions going to salaries.
These seem like very high percentages to me. I didn’t see anywhere in the documentation provided, the number of salaried individuals.
Thanks for the info Bernews.
When you add in “Other Reciepts”, total salaries represents 59% of total INCOME…
Now that Bernews has posted the BIU’s Financials, they may want to let the public see financials of the other trade unions in Bermuda (BPSU, ESTU, BUT, BPS (Bermuda Police Service), POA (Prison Officers)and BFS (Bermuda Fire Service).
Let’s be fair!!
Couldn’t agree more, Ms Furbert … when other unions are almost a decade behind submitting their financials, then Bernews should feel obligated to post those as well. You honestly don’t understand why the BIU financials are considered newsworthy? Well, can’t say I’m entirely surprised …
I thank bernews for posting the B.I.U.financials..
Thank God for Bernews!!!!!!
Whoa Laverne! Hold your horses! Before you start asking about other organizations complying with the law would you please advise whether the BIU has finally, after all these many years, actually complied with Section 18 (1) of the Trade Union Act. For anyone who is not aware of it, Section 18 requires that the BIU must submit its audited financial statements to the Registrar BEFORE the 1st June each year. In other words, the BIU should have submitted its 2010 audited financial statements to the Registrar BEFORE 1st JUNE 2011. The Act goes on to say that if the Union fails to comply with this regulation it is committing an offence punishable under the law. So far we have heard absolutely nothing about last year’s audited financial statements. As a spokesman for the BIU perhaps Laverne can enlighten us on this issue. Have they been submitted in accordance with the law, and if not, can we have a list of all of the BIU officers who are continuing to contravene the law of the land?
Hey Lavern – as a tax payer that lost major $$$$$$ to the BIU who failed to pay up their bond for your school, I care only about the accounts of the BIU.
SHOW ME THE MONEY!!!
IF IT’S NOTHING TO HIDE THEN THEY SHOULD BE HAPPY TO SHOW THE BOOKS???
JUST ASKING
what’s going on here?! any member who can read financials should stop contributing to the BIU right away!! let’s see… from the most recent financials, ie year ending 30 Sept 2009:
total income: $2,653,042
total expenditure: $3,558,215 (of which salaries and management expenses are $3,149,017!! do I hear fat cats?)
net effect: LOSS of $905,173 during that year
same story in year ending 30 Sept 2008:
net effect: LOSS of $375,704 during that year (and where salaries and management expenses are greater than contributions from unionized workers, again!)
now, let’s look at that balance sheet… as of 30 Sept 2009:
clearly, liabilities are $8,115,450
but assets to cover those liabilities are only
securities: $260,864
cash: $75,153 (they only have $75K in the bank?!? RIDICULOUS!)
other: $2,574,305
(can’t use the value of land or building/offices, they need them to operate, they can’t sell them)
so…
the BIU is SHORT $5,205,128.
they have a DEFICIT of $5.2 million people.
and you trust them to represent you?!
Some interesting observation:
Contrast the amounts paid to members (i.e. benefits) in these years:
2009: $22,175 (0.6% of total expenses)
2008: $21,987 (0.6%)
2007: $23,384 (0.8%)
2006: $50,472 (1.6%)
With the Officer Salaries and “other expenses of Management” in the same years:
2009: $3,146,017 (88.4% of total expenses)
2008: $2,966,462 (90.8%)
2007: $2,731,351 (88.5%)
2006: $2,744,545 (88.9%)
Notice the trend? The members’ contributions are spent almost exclusively on the salary and management costs of the Union hierarchy.
Furthermore as the economy steadily deteriorated (starting in 2008) the BIU paid members less and less but paid their officers more and more.
Other Liabilities is also a curious line item simply because there is a reference to “note 3″ (where one would typically find greater detail/breakdown) but the note is missing:
2009: $2,667,247
2008: $2,560,438
2007: $2,478,514
2006: $1,786,795
Also, what happened with the Union Asset Holdings (UAH) investment? It grew to be worth $2.7m in 2008 and was abruptly written down to $nil in 2009. As the PLP Government wrote-off the performance bond liability where did all the UAH money go?
now we got ms defense attorney running her mouth. what a beautiful salary for all of them there as we members suffer as he sells our A$$es out. BIU A GENUINE JOKE
I am not at all surprised at the responses above. However, I will say that I am disappointed that Bernews did not contact the BIU for a comment before posting the “BIU’s financials”. That is what I would have expected from a reputable and respected media outlet.
However, I do realise that Bernews does the best that it can with what it has.
Certainly, I am not surprised that the vultures have descended. After all, what is the make-up of the BIU membership?
All Bernews has done is publish the accounts. What the accounts clearly show is that most of the members’ contributions are spent on BIU wages and salaries, leaving very little over for the purported benefits that BIU members can expect. You seem to be implying they are inaccurate, or what comment would the BIU otherwise have? Or maybe you are disputing the credentials of Moore, Stephens and Butterfield?
Laverne contact you first for what ? You need to realise this is not Mc donalds, you dont get it your way or were you just hoping for another oppertunity to try and bull sh..t the membership coause I,m convinced you truely think we are all blind to whats really going on at the BIU. Just as Paula did we the membership should begin the process off getting rid of you . you are a real embarrasment to our union.
If the union needs some type of translation of what these statements mean….very simply – for $3 million per year, the union paid out $20,000 in “benefits” to its membership. Absolutely pitiful. The members have to seriously ask themselves – what benefit do I derive from being a union member? Clearly, if the membership were to call on the union to help during these economic times, the union does NOT have the means to do it. All senior members of the Union should resign immediately. This is an embarrassment to all those of “Labour” and again shows that you guys just dont know what the hell you are doing!
Mrs. Furbert,
The BIU has had 10+ years to present its financials together with whatever explanatory notes thought useful for members & readers. However, rather than responding to some of the observations above your preference is (not surprisingly) to attack bernews for posting publicly mandated information? Talk about attacking the messenger.
By the way, how often do you or other authors in the Workers Voice contact the subject(s) of their articles? Did Messrs. Stovell and Williams call Mr. Stewart before taking his comments out of context and purposefully obfuscating his points? Did you contact Acting Director Jonelle Christopher while researching Clifford Russell’s retirement story?
“After all, what is the make-up of the BIU membership?”
Stop trying to detract from the simple and stark reality that over the last five years the BIU has spent $14,371,655 on officer salaries and related management expenses vs. an abysmal $174,096 on member benefits – a difference of more than 8,250 percent!
The sad irony is the BIU criticizes employers for not paying their unionised staff more and more each year but clearly provide fewer and fewer benefits to their members while at the same time pay their executive officers more and more.
No wonder Chris Furbert becomes so flustered and hard to understand during press conferences – he’s trying to talk out of both sides of his mouth at the same time!
Perhaps if Mr. Alvin Williams had contacted Bob Stewart before denouncing him as a “neo-colonialist” for suggesting the BIU obey the law as regards its financials he would have spelled his name correctly. Instead, Mr. Williams spends his entire “WV” column attacking a “Mr. Steward” … Tells you all you really need to know about the overall accuracy of that column.
Bermuda has had enough of Lavern and Chris Furbert !!!!!!Bermudians are trying to unite…and you two are still trying to devide us.. PLEASE for the sake of Bermudians will you two GET A LIFE !!!!!!!!!!!!!!!
How does it go 32n64w? The BIU doing more for it’s officers with members money since 1998?
The joke, an unfunny one at that, is that they’ve probably been ripping off members for much longer.
“After all, what is the make-up of the BIU membership?” What are you implying, LaVerne? People from a virtual cornucopia of ethnic backgrounds belong to the BIU. Or are you implying that the membership is all black?… all PLP? You may have noticed that Bermuda is a multi-ethnic society. Like it or not.
Just like DREB didn’t contact the People of Bermuda BEFORE he played MR . HUMANITARIAN with the WIGGAS . Anyways , where the heck is the millions that was in the construction division fund ? The same fund that the building you currently operate from was built entirely by way of that source of hard cash .
I remember when PRESIDENT SIMMONS asked for and got the endorsement to borrow capital from the CONSTRUCTION DIVISION FUND . The money was paid back , THANKS OTTIE , but maybe someone from the union could tell us what has happened to the money since then , cause it sure has disappeared and it is NOT BEING REFLECTED IN THE CURRENT FINANCIALS .
You union folks should have seen the writing on the wall when the union president was off playing poker with his mates in the states while a bus strike was taking place.The pres was awol for 48 hours…
Ms. Furbert,
The union had $75,153 in the bank in 2009, and it’s all gone now.
The salaries paid out in 2009 were 1.5 MILLION, and more in 2010.
So how much would I receive as a fully paid up member should ,God forbid, I get injured on the job or some silly ass wrecks a ferry or some other idiot drives stoned and then Chris calls a strike???
You’re absolutely right Laverne. Bernews should be calling you to demand an answer why the BIU is still breaking the law by not submitting its audited financial statements for 2010 before the deadline of 1st June 2011 as required under the Trade Union Act. Is there a cat’s chance that you would actually answer these 2 questions: (1) Has the BIU submitted its financials to the Registrar for 2010, and if not can you list the officers who are all breaking the law by failing to do so. Answer please Laverne. Or maybe these are “vulture” questions or a “plantation” questions!
And we are not surprised by your trite comment here either Laverne. When you have nothing else to resort to, you start to imply race as the reason. Let’s not forget that Bernews did an article on the press conference the BIU did when they finally did file.
But, hey, here’s your chance to comment. I’m sure your membership would love to hear what you have to say in defence. Lord knows, we all need a good laugh.
LOL! can imagine what the 2010 numbers will show! Damn… jump off the ship now!
I feel sorry for the BIU members as they have been hood-winked by the management of their beloved union! Needless to say NO surprise there as the management (Brother Chris, Sister Molly, Sister Laverne & the restl) sure as hell are not doing more with less like their due paying members . . . BIU mangement should be a shamed of themselves!!!
Now perhaps the BIU members will demand to know each of the managements salaries, benefits, etc. and demand a decrease in dues during these tough economic times???
Reminds me of how the Scargill reemed the members of the coal miners union in the UK as just looked after himself.
What due diligence was done on the BIU entering into the performance bond for Berkley school. If no financials were submitted and available, what was used by the government to asses the credit risk of the BIU. A quick look at the financials show that the BIU could have NEVER paid out if the bond payment becme due (which it did of course). Once again lies, cover ups and zero accountability are the order of the day.
Well Laverne, since you are part of both parties involved. Perhaps you can give us a detailed answer to my question.
Larry Dennis advised the Union, back in the day, that they should not partake in the performance bond. This was due to the fact that in the event that it was ever called it would sink the Union.
The current BIU head at the time was Mr. Derrick Burgess. His response to Mr. Dennis’ claim? You guessed it. Race card. Mr. Burgess accused Mr. Dennis of being an out right racist and stated that his advice on not partaking in the performance bond was simply due to his racist beliefs that black people cannot run their own businesses yada yada yada.
Fast forward a few years later you have Dr. Brown “forgiving” this debt and his reason being “forcing the Union to pay out on the bond would CRUSH the Union as their finances would be wiped out.”
And yet not a single apology from Mr. Brugess or the BIU in general for the outright slander against his person. Me I would have sued Mr. Burgess and the Union for everything they had (or use to have apparently). See what happens when obfuscate the truth with racial rantings.
The moral of the story being that not everything is as simple as black and white.
Interesting, Ms Furbert doesn’t have much to say now….. She’s such a tool !!!
The audit opinion includes an interesting “except for”. It notes that “except for the effect of adjustments …” that would have to be made if the auditors could have determined the actual level of contributions – in other words, the financials are correct except that the auditors don’t know if the union is correctly stating its gross income. If it’s overstating it the BIU is in real trouble but if it’s understating it the question arises as to where the excess went.
Since its inception over 60 years ago,the BIU has been the enemy of a certain group of people in Bermuda. The postings above prove that the mindset of that group of people has not changed.
I expect the “high-tech lynnching” by the cowardly anonymous posters to continue throughout the day or until you find someone or something else to lynch.
By the way, if it was not for the BIU you all would not have the benefits that you now take for granted, like maternity leave, paternity leave, sick leave, vacation leave, compassionate leave, etc. etc. etc.
Judging by the financials I think the BIU is its own worst enemy LaVerne… you spew racial rhetoric and divisive comments and write inflammatory articles wherever you can. I regularly read the Workers Voice when I need a nice chuckle, the venom you spew is almost as funny as your grammatical errors. You seem to be a very angry person. I often picture you getting into such a huff as you type that it brings a smile to my face. Remember it is better to be thought the fool then to open your mouth and remove all doubt… btw, hows that Gov. pension working for you?
If I’m angry, what are you and the others who have posted on this site regarding the BIU accounts?
I’ll ask you like I asked Stuart Hayward, can you cite any examples of “racial rhetoric and divisive comments” that I have made, here or elsewhere? I think not.
What’s it to you how my government pension is working for me? I worked for it like everyone else that presently receives a Government pension.
Go away Laverne, just go away – and take all of your venomous, hateful crap with you. We dont want you, we sure as hell dont need you and we certainly dont need to hear/read anymore of the spiteful garbage that you spew on a regular basis.
Were you not the Senator who complained about all the emails clogging your inbox and people should stop writing you cause its effecting you computer? Or when the people honked their horn at the senate during the Tuckers Point Fiasco, only for you to threaten you would go up to their house and honk your horn at them? What substantial achievement did you accomplish in your term, how have you benefited me, a Bermudian asides from the chuckles?
Reading the Worker’s voice its quite clear what your getting at here, how is this comment even constructive, or helpful, what would that next column contain LaVerne?:
“One only has to visit the OBA’s website and see that although members of the OBA, under the chairmanship of Michael Fahy, have tried to distance themselves from the UBP; they are using photographs from the UBP’s website on their website. Some people would consider this internet piracy but Bermuda’s early history is steeped in piracy and it not hard to believe that many of the ancestors of the now OBA were very involved in piracy. As a matter of fact many of Bermuda’s first families directly benefitted from slavery, and even piracy. But that’s a topic for another column.” – THE WORKERS VOICE JULY 22, 2011
LaVerne Furbert: “I’ll ask you like I asked Stuart Hayward, can you cite any examples of “racial rhetoric and divisive comments” that I have made, here or elsewhere? I think not”
Here is an example Ms Furbert of your “racial rhetoric” comments !!!!!
LaVerne Furbert 2 paragraphs above this one:”I expect the “high-tech lynnching” by the cowardly anonymous posters to continue throughout the day or until you find someone or something else to lynch”
Do you not think by using the word lynch that it has no racial connotations whatsoever…. Are you for real. You seem like a very nasty & mean spirited individual. Good luck putting out all of your fires !!!!
No one has argued about what the BIU has done in the past for the workers. While I admit that my opinion is in conflict to how the BIU carry on at times, as I believe it has shied away from it’s true goal over the years, all of the above commentary has NOTHING to do with race. If anything there is a general outpouring of sympathy to the BIU members for having been treated like thos Meanwhile it seems that the top end management is making quite a tidy profit off this. These accounts show a lot more of what the BIU is now NOT doing for it’s members. Breaking it down to basics here for you…people are pissed at what the BIU has become, an apparent organisation who extoll money from the working class and give very little in return back; an apparent organisation who owed ALL the tax payers of Bermuda in the form of the Berkley Bond and wiggled it’s way out of that as well. The fact that you are using your race card, again, leads me to believe that you either don’t understand this, don’t really care for the members OR have been bennifiting from this and wish it to continue.
Mr. Soares, if you have read the same things that I have read and see it as “a general outpouring of sympathy to the BIU members”, something is definitely wrong with the way you have interpreted those comments.
I personally think that your comments border on slander and/or libel.
Bernews might want to check with their lawyers with regards to your published comments.
By the way, I’m done commenting on this article. I know what the BIU is and was and what the organisation has done for Bermuda and Bermudians.
you will see what you want to see .
Oh YAAAAAWWWWWWNNNNNN.
I believe that the vast majority of the sentiments being expressed on this blog are NOT anti-BIU workers. On the contrary, they reflect grave concern about the lack of accountability that has been shown by the BIU leadership in the last 10 years – to the detriment of its members. It is a national disgrace that the BIU leadership has continued to flaunt the law by failing to comply with the Trade Union Act and submit its audited financial statements each year – year after year after year. This sort of arrogance leads to the inescapable conclusion that the BIU leadership either had something to hide or was incapable of running an organization which collects literally millions of dollars from its members. I note that Laverne continues to avoid answering the question as to whether the Union has submitted its audited statements for last year (2010) within the legal deadline (1st June 2011). If not its clearly shows that nothing has changed. They continue to operate outside the law and for that they should be held accountable by our Government.
Yes it’s easy to see what they have done.
Taken from poor workers and given to the rich management team.
What a shame.
‘By the way, I’m done commenting on this article’
Ok – buh bye then.
The certain group of people that the BIU are the enemy of would be people who are not members of the BIU..Get the word lynching in there ….typical that all you would comment on would be the various “leaves”
LaVerne: I am not anonymous, although my last name is not printed. You know who I am. I was a staunch PLP supporter since its inception in 1963, when I was a child and went to meetings with my mother, until the advent of Dr. Brown. I was a Union member and a Credit Union member when I worked in a field the Union represented. I am black and Bermudian and I love my people (which is why the current state of affairs cuts me so very deeply). I do not consider myself to be racist or elitist – I have friends across the board, black, white, brown, Bermudian, British, Filipino, European, American, rich, poor, gay, straight, and just about every point in-between. I consider myself to be intelligent, logical and reasonable.
All that to say, in my view, the Union (and the PLP) have failed and continue to fail the citizenry of this country. The Union has broken the law by not filing in a timely manner and the comparison between Union salaries and payouts to members is truly unethical.
There are two questions on the table directed to you, specifically, which you have chosen not to address. Instead you have levied insults and innuendo on the people posting here. Attack is not always the best form of defence. There is a growing group of citizens who are no longer being distracted by such smoke screens, and your antagonistic stance continues to alienate even more.
No audit fees recorded? Not sure you can hang your hat on an independent audit when no fees are paid.
Interesting that the 2002-03 Accounts show a Deferred Credit of $700,000 (coincidentally matches the premium paid for the Berkley Bond) which drops to $153,612 in 2003. Where did the money go? Isn’t this what Larry Dennis had asked?
As all of these so called audited accounts have been qualified as to their accuracy by the auditors, surprised that the Registrar has accepted them.
Supposedly E Brown said they didn’t have to pay it back…
Hallelujah ‘ Laverne’s done commenting on this article’!!! Would that we be so lucky!!!r
I took a course in Introduction to Industrial Relations, thru Queen’s University summer program in Bermuda, many years ago . . . Colin Steede & I participated on an arbitraition team together . . . & have an appreciation for unions. However, I DO NOT appreciate how the BIU have conducted themselves from backing poor work ethics (stealing time to insubordintion for refusing a drug test) from severely tardy financial statements, not actually having the finances for that Berkely Bond and especailly now discovering that over 80% of the dues from the workers are going out in BIU Management salaries! The BIU Mangement need a serious shake-up and the workers should not be intimidated by a few bullies to vote them out & or fire them as their union.
Also how much rent do the BIU collect from Government for the Archives storage as that must be a tidy sum?
Interesting question! It is not common knowledge that the BIU rents the former Co-op premises to the Government. Maybe the Defender will answer the question.
I cannot believe you Ms Furbert!!
It is clear from the financials that BIU members have been shafted but you would have us believe that the BIU is the injured party!
…..I’m convinced you need medication.
typical laverne. if I was a union member i would be asking serious questions – like what will i do if a get sick – will the union support me. they have no money!!!
And isn’t it interesting that with a-l-l that money being spent for the salaries of those responsible for managing the BIU — ALL that money — they couldn’t even manage to file the annual financials on time…..for over a decade.
It couldn’t possibly be that they were trying to hide the numbers now, could it?
hmmmmmmmm NAAAAAAAHHHHHHHH
Laverene, the empty container that makes the most noise! What bright spark appointed her as a Senator?