September numbers add up to financial gain for AMO
September's cash position report showed significant financial gain for American Maritime Officers, which overcame the marginal results of the income-expense balance analysis for the month of August.
By October 1, AMO had secured an operating budget surplus of $15,377 in September, compared to a surplus of $1,269 in August. The year-to-date budget surplus was $519,907 as of October 1.
Our union has seen a streak of operating budget surpluses in all but a few months since mid-May 2015.
"Revenue and expenses were both higher than projected for September," said AMO Director of Business Administration Thom Heaton. "Investment balances were volatile in September as Congress remained divided on pending legislation to fund infrastructure projects nationwide and the potential impacts of increased debt and inflation."
Income in September totaled $937,067 - $102,000 more than had been projected. Dues receipts totaled $384,943, surpassing the projected amount by $55,000. Initiation fees paid by applicants for AMO membership totaled $141,933 - $42,000 more than had been projected.
Expenses in September totaled $921,689, up $41,000 from what had been anticipated.
Cash reserve and investment account balances totaled $15,566,566 as of September 30 and the close of an especially difficult month on Wall Street.
The October operating budget surplus thwarted a projected deficit of $48,250, a figure reflecting a $680,000 shortfall in initiation fee receipts as of September 1. This delinquency total declined to $430,753 on October 1.
AMO Secretary-Treasurer Bob Rice is in contact with AMO applicants who had fallen behind in their financial obligations to our union, explaining in a clear but civil way that continued delinquency would result in dismissal from the AMO rolls.
"Our efforts are bearing fruit," Rice said. "Rest assured - there is more to do, but progress is being made."
The AMO Executive Board is expected to determine that AMO membership dues and initiation fees will not increase in 2022, marking the eighth consecutive year without rising cost to deep-sea, Great Lakes and inland waters AMO members and applicants for AMO membership.
Under Article V (Finances) of the AMO Constitution, the AMO Executive Board "on or before November 1 of each year, shall determine dues and initiation fee increase, if any, for each rating in each group to be effective on the following January 1."
Paul Doell
October 7, 2021