(a) Every labor organization shall, as prescribed by the regulations in
this part, file with the Office of Labor-Management Standards within 90
days after the end of each of its fiscal years, a financial report signed
by its president and treasurer, or corresponding principal officers.
(b) Every labor organization shall include in its annual financial report
filed as provided in paragraph (a) of this section, in such detail as may
be necessary accurately to disclose its financial condition and operations
for its preceding fiscal year and in such categories as prescribed by the
Assistant Secretary under the provisions of this part, the information
required by section 201(b) of the Act and found by the Assistant Secretary
under section 208 thereof to be necessary in such report.
(c) If, on the date for filing the annual financial report of a labor
organization required under section 201(b) of the Act and this section,
such labor organization is in trusteeship, the labor organization which
has assumed trusteeship over such labor organization shall file such report
as provided in §408.5 of this chapter.
(d)(1) Every labor organization with annual receipts of $250,000 or more
shall file a report on Form T–1 for each trust if the following conditions
exist:
(i) The trust is of the type defined by section 3(l) of the LMRDA, i.e. ,
the trust was created or established by the labor organization or the labor
organization appoints or selects a member to the trust's governing board;
and the trust has as a primary purpose to provide benefits to the members
of the labor organization or their beneficiaries (29 U.S.C. 402(l)); and
(ii) The labor organization's financial contribution to the trust, or a
contribution made on its behalf or as a result of a negotiated agreement
to which it is a party, was $10,000 or more during the reporting period
and the trust had $250,000 or more in annual receipts; and either
(A) The labor organization, alone or with other labor organizations,
appoints or selects a majority of the members of the trust's governing
board; or
(B) The labor organization's contributions to the trust, alone or in
combination with other labor organizations, constitute greater than 50%
of the revenue of the trust during the trust's fiscal year; and none of
the exceptions discussed in paragraph (d)(2) of this section apply.
(2) A separate report shall be filed on Form T–1 for each such trust
within 90 days after the end of the labor organization's fiscal year in
the detail required by the instructions accompanying the form and constituting
a part thereof, and shall be signed by the president and treasurer, or
corresponding principal officers, of the labor organization. No Form T–1
need be filed for a trust if an annual financial report providing the same
information and a similar level of detail is filed with another agency
pursuant to federal or state law, as specified in the instructions accompanying
Form T–1. In addition, an audit that meets the criteria specified in the
instructions for Form T–1 may be substituted for all but page 1 of the
Form T–1. If, on the date for filing the annual financial report of such
trust, such labor organization is in trusteeship, the labor organization
that has assumed trusteeship over such subordinate labor organization shall
file such report as provided in §408.5 of this chapter.
[28 FR 14383, Dec. 27, 1963, as amended at 50 FR 31309, Aug. 1, 1985; 68
FR 58447, Oct. 9, 2003; 71 FR 57737, Sept. 29, 2006]
