Office of Labor-Management Standards (OLMS)

Printer-Friendly Version

Form LM-2 - Frequently Asked QuestionsRecordkeeping Questions

Additions are made regularly to the Frequently Asked Questions, so please check these pages often for updates. If you have a question that is not addressed here, you may email your question to olms-public@dol.gov.

• What records must be kept and for how long?
• Must my union use a specific recordkeeping system?
• New! Is OLMS requiring the use of one of the four software applications listed on your Web site?
• Does a labor organization have to change its bookkeeping from modified cash basis to accrual?
• Currently we are on a cash base accounting system. How do we change to a hybrid base accounting system, i.e. accounts receivable, accounts payable (taxes withheld but disbursed) and still maintain the integrity of our accounting system?
• How can my union adapt our electronic recordkeeping system to make filing Form LM-2 easier?
• I would like to take advantage of the import feature on the Form LM-2 but we are a small union and do not have a large technical staff. Do I have to create an XML document to import?
• What are all the approved software packages (by name) that can be exported to the DOL software?
• What is a CSV file?
• If I use the CSV format, can I just import some of the larger schedules, or do I have to import them all?
• If our union chooses to create an XML document for import, can we populate the entire form with that one file?
• Where can I get more information on importing data?
• My union does not have an in-house or contracted technology staff. How can we complete the electronic Form LM-2?

Back to Top

Q. What records must be kept and for how long?

A. The officers required to file Form LM-2 are responsible for maintaining records that will provide in sufficient detail the information and data necessary to verify the accuracy and completeness of the report. The records must be kept for at least 5 years after the date the report is filed. Any record necessary to verify, explain or clarify the report must be retained, including, but not limited to, vouchers, worksheets, receipts, applicable resolutions, and any electronic documents, including recordkeeping software, used to complete, read, and file the report.

Q. Must my union use a specific recordkeeping system?

A. No.

Q. Is OLMS requiring the use of one of the four software applications listed on your Web site?

A. OLMS is not endorsing any specific software. We mention the four applications on our Web site because they are widely available off-the-shelf applications.

Q. Does a labor organization have to change its bookkeeping from modified cash basis to accrual?

A. No. There is no change to the accounting and recordkeeping basis of the forms.

Q. Currently we are on a cash base accounting system. How do we change to a hybrid base accounting system, i.e. accounts receivable, accounts payable (taxes withheld but disbursed) and still maintain the integrity of our accounting system?

A. Statement A has always required the reporting of accounts receivable and accounts payable. You may track these items outside your cash base accounting system.

Q. How can my union adapt our electronic recordkeeping system to make filing Form LM-2 easier?

A. See the Data Specifications Document which is written for technical users responsible for creating data access or data transformation methods supporting the revised Form LM-2. It provides guidance for those unions that choose to create import files to populate the report from the union's recordkeeping system.

Back to Top

Q. I would like to take advantage of the import feature on the revised Form LM-2 but we are a small union and do not have a large technical staff. Do I have to create an XML document to import?

A. No, you can create delimited files to import individual schedules by following the CSV (Comma Separated Values) guidelines outlined in the Data Import Kit. You will still need to manually enter a small amount of schedule data that cannot be imported in the CSV format.

Q. What are all the approved software packages (by name) that can be exported to the DOL software?

A. Any package that can export data into a comma delimited (also known as comma separated value (CSV)) text file can be used to create files that can then be imported into the software.

Q. What is a CSV file?

A. A CSV or Comma Separated Values file is a text file used for importing data. It consists of a single header record, followed by a series of data records. Each data record typically represents a single schedule item. An example CSV file may look like:

first_name, last_name, phone, location (Header)

"John", "Doe", "(800)555-1111", "main office" (Data Record)

Q. If I use the CSV format, can I just import some of the larger schedules, or do I have to import them all?

A. You can import on a schedule-by-schedule basis. Therefore you can manually enter data for smaller schedules and just use the import process for schedules with larger volumes of data.

Q. If our union chooses to create an XML document for import, can we populate the entire form with that one file?

A. Yes. Following the Data Specification Document guidelines found in the Data Import Kit, you can import the entire LM-2 form data with one XML import file or you can choose to just import certain sections of the form.

Q. Where can I get more information on importing data?

A. More information and a downloadable import kit are available here.

Q. My union does not have an in-house or contracted technology staff. How can we complete the electronic Form LM-2?

A. Smaller unions may choose to manually type information from their recordkeeping system into the Form LM-2.

Last Updated: 03/22/07