BITU in good shape
published:
Wednesday | May 28, 2008
Transparent, Business Writer
The Bustamante Industrial Trade Union (BITU) publishes accounts that are relatively current and apparently audited, and more quickly than most public and many private entities.
It does not appear, however, to publish an annual report.
The BITU accounts for the year ended March 2007 show a net worth of $58 million, revenues of $41 million (dues amount to $38 million) and an after-tax profit of $6 million.
Tax on investment income
The trade union also appears to pay tax on investment income.
Salaries and wages exceeded $11 million, but staff numbers were not disclosed in the accounts, making it difficult to assess average salary. Based on the total, however, average compensation appears modest.
Total union membership was 21,456 with about four males to every three female members. Based on the numbers each member pays union dues of $2,300 per annum. About 5,000 are non-paying members.
There were no comparative figures to allow for assessment of membership growth. The union operates a pension scheme, which contributes 11 per cent as the employer's contribution.
The BITU owns some $38 million in quoted shares bought for $3 million. The union also made some $7 million on prior sales of shares and land, suggesting good financial management.
Its office holders from November 2007 are Kavan Gayle (president) and Wesley Nelson (senior vice-president), while Lady Gladys Bustamante retains the position of treasurer/trustee. Other trustees include Christopher Bovell, and St. Clair Shirley.
The accounts of other trade unions will be reviewed when they are obtained.
