UAW finances

[Doug Henwood]

One of the many delights of belonging to the National Writers Union, 
aka UAW Local 1981, is that you get the UAW's thrilling magazine, 
Solidarity. This month's issue has a report on the union's finances 
as of 12/31/99 (nothing like timely disclosure!). The UAW's net worth 
as of a year ago was $1.023 billion, up $40.1 million from 1998; the 
union took in $272.3 million in receipts, and spent $232.1 million - 
the surplus being the $40.1 million that was added to net worth). The 
union's "Organization, Education, and Communication Fund" took in 
$27.0 million and spent just half that, $13.6 million. It spent a net 
of $37.5 million buying securities. To me, that looks like the union 
spent almost three times as much buying stocks and bonds as it did 
agitating, educating, and organizing. Am I missing something? Does 
anyone understand the UAW's finances?

Doug