http://www.cnsnews.com/public/content/article.aspx?RsrcID=41355Wednesday, December 31, 2008
By Matt Cover
(CNSNews.com) – The United Autoworkers Union (UAW) had a total net worth of $1.5 billion for fiscal year 2007, according to financial disclosure forms on file with the U.S. Department of Labor.
The vast majority of the that net worth--$1.2 billion--was reported by the national UAW headquartered in Detroit. The remaining $300 belongs to over 200 local UAW chapters spread across the country, several of which are worth upwards of $1 million.
In this Oct. 30, 2008 file photo, Ford assemblymen mesh the engine to the drive shaft of a 2009 Ford F150 truck at the Dearborn Truck Assembly in Mich. (AP Photo/Carlos Osorio)
Among the national UAW's assets are a $27 million woodland resort and a $6 million eco-friendly golf course.
The union holds $730 million worth of U.S. Treasury securities and $360 million in securitized debt.
The assets of the local union chapters mostly involve cash holdings, cars, Treasury bonds and real estate, but some chapters reported they had invested money in mortgage-backed securities.
All of the UAW's money comes from members’ dues, according to Labor Department sources--whether directly through yearly payments or indirectly from returns on the investment of union dues invested in previous years.
FULL story at link.