P-3 PIPSC Financial Statements

 Whereas PIPSC currently has an Operating Fund, Strike Fund, and Bargaining Fund combined in one Financial Statement and a separate Building Fund statement; and

Whereas it is difficult for the ordinary member to gain an overall understanding of PIPSC’s financial position and the position of the individual Funds; and

Whereas it is important that members be able to easily gain an understanding of the true financial picture of PIPSC;

Be it resolved that the PIPSC Financial Statements show the Operating Fund, Strike Fund, Bargaining Fund and Building Fund separately and show a consolidated total.

Resolutions Sub-Committee Comments: The external auditors are of the opinion that doing combined financial statements with the Building Trust is not recommended on the basis that they are separate legal entities with a different Board, different fiscal year-end and that it would not provide additional information to the users/readers. For the other funds, the members can have a similar view by looking at the Statement of Changes in Net Assets in the PIPSC audited financial statements. Members are welcome to ask questions on the financial statements through the portal at any time.