BoardDesignatedNetAssets Netrealizedgains(losses)fortheyearsendedMarch31,
2008and2007were$(27,454)and$(13,525),respectively. Net
Boarddesignatednetassetsrepresentsinvestments
unrealizedgainsfortheyearsendedMarch31,2008and2007
earmarkedbythePEFExecutiveBoardforfundingnewcontract
were$243,407and$43,148,respectively.
campaigns,membermobilizationorpoliticalaction. Anyuseof
theseinvestmentsoutsideofthesedesignationsrequiresapproval
4. POLITICALACTIONFUND
byatleastthree-quartersoftheExecutiveBoard.
PEFmaintainsaPoliticalActionFund(theFund)fromwhich
BadDebts politicalcontributionsaredisbursed.Contributionsareapproved
byPEF'sExecutiveBoardandfundedfromPEF'sunrestrictednet
PEFusesthedirectwrite-offmethodofaccountingforbad
assets. TheFundisadministeredwithinPEFbytheLegislative
debts. Managementbelievesthatanyallowancewouldbe
Department,whichisalsoresponsibleforotherlobbying
immaterial.
activities. FortheyearsendedMarch31,2008and2007,the
LegislativeDepartmenthasallocated$988,699and$1,224,802
Reclassification
fromunrestrictednetassetsforitsoperations,includingpolitical
Certain2007amountshavebeenreclassifiedtoconformto
contributions. DuringtheyearsendedMarch31,2008and2007,
the2008financialstatementpresentation.
$913,699and$938,302wasallocatedforLegislativeDepartment
operations. FortheyearsendedMarch31,2008and2007,
2. NETMEMBERSHIPDUESANDAGENCYSHOPFEES
expenseswerelessthantheallocationbyapproximately$75,000.
AtMarch31,2008and2007,theamountduefromthegeneral
MembershipDuesandAgencyShopFees
fundwas$673,949.
Revenueiscomprisedofmembershipduespaidbymembers
5. PENSIONFUND
ofPEFandagencyshopfeespaidbythoseemployeeswhoare
membersofthebargainingunitbutnotofPEF. Duesincomeis
SubstantiallyallemployeesofPEFareeligibletoparticipate
recognizedbaseduponthepayperiodforwhichmembers'
intheAffiliates'OfficersandEmployeesPensionFundofSEIU
salariesarepaidbytheStateofNewYork. Thebiweeklyduesand
(thePensionFund). ThePensionFundisadefinedbenefitmulti-
feesarecalculatedbasedon.9%ofamember'sannual
employerpensionplan. Totalpensionexpensewas$1,207,238
compensationfortheyearsendedMarch31,2008and2007,
and$1,190,860fortheyearsendedMarch31,2008and2007,
respectively.
respectively. Theseamountsarebaseduponacontributionrate
of14%oftotaleligibleemployeecompensation. Actuarialand
DivisionalDistributions
planassetdatarelatingtoemployeesofPEFisnotavailable.
PEFalsohasadefinedcontributionplancoveringallfull-
Divisionaldistributionsrepresentallocationstolocal
timeemployeeswiththree(3)monthsofeligibleservice. PEF
organizationsofPEFmembers. Eachdivisionwaspaid$6.37per
shallmakeanemployermatchingcontributionannuallyonbehalf
memberupto200membersand$5.10foreachmemberinexcess
ofeachparticipantinanamountequalto1%oftheactive
of200,ineachcalendarquarterfortheyearsendedMarch31,
participant’scompensationcontributedtotheplanasnegotiated
2008and2007.
intheUSWA/PEFContractandtheManagementConfidential
BenefitSynopsisandasapprovedbytheExecutiveBoard.
PerCapitaTaxes
PEFisrequiredtopaypercapitataxesonamonthlybasisto
6. LEASES
AFTandSEIUasaresultofitsaffiliationwiththese
organizations. PercapitataxesarepresentednetoftheAFT
PEFhasenteredintoavarietyofleases,primarilyfortheuse
constitutionalrebatesof$170,259and$164,716fortheyears
ofofficespaceandequipment,whichareaccountedforas
endedMarch31,2008and2007,respectively.
operatingleases. Inaddition,PEFhascertainofficeand
computerequipmentleasesthatareaccountedforascapital
AffiliationDues
leases. Includedwithin"furniture,fixturesandequipment"is
equipmentheldundercapitalleaseswithacostbasisof
AffiliationduesareamountspaidbyPEFtoparticipatewith
$638,871,andaccumulatedamortizationof$521,180and
otherlabororganizationsinvariouslaborcouncilsinNewYork
$403,490atMarch31,2008and2007,respectively. Future
State.
minimumpaymentsunderallnoncancelableleaseshavinginitial
termsinexcessofoneyearatMarch31,2008consistofthe
following:
3. INVESTMENTSECURITIES
Capital Operating
Leases Leases
Investmentsecuritiesarecarriedatfairvalueandconsist
ofthefollowing:
2009 $220,515$625,069
2010 – 578,308
2011 – 537,357
2008 2007
2012 – 531,002
Cost Fair Value Cost Fair Value
2013 – 536,130
Total 220,515 $
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_
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_
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_
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_
U.S.Treasurynotes $4,267,477 $4,518,289 $1,565,759 $1,547,085
Lessamounts
andbills
representinginterest 30,662
Federalagencyissues 140,546 188,069 258,942 270,300
Presentvalueofnet
U.S.Treasuryzero
minimumlease
couponbonds ––5,347 5,634
payments 189,853
GNMAPass-thrusecurities 148,966 151,101 143,203 143,155
Lesscurrent
Equitysecurities 1,468,324 1,428,896 ––
maturitiesofcapital
Corporatebonds 50,914 52,716 113,059 115,174
leaseobligations 189,853
Capitallease
Total $
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www.pef.org TheCommunicatorFebruary2009—Page19
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